Comments on: Congratulations! You just sold your house, now what?

By: Jon's Debt News

Jon's Debt News — Sun, 26 Jul 2009 03:21:47 +0000

Congrats on working toward debt freedom. My #1 finacial priority would be to buy a new house. I know you said that you didn’t plan to enter a new mortgage but I believe a home can be a source of finacial income. In the area that I live in, unless you can find a apartment to rent super cheap, most people are better off trying to buy a home.

By: Gina

Gina — Fri, 24 Jul 2009 15:10:00 +0000

Congratulations on the home getting sold! You made it through another financial storm, together.

For me, the #1 priority is getting out of debt. With that said, the only ’suggestion’ I would make is reverse #3 & #4. If you get out of debt first that will give you more monthly $$$ to put towards retirement when you are finished paying off the debt. There is something about being focused on one thing at a time that makes it work … esp. since you have 20 yrs to go until retirement.

I finally took the ‘more focused’ approach of stopping my 401k contributions this yr. And wouldn’t you know it, my employer stopped their matching contribution this year too so I’m only missing out on the market return not the employer match. Stopping this contribution is temporary – restart it after debt is paid.

By: Billy

Billy — Thu, 23 Jul 2009 19:38:02 +0000

I hear people saying renting is wasting money. Your last sentence suggest you will not buy another house for a while. Is it the fact that it took so long to sell your house or is the cost of home ownership not worth it?

By: FMF

FMF — Thu, 23 Jul 2009 19:14:56 +0000

Good for you! Congrats!!!!

By: GrannyAnnie

GrannyAnnie — Thu, 23 Jul 2009 19:02:25 +0000

Congrats on selling the house! Now is the time to bathe the wounds and wait for healing. My emergency funds have taken a bit of a beating this year, too, in part from going overboard on vacation, and in part from slowdowns at work. The good news is I haven’t acquired any more debt, and DH is now working full time, albeit not in his profession. My emergency fund needs a little more infusion before I’m comfortable, but the bleeding has stopped. Come to think of it, that’s funny. Two years ago I wouldn’t have even HAD an emergency fund. Amazing how one’s thinking changes, hanging out with you guys.

By: Dramon

Dramon — Thu, 23 Jul 2009 16:01:46 +0000

Congratultions, I know it is a huge relief.

My priority is to get college finances, then revisiting the assets in various 401ks from various jobs and trying to consolidate and simplify – hopefully trying to get some decent returns without too much risk.

By: Kacie

Kacie — Thu, 23 Jul 2009 14:51:14 +0000

Congratulations! This has to be a huge relief for your family.

My parents were once in a similar situation — had a house for sale in once city, rented in another. Took them about the same amount of time to unload their house. Stressful times for sure.

By: Stew

Stew — Thu, 23 Jul 2009 14:08:08 +0000

Thanks for stopping by, Tyler. The BT was not cc debt. It is cash in my savings account. It is risky for all the reasons that cc debt is risky – high interest, fees, etc. I took it out in order to keep up on our bills.

By: Tyler@FrugallyGreen

Tyler@FrugallyGreen — Thu, 23 Jul 2009 13:32:20 +0000

Stew,

Just curious why you think the balance transfer was such a risky move that you wouldn’t recommend? I can only assume the debt was hanging out on another credit card at some odd percentage rate that you have now transferred to another card that will give you a long 0% grace period. What is the major risk there?

Right now, my major financial goal is to make sure I am adequately pursuing the many goals that I have. I have always been the type of person to pick 1 thing and go after it with all I’ve got and am trying to change my style to allow myself to save for multiple goals in my life.

By: Congratulations! You just sold your house, now what? |

Congratulations! You just sold your house, now what? | — Thu, 23 Jul 2009 13:19:27 +0000

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