Student Loan/house remodel advice

16,157 Views | 140 Replies | Last: 1 day ago by harrierdoc
Chipotlemonger
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In reply to harrierdoc • 8:58a, 7/11/23
AG
Sounds like the most prudent approach possible. We ***** and moan when the elite take advantage of their status or $. Heaven forbid the common man accepts a check back from the government.

Nothing about "wanting" the debts to be forgiven or cancelled. But it would be financially stupid to drop $10k on the loans until money is for sure due again. Minute you lay down the $10k, the government may have decided that the $10k forgiveness was fine. Principles are important, but making a decision that could lose you $10k would keep you up at night for a bit.
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southernskies
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9:14a, 7/11/23
I want to know what $50k in renovations is covering
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topher06
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9:37a, 7/11/23
Spend the money to put in the kitchen, then pull out a home equity loan on the now-improved value of the house to help with other renovations that are needed.
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harrierdoc
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In reply to Chipotlemonger • 10:29a, 7/11/23
AG
That is the difference between thought processes. In my mind, you aren't losing $10,000, but paying off the debt that you voluntarily accepted.

I can't speak for the ultra wealthy. I think the government needs to have its nose out of everybody's business. But in this particular example, with this thread is discussing, is very clear.
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500,000ags
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In reply to harrierdoc • 10:55a, 7/11/23
AG
On this issue, you are so self-righteous that you are void of hypocrisy.

You can call this whatever you want, it all boils down to $ in and $ out with the government. All kinds of people get $ from and pay $ to the government. But on this issue, this issue that has coincidentally been all over the media lately. You take a moral high ground and don't care about $ in and $ out, you just want to label this $ out as welfare and comment all over this thread.
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JohnLA762
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In reply to Chipotlemonger • 12:03p, 7/11/23
AG
Chipotlemonger said:
Sounds like the most prudent approach possible. We ***** and moan when the elite take advantage of their status or $. Heaven forbid the common man accepts a check back from the government.

Nothing about "wanting" the debts to be forgiven or cancelled. But it would be financially stupid to drop $10k on the loans until money is for sure due again. Minute you lay down the $10k, the government may have decided that the $10k forgiveness was fine. Principles are important, but making a decision that could lose you $10k would keep you up at night for a bit.


You fail to take into account time. You could be paying on your loans with 100% of it going to principal.

With the majority of folks having more than $10k in student debt, it is actually financially stupid to NOT be paying on the loans. You could always hedge and stop paying when you get down to $10k left, but they will never get relieved, so that is financially stupid too.
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htxag09
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In reply to JohnLA762 • 12:12p, 7/11/23
AG
JohnLA762 said:
Chipotlemonger said:
Sounds like the most prudent approach possible. We ***** and moan when the elite take advantage of their status or $. Heaven forbid the common man accepts a check back from the government.

Nothing about "wanting" the debts to be forgiven or cancelled. But it would be financially stupid to drop $10k on the loans until money is for sure due again. Minute you lay down the $10k, the government may have decided that the $10k forgiveness was fine. Principles are important, but making a decision that could lose you $10k would keep you up at night for a bit.


You fail to take into account time. You could be paying on your loans with 100% of it going to principal.

With the majority of folks having more than $10k in student debt, it is actually financially stupid to NOT be paying on the loans. You could always hedge and stop paying when you get down to $10k left, but they will never get relieved, so that is financially stupid too.
OP saving the money and paying it towards loans before interest starts voids that argument....

Also, interest isn't tacking on in the background. So even if he were to pay it off a month after interest starts, he still saved all that interest.

Now, the window to reconsolidate at a low rate did go away for the foreseeable future.
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Chipotlemonger
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In reply to JohnLA762 • 12:12p, 7/11/23
AG
You're assuming I didn't assume that already. That's why I said "it would be dumb to lay down $10k when the next day the government might have taken that off the books for you." Never said anything about holding 2x, 3x, 4x+ of that $10k. For example, if I had a $40k debt, and stacked $40k on the side during the last few years, then it would be really dumb to pay off or have paid off the full amount at any time. Once the $10k number was floated, sure, lay down $30k if you want.

And now that I think these loans are starting back up, you have $30k to handle the rest if the government stepped in plus a cool $10k in the bank, or you have $40k you can use to pay it off fully before interest starts back up.

There's a blind spot here on this forum where people are letting simple financial decisions be hindered by political views.
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JohnLA762
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12:16p, 7/11/23
AG
Except he is looking to instead sink that $$$ into his house rather than the loans. Thus, the time without interest will be wasted and the overall spend will be greater.

Financially stupid.
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Chipotlemonger
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In reply to JohnLA762 • 12:22p, 7/11/23
AG
The convo has moved on from that in this thread. It was a troll. Now we're just arguing about how people should have approached the loans the past couple of years.
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harrierdoc
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In reply to 500,000ags • 2:01p, 7/11/23
AG
There is right, and there is wrong. If someone cannot pay for their student loan debt, and the reason is not bogus, then the mechanism is there for help. I may not agree with it, no different than I don't agree with mortgage interest deduction, sales tax deduction, COVID stimulus checks, etc…. , but it is there for those who NEED it. It should only be for those that need it.
This family has the resources and the ability to pay the debt, but is contemplating allowing the taxpayers to take in that debt when they don't need to, but just choose to (if it were to come to that). I just don't see how anyone can look at that in any other way than wealth redistribution.


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jwoodmd
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In reply to AustinCountyAg • 2:03p, 7/11/23
AustinCountyAg said:
You sure do have your panties in a wad over student loan payment pause.

You've must've missed the part where I directly commented to you several times in this thread where I mentioned we've continued to "pay" on the loans this entire time since covid started. We've just moved the money each month into savings waiting for payments to begin when we will lump sum whatever is owed at zero percent interest before they start back up with the interest rates.

I've never once stated I'm waiting on Biden to cancel my wife's loans and that I have no intentions to ever repay them.
Well, that just exposed you as a troll.
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500,000ags
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In reply to harrierdoc • 3:24p, 7/11/23
AG
Scratch that. You are a strange bird, and it's not worth my time.
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AustinCountyAg
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In reply to southernskies • 12:02p, 7/12/23
southernskies said:
I want to know what $50k in renovations is covering


We were actually quoted right at 40k for the renovations and that's with the contractor quoting high end counter tops, etc. we are hopping to keep the price under 40. I said 50k for the simplicity of if they were to dig in and find other problems that need addressing.

Completely new cabinets, moving the stove to different location. New sink, new stove/oven, new countertops and opening up our dining room some. Gunna have to open up the doorway. A couple other things as well.
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topher06
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In reply to AustinCountyAg • 12:05p, 7/12/23
That is great news and probably leaves $10k to do a secondary bathroom or something while the contractor is already there.
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tejas_ayanem
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12:09p, 7/12/23
Get a few more bids, 40K seems light to include all that.
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one MEEN Ag
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In reply to tejas_ayanem • 12:12p, 7/12/23
AG
tejas_ayanem said:
Get a few more bids, 40K seems light to include all that.
Guy lives in austin. There's plenty of millenials with high paying jobs who don't know how to use a hammer but also have wives scrolling pinterest. 50k is right in line with 'you work in tech, you'll be a pain in my side, and you won't be DIYing anything.'
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JDUB08AG
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12:58p, 7/12/23
AG
Custom cabinets or prefab? That answer may get the juices flowing again on this thread.
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southernskies
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1:03p, 7/12/23
I'm always amazed at how much more expensive remodels vs new construction costs correlate. Have you ran the math to see what bare material costs would be?
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jwoodmd
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In reply to one MEEN Ag • 1:05p, 7/12/23
one MEEN Ag said:
tejas_ayanem said:
Get a few more bids, 40K seems light to include all that.
Guy lives in austin. There's plenty of millenials with high paying jobs who don't know how to use a hammer but also have wives scrolling pinterest. 50k is right in line with 'you work in tech, you'll be a pain in my side, and you won't be DIYing anything.'
Austin County ain't Austin.
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one MEEN Ag
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In reply to jwoodmd • 2:11p, 7/12/23
AG
I missed the county amongst the rest of his trolling post. And if this guy is out the sticks, he's going to barely see a 20% return on the kitchen being fully updated.
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aTm2004
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In reply to tejas_ayanem • 2:20p, 7/12/23
AG
tejas_ayanem said:
Get a few more bids, 40K seems light to include all that.
It depends on where he's wanting to move the stove to and whether or not there's a gas or electrical available. I got a quote to have gas run from my meter to my stove (on an island) that had gas in the past but didn't work, utilizing the existing gas lines, but would need to get it snaked from the exterior line through the PVC the previous line was in, and the cheapest quote I got was around $5k. And there was to going to be any concrete busted up.
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2:28p, 7/12/23
techno-ag
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In reply to aTm2004 • 2:31p, 7/12/23
AG
aTm2004 said:
tejas_ayanem said:
Get a few more bids, 40K seems light to include all that.
It depends on where he's wanting to move the stove to and whether or not there's a gas or electrical available. I got a quote to have gas run from my meter to my stove (on an island) that had gas in the past but didn't work, utilizing the existing gas lines, but would need to get it snaked from the exterior line through the PVC the previous line was in, and the cheapest quote I got was around $5k. And there was to going to be any concrete busted up.
Just wait till they outlaw anything dealing with gas. Getting it done under the table will run about three times as much.
The left cannot kill the Spirit of Charlie Kirk.
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aTm2004
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In reply to techno-ag • 2:33p, 7/12/23
AG
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topher06
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In reply to aTm2004 • 3:07p, 7/12/23
They won't do it overtly, they'll scare every grandma and stay at home wife into thinking a tiny amount of gas in your house will kill you over time. They've already started that process. Only in places like California will they be able to get rid of gas directly.
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AustinCountyAg
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In reply to one MEEN Ag • 3:15p, 7/12/23
You clearly don't know a thing about real estate in Austin county, Bellville/industry in particular.
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techno-ag
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In reply to AustinCountyAg • 4:11p, 7/12/23
AG
Y'all getting Houston movers to the area much?
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AustinCountyAg
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In reply to techno-ag • 5:56p, 7/12/23
Tons. Luckily our area is priced way high so all good families.
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Deputy Travis Junior
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4:18p, 7/14/23
Is this the refrigerator you're buying?

https://www.build.com/product/summary/1196968?uid=4079056&&&&&msclkid=3f41b45cc9f119d199a7d0ed72edf74b&gclid=3f41b45cc9f119d199a7d0ed72edf74b&gclsrc=3p.ds
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one MEEN Ag
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In reply to Deputy Travis Junior • 7:13p, 7/14/23
AG
That's not even the Nancy pelosi model.
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tgivaughn
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9:28a, 8/2/23
AG
EZ to answer this one
Since Student Debts MIGHT be forgiven, you pay the minimums, then match those payments to a savings acct/CD that can easily repay it all if the government does not.

I agree with those that advise to those in such debts that didn't pay off in big incomes
to be most prudent in luxuries such as over priced cars, kitchens, et al.
Even with those abundant with money have buyers remorse, especially in these a) inflated times & b) sellers doubling profits to compensate selves for the COVID years past

Don't like the kitchen?
Sell the house (in only days) and buy a kitchen you love within a house for sale.
Gotta draw since me got no grammar
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ReloadAg
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5:46p, 8/2/23
AG
I'd definitely kill off the student loans first.
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harrierdoc
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In reply to AustinCountyAg • 12:35p, 12/18/23
AG
what did you end up doing?
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insulator_king
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8:20p, 12/22/23
AG
Merry Christmas in your new kitchen?
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