I think of the home as a potential bank account with $$$$ in it. I use it, I live in it, but if ever needed I could sell it and rent, or get a reverse mortgage, sell and buy a smaller cheaper home, but somehow access that equity if needed. Hopefully never will and can let the kids and grand kids worry about it. I currently have 3 homes here so yes I use the other two as investments. So far have worked out well as rentals with mortgage getting smaller, property value growing slowly, and all being paid by someone else.
I watched my parents scrimp and save and not travel, not spend, because they were afraid of running out of money. (grew up in the depression) None of us kids needed it and we use to plead with them to spend it on themselves. They never did. So very sad. When they died there was not much left so I guess they achieved there goal, but all 3 of their children could have and would have taken care of them.
After watching what happened to them, my objective is to have my check to the undertaker bounce. Children are educated, have good jobs, grandchildren have paid up 529's thanks to pop pop, so I believe what we have, we should use for us. I was blessed in life and always had great jobs, earned more than I ever dreamed possible, and now is time to spend it and enjoy life. So my home is a bank account that if ever needed I will cash out and spend.
__________________
Life is to short to drink cheap wine.
|