Hello all,
I make between 1.5 and 2.5 million a year (I don't want to give exact numbers). My net worth is around 1.5 million. Student loans are paid off. I max out all retirement accounts annually. I enjoy working, so early retirement doesn't appeal to me. I have multiple contracts with various hospitals and own my own practice, so financial security is good unless I were to get disabled or lose my license.
I was wondering what everyone's thoughts were, on buying their dream home for 3m+, vs using the down payment for that and getting a house they'd be OK with for at least 5 years and paying for that house in cash (with plan to transition to that dream home in 5-10 years, if at all)?
There is greater immediate security in doing the latter (if something were to happen to me this year or within the next few years, at least the house would be paid, and I have enough in savings and disability insurance that I'd be set for life). However, there is much more fun in the former, and it's a place that I would likely keep for life (unless I decided to be even more extravagant in my 50's and beyond). I also anticipate the more expensive house would continue to fuel my motivation to work hard, but that is less clear to me; I might just get used to it after a while and it may end up being more of a burden than anything else.
Also; I have a partner, no kids yet, and am in my early 30's.
Thoughts?
I make between 1.5 and 2.5 million a year (I don't want to give exact numbers). My net worth is around 1.5 million. Student loans are paid off. I max out all retirement accounts annually. I enjoy working, so early retirement doesn't appeal to me. I have multiple contracts with various hospitals and own my own practice, so financial security is good unless I were to get disabled or lose my license.
I was wondering what everyone's thoughts were, on buying their dream home for 3m+, vs using the down payment for that and getting a house they'd be OK with for at least 5 years and paying for that house in cash (with plan to transition to that dream home in 5-10 years, if at all)?
There is greater immediate security in doing the latter (if something were to happen to me this year or within the next few years, at least the house would be paid, and I have enough in savings and disability insurance that I'd be set for life). However, there is much more fun in the former, and it's a place that I would likely keep for life (unless I decided to be even more extravagant in my 50's and beyond). I also anticipate the more expensive house would continue to fuel my motivation to work hard, but that is less clear to me; I might just get used to it after a while and it may end up being more of a burden than anything else.
Also; I have a partner, no kids yet, and am in my early 30's.
Thoughts?
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