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Figures. At age 41, I just last week went in debt for the first time in my life, moving my family from a home we owned in Michigan to the red-hot Seattle marke
by daxfohl 9y ago
Figures. At age 41, I just last week went in debt for the first time in my life, moving my family from a home we owned in Michigan to the red-hot Seattle market for a job offer I couldn't turn down, spending well over a million to do so.
It's just starting to dawn on me now how precarious a situation we're in. Going in, it's like "awesome job, a million+ house will be worth 1.2M+ next year, maybe 1.4+ after that." Seemed reasonable.
My cynical side is just waiting for the market to implode now, our loan to be upside-down, and layoffs to start. Everything was so good six months ago. House paid off, a rainy-decade reserve. And now reality is sinking in that we could be homeless jobless and bankrupt in a month. Hopefully not. Hopefully the economy has a couple more years in it. I'd probably not make the same decision again.
- imjk 9y agoTake a deep breath man. You'll be fine. Moving (especially across country like that) is always a stressful event. I think once you settle in and find a routine for your new career you'll realize you're not in as precarious a situation as you think. Best of luck. Cheers.
- kpennell 9y agoI love finding kind HN comments
- Godel_unicode 9y agoExactly this. Former you sounds like a sound financial planner. Trust that he knew what he was doing.
- havetocharge 9y agoA new job, and relocation can introduce enough risk for me not to increase it by buying a new property. It's just my personal approach though.
- artmageddon 9y agoBut if you have to relocate, aside from rent(which can be absurd in CA), how else are you supposed to do it?
- deleted 9y ago[deleted]
- tiggybear 9y agoHey, you're allowed to declare bankruptcy if things go wrong, not the end of the world! Now if you were locked into your home loan until you pay it off or die, then you probably have something to really be concerned about.
- Obi_Juan_Kenobi 9y agoEven if the market takes a dump, real estate in the hot markets won't dive. It might stall or slump, but the forces creating demand for housing will likely still be in place.
- 3pt14159 9y agoI mean, if you're worried just buy some really far out put options on the S&P 500. If the market crashes you can offset your employment instability. If nothing happens you're only out $20k or so.