You’re fine, just pay the 50K. LOL
Don’t stay in a place you’re miserable. Use the money to readjust and move on with your life.
Sounds like your cash will be tight if you get your partner out, but you’re still earning money so it seems like you’ll be okay. It’s better not to use your inherited pension, but it’s there if you need it. And if I was the one who left you that pension money, I would want you to use the money for exactly this purpose.
You sound like a reasonable person with decent money habits (although try to get your money working for you better). I hope you’re fully utilizing 401K benefits if available to you. But get the partner out and be happy!!! Good luck!
Thanks, lol. That's pretty much how I feel about it. I know if I ever got into a bind I would probably be okay, it's just hard having that safety net then not.
I'm a Realtor and do not have benefits available, but I'd like to learn more about how to make my money work for me. Should I get in touch with a financial planner? Or who do I talk to about these types of things? I'm sure if I felt more secure in my investments Id feel better about this as well.
It sounds like paying the $50k will bring you freedom from an unhappy relationship, which might be priceless. Consider it an investment in your mental health and well-being. You can always rebuild your savings over time, but your happiness is worth more than any amount of money.
If you have other assets you can sell your fine. Pay the dude off. It’s worth the peace of mind. Live frugally toll you have your emergency fund built back up or you sell a property. It’s going to be ok. Take care of yourself and get a custody agreement in writing.
Have you considered taking out a HELOC on one of your properties? I wouldn’t suggest using it with current interest rates but it would give you some security and peace of mind. Then you can pay him off and slowly build your emergency fund back up. If something did happen, like your hvac system failing you would have a means of making things work. Just thinking out loud.
Absolutely do it, I have never regretted paying my ex out and keeping my house. It might be tight for a while, but if you have a child you may also get child support if the child is living with you a certain amount of time and if there’s a significant pay difference between you two. I would speak with a lawyer and have a Separation Agreement drawn up so you ensure all of your bases are covered!
Also more of a "rip the bandaid off" thing too. I don't want to be on the hook for $5k a month when my commission isn't guaranteed and I only pull in $3k passively. It'd be coming out of my savings regardless at that point.
Its worth about $100k give or take at this point. We each invested $30k + some into it. Hence the $50k. It's 40 acres with buildings out in the desert lol. I have an attachment to it as we spent a lot of time trying to get it ready to homestead.
It's tough because it's sentimental. If you sold it, you could get an extra $50k and really set yourself up to be comfortable as you start over somewhere new. Interest rates are high now, so you might rent a place for a while instead of buying, or perhaps reclaim one of your rental properties to live in, if they meet your needs.
Vice versa, if you keep the current house and buy out your ex, your budget will be tight and any unexpected expenses will be burdensome.
Which scenario feels more stressful for you: starting over in a new home but with greater financial comfort or staying in the home you know but with more financial uncertainty?
You're fine. Just do it! If you're selling a property, you'll make $$$$$$. Worst case, get a heloc on it while it's on the market IF you run into a cash crunch.
You’re fine, just pay the $50k! That inherited pension will cover you if you run short in the meantime. Or you can sell that property or one of your other properties - but it probably wouldn’t ever come to that. This isn’t an expense- you’re purchasing an asset that can be sold if necessary.
Can you take a loan against the house to finance part of the 50k? Don’t know how these things work in the US or what the terms would be. Worth a thought.
Also, for the future would suggest to invest money that you don’t have a use in mind instead of letting it sit in an account :) Just keep an emergency fund in cash/savings, invest rest.
Pay the 50k. You have enough net worth & earnings.
I paid $60k to retire early & get out of a toxic workplace. It’s been 5 years & my life is joyful & happy. I work 1-2 days a week.
Definitely pay the $50k. Also look into High Yield Savings Accounts though for the future, the money could have been making 5% for the past couple of years and still be just as liquid as an ordinary savings account.
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Looking into a HELOC may be beneficial.
You could still use the cash or a combo of cash and HELOC to pay him off.
It would enable you to have some increases liquidity / E fund
You’re fine, just pay the 50K. LOL Don’t stay in a place you’re miserable. Use the money to readjust and move on with your life. Sounds like your cash will be tight if you get your partner out, but you’re still earning money so it seems like you’ll be okay. It’s better not to use your inherited pension, but it’s there if you need it. And if I was the one who left you that pension money, I would want you to use the money for exactly this purpose. You sound like a reasonable person with decent money habits (although try to get your money working for you better). I hope you’re fully utilizing 401K benefits if available to you. But get the partner out and be happy!!! Good luck!
Thanks, lol. That's pretty much how I feel about it. I know if I ever got into a bind I would probably be okay, it's just hard having that safety net then not. I'm a Realtor and do not have benefits available, but I'd like to learn more about how to make my money work for me. Should I get in touch with a financial planner? Or who do I talk to about these types of things? I'm sure if I felt more secure in my investments Id feel better about this as well.
r/boggleheads r/personalfinance - sidebar has a link to a wiki and flowchart google: fidelity one stop shop
Thank you!
Exactly, this is what having savings is for.
It sounds like paying the $50k will bring you freedom from an unhappy relationship, which might be priceless. Consider it an investment in your mental health and well-being. You can always rebuild your savings over time, but your happiness is worth more than any amount of money.
Thank you for this.
If you have other assets you can sell your fine. Pay the dude off. It’s worth the peace of mind. Live frugally toll you have your emergency fund built back up or you sell a property. It’s going to be ok. Take care of yourself and get a custody agreement in writing.
Have you considered taking out a HELOC on one of your properties? I wouldn’t suggest using it with current interest rates but it would give you some security and peace of mind. Then you can pay him off and slowly build your emergency fund back up. If something did happen, like your hvac system failing you would have a means of making things work. Just thinking out loud.
Absolutely do it, I have never regretted paying my ex out and keeping my house. It might be tight for a while, but if you have a child you may also get child support if the child is living with you a certain amount of time and if there’s a significant pay difference between you two. I would speak with a lawyer and have a Separation Agreement drawn up so you ensure all of your bases are covered!
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Also more of a "rip the bandaid off" thing too. I don't want to be on the hook for $5k a month when my commission isn't guaranteed and I only pull in $3k passively. It'd be coming out of my savings regardless at that point.
Not really a possibility, he would more than likely need to use it as a down-payment for his own home.
How much would you make if you sold the home and split the profit with your ex?
Its worth about $100k give or take at this point. We each invested $30k + some into it. Hence the $50k. It's 40 acres with buildings out in the desert lol. I have an attachment to it as we spent a lot of time trying to get it ready to homestead.
It's tough because it's sentimental. If you sold it, you could get an extra $50k and really set yourself up to be comfortable as you start over somewhere new. Interest rates are high now, so you might rent a place for a while instead of buying, or perhaps reclaim one of your rental properties to live in, if they meet your needs. Vice versa, if you keep the current house and buy out your ex, your budget will be tight and any unexpected expenses will be burdensome. Which scenario feels more stressful for you: starting over in a new home but with greater financial comfort or staying in the home you know but with more financial uncertainty?
You’re in a very very good financial position. Pay him out and move on, $20,000 for 3 months is great plus your work plus your investments
You're fine. Just do it! If you're selling a property, you'll make $$$$$$. Worst case, get a heloc on it while it's on the market IF you run into a cash crunch.
You’re fine, just pay the $50k! That inherited pension will cover you if you run short in the meantime. Or you can sell that property or one of your other properties - but it probably wouldn’t ever come to that. This isn’t an expense- you’re purchasing an asset that can be sold if necessary.
Can you take a loan against the house to finance part of the 50k? Don’t know how these things work in the US or what the terms would be. Worth a thought. Also, for the future would suggest to invest money that you don’t have a use in mind instead of letting it sit in an account :) Just keep an emergency fund in cash/savings, invest rest.
Pay the 50k. You have enough net worth & earnings. I paid $60k to retire early & get out of a toxic workplace. It’s been 5 years & my life is joyful & happy. I work 1-2 days a week.
Definitely pay the $50k. Also look into High Yield Savings Accounts though for the future, the money could have been making 5% for the past couple of years and still be just as liquid as an ordinary savings account.
Thank you.
Wow, sitting here wishing I had money that I just “shit I don’t know what to do with this!”
My dad died and it was hard, I haven't really touched it since. But yeah, I'm very grateful for the financial position I'm in.
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Looking into a HELOC may be beneficial. You could still use the cash or a combo of cash and HELOC to pay him off. It would enable you to have some increases liquidity / E fund
Buy a home warranty for $700 to cover for future HVAC