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Jill on Money with Jill Schlesinger

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Jill on Money with Jill Schlesinger

Audacy

Investing, Education, Business, Self-improvement

4.61.9K Ratings

🗓️ 4 March 2022

⏱️ 11 minutes

🧾️ Download transcript

Summary

I'm all for owning real estate, but it's not something that makes sense in every situation. That's the discussion with Christine from New York, who with nearly $200,000 in the bank, is trying to decide if it makes sense to finally buy a home instead of being a renter.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome aboard this Air France podcast message. Air France and its crew invite you to discover

0:09.4

its business class cabin, where you can enjoy a full flatbed. For even more comfort, an

0:16.0

ultra soft duvet and pillow are at your disposal. Air France wishes you a pleasant podcast.

0:23.4

Air France. Book your business class tickets now at france.co.uk

0:33.4

Welcome to the Jill on Money Show. It is Friday March 4th and we are plowing through our emails today.

0:41.4

So if you have a question and it's burning up inside of you, it's financial, it is economic, it is tax.

0:49.4

Just go to JillonMoney.com, click the contact us button and give us as much detail as you can. Of course if you want to come on the

0:57.4

program, which I love and mark loves and everyone loves to listen to, we know that. Just be sure to check the box that says I'm

1:05.4

willing to come on the air and then mark does everything else. Today is a day where we're going to start plowing through some

1:11.4

email. So let's start with anonymous, who's been a working as an expat in the last several years and he is returning to the US

1:21.4

and he's looking to settle in the Seattle Tacoma area with something with an ocean view. However, the market's crazy, I'm

1:29.4

over six with my offers. Here are my questions. Should I buy or just rent for another year or two? If I buy, I am keeping my monthly payments to

1:37.4

less than 33% of my gross not counting annual bonus, which averages 100,000 in the past four years. Depending on the final price, I

1:45.4

may be able to get a 15 year loan for a lower rate and still stay within 33%. Should I do that? No, don't do that. I have no debt. I'll have to

1:55.4

purchase a vehicle once I get settled. I'm 59, $2 million in an IRA, $200 grand in a Roth, $100 grand in a 401K, half a

2:03.4

million in cash mutual funds, which will be used as down payment. I started to contribute to a Roth 401K this year, now

2:09.4

that's available at work. I'm legally married, but separated. Spouses overseas, kids are grown. All right, Mark, buy or rent. What do you say? Yeah, I might

2:19.4

rent also just because what are you going to do? I mean, you got to live someplace. So maybe rent for another year, see what happens,

2:27.4

suck away the money, but then don't worry about a 15 year loan. I mean, you can you can get a 30 year loan and you keep your

2:35.4

your payments a little bit lower. It doesn't matter about the rate. You can pay it down later. If you could find

2:41.4

something buying is great, but I wouldn't also drive myself crazy. I really wouldn't. It's not worth it. It's really not worth it. So

2:49.4

I might just rent and chill out and keep your eyes open. How about that? All right, this is Thomas, who writes, hi, Jill,

...

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