There should be a national dialogue in getting back to work

[OldTimeAFLGuy]

1 hour ago, Chef Jim said:

 

When you amortize it over 15 years the difference between 2.8% and 2.5% is likely "pennies".  I say let's look at the big picture.  If you're going from say 25 years left on a 30 year down to 15 let's see how those last 10 years of no mortgage will effect your plan that far down the road.  When money planning it's not so much how your decisions effect your plan month to month as it is how will your decisions you make today effect your plan down the road.  Now I understanding your talking about 6 months but you have no idea what rates will be then. 

 

 

 

 

...nice assessment and I agree 'Chef.....depending upon where you are now, I'd say pull the plug........

[IDBillzFan]

1 hour ago, Chef Jim said:

 

When you amortize it over 15 years the difference between 2.8% and 2.5% is likely "pennies".  I say let's look at the big picture.  If you're going from say 25 years left on a 30 year down to 15 let's see how those last 10 years of no mortgage will effect your plan that far down the road.  When money planning it's not so much how your decisions effect your plan month to month as it is how will your decisions you make today effect your plan down the road.  Now I understanding your talking about 6 months but you have no idea what rates will be then. 

 

That was my thinking. No sense waiting if I can lock on 2.7% at 15, but the 30 is about to drop below 3% as well, and I've been toying with the idea of getting another piece of property here. Trying to decide if I want something on the water or something near the ski slope, turn it into a rental, but if I can drop my mortgage payment to a lower rate, it frees up cash for the other property.

 

In the end, the larger issue is I'm not leaving the house I'm in. I'll die here. 

[OldTimeAFLGuy]

7 minutes ago, IDBillzFan said:

 

That was my thinking. No sense waiting if I can lock on 2.7% at 15, but the 30 is about to drop below 3% as well, and I've been toying with the idea of getting another piece of property here. Trying to decide if I want something on the water or something near the ski slope, turn it into a rental, but if I can drop my mortgage payment to a lower rate, it frees up cash for the other property.

 

In the end, the larger issue is I'm not leaving the house I'm in. I'll die here. 

 

 

...those potential objectives put a different perspective on the picture bud.....full time rental or partial rental/personal use?......I'm assuming in your locale that you can get decent rental rates albeit waterfront or ski type lodging.....you could perhaps (I don't have enough info) structure everything so that cash flow from rental income leaves your net "out of pocket" as minimal for all properties......

[B-Man]

 

 

SPORTS LEAGUES MOVING TOWARDS REOPENING, EXCEPT FOR BASEBALL

?

 

 

 

[Chef Jim]

1 hour ago, IDBillzFan said:

 

That was my thinking. No sense waiting if I can lock on 2.7% at 15, but the 30 is about to drop below 3% as well, and I've been toying with the idea of getting another piece of property here. Trying to decide if I want something on the water or something near the ski slope, turn it into a rental, but if I can drop my mortgage payment to a lower rate, it frees up cash for the other property.

 

In the end, the larger issue is I'm not leaving the house I'm in. I'll die here. 

 

This opens up a ton of questions mostly regarding cash flow.  And when I say cash flow I'm talking about starting today to the day you die and how to have the best lifestyle today and when you stop or cut way back on working.  I like telling people it's not about becoming rich it's about not becoming poor.  

[B-Man]

 

 

Skaters Send Message to Government Agents Who Filled Their Parks With Sand.

 

 

 

[IDBillzFan]

3 hours ago, OldTimeAFLGuy said:

 

 

...those potential objectives put a different perspective on the picture bud.....full time rental or partial rental/personal use?......I'm assuming in your locale that you can get decent rental rates albeit waterfront or ski type lodging.....you could perhaps (I don't have enough info) structure everything so that cash flow from rental income leaves your net "out of pocket" as minimal for all properties......

 

Partial rental/personal use. Which is why I lean toward ski lodging. My boat will sit in a slip a mile from my house. I'd be more apt to use a ski house because the drive is not nearly as convenient, so it would be a long weekend thing.

2 hours ago, Chef Jim said:

 

This opens up a ton of questions mostly regarding cash flow.  And when I say cash flow I'm talking about starting today to the day you die and how to have the best lifestyle today and when you stop or cut way back on working.  I like telling people it's not about becoming rich it's about not becoming poor.  

 

I do know this, but I have some other things happening in my life right now that play a role in what I ultimately do long term with other property What I'm doing now, and only right now, is trying to take advantage of a two-percent drop in my my mortgage; if that is a 15 or a 30 will play out in the next few weeks when things come into focus.

 

That's enough personal sharing for now. I'm not very smart, but I'm not very dumb. I'm just the single most blessed man in the world with options.

[Magox]

This is an interesting factoid from the CEO of BOA 

 

Quote

 

“The real difference is the amount of stimulus that has gone into the economy,” Moynihan said.

Checking accounts below $5,000 in average balances actually had 30% to 40% more money in them compared with 12 weeks ago, he said.  

 

 

 

Wow! This certainly suggests that there is a lot fuel for the pent-up-demand argument.  It's one thing if a wealthy person has 30-40% higher balance in his account, as they aren't as likely to spend the money as someone who has less than $5,000.  

 

And then there is this;

 

Quote

 

The U.S. economy is beginning to recover from shutdowns tied to the coronavirus pandemic, Bank of America CEO Brian Moynihan told CNBC.

Moynihan cited consumer spending figures from the millions of households using his lender’s credit and debit cards: While transactions collapsed by about 30% in April, it was down by only 5% to 10% in May.

 

“You’re starting to see the economy come out of the hole,” Moynihan told CNBC’s Becky Quick on Squawk Box. ”You’re seeing us come out of the depths of where we were in April, and that’s good news.”

 

 

 

This strongly suggests that the rebound is well on it's way and that the stimulus checks and emergency unemployment benefits have been effective at staving off human financial catastrophe.  Now, they got to get them back to work.  

[RochesterRob]

9 minutes ago, Magox said:

This is an interesting factoid from the CEO of BOA 

 

 

 

Wow! This certainly suggests that there is a lot fuel for the pent-up-demand argument.  It's one thing if a wealthy person has 30-40% higher balance in his account, as they aren't as likely to spend the money as someone who has less than $5,000.  

 

And then there is this;

 

 

 

This strongly suggests that the rebound is well on it's way and that the stimulus checks and emergency unemployment benefits have been effective at staving off human financial catastrophe.  Now, they got to get them back to work.  

  I'd be more excited about the CEO's observation if the cash build up was not from unusual circumstances like a wage earner stuck at home.  Over 35 million out of work since the shutdown started in Mid-March is a huge problem that is not going to sort itself out in the next few weeks.

[Magox]

4 minutes ago, RochesterRob said:

  I'd be more excited about the CEO's observation if the cash build up was not from unusual circumstances like a wage earner stuck at home.  Over 35 million out of work since the shutdown started in Mid-March is a huge problem that is not going to sort itself out in the next few weeks.

 

No one claimed it would.

[SoCal Deek]

3 minutes ago, RochesterRob said:

  I'd be more excited about the CEO's observation if the cash build up was not from unusual circumstances like a wage earner stuck at home.  Over 35 million out of work since the shutdown started in Mid-March is a huge problem that is not going to sort itself out in the next few weeks.

Yes and no. I’ll be curious as to how many hospitality workers will get their jobs back almost immediately.  I’m guessing it’s many millions. That’s an industry that doesn’t need to build new buildings or restart a supply chain. That industry, especially with summer here, is 100% ready to go, as long as government gets its boot off their throat.

[Warren Zevon]

12 hours ago, B-Man said:

 

 

Skaters Send Message to Government Agents Who Filled Their Parks With Sand.

 

 

 

 

sk8 or die

[RochesterRob]

7 minutes ago, SoCal Deek said:

Yes and no. I’ll be curious as to how many hospitality workers will get their jobs back almost immediately.  I’m guessing it’s many millions. That’s an industry that doesn’t need to build new buildings or restart a supply chain. That industry, especially with summer here, is 100% ready to go, as long as government gets its boot off their throat.

Some will have their jobs back once restrictions are lifted and some will not be called back until things are financially stable with their employer.  We don't know how much the herd mentality has changed in terms of treating itself to vacations among other things.  Some businesses have projected their revenue for the rest  of 2020 and see very significant reductions in income.  In turn they have advised their employees so that the employees in turn can make adjustments to their budgets.  

[B-Man]

 

 

GOVS GONE WILD! Naughty Democrats Keep Breaking Their Own Lockdown Rules.

 

 

 

 

[B-Man]

 

 

 

Religious Liberty Lockdown Cases Reach SCOTUS

 

The issue in each is narrow: May a State treat religious groups more harshly than secular groups in implementing pandemic restrictions?

 

 

https://legalinsurrection.com/2020/05/religious-liberty-lockdown-cases-reach-scotus/

 

 

Edited May 28, 2020 by B-Man

[Chef Jim]

5 hours ago, Magox said:

This is an interesting factoid from the CEO of BOA 

 

 

 

Wow! This certainly suggests that there is a lot fuel for the pent-up-demand argument.  It's one thing if a wealthy person has 30-40% higher balance in his account, as they aren't as likely to spend the money as someone who has less than $5,000.  

 

 

Keep in mind the bank "has" the money not the account holder until they take it out.  And the bank is not sitting on the money.  

[Magox]

17 minutes ago, Chef Jim said:

 

Keep in mind the bank "has" the money not the account holder until they take it out.  And the bank is not sitting on the money.  

Win win?

[RiotAct]

5 hours ago, SoCal Deek said:

Yes and no. I’ll be curious as to how many hospitality workers will get their jobs back almost immediately.  I’m guessing it’s many millions. That’s an industry that doesn’t need to build new buildings or restart a supply chain. That industry, especially with summer here, is 100% ready to go, as long as government gets its boot off their throat.

a s***-ton of events are cancelled thru the rest of the year, though. Hospitality will be hurting for a while

[Chef Jim]

6 minutes ago, Magox said:

Win win?

 

Possibly. 

 

 

Edited May 28, 2020 by Chef Jim

[RochesterRob]

15 minutes ago, RiotAct said:

a s***-ton of events are cancelled thru the rest of the year, though. Hospitality will be hurting for a while

  I'm seeing quite a bit of this myself.  Quite a few people if not seriously hurt by this are seeing their fun money going away.  Parents who might normally splurge on themselves now are having to prop up financially vulnerable kids.