EP69 – Have $225,000 in my savings account; Got suckered in a free timeshare vacation; Pros and cons to buying a home now

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All listener question episode! We had a number of you write in your questions for us to give our opinions on. Email your questions to us at Questions on this episode include:

When you guys say no more than 25% of your take home pay on house payments each month, is take home pay defined as the money you get from paychecks only after taxes and health premiums or does it also include 401K contributions?

Hello all am new to the page. I have $225,000 in a bank saving account. Is this too much cash on hand or do I need to invest this amount too? I have about 720k in mutual funds and ETF’s.

Timeshares. I don’t have one nor wish to buy one but how has your experience been with your timeshare? We got suckered into paying the $200 for a “free” vacation with Holiday Inn. I’m trying now to get the $200 back and of course they won’t refund our money. What should we do?

I have a Roth IRA with Betterment. I am doing a monthly contribution of $500 to get the max $6,000 a year. For my projection it only says $500,000. I am 19 and I put my retirement age as 65. There’s no way this could be accurate could it? Should it not be at least a million?

I have a question for Amanda. If you are selling your current house and buying a new one at the same time. What is the cleanest way to use equity as a down payment for the new house? Everywhere I see says either bridge loan or a HELOC. is there a way to do it without taking a loan out?

I’m working with a SmartVestor Pro to start a Roth IRA and he recommended that I invest in mutual funds with A shares of 5.75% front load (max sales price) and 0.65 expense ratio. I was just wondering if these percentages are normal.

First time home buyers. We are hoping to relocate in about 4 years. But a monthly mortgage payment would be hundreds of dollars less per month than we are paying on our rental, so buying is looking attractive. So, pros & cons to buying now? We are on Baby Step #3.

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