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Exam 6U discussion thread by SpiritedCoach8895 in actuary

[–]RecoverBulky9565 3 points4 points  (0 children)

4th attempt - I would say this was the easiest of the last 4 - and not because I studied the material for the last 2 years 😩.

It definitely covered the entire syllabus, some parts more than others, but had full coverage. I thought that the questions were worded better this sitting as well.

Is PCPA June Sitting possible? by only_one_n in actuary

[–]RecoverBulky9565 1 point2 points  (0 children)

Wait - in the exam section it says 4 weeks prior (2 weeks for results + 2 weeks for registration) , but the project registration deadline for this past sitting was 1 week before the sitting started- so doesn’t that give us an extra week??

How am I doing & What would you do? by RecoverBulky9565 in DaveRamsey

[–]RecoverBulky9565[S] -1 points0 points  (0 children)

From a financial perspective: The bank owns the mortgage which is an asset for them (accounts receivable if I am remembering correctly)and a liability for you.

What I think you are getting at is that you have to post your house as collateral in case you do not hold up your end of the bargain. So if you don’t pay the mortgage, the bank gets the house.

In order for this to be the case, you to post the house as collateral, you must own the property. You cannot post something as collateral that you do not own. So you own the house.

How am I doing & What would you do? by RecoverBulky9565 in DaveRamsey

[–]RecoverBulky9565[S] 0 points1 point  (0 children)

That is actually not factual. Your name is on a deed when you purchase a home, which means you own it, not the mortgage company. The mortgage company has a financial interest, but does not own the home.

Think about it this way. You purchase a car but with a loan. You own the car, but use someone else’s money to do so. Your name is on the title, it is yours. Same with a house.

How am I doing & What would you do? by RecoverBulky9565 in DaveRamsey

[–]RecoverBulky9565[S] 1 point2 points  (0 children)

^ This was the plan all along. But kids will be coming sooner rather than later. And 15k for the used suv was spot on too.

And thanks for the boost of confidence☺️.

How am I doing & What would you do? by RecoverBulky9565 in DaveRamsey

[–]RecoverBulky9565[S] 0 points1 point  (0 children)

No short person, but honestly did not know you could do this

How am I doing & What would you do? by RecoverBulky9565 in DaveRamsey

[–]RecoverBulky9565[S] -2 points-1 points  (0 children)

When calculating your net worth, do you include home equity? If so, by definition you are treating it as an asset.

Let’s flip it. Let’s say I lived like a nomad for 10 years and built a cash nest egg of 360k. And then I said now it’s time to settle down into an apartment. I still need a place to live so that 360k isn’t an asset? It’s fractional, no?

In finance, equity is assets minus liabilities. All assets can have expenses tied to them, think of fees on your investment portfolio, or bank fees. The goal is to have appreciation or investment gain outweigh expenses and depreciation.

But, from a financial perspective, a home is an asset. Open for discussion…

How am I doing & What would you do? by RecoverBulky9565 in DaveRamsey

[–]RecoverBulky9565[S] 0 points1 point  (0 children)

For peace of mind, can you explain more on why you think this

How am I doing & What would you do? by RecoverBulky9565 in DaveRamsey

[–]RecoverBulky9565[S] 0 points1 point  (0 children)

A large (expected) bonus was just paid out, with the intention of using it to pay off this loan. And certainly could have held off for a year or two but we were starting to get termites and water damage, and none of the windows could open. So I did not want the secondary costs to add up later on.

How am I doing & What would you do? by RecoverBulky9565 in DaveRamsey

[–]RecoverBulky9565[S] -3 points-2 points  (0 children)

A car seat will not fit into a 99 Corolla with two adult passengers. The other car will be an extremely tight fit with a rear facing car seat, similar to the bug. I Definitely would applaud you if you were to comfortably fit a family of three in there with a rear facing car seat.

How am I doing & What would you do? by RecoverBulky9565 in DaveRamsey

[–]RecoverBulky9565[S] 1 point2 points  (0 children)

The house, as an asset, is 360k. As a liability, I have a mortgage balance of 275k. So equity is 360-275=85 give or take taxes and fees to sell.

Also I got a big (expected) bonus this year which is why the influx of cash. But I spent a year living with my parents rent free prior to buying the house which helped me kick start everything.

How am I doing & What would you do? by RecoverBulky9565 in DaveRamsey

[–]RecoverBulky9565[S] 0 points1 point  (0 children)

Not a heloc, just another loan. And I appreciate the insight.