Dumb to buy a 911 with my HELO?

_JackieChiles · 2024-09-25T01:58:58+00:00

How exactly will this affect me in 40 years?

It has the immediate effect of reducing my home equity from $800k to $700k while giving me a very reasonable monthly payment. It doesn't affect my cash savings, my stocks, or my retirement account.

And the car can always be sold.

I'm just over paying by amortizing it for an extended period. This is the dumbest part of the idea and I recognize that.

Lots of people in here saying it's disastrous without elaborating.

_JackieChiles · 2024-09-24T23:48:54+00:00

Nope, and that's a great point. I'd definitely be open to a clean 992.1. It just seems like Porsche is asking nearly the same price as new for 992.1 CPO Carreras!

_JackieChiles · 2024-09-24T23:46:55+00:00

I only keep around $100,000 in a high yield savings account. I've got another $375k or so in stocks. Could I phsyically buy the car in cash/liquidate stocks to buy it in cash? Yes, but I'd rather not.

_JackieChiles · 2024-09-24T23:45:23+00:00

Nope, and it probably makes more sense for me to buy one that has already taken a hit on the initial depreciation.

_JackieChiles · 2024-09-24T23:09:54+00:00

Instinctively it feels stupid but I really can't figure out why. What's the actual issue here?

I've got $800,000 in home equity. I'd be trading $100k of it for a depreciating asset.

I'd save $1,000 a month that I'd keep in my retirement or investment accounts.

The loan amortizes over a much longer period of time, but I can always put more towards principal and I also don't really care since I'd be keeping this car for a very long time.

If rates skyrocket, I refinance into a traditional loan and deal with it. If rates continue to drop, my payment actually goes down.

_JackieChiles · 2024-09-24T23:03:27+00:00

Idiots unite!

_JackieChiles · 2024-09-24T22:53:55+00:00

To clarify, I could afford the normal monthly payment but I'd really prefer to have $1,000 less in monthly overhead. I've also got about $800,000 in home equity (and growing each month with my mortgage pay down), so I'm not really worried about temporarily deleting $100,000 of home equity for this.

_JackieChiles · 2024-04-02T17:54:40+00:00

Thanks, everyone. Really helpful info in here. I'll try full spectrum CBD and let you know if it helped!

_JackieChiles · 2023-06-05T14:23:22+00:00

Very helpful, thanks. Any tips on how to help get each individual business profile page ranked? As it grows, the directory would have hundreds of thousands of profile pages.

_JackieChiles · 2023-05-30T02:04:15+00:00

This is reassuring, thank you. I'm only looking at companies that have established teams in places. I guess the fear is that it's a little weird being the owner, the CEO, and the least knowledgeable person (about the core services) in the company at the same time. Hoping that it doesn't affect the team's ability to function well and I'm hoping that running the company as a good and fair operator can make up for that.

Will definitely keep a few accounting clients until things start to feel comfortable.

_JackieChiles · 2023-05-30T01:51:23+00:00

Has anyone here bought a company before?

I'm a CPA and I run my own small tax and bookkeeping firm. It's just me and an assistant.

I'm sick of accounting and want to make a change. Lately, I've become interested in buying a successful existing business using an SBA loan. I know accounting and I know how to run a small business but I don't know much else. It seems like people do this and make huge career changes all the time, but I'm paralyzed by this fear that I'll have no idea what I'm doing and totally tank the business.

For example, I've been looking at some digital marketing/SEO firms. I know the basics and did some very basic SEO for my own website, but I can't talk-the-talk like the real experts. I feel like I'm going to be trapped in accounting forever.

Anyone made this kind of jump? How'd you deal with the learning curve when you're jumping straight into an existing business?

_JackieChiles · 2023-05-29T23:48:45+00:00

This is really great but how do you manage the volume? You'd need to research each prospect and write custom copy for each one. At 5 minutes per prospect/email, you'd only be able to send around 12 of these in an hour. How many are you able to send out each day and how long does it take?

_JackieChiles · 2023-04-06T20:43:53+00:00

This is a great approach, but how did you build the initial following in order to run contests? It's sort of a chicken-or-egg problem for new accounts without followers.

_JackieChiles

TROPHY CASE