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Magazine Features
House on the Lake
by Dave Ramsey
I was wondering if you think we can afford to buy a lake house. The house we're looking at costs $1 million. I bring home about $15,000 a month, and we have no debt. I started saving and investing when I was 18, and right now my wife and I have about $4 million sitting in our savings account. Even though we both love the water, part of me thinks we should just rent one for a few weeks a year.
Dear Dave,
I was wondering if you think we can afford to buy a lake house. The house we're looking at costs $1 million. I bring home about $15,000 a month, and we have no debt. I started saving and investing when I was 18, and right now my wife and I have about $4 million sitting in our savings account. Even though we both love the water, part of me thinks we should just rent one for a few weeks a year.
Mike
Dear Mike,
Dude, you are a classic! You have done an absolutely PHENOMENAL job with your money!
Generally speaking, lakefront property is a great investment. Plus, if you buy instead of rent, it's YOUR investment and you get to leave your clothes in the closet!
If I'm you, I'm buying that house before the week is up! I own a lake house, and I can tell you it's one of the best investments I've ever made - money-wise and relaxation-wise.
Do the deal, Mike. You guys have earned it!
Dave
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Linda in Chicago
You didn't ask Dave about the wisdom of holding a 4 million in a savings account but unless it is one amazing savings account you are not using your money to your best advantage. To hold that much money in one account is probably not wise. You need to get yourself a good financial advisor. You are great at saving money but you need to make it work for you.
Brent in San Diego, California
With today's economy, the housing market is taking a dive. With that much money in savings, you must have exercised some prudence in the past. There must be other lake-front homes in this country that will be less than $500,000. It appears to me as if you could set up a home office somewhere inexpensive and continue to grow your nest-egg. Let's all stop the madness of paying too much for real estate - it is getting ridiculous. Please remind me of why in the world it is an investment? Just because everyone thinks so seems to be the answer. Besides, when the millenium comes, there will be a great surplus of land ;o) ...
Cynthia in Oregon
what is an obviously financially successful person doing asking about this kind of decision?