Reply to Afford $1.8M on 300K?

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Reply to "Afford $1.8M on 300K?"

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[quote=Anonymous][quote=Anonymous]If you can afford it, you can afford it. No need to have all that extra cash sitting in a savings account.

[b]The problem is risk[/b]. If you put all your extra cash into your primary home, what happens if one of you unexpectedly has to take time off work or cut back to part time? If your income unexpectedly drops and you suddenly need to reduce expenses it’d be better to have your cash in an investment property or other investment rather than in a primary home that leaves little money left over each month.[/quote]

I said it upthread, but this is what gets me.  Op is too risk-averse to put money in the stock market when it's down, but is considering committing to a mortgage that leaves no wiggle room in their budget at all.  It's like risk whiplash.

Not to mention potentially leaving the kids on the hook to cover a significant portion of their own college costs, which ignores how the cost of college has basically risen at multiples the rate of inflation for the last few decades.  I don't understand having so much money that you'd consider buying a $2million house just to have someplace to put your cash, but not pay for college for your kids.  It makes no sense.  [/quote]

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