Jill on Money with Jill Schlesinger Can We Upgrade Our House?
Jan 9, 2025
Discover the intricate dynamics of real estate investment and how it can impact long-term financial goals. Delve into a family's financial stability while contemplating a major move and the emotional toll of selling their home. Hear about planning and strategizing a dream lake house purchase, balancing investments in IRAs and brokerage accounts. Explore the complexities involved in significant financial commitments and the importance of managing savings, income, and tax implications in high-stakes property transactions.
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The Lake House Dilemma
- Mike from Wisconsin, age 42, called in with his wife, age 40, about a potential house upgrade.
- They have three kids, a good income, and substantial savings, prompting a question about a lake house purchase.
Permission Granted
- Jill Schlesinger advises Mike that he can afford the lake house given his financial situation.
- She cautions him to be mindful of taxes when selling assets from his brokerage account.