The Doctor’s Bill: Beach Home
Welcome to this episode of The Doctor’s Bill (Can You Afford It?).
Wonder if you should buy that big ticket item or not?
Well here’s your chance to have a wealth management expert, Johanna Fox Turner, of Fox & Company Wealth Management analyze your overall finances and make a final verdict on whether or not you can indeed swing for the fences and splurge on yourself or whether you should just walk away.
[Johanna and I have no current financial relationship]
Disclaimer: This is not meant to be a substitute for paid professional advice but only meant to serve as a suggestion/guideline.
The following are the details from our submission form:
Shore house/2nd Home
On A Happiness Scale of 1-10 (10 Being Happiest), rate what this item/experience will do for you A) Short Term and B) Long Term:
A) 9 B) 9 [Plan to create memories with the kids]
How many years till planned retirement?
What is your total household income?
What is your % Annual Savings Rate? (savings/gross income)
Primary Home Equity (Market Value-Debt) [For Renter =$ 0]
Brokerage Account Value (Taxable):
Additional Real Estate Holdings Equity (Market Value-Debt):
Current Liquid Asset Value (Savings, Checking, Etc.):
Retirement/HSA Combined Value:
Miscellaneous Asset Value:
$200,000 (angel investing)
Student Loan Balance:
How do you plan on paying for this item/experience?
Mortgage with 20% down
So does this submitter get to purchase a second home on the beach?
Or are the family dreams washed up and they will be beached financially?
Click on the Doctor’s Bill Image and find out the verdict:
After you see the verdict please come back to this page and comment whether you agree or not with the decision (and no cheating by looking at comments first!)
If you would like to submit your own Doctor’s Bill request please fill out the submission form (and remember email subscribers to XRAYVSN will get priority)