🔺 r/personalfinanceuwillxthexthrill·76 days ago
Considering buying a lake house. Am I stupid?
Edit: thanks all for the responses! A lot of great points. A lot of people have suggested using my cash to instead pay off the student loan and mortgage debt. For a little context on why I haven't done that... Much of the cash I have was the result of the company I work at IPOing a few years ago. I was lucky enough to receive several hundred thousand as a result of this which is how I bought my current house a few years ago. That said, that was a one time event, and I don't have a foreseeable way of "replacing" that money were I to spend it on paying off my loan. It would likely take a decade to save it up again based on the monthly payments I'd be saving. By then my daughter will be 13 and we'll be 48, and taking on a challenge like this would be much harder. I should also add that I am generally extremely frugal in 99% of other areas. I live way below my means, don't buy new clothes often, drive a 10 year old car, etc. Much of this is motivated by me wanting to get a lake house like this (deep seated emotional need, sadly) -------- I have the opportunity to buy a cheap fixer upper lake house in the low 100k range. Property taxes are only a few thousand per year. The place is a du…