QotD: One Day. $100,000.

If you had one day to spend $100,000 - and you had to spend it totally selfishly - what would you buy?

I'd pay off two of my mortgages [1] and buy me some breathing space. Even though I am moderately well paid for my profession, having more options and more cash is always a good thing.

John


[1] The only downside to moving a lot is that you can collect a lot of real estate. Currently, I have four houses in three different cities. Fortunately, three of the houses are rented and one is where I live. But still...

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Noddy
" The only downside to moving a lot is that you can collect a lot of real estate."

Only if you buy instead of renting.
Queen of Fractal Beauty
You may be collecting a lot of real estate, but on the upside you're forced to go through all your junk and get rid of the things you no longer need or want. Ken and I have been in the same house for over 10 years now. It's the first time either one of us has lived in one place for more than 3 years and the amount of stuff we've accumulated is downright frightening.
John

Only if you buy instead of renting.

One of the good things about the oil industry (besides the ridiculous salaries that we make) is the moving packages. Every company has always paid the closing costs on my old place and my new, so that it makes a lot more sense to buy than to rent. Overall, this mas made me about a year's worth of salary on real estate due to the moves. The downside is that the place in Alexandria has cost me about a year and a half of salary...

John
Noddy
The downside is that the place in Alexandria has cost me about a year and a half of salary

That certainly sucks.

Pity psychic skills are so unreliable - if you could have known the housing market would be so sluggish, you could have chosen to rent there instead.
Queen of Fractal Beauty

Pity psychic skills are so unreliable - if you could have known the housing market would be so sluggish, you could have chosen to rent there instead.

I don't think he really needed psychic skills on that one. I was rather stunned that he paid so much money for such a dump. It was hardly any better than the apartment he had in Chicago.
Noddy
I was rather stunned that he paid so much money for such a dump.

Ah, well, I suppose even he can be allowed a mistake or two - and it's not as if he isn't paying for it.
Queen of Fractal Beauty

Ah, well, I suppose even he can be allowed a mistake or two -

Yes, that's true. In fact, shortly after I made that comment I was thinking to myself that if he didn't have a stinker investment or two one could argue that he's not being agressive enough in his investment strategies. And if he holds onto it long enough he could eventually at least break even.
John

if you could have known the housing market would be so sluggish, you could have chosen to rent there instead.

That's the rub - I really, really thought I should rent first, but everyone from my parents to my realtor to my advisor to Alan Greenspan insisted that prices were going to go up (or, at worst, become flat). Next time, I listened to my nagging doubts and saved myself a bundle. And it got me into my home here, though admittedly the route was roundabout.

As for the place being over-priced, there's a "yes, but" attached. For the time and place, it was actually on the inexpensive side (which was one of my doubts - how the heck can anyone afford those places?). And even today, there are much pricier and less appealing places to live (Chicago Trump Tower, anyone?).

John
John

And if he holds onto it long enough he could eventually at least break even.

You could make that argument now. Comparing the rent I would have had to pay plus the tax breaks and rental income I have been getting to what I've lost makes it a close call. It all depends on how much I can sell it for.

And yes, I'm selling this stinker just as soon as I can. Which means next year at the earliest, given the current economy.

John
Queen of Fractal Beauty
Then I guess it's not quite the bad investment it could have been. All in all, you've got a record anyone with half a brain would be proud of.
Katiebell
Wow, 4 houses! and I thought paying rent and mortgage on 2 things was to much, thankfully I have settled and sold the ne mney pit. Darn, I hpe the billin finds you!
Katiebell
errr thats Billion, I can indeed spell.
John

, thankfully I have settled and sold the ne mney pit.

Congratulations! That took some doing, especially in this environment.

John

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