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May 08, 2012


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Why not refinance that mortgage? 6% is pretty high in today's market, especially with so much equity built up.


For 35 you have a really high net worth, you certainly have frugality mastered. To prevent living like a college student you might want to set aside a % of your income for spending on wants. That way you don’t ruin your savings goals, but you don’t feel like you need to deprive yourself either.
>I have $111k remaining on the mortgage which is a 6%/30yr loan from my parents
With your assets (and I assume high credit score) it seems like you could get a bank loan at 3-4% interest depending on the length of the loan. Have you considered refinancing?
>Ideally, I’ll eventually find someone to settle down with, maybe even adopt a child with, and hopefully >they will have their financial act together.
While you can’t change your someone, you can refuse to date someone that is financial train wreck. Since money is the biggest issue couples fight over I would NOT EVER consider someone that isn’t at least competent with their finances.
-Rick Francis

Hi EH,

I am super similar to you (38, single with a Masters Degree and living in Brooklyn). I'm amazed that your mortgage and maintenance are so low! Congrats. I'm buying a place now in Brooklyn and mine will be about the same monthly cost, but with a huge tax abatement. Anyway, I agree with Rick, seems like you could get a mortgage at almost 1/2 the interest rate you are being charged now.

Congrats on your MBA. I'm sure you have thought of this, but what about asking for an internal transfer to the marketing department? Even if you started as an assistant there you would be working directly with marketing and maybe have a chance to switch to what you want down the road.

Forget plowing all your extra $ into prepaying a mortgage--you need alot more $ in an emergency fund. Also, are you looking to change jobs and remain in NY? I agree with other writers: refinance your mortgage.

If your mortgage loan is from your parents, is it formalized so you take a tax deduction and they pay tax on the income?

Several people have already noted that 6% is high in the current environment. If your parents are avoiding tax too, they should be very willing to drop the rate to around 4%.

I agree with brooklyn money: See if you can get an internal transfer. You have a huge advantage at your own company (versus a job search) since they already know your capabilities.

What is the maintenance and insurance category made up of? Is that for your apartment? That seems awfully high, but I don't know what HOAs cost in New York.

I'd also like to second the comment about you "hoping" to find someone who has their act together. It should be fairly easy to determine if another 35 year old is financially wise. If not, I'd recommend not getting married as the wrong person could end up screwing up your savings.

I completely agree with your own assessment that the biggest financial hurdle is finding balance with your savings vs spending. You do not want to be a miser forever and so I'd say seek professional help if you believe the problem is bigger than you can handle.

You are doing great financially. should be less on your mind, and spending more than $250 on food more.

I also agree with your future plan assessment to find a life partner who will fulfill your life in ways money cannot.

I do not think you need a boost in your emergency fund since you have cash and laddered CDs and Roth IRA and home equity and a net worth of $650,000!

I'd refinance to a 5/1 ARM.

Congrats on your success so far! Have you ever thought about leaving NYC to find a job somewhere else?

You're in excellent financial shape for your age, well educated, and with good work experience and living in a vibrant city.

Rather than concern yourself immediately with financial matters, don't underestimate the importance of finding a partner that you can share your life with. I am 77 and will have been very happily married for 56 years this coming July. Believe me, I can see that you will never have money problems the way you are going, but money isn't everything. Enjoying life in the company of someone that you can share all of life's pleasures with is far, far more important in the long run.

My daughter divorced her husband 4 1/2 years ago, after the death of her 8 year old daughter from brain cancer and after 18 years of marriage. Her husband was a very smart attorney and a great provider but the chemistry between them wasn't there from the beginning. About a year after the divorce she went on and found the perfect match on her second date and is happier now than at any time in her life. She has two adult boys, and her boyfriend has 3 adult girls. Finding a life partner seems so much easier in the computer age than it was in 1950 when I met my wife at a dance at the age of 16.

Hi EH,

Nice to read your profile. My recommendation for you would be to try and get a marketing project within your company... you could be the lead or a supporting team member. That way you can list out the accomplishments from the project on your resume, and it will also be a great way to apply your education. Also, since the company helped pay for your degree, one would think they would be looking to get an ROI for this.


I agree with Mike. You should be working with HR and your current manager as to career planning. As about secondments or if you can shadow someone in another area.

Noah: NY co-op maintenance fees cover building's mortgage, property taxes, insurance, heat/water/sewer, utilities for common areas, staff if building has one, reserve fund, etc. And yes, they can be high. (For my Brooklyn 1BR, monthly mnt and mortgage payments are roughly the same. It hadn't always been that way but increasing property taxes and a couple of refinances has put them on par.) Also, a percentage is deductible come tax time.

I agree with all of the above posters who recommended seeking an internal transfer.

Your company helped pay for your MBA, now is their chance to reap the benefit their investment in your education.

But I recommend narrowing down your choice between finance and marketing in all of your job searches, even internal. Not that you can't have two different resumes, but only one focus for each company you are pursuing.

In my experience, marketing folks don't understand why anyone would want to be in finance, and vice versa.

Good luck.

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