080 Financial Excellence: Buy a Boat or Buy a House?

Living In Financial Excellence

04 Oct 080 Financial Excellence: Buy a Boat or Buy a House?


Financial Podcast for budgeting, debt free living and investing

Episode 80: From the Mailbag: Should I Buy a Boat (and more) Oct. 4, 2011.

Today Guest Steve Stewart from Money Plan SOS joins me to answer questions from listeners about buying boats, life insurance for children, and where debts with judgments fit in the debt snowball.

Don’t forget: Living In Financial Excellence airs LIVE every Tuesday at 10 a.m. CST. You can watch live and join the chat at financialexcellence.net/live-show

Show notes:

Matt & Janelle Recording the Financial Excellence Podcast

  • Rita wrote in with a question about a whole life insurance policy on her daughter. She wants to know if she’s wasting money on whole life insurance or if she should buy term insurance for her daughter.
  • Matt called in a question about old debts with judgments on them. He wants to know if he should pay them first when he saves up a little money or if he should work the rest of his debt snowball first.
  • Dave Ramsey’s advice on debt doesn’t make any sense either. That’s because his advice isn’t based on math or current financial philosophies. It’s based on emotions, behaviors, and the advice you’d find in the Bible.
  • My favorite question for the day came from Jackie. She and her husband are debt free and currently renting a house. They live near Lake Michigan and love to spend time on the water. Jackie wants to know if they should buy a house or if it’s ok to keep renting so they can buy the boat they want to live the lifestyle they want. They also have retirement and college savings in place, and her husband earns a great income.
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9 Comments
  • Little House
    Posted at 07:43h, 05 October

    Unless Jackie is going to live on that boat, I’d tell her to buy the house! But then again, maybe I’m biased. I’ve been working towards owning a house for a couple of years now. 😉

    • Matt Wegner
      Posted at 07:47h, 05 October

      I love home ownership too, but it’s not necessarily for everyone. With them planning to move in a few years I don’t know if it’s worth the hassle to them. I’d hate for someone to jump into a major purchase just ’cause everyone else thinks it’s a good idea.

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  • Matt Law
    Posted at 11:25h, 10 November

    Isn’t is a good time to buy a home? It certainly is a buyers market, and rates are lower than they have ever been. With that said, if you plan on moving soon and don’t wish to be a landlord, then maybe not a good idea. I just hate the thought of throwing rent money away each month, don’t you?

    • Matt Wegner
      Posted at 20:49h, 10 November

      I prefer to build equity but sometimes it doesn’t make sense to buy so renting is definitely ok for me.