Nicole Lappin
speaker
4,192 appearances
114 recordings
2 series
first heard Nov 2024
last heard 9 Dec
Nicole Lappin’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 5 in all, peaking in Nov 2025 with 2.
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OK, so I want to double click really quickly on something that you mentioned that you don't know how much your husband has saved for retirement. Are you guys really talking about money? Are you getting granular with each other?
OK, so it's not a symptom of you guys not talking about money. You do.
That makes sense. And I'm glad you're driving those short-term conversations, but we're going to think about the long-term together. And so the good news, Sarah, is that from my perspective, you have a lot of options here. I would just consider the fact that the golden rule of finance is diversification. And right now you're pretty concentrated in real estate. You know what I mean?
Finances are emotional. But yeah, I mean, it's definitely emotional. Definitely makes sense that it's anxiety provoking happens to a lot of people. But you know, selling a stock is probably not as emotional as buying a house if you need the money. So let's talk about ways you could diversify some of your investments since you've already decided that you really want to buy a house another house.
Have you heard of a two one buy down? I have not. So this is something for your husband when he is missing the 2020 interest rates. This is a way to basically get the seller to give you a credit that effectively subsidizes your mortgage for the first two years of your home. So in a two one buy down.
It's standard for the seller to give you a credit that covers two percentage points off the first year of your mortgage and then one percentage point off the second year of your mortgage. So if your interest rate, let's just say, is 6.5%, it would be 4.5% in the first year and then 5.5% in the second year. So then the 6.5% would only fully kick in in the third year.
So it's important to remember that the interest rate is temporary unless you finance, but it is another option for you.
But you wouldn't be a first-time... FHA loans would be for first-time homebuyers.
Well, no, the assumable mortgages, those are often for VA loans or assumable loans that you would take on the interest rate, which is great, but you also have to take care of what they've paid into the mortgage. So you might have to fork over a bunch of cash, but there are definitely options and I'm glad you're considering them.
The second thing I'd consider is tweaking your spending plan so that you can be saving more money over the next two years for that down payment. With your HELOC and your student debt and your two mortgages, if I were you, I feel like that's a lot to juggle. So I'd probably try to make my next down payment through savings rather than with the debt. I'm sort of with your husband on this one.
That's just me. That makes me more comfortable.
I mean, what I would recommend is your house hunting is doing an exercise with your husband where you can sit down and make a V1 retirement plan. It's V1, so you're not signing a contract. You can always make changes, but it's always easier to edit than to write. Right. So just have something that could be your map for retirement. Just put something down so we could start planning for that.
And of course, there are going to be detours and life and you know what else happens all the time. So it can and will change. But having something down. gives you more direction than what you have right now.
So what I would do is think about what your burn rate would be in retirement, which also involves deciding whether you want to live in one of your properties that you own, or if you want to live in the Four Seasons or wherever.
And then once you have your burn rate, you're going to have to do something that feels uncomfortable, which is multiply that by how many years you think you'll be in retirement, aka how long you think you're going to live. You'll also want to consider the potential for inflation and increased health care or long-term care to actively prepare for what you might need down the road.
You know, it feels really ick and uncomfortable, but this is an exercise that just avoids the situation where you run out of money in retirement. Is that something that sounds feasible?
I mean, it makes sense. They're uncomfortable conversations. I'm surprised that he feels queasy about them considering where he's coming from around debt. I think that having a revocable living trust in order helps prevent you from going through probate, which is probably what you're saying to him. It's not like, hey, babe, let's talk about dying.
But it's like, hey, babe, let's talk about how not to get stuck in probate, right?
So once you get to your number, you can then reverse engineer how much you need to get there. But first we need to get to that number. What is that magic number? The V1 magic number. And once you do those calculations, I think things will be a lot more clear where you should put your money, whether it is in the third house or maybe it's in another investment vehicle that's not housing related.
How does that sound?
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