Parsonex Advisory Services, Inc.
Jonathan Miller is the President & CEO of Parsonex Enterprises, Inc. and its affiliates.
Jonathan leads a team of financial advisors who manage over $250 Million for clients across the country. He personally services a select group of clients located near his home in Colorado and brings a breadth and depth of knowledge that few advisors can boast.
Miller is an enthusiastic entrepreneur and executive who specializes in creating and growing businesses and systems, recruiting, training and developing financial advisers and entrepreneurs, creating effective marketing and distribution systems, and building strong management teams.
Miller has built several companies from the ground up, including Parsonex Securities, an independent broker/dealer, which he founded in 2007, Parsonex Advisory Services, an SEC registered investment adviser, an independent insurance agency and a mortgage company which no longer operates. Miller has succeeded in a variety of endeavors and excels at leading people-centric organizations.
Having started several successful companies he brings both industry level investment expertise and entrepreneurial experience to business owners and industry leaders who are seeking financial advice.
Jonathan, his wife Jayme, and their two children live in the front range and are active in the community.
BA, Political Science, Iowa State University
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Because they are investing other people's money and they get rewarded only on the upside, but not penalized on the down side. Leverage is perfect for this. If things go right, you will make a bunch more money. If things go wrong, they still get their 2% management fee. Of course, this is the skeptical opinion, but that's the financial reason.
Anyone answering definitely needs more information. The advice about how serious you guys are prior to getting married - well, that's your business but make sure it's a long term commitment - which it sounds like it is.
If you can qualify for the mortgage on your own and want to buy the house, I don't see a down side to this. Until you are married I would keep the house in your name only (i.e. you on title) and quit claim her to title after you are married. Also, I wouldn't "assume" any debt that either of you have. Meaning, keep her debt in her own name and yours in your own name. You can have joint assets and liabilities after you get married but she doesn't gain anything by having you on the debt she already has (you can pay it at your discretion) and you lose a lot by adding yourself to liabilities she has. Frankly, the lenders to her gain by adding another guarantor to these debts.
I think your question is pretty simple. For sure make sure YOU want to buy this house. If you do, and qualify on your own, and have weighed all the options, I don't see a reason why you wouldn't purchase it in your name now.
There are a couple good answers here so I will keep it short. There are simple online calculators, based on your age and some assumptions, that can help you calculate the difference (or you can speak with a financial advisor.) The further away you are, based on long term growth strategies for investments, the more a Roth IRA makes sense, in my opinion - tax free growth of account on earnings as long as you play by the rules, contribution withdrawls after 5 years if you need them, etc..
Obviously you can only fund the max contribution to either your 401k or your Roth 401k.
The one exception to this is for high earning professionals who know their income will be down signficantly in an upcoming year. Since there are now ways that you can convert IRAs to Roth IRAs in the future, you could plan your strategy around when you will be in high or low income tax brackets. Say, for example you are a earning $350 per year (just an example) and you decide to stay home for a couple years to raise a childe, you could use the 401k now and defer a high amount of taxes and then convert it to a Roth IRA in the years when you aren't earning the same high income.
Lots of options - as always - seek good advice, not just commentary from us folks...:)
Actually...yes. You should. With good credit (and I'm assuming good income to support the mortgage payment) you can get a much lower interest rate and have the lender pay all your closing costs. So, you could still lower your interest rate and either keep paying the same payment and therefore accelerate the mortgage (because rate would be less) or pay less and live larger...lol.
Hope that helps. Of course, as always, general advice and it's always more circumstantial.
A question like that is always more complicated and requires more context. Obviously you are under 59 1/2 if you are considering this. I would say, no, don't do it. Work hard and pay off the credit card some other way. The further away from 59 1/2 you are, the more strong my recommendatin is in this regard. Here's why:
1. If you take money out of an IRA (assuming it's not a Roth), you will pay current income taxes on the amount and a 10% tax penalty. This means that the cost of liquidating this will be a lot, even in year one. But the real concern, is that you lose the tax deferred growth of retirement money that this account was intended to provide for you. If you assume that your money might double every (7-8 years in this account - I'll show 7 for dramatic effect...lol), it would cost you something like this:
20k after 7 years, 40k after 14 years, 80k after 21 years, 160k after 28 years, 320k after 35 years (and so on...)
So the cost to you is much more than just the up front costs, but rather it is the opportunity costs. It's also a reason in places like Australia, they can't withdraw their retirement funds for purposes like these because they are designed for retirement.
I totally understand that the weight of the debt you are describing feels horrible, but there are ways you can get it paid off fast and not have to sacrifice your retirement.
Hope that helps.