Taking Equity out of Home OP spoke to me - now, me too!

[ericthered]

The original post by HornPorn on this subject really struct a nerve. After my one and only trip to NWT a couple years back, I decided I wanted to take my wife to see the Mackenzie Mountain for all the reasons previously posted. Furthermore I guess at the age (53) when friends and family start to pass you look at life differently. We lost my father in law to post covid pneumonia in this month after an 8 week decline. Between that event and the original post "Taking Equity" post by HuntPorn, I've decided to do the same as HornPorn. I've decided to take my daughters on adventure hunts while I can, before cancer, covid, a car crash or smoother freak event leaves me with regrets. So here's what I did on the home equity line - I will try to pay it down as I go. Hunt 1 - Jake Jefferson - 2024 Alaska - Grizzly with my youngest daughter (19), Hunt 2 - 2025 Golden Bear - Goats and Moose for my oldest daughter (23), Hunt 3 - 2026 Lancaster's - Sheep - me and the wife (she's there for the adventure) heart failure survivor, Hunt 4 - 2027 - Lancaster's - a moose for my middle daughter (21). It's ironic while trying to figure out how to pay for all this...my daughters were most worried about taking the time of their jobs - they all enjoy hunting. I told them at their age you just tell the boss you're going for 2 weeks and that's that. Your managers will get over it. Life is short, you can't take a single thing with you, and when you're gone most of your family will have hard feelings over the distribution of your estate. Spend it now with them making incredible memories - that would be a better legacy for you and those you love. The longer you wait to book, the more expensive everything gets like HornPorn pointed out in his original post. What do you think of all this?

 

[Cactus kid]

Love it! While I don’t encourage people to make poor financial decisions to go hunting, it has always worked for me. Keep us posted on these hunts, I love seeing when big moves like this come together.

 

[180ls1]

I think people should post details of their finances. That other guy sure seemed to dodge all those questions. We seem to have forgotten everything but a bull market.

 

[realunlucky]

I think people should post details of their finances. That other guy sure seemed to dodge all those questions. We seem to have forgotten everything but a bull market.

The number one thing I wouldn't do is give the nay sayers even a glance at any finances. After the other thread he knew it wouldn't meet everyone's scrutiny but obviously pushed forward anyways.

I think it's crazy but still I'm just grateful they are sharing the ride with this community. It'll be amazing to watch this unfold and all the memories being made.

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[Maverick1]

Nah. Ain’t nobody wanna work until they are 78, shriveled up, and useless. Me speakin good American spending spree now.

 

[180ls1]

The number one thing I wouldn't do is give the nay sayers even a glance at any finances. After the other thread he knew it wouldn't meet everyone's scrutiny but obviously pushed forward anyways.

I think it's crazy but still I'm just grateful they are sharing the ride with this community. It'll be amazing to watch this unfold and all the memories being made.

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Yeah, people make emotional decisions and back them with logic, not the other way around. When I first got into financial planning I remember someone telling me that. It couldn't be more true, as displayed here.

 

[TN2shot07]

Absolutely no hard feelings for any one choosing that path, I love the thought of this but the realist in me cringes. I’m taking the opposite approach, I’m 35 now and the house will be paid for before 40. After that I should be able to fund retirement and cash flow any reasonable hunt I want, outside of maybe sheep and only a dall would really interest me anyway. Sure, something tragic could happen between now and then but I’ll take my chances statistically

 

[mtwarden]

Hmmm- maybe I can go sheep hunting again?

 

[axeforce6]

I’ll say this. That’s an amazing gift to your family. One thing I saw my dad do while I was growing up will live with me forever. We have always been a family that hunts every thing every season available. This was probably 20 years ago. I would have been 14. My dad had his scheduled vacation for the first week of Ky rifle season. The same week he’s been off of for years. To give some context he drove a semi for a family owned trucking company. People he’s know for most of his life. Good people. Dad is simple. Work. Hunt. Family. Nothing to crazy. He also never was the best with money. I learned some very valuable life lessons from what not to do.

Dad received a call from his boss that he was going to have to work that week. I can’t recall directly why, but it was something to do with being short handed or having a hot load to some where. My dad told him he was going to be off. It’s the same week he’s taken for years and he wasn’t working that week. What I assumed was a simple phone call turned into a heated argument with dad ending with. You can come get the damn truck(he drove his semi home), I’ll have it cleaned out when you get here. Dad was off that first week of rifle season. He didn’t have a worry in the world about if he could pay a bill or not. He was taking his boys hunting. Come hell it high water. I’ve always appreciated that so much. Specially since I’ve gotten older and have my priorities myself. Mine are a little different than my dad’s. I’ll be retired when I’m 45. But I’ll be taking my 6 month old son hunting across the US as soon as I can.

Dad has since patched up his relationship with them. We laughed about it every second week of November.

 

[keller]

Everyone has come from a different background and does different things for different reasons. I was born in 1969 for reference. My dad served in Vietnam.his parents were very frugal. He paid $13k for their house never thought they would pay it off. I grew up thinking we were poor. Turns out we were not.we had 1 car my dad walked to work. Then we got a van and pop up camper and moved forward from their. I grew up worked hard was frugal and saved. That's what I knew. Got married wife stayed home took care of kids just like parents. Paid off house. My #1 bucket list was brown bear.i saved the money 3 times only to have something come up the first 2 times where it was needed more. The third time my wife said go and I did. Don't regret it not once. Over the past year my dad had 3 strokes and is 100% disabled . He cannot enjoy what he has worked for all his life. He never said but I know when I told him I was spending $10k to go on a bear hunt.he thought I was crazy maybe irresponsible? But when I was helping him to the bathroom in his wheelchair i told him I was going moose hunting he said good for you go while you can you don't know what tomorrow will bring!!When people ask how can you justify going on these hunting trips? I say I will tell you in 20 years if it was the right decision. Best wishes on your decisions and good hunting!!

 

[Murphy]

Good for you, if there is something you want to see and do, get after it while you can. I may have to live a bit more frugal when I'm older but I have done and seen some wild places. Wouldn't change a thing. I'm approaching 50 and one day I'll realize mountain adventure hunts no longer are achievable. Can't take my memories from me.

 

[ihookem]

I would never take an equity loan out for a hunt. Here is why. Financial liability comes first in case you do have a bad accident,, stroke or heart attack. A lot matters though , but if I cant save enough extra, I dont go. Many when I was young, I wanted something and save for it till I had the money.. Then, I would take that money and put it into the house , just to save enough money again to see how bad I really wanted it. Because of that, I have only been on one out of state hunt. A bear hunt in 2003. My 1st house was already paid for, and my second property to build my 3 bedroom ranch , the land was also paid for. This hunt was only $1,300 though for gas , and everything. It was an ok hunt and beautiful country around Crane Lake ,Minn. I have realized , it is not the amount of money. We decided we can have a lot of fun on the cheap. However , I do have a cabin to go to in NW . Wis. ,,, but only payed $3,000 for the land when I was 26. Put a cabin on it for another $3,000 . Now it's worth over $100,000 , so it didnt really cost me anything .

 

[Scottf270]

I'm 62 years old. Two time cancer survivor. (Both surgical procedures, no chemo etc.) I worked in a factory and worked a ton of overtime thru the years.

Retired at 59 1/2. No debt, decent sized 401k, drawing Social Security now also. Financial guy says I can live to 85 drawing what I was making working and die with what I started with.

Have killed Kodiak brown bear, 4 A-Y moose and hunted deer and antelope all over. Got a basement full of dead animals and a lifetime of memories. I wouldn't trade the hunts and memories for the money back at all.

I do not care about leaving a big estate behind. Anything left is a nice gift but not my mandatory responsibility. Wife and kids will be fine if I die without a nickel.

I don't have much left on my bucket list. I will do another big hunt or two if I find the right one. Real question is how much money do I want to die with? I don't want to piss it away, but I earned it and it's mine to spend as I see fit.

I say rock on brothers. Graveyards are full of people who would have traded it all for one more day............

 

[Acharenio]

I'm 62 years old. Two time cancer survivor. (Both surgical procedures, no chemo etc.) I worked in a factory and worked a ton of overtime thru the years.

Retired at 59 1/2. No debt, decent sized 401k, drawing Social Security now also. Financial guy says I can live to 85 drawing what I was making working and die with what I started with.

Have killed Kodiak brown bear, 4 A-Y moose and hunted deer and antelope all over. Got a basement full of dead animals and a lifetime of memories. I wouldn't trade the hunts and memories for the money back at all.

I do not care about leaving a big estate behind. Anything left is a nice gift but not my mandatory responsibility. Wife and kids will be fine if I die without a nickel.

I don't have much left on my bucket list. I will do another big hunt or two if I find the right one. Real question is how much money do I want to die with? I don't want to piss it away, but I earned it and it's mine to spend as I see fit.

I say rock on brothers. Graveyards are full of people who would have traded it all for one more day............

can't take it with you, agree with this completely.

 

[Andrew12gauge]

I’ll say this. That’s an amazing gift to your family. One thing I saw my dad do while I was growing up will live with me forever. We have always been a family that hunts every thing every season available. This was probably 20 years ago. I would have been 14. My dad had his scheduled vacation for the first week of Ky rifle season. The same week he’s been off of for years. To give some context he drove a semi for a family owned trucking company. People he’s know for most of his life. Good people. Dad is simple. Work. Hunt. Family. Nothing to crazy. He also never was the best with money. I learned some very valuable life lessons from what not to do.

Dad received a call from his boss that he was going to have to work that week. I can’t recall directly why, but it was something to do with being short handed or having a hot load to some where. My dad told him he was going to be off. It’s the same week he’s taken for years and he wasn’t working that week. What I assumed was a simple phone call turned into a heated argument with dad ending with. You can come get the damn truck(he drove his semi home), I’ll have it cleaned out when you get here. Dad was off that first week of rifle season. He didn’t have a worry in the world about if he could pay a bill or not. He was taking his boys hunting. Come hell it high water. I’ve always appreciated that so much. Specially since I’ve gotten older and have my priorities myself. Mine are a little different than my dad’s. I’ll be retired when I’m 45. But I’ll be taking my 6 month old son hunting across the US as soon as I can.

Dad has since patched up his relationship with them. We laughed about it every second week of November.

You know what else would be an amazing gift to his family, an inheritance free and clear with no liabilities left behind. There are ways to spend memorable time with family without going into debt


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[ericthered]

Debt is a funny thing...everyone has an option about it. People go into debt for all sorts of reasons including car debt, school loans, a mortgage, a second home, a third home, a rental, a new deck, new windows, a vacation. Most people have debt, they just prioritize differently the things for which they are willing to enter debt.

 

[cbeard64]

The “other guy” did reveal that he had no debt and a paid-off $1 million house. My opinion did a 180 degree turn when he revealed that. I had assumed he had the usual debts most folks carry.

You don’t reveal your finances but I will assume they are stable and these hunts won’t put you in financial peril.

I believe in having financial stability but I also believe in living your dreams to the extent you can without risking that stability. WTH is life for if not for living? I have been on many adventure hunts (often with my wife) and many other plain old adventures (with wife and family). I wouldn’t change a thing.

Whatever else might be said, watching a bunch of numbers in accounts get bigger until you die isn’t living.

If your family loves hunting so much, I can’t think of any greater gift than living your dreams together while you still can. Have fun!

 

[Mudslinger]

Both of these threads have really been good threads. If a person can pencil it out and it makes sense, why not do it... I'm a true believer that you only live once!! Of course, like all the negatives that don't agree with it. I personally wouldn't care if I have to even work another year if I can do some of the more expensive hunts now.

 

[Mudslinger]

The “other guy” did reveal that he had no debt and a paid-off $1 million house. My opinion did a 180 degree turn when he revealed that. I had assumed he had the usual debts most folks carry.

You don’t reveal your finances but I will assume they are stable and these hunts won’t put you in financial peril.

I believe in having financial stability but I also believe in living your dreams to the extent you can without risking that stability. WTH is life for if not for living? I have been on many adventure hunts (often with my wife) and many other plain old adventures (with wife and family). I wouldn’t change a thing.

Whatever else might be said, watching a bunch of numbers in accounts get bigger until you die isn’t living.

If your family loves hunting so much, I can’t think of any greater gift than living your dreams together while you still can. Have fun!

This is 100% true!

 

[Andrew12gauge]

The “other guy” did reveal that he had no debt and a paid-off $1 million house. My opinion did a 180 degree turn when he revealed that. I had assumed he had the usual debts most folks carry.

You don’t reveal your finances but I will assume they are stable and these hunts won’t put you in financial peril.

I believe in having financial stability but I also believe in living your dreams to the extent you can without risking that stability. WTH is life for if not for living? I have been on many adventure hunts (often with my wife) and many other plain old adventures (with wife and family). I wouldn’t change a thing.

Whatever else might be said, watching a bunch of numbers in accounts get bigger until you die isn’t living.

If your family loves hunting so much, I can’t think of any greater gift than living your dreams together while you still can. Have fun!

The “other guy” also said that he will pay off that loan in 2-3 years, so why doesn’t he just save the money for 2-3 years and not pay interest and loan costs the reality is these guys don’t have the money to do the hunts they want to do and if taking a loan at 7+% interest is the only way to live out your dreams than your dreams are too big.


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