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

[MntHunter]

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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The hunts are going up more than 7% a year.

 

[wapitibob]

My sister just got out of the hospital after 6 weeks. She came close enough to dying, one of the docs told her she was the first one they had ever seen with her complications leave upright.

Go make some memories with your kids if that's what you want to do.

 

[IDVortex]

My sister just got out of the hospital after 6 weeks. She came close enough to dying, one of the docs told her she was the first one they had ever seen with her complications leave upright.

Go make some memories with your kids if that's what you want to do.

Once I'm even in the position to even do a loan for a hunt like this I will. I can't guarantee I'll have the opportunity when I'm 50+ due to finances, health, or hubting opportunity. As long as I don't live a selfish lifestyle or jeopardize my family's well being, why not do it. The only thing I wish I could have is someone to do some of these hunts with. Just to share the memory.

 

[atmat]

I wonder if most people criticizing this likely have mortgages themselves yet are still hunting?

 

[IDVortex]

I wonder if most people criticizing this likely have mortgages themselves yet are still hunting?

Or folks that have a vehicle payment on a truck that's worth 100k.

 

[coloyooper]

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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Sounds like something a guy waiting on an inheritance would say

 

[mt100gr.]

Or folks that have a vehicle payment on a truck that's worth 100k.

No truck is "worth" 100k! But I see a lot of fools with them that agreed to pay that much....

 

[Andrew12gauge]

I wonder if most people criticizing this likely have mortgages themselves yet are still hunting?

There is a difference between diy hunts and guided adventure hunts. I have a mortgage, one that I plan to get rid of as quick as possible. In the meantime I will continue to hunt as much as I possibly can but I won’t be paying 10’s of thousands for any hunts anytime soon, to do so would be fiscally irresponsible to my family


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[wapitibob]

Nothing brings out the kids claws faster than dead dad's money.

 

[Loco4dux]

Good luck on your hunts OP! That's going to be epic.

 

[180ls1]

The problem is people live one chapter of their life at the expense of the other. This can go either way (over/underspending). It's imperative to live each chapter to the fullest.

Did the first guy live like an absolute meiser for too long and it's a good thing he is finally spending?

Did he greatly benefit from real estate appreciation and maybe an inheritance?

This is why financial details matter. However, many of these threads are mainly for validation/confirmation.

 

[MuleyFever]

The problem is people live one chapter of their life at the expense of the other. This can go either way (over/underspending). It's imperative to live each chapter to the fullest.

Did the first guy live like an absolute meiser for too long and it's a good thing he is finally spending?

Did he greatly benefit from real estate appreciation and maybe an inheritance?

This is why financial details matter. However, many of these threads are mainly for validation/confirmation.

Or maybe they are just to get guys like you wound up.

To the OP, go make your memories with your family and good luck.

 

[180ls1]

Or maybe they are just to get guys like you wound up.

To the OP, go make your memories with your family and good luck.

Yeah, you'll never know the reason why.

 

[Mike D Texas]

I absolutely love hunting but I have a near paid for house and a car with 12 payments left on it and that’s it.

There is absolutely no way I would go back in debt to hunt. There is absolutely no animal in the world worth what some people pay for them.

My family comes before any hobbies and I will never put them in debt for my selfish wants to fulfill a hobby.


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[atmat]

There is a difference between diy hunts and guided adventure hunts. I have a mortgage, one that I plan to get rid of as quick as possible. In the meantime I will continue to hunt as much as I possibly can but I won’t be paying 10’s of thousands for any hunts anytime soon, to do so would be fiscally irresponsible to my family


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So then for you, you’re not opposed to taking a home equity loan for a hunt so long as it’s a DIY hunt — given you’re putting money towards DIY hunts now instead of using that money to pay down your mortgage “as fast as you possibly can?”

My point is that we don’t know his financial situation or his goals. If he had been previously hyper diligent to pay down his mortgage, but is now seeing his age/health decline before he can achieve other goals — it’s okay to pivot.

People respond to this thread (and the other one) as if it’s a binary right/wrong choice. There’s a lot of nuance.

 

[CorbLand]

I am not saying the decision is bad one, but I will add one thing.

Make sure that you have something set up so that if life does go south, your kids/spouse arent saddled with the debt for this. Up that life insurance enough to cover it.

My family has a history of dying young. I have seen it my whole life. I agree with the live and do things now, you never know what will come tomorrow but I also lived through a mom that raised three kids by herself and the financial struggles that came with it. It wasnt because my parents lived out of their means or anything, its just life threw a curve ball at a bad time.

Go enjoy it, you cant take your money with you when you go but make sure those you leave behind dont pay for it.

 

[Andrew12gauge]

So then for you, you’re not opposed to taking a home equity loan for a hunt so long as it’s a DIY hunt — given you’re putting money towards DIY hunts now instead of using that money to pay down your mortgage “as fast as you possibly can?”

Yes I’m ok spending the small amounts(>$1000/hunt) I do to hunt DIY rather than pay down my mortgage because one does need to live life, however spending upwards of $20k on hunts that you don’t have the cash for doesn’t make fiscal sense to me in the least.


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[IDVortex]

Yes I’m ok spending the small amounts(>$1000/hunt) I do to hunt DIY rather than pay down my mortgage because one does need to live life, however spending upwards of $20k on hunts that you don’t have the cash for doesn’t make fiscal sense to me in the least.


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But who is the judge of what is a cost of a hunt one shouldn't be spending on if they don't have the cash to do them?

 

[Cactus kid]

Yes I’m ok spending the small amounts(>$1000/hunt) I do to hunt DIY rather than pay down my mortgage because one does need to live life, however spending upwards of $20k on hunts that you don’t have the cash for doesn’t make fiscal sense to me in the least.


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Why even hunt at all? Hunting at any level doesn't make fiscal sense.

 

[IDVortex]

Why even hunt at all? Hunting at any level doesn't make fiscal sense.

Exactly