Taking Equity out of Home to Go on Guided Hunts

[haldermand]

Man, I don’t know if I’d be able to sleep at night if I borrowed $300k at 7+% for hunting. I also know I wouldn’t be married anymore, although that doesn’t sound as bad You do you though.

 

[MallardSX2]

Lol

This is what it’s come to.

How idiotic that we are even discussing this.

 

[Molon Labe]

I did a re fi(2.4%) cash out to do my stone hunt. I am very happy I did. But I also have no kids and never married. So if I die with no money to my name I did good My long term girl friend said go for it. Heck I did short term loans for my other 2 sheep hunts, but only tell a couple very good short term investments cleared. I didn't put myself in a bad financial situation. If I had this money from these hunts in the markets would my financial situation be better YUP. But I would rather die with memories then dreams

I was going to reply to OP earlier that I had a buddy do something similar…but looks like you already replied! Haha. In @bradb situation it made perfect sense!

 

[KenLee]

He who dies owing the most $ wins

 

[CHL]

Get busy livin’ or get busy dyin’ brotha. Only you can answer if it’s possible for you to do it, enjoy it, be good with it, and pay it all back. Everyone has their own independent financial situation and no one has the same one. None of us are promised tomorrow.

 

[KenLee]

Sell house.
Put 1.5miilion in fixed account returning 5%/yr. Use 75k income to book two big horned hunts in 2024/25.

2024 Move to Alaska and establish residency. Spend everyday scouting sheep.
2024 book desert sheep hunt and kill ram in Mexico.
August 10th 2025 Kill Dall ram.
Aug 11th 2025 Move to BC and establish residency.
2025 book and kill BH ram in Alberta.
August 12th 2026 Kill stone ram.

Move back to wherever in fall of 2026 and restart your “life” with your completed slam.
Buy a house for 1.5million.

Log into Rokslide and post up the story of how you killed a slam in 2.5yrs without spending 300k

Fin.

Where do you find a safe fixed account with 5% return?

 

[schmalzy]

I did a re fi(2.4%) cash out to do my stone hunt. I am very happy I did. But I also have no kids and never married. So if I die with no money to my name I did good My long term girl friend said go for it. Heck I did short term loans for my other 2 sheep hunts, but only tell a couple very good short term investments cleared. I didn't put myself in a bad financial situation. If I had this money from these hunts in the markets would my financial situation be better YUP. But I would rather die with memories then dreams

I almost wrote the exact same thing, die with memories not dreams.

Obviously don’t be completely reckless, but would you rather spend the next ten years chasing sheep or have your house paid off completely? Only you can answer that.

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[svivian]

Where do you find a safe fixed account with 5% return?

There are places offering 3 year CD's at 5%+.....

 

[kipper09]

Where do you find a safe fixed account with 5% return?

Yeah I wanna know this answer too. Some short term cds and stuff now are paying 5 or so. Usually a year or less from what I can see


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[Molon Labe]

Where do you find a safe fixed account with 5% return?

Just look around and use the internet. You have a couple options.

Jumbo CDs. Last I looked 1yr 5.7% and 5yr was 4.85. You only need 3yrs for this grand slam scenario. So should be around 5%.

OR annuity but you lose liquidity…but could get 10yr period certain guaranteed rates over 5% easily.

 

[Scottf270]

I won't argue that borrowing money to hunt is a good idea. But I will say dying with bigger numbers on a bank statement means nothing to you when you die. The graveyard is full of folks who woulda done things different.

We don't own anything, we just rent it. Land included. 50 to 75 years after you die, no one will be alive that even knew or remembered you.

Only you know what's right for you. I hope you do what makes you happy.

 

[SDHNTR]

Live like there’s no tomorrow.
Die with memories not dreams.
Bounce your last check.
He who dies owing the most wins.
Get busy living or get busy dying.
Etc.

These are all things people tell themselves in an attempt to justify overspending. I see it every day, as people burn thru millions. Then they wind up broke in their 80’s. And this is one of the reasons why our country is in debt up to our ears. Far too many people live by these mantras and wind up dependent on government entitlement programs.

To do it right, you only get to say those things after every one of your financial needs are fully funded and you are ensured a comfortable lifetime retirement.

 

[Molon Labe]

Yeah I wanna know this answer too. Some short term cds and stuff now are paying 5 or so. Usually a year or less from what I can see


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I just checked really quick best 3yr CD I found was 4.65 and best annuity was 5.45% for 7yr. But you could do a CD ladder using short terms and get over 5% over next 3yrs if you worked at it a tiny bit.

 

[go_deep]

Your math doesn't math. You say you can borrow $280k @ 7% and pay it back in 11 years max, that's about $410k after interest and fees.
How is it not plausible to just save and pay cash to go on these sheep hunts and save roughly half of the money you'd borrow and pay back?

Something doesn't add up.

 

[cbeard64]

To be fair, I also see a bunch of folks in the financial advisement field spinning yarns that one must have $3-5 million cash to retire at age 65.

A lot of my friends and family listened to that and died with tons of money in the bank after working like dogs their entire life. It didn’t do squat for them.

The thing those planners forget to tell you is that most old folks don’t need a ton of money because they don’t have the ability or interest in the things money buys as they age. What they need money can’t buy: time.

Financial security is one thing. Hoarding $$$ for some far-off idea of finally living your dreams when you are really too old to enjoy them is quite another.

There is a happy medium.

 

[schmalzy]

Live like there’s no tomorrow.
Die with memories not dreams.
Bounce your last check.
He who dies owing the most wins.
Get busy living or get busy dying.
Etc.

These are all things people tell themselves in an attempt to justify overspending. I see it every day, as people burn thru millions. Then they wind up broke in their 80’s. And this is one of the reasons why our country is in debt up to our ears. Far too many people live by these mantras and wind up dependent on government entitlement programs.

To do it right, you only get to say those things after every one of your financial needs are fully funded and you are ensured a comfortable lifetime retirement.

I don’t disagree with your sentiment, but I think the OP is in a vastly different financial situation than the people your referencing. I could be wrong, but this move doesn’t sound like it’d put him at risk of being dependent on government assistance.

Taking that all a step farther, if you can’t say those things and don’t have everything fully funded how can you justify hunting or any discretionary trips/hobbies?

Im all for making sound financial decisions and having a plan for retirement, just realize you may never get to enjoy your retirement. Sadly, I’ve witnessed it first hand.


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[TheGrayRider]

“Enjoy yourself, it is later than you think.” Chinese proverb

 

[SDHNTR]

I don’t disagree with your sentiment, but I think the OP is in a vastly different financial situation than the people your referencing. I could be wrong, but this move doesn’t sound like it’d put him at risk of being dependent on government assistance.

Taking that all a step farther, if you can’t say those things and don’t have everything fully funded how can you justify hunting or any discretionary trips/hobbies?

Im all for making sound financial decisions and having a plan for retirement, just realize you may never get to enjoy your retirement. Sadly, I’ve witnessed it first hand.


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You are probably right, but I’ve also seen folks start as multimillionaires (I only deal with the high net worth), usually inherited, and live by these mantras only to end up with nothing left but Social Security.

 

[Matt5266]

Sounds fun! But no way I would ever do that

 

[TMA805]

Normally not one to comment as I lean towards "you do you". But you did throw this out for all. Some sage advice here from the others.

Why not save up for couple years and do the least expensive of them first (Dall). Doesn't have to be $70k right off the bat. Talk to outfitters, maybe find a cancel hunt to shave some costs. Stay in shape and be ready at moments notice. Then decide if taking the plunge on 3 remaining worth it. As someone else stated, just because its guided doesn't mean it's guaranteed. BTW - ever hunted or considered mountain goat yet?