I'm legitimately looking for advice. I have a good job with a state university, but sold my home and moved to a new city right before covid. The proceeds from the sale of my home are gone, because I didn't work for two years while paying rent. I now live month to month because my rent is so high. I have about $100,000 in a traditional IRA. I will receive a small pension as well. My parents are loaded, but not willing to help me out with a down-payment for a house. They are in their late 70s. I am in my mid 50s. Should I cash out my IRA and use it to purchase a home? I hate renting, but can't save enough for a down-payment. I only have one sibling. We will inherit over a million each plus income from an LLC. What should I do?
Financial Advice
| by Anonymous | reply 5 | October 6, 2024 5:06 AM |
I’d get over being upset about renting. It makes life easier, trust me.
| by Anonymous | reply 1 | October 5, 2024 11:59 PM |
I'd do some Facetiming with Suze Orman. She can save you.
| by Anonymous | reply 2 | October 6, 2024 12:02 AM |
Are there trailer parks in your neck of the woods?
| by Anonymous | reply 3 | October 6, 2024 12:07 AM |
Why do you need a house OP? Is taking out a 30 year mortgage in your 50's appealing?
If you can't afford a house, you can't afford a house. Sorry. I'd leave your IRA alone - you can't eat a mortgage payment.
Sounds like you'll be doing okay when you inherit.
| by Anonymous | reply 4 | October 6, 2024 12:22 AM |
cash out the 100k and buy a trump watch, it's a great investment
| by Anonymous | reply 5 | October 6, 2024 5:06 AM |