Thanks all for the respones.
I think that i have been an excellent money manager so far and really did not want to make a major blunder. For instance i bought this house in 1994 at a 6 and 7/8 rate on a 15 yr mortgage (huge built in interest savings), i max out the 401K (over 800/mo deducted off the gross pay). I have about 60k in cold hard savings in the co credit union and yes i admit this money is really going to waste, ( @ 4.25 dividend rate) but i sleep better at night because of it. I too drive old cars (14 and 13 yrs old) even though obviously i could afford a very nice automobile) The house is currently valued at about 300K and i owe maybe 110k on it, so i'm way on the upside there. Already i own a plane outright, (i'm an experienced a and p and parts costs have been very reasonable so far) just looking to upgrade and live a little more comfy and faster in the skies) Sorta like a once in a lifetime purchase to have for the duration.... I'm thinking at this point, maybe a combination of cash and a more tradional loan to get the plane and just leave the house out of it, although the additional interst costs will be substantial. (and not deductable obvisously) Also buying in CA is a big 8% sales tax ouch! Also i came to realize that having a house is hugely important (duh!) and perhaps something i had been taking for granted lately, where else am i going to work on my cars thx for the wake call on that score.
I think that i have been an excellent money manager so far and really did not want to make a major blunder. For instance i bought this house in 1994 at a 6 and 7/8 rate on a 15 yr mortgage (huge built in interest savings), i max out the 401K (over 800/mo deducted off the gross pay). I have about 60k in cold hard savings in the co credit union and yes i admit this money is really going to waste, ( @ 4.25 dividend rate) but i sleep better at night because of it. I too drive old cars (14 and 13 yrs old) even though obviously i could afford a very nice automobile) The house is currently valued at about 300K and i owe maybe 110k on it, so i'm way on the upside there. Already i own a plane outright, (i'm an experienced a and p and parts costs have been very reasonable so far) just looking to upgrade and live a little more comfy and faster in the skies) Sorta like a once in a lifetime purchase to have for the duration.... I'm thinking at this point, maybe a combination of cash and a more tradional loan to get the plane and just leave the house out of it, although the additional interst costs will be substantial. (and not deductable obvisously) Also buying in CA is a big 8% sales tax ouch! Also i came to realize that having a house is hugely important (duh!) and perhaps something i had been taking for granted lately, where else am i going to work on my cars thx for the wake call on that score.