AboutBruce Julien Expertise I can answer questions on and raise issues clients overlook in the areas of Estate Planning as far as taxes and distribution flow problems, Asset Management as far as appropriateness of assets and allocations for a desired goal and the value a consumer gets for their costs, Tax Planning related to Income and Estates, and Insurance/Annuity questions particularly in light of suitability to the consumer.
Experience I became a CPA in 1991 and began offering financial advice in 1992. I am a Registered Investment Advisor which means I sign off on putting clients' interests first in a fiduciary role.
Education/Credentials BA in Accounting, University of Maryland 1990
Question Hello! I need an outsiders perspective. I am 31 yrs old, a stay at home mom living in Sherwood, OR. My husband is 37 and works as a global IT business analyst so he does a lot of traveling. He makes about 68,000 per year. We bought a home in 2002 for 175,000 in Sherwood and sold it out of fear as the market was rising, (of course my husband was making a lot less back then) we wanted to take advantage of the money and sold in 2004 for 219,000(big mistake as the market rose much higher). In 2005 we bought a home in Tigard OR when the market was booming and loans were being thrown left and right at us. We bought during the height of the market at 350,000. I got pregnant, had a baby, quit my job to stay at home and so we had to sell our large lovely overpriced home. We went under because it sold for less than we owed, we had 2 separate interest only loans…. Terrible that we got suckered into it!!! No wonder the nation is having problems! We now have a 30,0000 dollar debt and no money to put down on a home right now. Oregon has not gone down enough in pricce even still for us, if we bought a 200,000 home with an FHA loan at 3 percent down we would still be pretty tight with no money to put away for retirement and no money to put away for my daughter's college fund in the future. Homes are still expensive here, 200,000 is about the cheapest in this area for 1300 sq ft and not much yard. I would like to stay in Oregon because my mother loves her granddaughter dearly and it would break her heart if I took her away. I am worried about our future. I don't want to move to another state but I know that in area like Cincinnatti would be much more affordable... my husband's job allows him to pretty much move anywhere. Now they are chopping heads at his job and he is starting to worry. I'm tired of our cramped condo that we have been living almost 2 years in, my daughter is unable to go outside and play and we are living in a cave. Any advice you may have for me will be helpful and much appreciated. I feel as if our life is in a slump and I'm swimming through mud trying to get out. PS – we also pay child support for a son we never get to see which chops 400 a month for us… however I think in 3 ½ years we may be getting that back.
Answer Adria
I really don't have an answer for you. You flim flammed yourself around trying to outthink the real estate market and now you are stuck. You don't have enough or make enough for what you want. If you are really unhappy there, rent somewhere else for the sake of your family's happiness. Save all you can to buy somewhere; if you can't save then focus on the better lifestyle for the girl.
Nobody can help you really soon except for your own savings, unless there is a rich old relative or lottery ticket. Sounds like a cop out from me but you should focus on the happiness of the family by moving, and save. Downsizing financial commitments also relieve stress on your husband.
