Help with idea for an older couple

[mrpaseo]

If money is needed in 5 years, DO NOT pay down an illiquid asset.
Investing money is OK, a conservative 25-75 portfolio might be in order

Most importantly, they need to eliminate consumer debt and clean up their income sheet and balance sheet.

I totally agree with you Jim, clean up debt first. Ironically they have been debt free (Save for the home) a few times. It seems like when they see money free up, they find a place to put it. I wish they would save up a nice Emergency fund and pay cash for their projects but I think it keeps them going, you know.

The reason I originally asked them to post this is because they had a plan to pay all their extra income into the house but the last time we talked (Finances is a regular topic with this couple) they seemed determined and had good reasoning to sell the home in about five years. My initial thought was, why pay off the house just to sell it?

As for 25-75, do you mean 25% Stocks 75% Bonds?

Thanks Jim

[mrpaseo]

I don't get it?

I don't get what you don't get.

[Blessed]

I totally agree with you Jim, clean up debt first. Ironically they have been debt free (Save for the home) a few times. It seems like when they see money free up, they find a place to put it. I wish they would save up a nice Emergency fund and pay cash for their projects but I think it keeps them going, you know.

The reason I originally asked them to post this is because they had a plan to pay all their extra income into the house but the last time we talked (Finances is a regular topic with this couple) they seemed determined and had good reasoning to sell the home in about five years. My initial thought was, why pay off the house just to sell it?

As for 25-75, do you mean 25% Stocks 75% Bonds?

Thanks Jim

I think a really biggie is for them to decide that once they are debt free this time that they are going to stay debt free.