I want to buy my first house for about $250,000. I now have about $80,000, and I intend to put down 20% of the total price plus closing costs, so I won’t have much money left over. I’m going to take out a 30-year loan at 5.8%. My monthly mortgage payment is approximately $1400–1500. I have debt of $700 and expenses of $700. After taxes, my take-home pay is $6000–7000. Is this a reasonable amount to live comfortably, worry-free, after food and utilities? I don’t really know if this is realistic or not because everyone I talk to is reckless with their money or has more than they can support.
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If you assume that insurance is solely for things that would bankrupt you, then I don’t think trip cancellation insurance makes sense. I take it you can afford to go? It would be unpleasant but manageable if the hotel let you down or you had to cancel due to a family emergency.
Because most individuals would be bankrupt or at least years away from retiring from a $100k flight, all you actually need is medical evacuation insurance. I utilize International SOS, but only because my work does. Book usually three months in advance, although I don’t think the cost varies depending on how far out the trip is. Fortunately, I’ve never received a return on my investment.
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Yes, with $3,100–$4,100 left after expenses, you can live comfortably if you budget wisely.