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I don't agree with that. The insanity of a mortgage paid over 30 years was taught to me in HS and made a REAL impression. I said that is CRAZY, I will NEVER do that.
We also played the stock market. Using old newspapers so we could see how we did.
There is nothing insane about a 30 year mortgage and whoever taught you that gave you a slanted view on things
When were they in HS? When interest rates were 18-20%?
Not just that either. I have had to move multiple times to work. And I'm itching to make a little more money so I will have to move again. And yeah I won't lie, I do enjoy moving around and living in different places.
I'd love to hear what's wrong with a 30-year mortgage! Tying down a free spirit who's gotta roam? Philisophical objection to borrowing?
There is nothing wrong with a 30 year mortgage in my opinion. And the little bit extra you pay in interest is just "insurance" in my mind. I can put extra payments toward my mortgage every month if I want, equal to what a 15 year might be. But if I find myself sick or out of work, I can suddenly cut my mortgage payment in half to what I'm used to paying. So to me, its no different than paying insurance on my car, health, home.. I pay a little extra each month to be sure I'm protected should the worst happen.
There is nothing wrong with a 30 year mortgage in my opinion. And the little bit extra you pay in interest is just "insurance" in my mind. I can put extra payments toward my mortgage every month if I want, equal to what a 15 year might be. But if I find myself sick or out of work, I can suddenly cut my mortgage payment in half to what I'm used to paying. So to me, its no different than paying insurance on my car, health, home.. I pay a little extra each month to be sure I'm protected should the worst happen.
at a 3.375% interest rate I'm going to stretch it out as long as possible After deducting interest from my taxes that's essentially inflation.
First world problems I guess. We live in a time when you only have to work until a certain age. Even if you didn't save a dime, social security will give you something. This is not terrible. I prefer not to be that person but as someone said earlier, life isn't always a straight line. You can be happy and not necessarily rich or well off.
For people that didn't save, just make sure social security pays for your food and housing costs, you're good. Dump the unnecessary expenses. Hopefully one at least paid off their house or condo by the time they retired. In this case, they can still be independent (barring any health issues).
Worse case, if social security wasn't here or it wasn't enough for a person, then what do you do? What do animals and our ancestors do? Keep working. Wolf with a 10 year life expectancy doesn't stop hunting at 8 years, he cannot in any way do so.
You live past the point where you can physically gain currency, i.e. hunt your own food, then what happens? Either you are left behind by the pack to die, not so terrible, if you've procreated then you've done your duty as a being. Or you hopefully are taken care of by the pack or herd, i.e. your family and friends.
Exactly. You take every opportunity to expand your knowledge on the job. You take on additional responsibilities, you ask for mentoring, you learn and try everything that you can. Once you have done that and gone as far as you can at one job, you should have a bit of experience and knowledge to move on to the next. Even if it is a lateral move, if it gives you an opportunity to grow your experience and your future job prospects, you throw yourself into it and learn and do what you everything that you can in the next role. Rinse & repeat.
During the course of my career, I've actually taken a pay cut a couple of times as the job I was moving to put me in a better position for learning more and ultimately growing into a better place. None of what I've accomplished would have come my way by being static and just collecting a paycheck. There are A LOT of ways to expand your knowledge and marketability that don't involve going back to school. I never did. But you are never going to improve your situation by sitting on your butt whining about how unfair everything is. Never.
Good advice.... Being static and just collecting a check is wasting time if you aren't learning and growing.
The mortgage claim was about the "insanity of a mortgage paid over 30 years." For many people it's a smart move.
Of course, mortgages are for people who plan to stick around, and have some cushion so they can handle problems along the way. A 18% interest would have to coincide with a low purchase price and no need to move quickly.
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After deducting interest from my taxes that's essentially inflation.
