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Sorry. That was kind of uncalled for looking back. I have nothing but respect for honest real estate agents and car salesman that are honest and work hard. I shouldn't have said that. It was meant to be funny but it didn't come off right.
Nothing wrong with that. But yah, again, sorry.
This was very gallant of you, OP . Though most of the posters on this thread don't share your point of view (including me), it was big of you to recognize that you shouldn't have said what you did. Forums can be fun and informative, but all too often, they become snarky, and tangental to the topic at hand; so I was impressed to see that you called yourself out on your naughty behavior. Sometimes I look back at my own behavior and cringe, so I'm going to make a point of following your example. BTW, good topic, very thought-provoking.
Last edited by Voyageuse; 06-08-2013 at 06:09 PM..
Is hard to tell how much I make but its around 20k to 30k a month.
My mortgage is only 1400 a month, either way I send $4000 each month. Trying to pay it off in 3 years or earlier if I pay a bit more.
I spend money on traveling and eating out, don't smoke, don't gamble and I don't drink. Last month hi spend 5k and this month about 4k... I don't think I will go anywhere in the next 3 or 4 months... I work around 20 hrs a week to up to 80 hrs.. So it really depends if I want to work or not...
When I reach a million dollar cash maybe I buy that million dollar house, I don't like debt. Obviously if I buy a million dollar home in the future that means my business is worth couple millions and I have another million as safety net.
If you make 100k buy a 200k house and pay it off in 3 years to 5 years. Then live in it for few more years and buy a 500k or 600k and so on without taking debt. And spend money traveling.
Btw I am 26 yr old, I think I have done great for my age group.
When I see posters recommend someone who has 200K in savings and makes 150K or more a year buy a house in the 300K range, I just laugh to myself.
you can laugh but for some financially savvy people, me included, our goal is to pay off the home as quick as possible so that we can be debt free approaching our retirement years and also have more savings to act as financial security.
you can laugh but for some financially savvy people, me included, our goal is to pay off the home as quick as possible so that we can be debt free approaching our retirement years and also have more savings to act as financial security.
This thread is more than a year old, but I'll entertain you.
Financially savvy and paying your mortgage off early don't even belong in the same sentence.
Paying one payment extra a year cuts 12 years off the note. That is 12 years of payments in your pocket. You should never buy what you can afford at the max. Buy smaller. Put the money in other uses, other investments.
Paying one payment extra a year cuts 12 years off the note. That is 12 years of payments in your pocket. You should never buy what you can afford at the max. Buy smaller. Put the money in other uses, other investments.
I think your math is a bit off. It is not 12 years.
Paying one payment extra a year cuts 12 years off the note. That is 12 years of payments in your pocket. You should never buy what you can afford at the max. Buy smaller. Put the money in other uses, other investments.
The higher the interest rate, the more payment would be cut. To shave off 144 payments with one extra payment a year, the interest rate would be close to 23%.
At 4% you only shave off 45 payments.
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. Though most of the posters on this thread don't share your point of view (including me), it was big of you to recognize that you shouldn't have said what you did. Forums can be fun and informative, but all too often, they become snarky, and tangental to the topic at hand; so I was impressed to see that you called yourself out on your naughty behavior. Sometimes I look back at my own behavior and cringe, so I'm going to make a point of following your example. BTW, good topic, very thought-provoking.
