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I agree with not borrowing money unless you NEED it......never for something you want.
I have paid cash for things for a long time now.....back years ago I went without things so I did not borrow money.
Insurance....that I love.
No one like to pay the bill....but, what better way to protect your investment???
We help people all the time deal with their homeowner's insurance to pay for repairs to their water systems.
My grandfather never took out a loan in his life. He said it best. Worth having, worth saving for. Today it is virtually impossible to buy a home or a car for the average person, without taking out a loan. I can buy cars but who has 200g + laying around for a house?
I never finance a toy or something I just want. I save up for it. Too bad most don't.
My grandfather never took out a loan in his life. He said it best. Worth having, worth saving for. Today it is virtually impossible to buy a home or a car for the average person, without taking out a loan. I can buy cars but who has 200g + laying around for a house?
I never finance a toy or something I just want. I save up for it. Too bad most don't.
And most people can't. Most people can't save up in a lifetime for some houses.
If we are to assume the worker is to be able to afford to buy this home even at two years the labor would be $125K. We still need to add in material costs which has risen becsue we're paying everyone $50K base pay and the profit for the contractor which has also risen becsue certainly he shouldn't be taking what would effectively be a pay cut becsue of an increased cost to live.
Your expectations are completely unreasonable. Let's put this into another context.
McDonald's worker makes $8, pays $8 for McDonald's meal
McDonald's worker makes $50, pays $50 for McDonald's meal
McDonald's worker makes $1,000,000, pays $1,000,000 for McDonald's meal
That is the way it has to be. The value of your work is not determined by the the dollar figure, it's determined by what you can buy with it. You'll never make more by simply raising the dollar figure, you need to increase the value of your labor.
There is distinct difference between buying a car and a house. You're throwing money away on car no matter what you pay for it, a house is an investment.
It's understandable that you would be blind it this because, like everyone else, you've been conditioned to expect less for your work. But when you consider there were other people at the time your bank bought your house for you who could have purchased the same house off a weeks or months pay without obtaining a loan and while working the same or less hours, it begins to put things in perspective. Why is capitalism working for them better than it is for you?
OK. I'll bite.
When and where were people able to buy a house off a weeks or months pay while working the same or less hours?
Mortgage history traces its roots to ancient civilizations.
It is nice to have a house that is paid off before you retire. What I do not understand is those who "upgrade" when they are past 50. My paid off modest home allows me to get out of the corporate world and return to self-employment in 3 years when I reach 59.5. Possessions can enslave you.
That's really besides the point I was trying to make. If you buy a brand new car it's worth thousands less the second you sign for it. If you drive it for 20 years it's worth a few hundred bucks. For the average person it's a money pit.
Soooo a person can "save" enough in two years to buy a house paid in full .. Since saving by definition is money you set aside AFTER your fixed living expenses are paid, Rent(since you are saving for a house you still need somewhere to live), utilities(unless included in your rent), transportation(public or private), food, personal hygiene products, etc. ... NOW saving for a down payment(~20%) on a House may be feasible for most in a reasonable time frame, NOT two years though.
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