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Nope, I don't tell anyone how they should live. The claim is most cannot save enough for a house. I demonstrated how one could.
Essentially you are saying that if one has disposable income of 100K in their youth they should spend it.
I am saying I think it is better to save it, buy a house, put it in a 401K. Then you will have 300K of disposable income later in life.
Either way the disposable income goes into the economy. If you are wise with money you will have MORE of it to put in the economy.
I'm not sure how you view that bad for the economy?
Anyway, there are a million choices to make. You just shouldn't complain that you can't spend all your disposable income AND buy a house, or fund your retirement.
You literally started off your post I replied to about what people should bring into a marriage for housing, so what followed is what you think everyone should be doing... prioritizing 20% down at the expense of everything else, which would come at the expense of the economy.
I've actually never stated what people should be doing with their money. I've just been pointing out how this obsession with saving 20% by any means is going to crater the economy.
And I'm pointing out to you that in a world where everyone saves 20% for their down payment vs a world where anyone can buy a home without 20% down, the economy of the people in the 2nd world is going to be much better. Like comparing the US economy to Spain's.
Ohh... There's a reason no one uses median FAMILY income even trying to talk about the economy as whole. It's like using the mean average... it distorts the data. It's a crappy reflection outside of any conversation explicitly about family income.
Mean HOUSEHOLD income is what people are usually discussing when they're talking about the economy for most people. That's 69k.
Their choice... Fuel the economy via excessive spending, thereby making others richer, ...or make their own financial well-being their priority.
Or... Save what you can and use your earning history and potential to get a house for 1- 5% down. You take PMI hit until you get to 20% (even though that's another arbitrary number banks use to pad the income statement).
*Bang* now your don't crater the economy and you can still buy a home.
It's not hard to understand, just hard to do. You're spoken as someone who has been a higher income individual for a while. You're out of touch with the masses
I came from a very low-income family. There's no mystery in what I did:
1) Never lived beyond my means out of some totally warped sense of "entitlement."
2) Saved as much as possible and never accrued massive debt other than mortgages, all of which were paid off (so now I have no mortgage debt at all).
Or... Save what you can and use your earning history and potential to get a house for 1- 5% down. You take PMI hit until you get to 20% (even though that's another arbitrary number banks use to pad the income statement).
*Bang* now your don't crater the economy and you can still buy a home.
I've never paid PMI. Always had at least 20% down. You get a better interest rate by doing so, as well. And I parlayed each home into a bigger and better purchase. Made the gains actually work in my favor.
I've never paid PMI. Always had at least 20% down. You get a better interest rate by doing so, as well. And I parlayed each home into a bigger and better purchase. Made the gains actually work in my favor.
And that's you. If someone is willing to eat the PMI so they can get into home ownership sooner, that's not your business. And if they can do that, then your should be happy bc the sooner someone gets to home ownership, they sooner they can start building their own personal net worth.
You literally started off your post I replied to about what people should bring into a marriage for housing, so what followed is what you think everyone should be doing... prioritizing 20% down at the expense of everything else, which would come at the expense of the economy.
I've actually never stated what people should be doing with their money. I've just been pointing out how this obsession with saving 20% by any means is going to crater the economy.
And I'm pointing out to you that in a world where everyone saves 20% for their down payment vs a world where anyone can buy a home without 20% down, the economy of the people in the 2nd world is going to be much better. Like comparing the US economy to Spain's.
I said everyone should have at least 7,500 in savings when getting married. I stand by that, whether for emergencies or to buy a house.
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I've never paid PMI. Always had at least 20% down. You get a better interest rate by doing so, as well. And I parlayed each home into a bigger and better purchase. Made the gains actually work in my favor.
We had to get PMI, not ideal but the market was going to go up dramatically. I paid extra, and kept track of the market, and as soon as the appraised value hit the 20% mark I was on the phone with the bank, I think it took us 2 years to get it removed.
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Be sure to review Terms of Service: TOS
And check this out: FAQ
Moderator: Relationships Forum / Hawaii Forum / Dogs / Pets / Current Events
I came from a very low-income family. There's no mystery in what I did:
1) Never lived beyond my means out of some totally warped sense of "entitlement."
2) Saved as much as possible and never accrued massive debt other than mortgages, all of which were paid off (so now I have no mortgage debt at all).
I came from a two-income household. Mom worked for railroad, dad worked for a company making average pay driving forklift.
They never divorced, they allowed me to live there and save up.
Heck I was at like $9/hr back around 20 years ago when I saved up $20K in really only a couple years.
These liberals are unbelievable. Their thinking is so distorted.
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