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Location: Living near our Nation's Capitol since 2010
2,218 posts, read 3,451,672 times
Reputation: 6035
I own my home outright and a farm outright. I have been very lucky in life..and also careful with my money. No car loan or credit card debt either. I can't imagine life any other way. God has been good to me.
Hubby and I bought our first home with cash- no mortgage involved- in Sept 2009 and we couldn't be more thrilled. I love not having to worry about a mortgage payment or losing our home if we become unemployed or something. It's very liberating.
Hubby and I bought our first home with cash- no mortgage involved- in Sept 2009 and we couldn't be more thrilled. I love not having to worry about a mortgage payment or losing our home if we become unemployed or something. It's very liberating.
Purchased with a wheel barrow full of Franklin's in 1986, then again in 1994-97, multiple times in Oregon for investment/vacation purposes.
The next best thing to being completely free of compounding interest, is to be equally free and/or immune to the dark side of the status-quo/Jones mentality.
... "everyone said it was a poor financial decision", ...
Buying a house with a mortgage is just a leveraged investment
in real estate. It's like buying a futures contract. It works great
when prices go up and ruins people when the price goes down.
I assume that most developers and commercial real estate
investors use leverage ( someone else's money ) to buy real
estate. It's not dumb to do so, but without the cash flow
and savings to support it, there is always a risk.
Quote:
Originally Posted by desertsun41
... not one financial adviser came on to say
how utterly ridicules financially it is to do so.
Maybe that's because it's not so utterly ridicules [sic] to do so.
I know lots of people that think it's ridiculous not to
have an automobile loan. I consider it a form of slavery.
Quote:
Originally Posted by desertsun41
Maybe the next poll should ask how many are upside down on their
homes. Then this thread might well become the most replyed to thread ...
That's not the question.
The OP wanted to know how many people own free and clear.
That's what this thread is about. That, and why it is a good or
bad idea for that to be the goal.
That people consider large mortgages the norm always dumbfounded me.
Like:
Quote:
But so far not one financial adviser came on to say how utterly ridicules financially it is to do so.
Why the heck would you want to cut a mrotgage check every year?
That's money you are paying other people that you could enjoy.
Let's say you have a 30 year $400K 7.5% mortgage on a house.
If I take the money I would have paid on interest payments and put it in a 401K
I get to retire with $4 Million! A rather hefty retirement amount
My house is not free and clear yet. My goal is to be free and clear by my 40th birthday (8 years). Sooner if I can swing it. I can't wait.
My parents own multiple properties, some are free and clear, and those that aren't will be in a couple of years. I'm actually not sure how many, but I would guess about a dozen-ish.
Quote:
Originally Posted by alano
By the way if you own your house free and clear and cant get the tax deductions anymore...do what the Kennedys and other rich people do...make a seperate corporation, have the corporation loan you money (refi), and you get tax deductions!
Not everyone can take advantage of the tax deductions anyway. I've owned a house for 7 years, and the standard deduction has still been my better option every year. That's what happens when you have no business expenses and no kids, and you live someplace with reasonably priced housing.
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