FYI Debtfree before the apocalypse
- Thread starter dbzeag
- Start date
Long term investing isn't high risk nor is home ownership low risk.And investing heavily in real estate (which is what paying off your mortgage is) is putting all your eggs in one basket. God forbid the price go down, like... now.
And stop thinking you can beat the market. It's a common mistake and ALWAYS costly.
Where did I ever say I was trying to beat the market?
You missed what I was saying though. I did say that using an investment in property as a stable foundation in an investing portfolio, not a speculative tool nor a primary source of investment income. We are both saying the same thing, except I don't think you hear that I'm saying it.
And having equity built up as you roll forward in home ownership, and not withdrawn through equity loans, is the number one way to properly weather a downturn in home prices.
I have zero debt whatsoever. But, I'm going to start using my credit again this year for a car loan, and a credit card or two. Then I can by a house within a year. Liam has a car loan and one credit card that needs to be paid off and closed because they are retarded.
Mean Mr. Mustard
Always shouts out something obscene
I have no debt. No credit card, no mortgage, no payments on anything, not even an overdraft facility on my bank account.
Thats easy when youre a penniless hippy
Pay it off, but never close it. Your overall borrowing possibility will drop and that doesn't look good. Just keep 0 balance and keep the card open.
Sounds awesome. I hope the house thing works. Can't have a god damned rocket scientist living in an apartment!
Dory Berkowitz-Bukowski
Clam whisperer
That's easy to say when you're one sandwich short of a picnic in the financial area.
LMFAO!
Well they want to see at least three lines of credit open, so I will have that and be fine. My credit is fine, just haven't used it in 6 years, since my divorce. We've decided to stay here, obviously, so I guess it only makes sense to buy.
My previous mortgage is still on there, (paid in full), car loan and credit cards, (all paid in full). So nothing is bad.
Well....except one medical bill, but they can go fuck themselves with that one, since it should have been covered by my insurance at the time, and it is 5 years old by now.
Meh!
Dory Berkowitz-Bukowski
Clam whisperer
Careful with that medical bill. Mortgage companies are all about crawling up your ass before giving you money. I even had to write and get certified documents on how I had no idea who some of the companies doign inquiries on me are.
Isn't that just an apartment with different ownership rules?
It's....a better layout and room!
Isn't that just an apartment with different ownership rules?
Don't I know it
Asking 80% of my purchase price 2.5 years ago for mine.
Mean Mr. Mustard
Always shouts out something obscene
Something along the lines of "I can spot patterns." No, you can't.
Ok. How much do you have in retirement funds right now? The "equity" in your house should probably never be more than about 10% of your retirement or you're doing it wrong. That's all I'm saying.
