I paid my 30yr mortgage off in 15. Worked my ass off and didn't do frivolous stuff to get there.PartyOf5 wrote: ↑Mon Aug 06, 2018 12:58 pmNYT? Isn't that the Asian racist site?Zlaxer wrote: ↑Mon Aug 06, 2018 8:02 amhttps://www.nytimes.com/2018/08/05/busi ... icans.html
Cracks are starting to widen....
Poor little proles...
O'well...looks like I'll be able to pick up some "servants" on the cheap in a few years.
I saw almost this exact same article on a different site this morning. One of my first questions was "Why does a 70 year old still have a mortgage payment?" We'll be paid off by the time I'm 55. Even if you trade up to a more expensive house you have all the equity from your current home. If you have a burdensome mortgage at 70, downsize or sell and rent.
But then at the same time I bought my house I had a co-worker who was spending as much as my mortgage was to rent a "luxury" condo (pool, gym, security, all the perks) while leasing a BMW (I bought a Nissan rice-burner for $8k out the door new) and taking vacations to Japan, Europe, etc... And complaining how broke he was all the time.
Know lots of people who refinanced or did home-eq loans over the years to take out their "gains" in house price to do vacations, buy boats, etc. On guy I worked with refi'd to get $80k of equity out of their home to put in a 20x40 in-ground heated pool - having to blast bedrock in his back yard to do it - to then tell me how it cost him $800 to heat the pool in July... (Who TF heats a pool in July when it's 90+F out?)... Then got laid off three months later and was unemployed for like 3 years, barely scraping by on his wife's income.
People make really stupid choices all the time.
