Right your house isn’t yours even if it’s paid off! Don’t pay your property tax someone can pay them and legally own it for pennies of what you paid! Don’t pay your vehicle registration then you get tickets that eventually will lead to your car being impounded and sold if you don’t pay up.
Nah it’s more me .When I hear Ramsey in a thread I shake my head and cringe inside. one his advice is from a time when rates on home were like 8-12% and two it’s just flat out bad advice UNLESS you are somebody who can’t control his spending.I know, I go against the grain I guess.
I think I just sleep better at night knowing that I don’t owe people money.
Out of the 3 properties I own, I have mortgages on 2. My financial guidance says do not pay either one of them off, but I’m paying off our rental property here in the next few months and then will only have my primary residential mortgage left, which is hopefully paid off in another 6 years. I’m 41……so I have a ways to go…..hopefully God agrees
We have stocks/IRA/401K’s etc - so a broad portfolio.
If you are paying off your credit cards monthly then there are not really "credit" cards, they are charge cards. They are bad you if you are paying for your daily/monthly essentials with them and caring high balances with double digit interest.
That’s my point though. A lot of the “cult” of Ramsey followers think using it as charge card is bad. And Amex is still a charge card if you don’t activate the pay schedule. I still get emails all the time about activating that feature for a large bucket Of bonus points. Haven’t done it and doubt I ever will even for The free bonus points.
Prices have been starting to level out a bit. If we hit a bit of a recession maybe we will get down to MSRP regularly on all new cars. But still some months away before that possibility.
That totally makes sense on your 8-12% for homes comment. That was many years before either of us were capable of working and owning a home I'm guessing LOL. Thankfully me, like you - had an FHA back 20 years ago on our first home purchase and interest was 4-5%. I agree with your long term retirement plan! That's what I'm working on as well. After I pay this rental off in a few months, I'll continue to save for a large down on another rental, and do it again.
Ownership in the way of a deed, but yes, you are right. It can be taken away if you don't pay Big Brother. Which I do not believe in either.
I think the average is around $1300 a month. However it’s cheaper than renting in ALOT of places. The good thing about houses are typically they go up in value. Plus you have a way to make passive income renting it out.
Was basing that off people with subpar credit! Read somewhere people were taking out auto loans at 20%+
Just went through the car buying process with the Mrs. The car was listed for $22.9 (2019 Civic with <16k). The dealer had about 7,000 in tack on warranty/care items that would’ve made it almost $30k out the door. Mind you, this car is still under warranty and they pushed hard for it. Clueless people are probably eating thousands in extra push items and services.
