Inflation! $$

Bosko said:
just normal debt? is debt free.....I guess I didn't get the memo.....carry on.....
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I’ve read it like this before. Most will carry a car payment and house/apartment payment for most of their life. Being debt free in this sense means no “bad debt” like CC, refi, student loans and such.

Some cases getting tax credit on your house makes sense to some people.

I’m almost there so time to buy a new car


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Good or bad.......debt is debt.........
If anyone needs the "Man or the They's" to tell them this system, that is up to them....I know where I sit and these are the shoes I walk in...
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Ya....I had a 30 year mortgage on my first house......I put 30% down from money I saved....paid it off in 17 years.



Now my Son in law....took out a 30 year Mortgage.....He and my Daughter took out "ALL" of their 401K $ (paid 10% pentaly) and used it on a downpayment....10%

They took out $300K on a $240K house........they blew all the rest of the $$ on MINDLESS bullchit!

SIL just this year Refi'ed the house for another $350 at a 2% increase in interest rate.......also threw in a second mortgage and a home equity line of credit.

The bank told him he was a good customer and offered him this service.....

He now has $500K of debt and this is just the mortgage....they have a CHITLOAD of other debt..... if he pays the minimum payments, he will be 87 years old when paid off...


Speaking of 87......my MIL...here is her Mortgage payments...look at the balance change.

I have told her for 16 years.....pay this off...she has $500K in retirement





No......."they"...theres those sneaky people again....the "They's".... want you to carry debt she says.....it helps if you need to borrow $$ and has tax benefits....

I literally want to burst into flames!!

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Sorry for the rant......nothing personal against anyone ( choices/beliefs )....we all have to do what we have to do.......
 
Carrying a house loan at 2% interest is almost free money to invest at a higher return. Most don't invest and waste it on designer clothes, handbags and toys.
 
DUBL0WS6 said:
Carrying a house loan at 2% interest is almost free money to invest at a higher return. Most don't invest and waste it on designer clothes, handbags and toys.
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lowest ever recorded
new record low of just 2.65% in January 2021.

and then look how fast they change!!!




On Friday, December 02, 2022, the current average rate for the benchmark 30-year fixed mortgage is 7.32%, up 15 basis points over the last week. If you're looking to refinance your current mortgage, today's national average rate for a 30-year fixed refinance is 7.30%, rising 15 basis points from a week ago.
 
The mortgage rate with my bank is at 4.49% , not that I have a mortgage. My brother said his repayments have gone up close to 1K a month in the last year. Lucky for him, he earns a sh1t load more than I do.

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DUBL0WS6 said:
Carrying a house loan at 2% interest is almost free money to invest at a higher return. Most don't invest and waste it on designer clothes, handbags and toys.
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That's pretty much what I did with my car loan. I could have paid it in full when I bought it. Instead I put the money in an account earning interest and I deduct the car payments automatically from that account.
 
opie said:
Ill play devils advocate, guy wises up works to get himself outta debt, comes up with a simple marketing scheme to make folks who lack disapline to manage thier money right. Said guy then makes a pile of money off of it. Doesnt sound moronic to me lol.

But you are right...like others said its common sense

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If it was just a business then yes I agree. My problem is that he calls it his ministry. Something tells me Jesus won't be very happy with these folk that profit off of His blood come judgment day.
 
Bosko said:
lowest ever recorded
new record low of just 2.65% in January 2021.

and then look how fast they change!!!




On Friday, December 02, 2022, the current average rate for the benchmark 30-year fixed mortgage is 7.32%, up 15 basis points over the last week. If you're looking to refinance your current mortgage, today's national average rate for a 30-year fixed refinance is 7.30%, rising 15 basis points from a week ago.
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So a 250k house will cost roughly 900k when you're done paying it off.

Mortgages have become the biggest criminal scam on earth.
 
Bosko said:
Good or bad.......debt is debt.........
If anyone needs the "Man or the They's" to tell them this system, that is up to them....I know where I sit and these are the shoes I walk in...
Hw8JH2U.jpg






Ya....I had a 30 year mortgage on my first house......I put 30% down from money I saved....paid it off in 17 years.



Now my Son in law....took out a 30 year Mortgage.....He and my Daughter took out "ALL" of their 401K $ (paid 10% pentaly) and used it on a downpayment....10%

They took out $300K on a $240K house........they blew all the rest of the $$ on MINDLESS bullchit!

SIL just this year Refi'ed the house for another $350 at a 2% increase in interest rate.......also threw in a second mortgage and a home equity line of credit.

The bank told him he was a good customer and offered him this service.....

He now has $500K of debt and this is just the mortgage....they have a CHITLOAD of other debt..... if he pays the minimum payments, he will be 87 years old when paid off...


Speaking of 87......my MIL...here is her Mortgage payments...look at the balance change.

I have told her for 16 years.....pay this off...she has $500K in retirement





No......."they"...theres those sneaky people again....the "They's".... want you to carry debt she says.....it helps if you need to borrow $$ and has tax benefits....

I literally want to burst into flames!!

cBVQsxU.png





Sorry for the rant......nothing personal against anyone ( choices/beliefs )....we all have to do what we have to do.......
Click to expand...

That's is harrowing.

I'm 46. I have $72,000 left on the house. I'm going to get very aggressive at paying it off. It's the only debt I carry. I don't have credit card debt or a car payment. No personal debt of any kind.

The only way I would tolerate debt like that is if it was earning more than enough to cover it and the interest while delivering a healthy profit.
 
A few examples of "One" extra payment a year on your Mortgage

Just paying an additional $100 per month towards the principal of the mortgage reduces the number of months of the payments. A 30 year mortgage (360 months) can be reduced to about 24 years (279 months) – this represents a savings of 6 years!

What happens if I pay an extra $500 a month on my 30 year mortgage?
Making extra payments of $500/month could save you $60,798 in interest over the life of the loan. You could own your house 13 years sooner than under your current payment.


I realize everyone knows this....just a reminder:xyxthumbs:
 
PaulMys said:
So a 250k house will cost roughly 900k when you're done paying it off.

Mortgages have become the biggest criminal scam on earth.
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Yeah where I live in the Northwest there is no such thing as a 250k house…. Prices have gone stupid where no one can afford to buy a house up here anymore…. Especially with these rates….


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Coatingsarecrack said:
Yeah where I live in the Northwest there is no such thing as a 250k house…. Prices have gone stupid where no one can afford to buy a house up here anymore…. Especially with these rates….


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Out here as well.

Average home price in Suffolk County (which constitutes most of LI) is $550k. Way higher the further East you travel. (Where I live).
 
Coatingsarecrack said:
Yeah where I live in the Northwest there is no such thing as a 250k house…. Prices have gone stupid where no one can afford to buy a house up here anymore…. Especially with these rates….


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You will own nothing and eat zee bugs...
 
Y'all need to sell your expensive homes and move to the ghetto with me.
 
Flash Gordon said:
Y'all need to sell your expensive homes and move to the ghetto with me.
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They should as my prediction for 2023.....home prices are going to drop harder than Nancy Pelosi's uterus at a nudist camp
 
Bosko said:
They should as my prediction for 2023.....home prices are going to drop harder than Nancy Pelosi's uterus at a nudist camp
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Thanks alot. I just spit coffee all over my tv screen
 
PaulMys said:
So a 250k house will cost roughly 900k when you're done paying it off.

Mortgages have become the biggest criminal scam on earth.
Click to expand...

All religions considered compound interest as immoral at one time. It's really a legalized form of debt slavery by the bank cartels.
 
luckydawg said:
Sounds like a politically correct fence ridding save on your part
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Politically correct? Calling bible thumpers bible nuts? lol. I could care less what people think about me, I worry more about who I am inside whether you see it or not. Nice try
 
Flash Gordon said:
That guy is a moron and a disgrace. "Send me $499.00 and I will teach you how to become debt free...in Jesus name!!"

I'll tell you how @ no charge.

Don't spend more then you make.

The End
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$499? Who charges $499 to tell you how to become debt free?
 
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