If you don't own a home by your 40s, you never will. And you'll end up poorer than those who do.; Silly bears who think they can rent their way to wealth are only fooling themselves...
Tweet Topic Started: 10 Oct 2016, 07:29 AM (8,621 Views)
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
It would be like saying a snail with a shell is, well a snail.
Nobody is saying home ownership automatically makes you "rich" - however it is cheaper than paying rent for your entire life, and results in greater wealth generation than renting.
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
Nobody is saying home ownership automatically makes you "rich" - however it is cheaper than paying rent for your entire life, and results in greater wealth generation than renting.
Really???
BROWN: Well, Michael, help us figure out why growth has been so weak over these past eight to six years or so.
HUDSON: If you take the average family budget – and I’ve said this on your show many times –we can go through the numbers. If you have to pay about forty to forty-three percent of your income for housing, you also have to pay fifteen percent of your paycheck for the FICA for Social Security wage withholding. You have to pay medical care, you have to pay the banks for your credit card debt, student loans. Then you only have about twenty-five or thirty-five percent, maybe one-third of your salary to buy goods and services. That’s all.
I own my own home.
The only compensation for the costs of it are capital gains.
But if i sell it and buy another i have "gained" nothing.
Think a little deeper.
The new age requires slaves to pay for the cost of housing themselves.
You and i are just two slaves in the wheel, like it or lump it.
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
You're obsessed with proving to us that you've 'won' against 'the bears', and yet the irony is if you had 'won', you wouldn't be here. You'd be off enjoying your riches, rather than spending a good deal of your time authoring thousands of posts (mainly under your previous sock 'Shadow') on message boards with only modest traffic (and therefore influence).
Meanwhile I rent a great house in a great part of the city, have a super fund increasing faster than most (as i can divert the extra $ i'd othetwise be paying into a mortgage), and have parents 'winning' like you - with a multi-million dollar portfolio of properties around Sydney and large N.S.W cities. All of which I'll inherit one day.
All bubbles like this eventually pop. You shouldn't spend all your time stressing about when it will happen, and posting on anonymous forums in a desperate effort to convince yourself that it won't happen.
Just get out, enjoy your life, and accept the inevitable when it transpires.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness. "Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
if you had 'won', you wouldn't be here. You'd be off enjoying your riches
Off where, and why? Are you saying 'winners' never use the Internet because they always have too many enjoyable activities that they want to spend their money on?
Quote:
i can divert the extra $ i'd othetwise be paying into a mortgage
What extra dollars? If you'd bought a house ten years ago it would be nearly paid off by now and you'd have far more free money to divert into your super fund.
And in another ten years from now you'll still be fooling yourself into believing it's costing you less to rent.
Whereas in reality the person who bought 20 years previously is enjoying virtually free accommodation and thus a dramatically higher cashflow to invest elsewhere.
Quote:
I'll inherit one day
So what? I'll inherit too, but (hopefully) not until I'm in my 60s or 70s.
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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