Perpetual Debt

[alldodge]

Dang @Bugzilla46310 you post a cartoon strip which should have been just fun, but looks like it started a one ups man ship, and first lair doesn't stand a chance

 

[Pmt133]

Wouldn't count on a sizeable home market crash
Even in the foreclosure crash of 2008, values dipped 7.5% for a year before rebounding. That makes your $500K home $472K

My daughter and her husband bought their first home in the fall of 2023 for $635,000. The neighbor across the street recently sold their home for an all cash offer of $855,000. Pretty good ROI in 3 years.

Not typical by any means, but it happens when you buy a new home in a small, up and coming (revitalized) town "on the edge" of commuter range to the District of Columbia, suburban Maryland, and Northern Virginia when working from home becames a thing.

**** it. I'll just start working a 3rd job.

 

[Mc Tool]

Only need 3-5% for a conventional loan here
Need to put down 20% to get away from Mortage insurance preminums

It has varied a bit here. At the time we got our house for 125k we had to have the 25k in cash (not another loan ). I see more often parents ( or other family )are having to throw some finance in to get the kids started .

 

[dingbat]

It has varied a bit here. At the time we got our house for 125k we had to have the 25k in cash (not another loan ). I see more often parents ( or other family )are having to throw some finance in to get the kids started .

I borrowed my $3,500 (5%) down payment from my then girlfriend’s parents.

Interest rates were at 12% at the time. Left me with a $812 and change mortgage plus a $120 a month loan payment.

You can do the math…a whole lot of money for a single parent making $8 an hour at the time.

 

[Mc Tool]

I borrowed my $3,500 (5%) down payment from my then girlfriend’s parents.

Interest rates were at 12% at the time. Left me with a $812 and change mortgage plus a $120 a month loan payment.

You can do the math…a whole lot of money for a single parent making $8 an hour at the time.

12% ! Far out The whole country here went crybaby when they got close to 3% a couple of years ago .

 

[bajaman123]

I've never found a boat to be a burden, and I have had many over the years. Expenses for the boat simply were allowed for in my budget...even when I had a boat payment. And at least in my case, keeping the boat with a very high degree of maintenance eliminated unexpected costs. Now I, and I am sure all of us, have known someone who "did it wrong", got in over their head, had expenses with the boat they hadn't planned on, etc...and it became a financial burden to them. WORST thing is when someone buys a boat on a 12-15 year loan with little or no money down...and at some point has to consider giving it up...only to find out it isn't worth what is owed.