Mortgage= Mort(death) + Gage(pledge) 30 yrs/ 360 months of front-loaded Interest Payments is INSANE

[Geek Nasty]

they never tell you the total amount you end up paying for that house. It’s a simple calculation but I think most don’t even want to think about it. Add in taxes and maintenance and you’re paying for that house twice.

The way I figured it out my first mortgage was almost $1K/mo so the calculation for a 30 year was easy. I looked at that number vs the sales price like and asked the realtor wtf was up, she explained it to me…reluctantly

 

[Ohnoits]

Mortgage at 2.875% (less than inflation) with a payment less than area median rent...
401(k) up 17% this year...

Got my 6th interview tomorrow for a tech company that should double my income...

Get the job soon. Recession will hit in January when most fed economists expect that loans will come due (most savings are depleted and Americans are living on credit). This is a temporary bounce, was just in a talk this morning where they were covering this -- room full of CPAs/economists etc.

I'm not being a sky is falling, would just plan for a recession in Jan/Feb of 2024. It will recover, but we'll likely take a hit for 9 months. If you're looking to retire sometime soon diversify into bonds/cash BUT otherwise, don't try to time it. Ride it out and prepare to buy tech stocks in particular at discounts (usually perform lower in a recession).

 

[Givethanks]

Man interest is about 7% here.

 

[The Fade]

How much of greedflation is true?

 

[levitate]

How much of greedflation is true?

Majority.

 

[Geek Nasty]

If you have access to credit and can make extra payments here’s a trick that can help you get your balance paid down faster. I’ve been doing it since this summer I paid my car off 1 1/2 years early and will pay my house off 5 years early if I stay disciplined.

High Velocity Banking is the cheat code

I just got into it a couple months ago. If you can afford extra payments on a mortgage it's a great way to get your mortgage paid down faster. If you don't know about amortization, fixed term loans screw you up front with really high effective interest. If you can get your loan paid down on the...

www.thecoli.com

 

[Cobalt Sire]

People are not ready for this discussion at all, but yeah, society is set up to trap you into work. Most people move out from their parent's house as soon as possible without savings. Why? Because p*ssy, that's why. Where are they moving? Into an overpriced living arrangement with a landlord profiting off of it. If they had stayed home and saved, they could've bought a house, which is better than the landlord situation, but the leaders of society already thought of that trick, and told women not to mess with men like that. Basically spending all of their time working a shytty job to make a landlord rich. Then they have kids, and now they really don't have freedom to pursue a method of money making that isn't soul crushing.

Don't let society exploit you.

 

[ItsPeople]

The more I learn and dissect our economy and finance, the more I realized the American Dream is a long-term debt slavery scam for working class fools.

30-year mortgage. Making payments for over half of your adult life. No money or time to pursue anything else in live.

401k = invest for 30+ years, while Wall St invests and gambles with it (profits are theirs, losses are on you) and pray that your money is there when you're 65+ and only have a few years left to spend it.


Student Loan debt = mostly for average degrees that help you earn average income.

Be the one in your lineage to sacrifice it all so your seeds will have a paid off house when they are of age.

Somebody has to do it.

 

[tuckgod]

but what exactly should the alternative be, if you don't like the mortgage model?

We finna be under Sharia law in the next 10 years so you gone find out Alhamdulillah

 

[Wild self]

A 30 year mortgage can be handled by people actually getting married and using the dual income to pay off the mortgage quickly. The key is when you go to college to actually major in something that's useful, so when you go out to the workforce you can actually command a solid salary. And marry someone in the same situation.

Everyone should invest in a 401k and Roth Ira. Simply invest in the sp500 and be the market instead of trying to beat the market (90% chance you fail to beat it). Acquire bonds as you get older in age. The earlier you start investing the earlier you can potentially retire.

Student loans again can be handled by getting a degree in something that's actually important. There is also trade school, the military and community College.

Typical right-wing bootstrap BS from the 00s

 

[Gloxina]

Mortgage at 2.875% (less than inflation) with a payment less than area median rent...
401(k) up 17% this year...

Got my 6th interview tomorrow for a tech company that should double my income...

Recession where?



That’s the type of talk I like

 

[Ezekiel 25:17]

Sounds like a post coming from someone who can't afford a house in their area

You don't have to pay for 30 years, you can pay extra and get it done earlier

 

[Gloxina]

people caught up in climbing wont hear you

just like the first responses are the people who jumped in before rates were through the roof


the entire system is built on "moving goal posts"
you have to play the game, like the idiots above me... if you arent in the game
but the game is rigged like you said. If more people didnt play or fall for the game... you wouldnt have a game to play
so thank these people for fukking it up for you and sucking every dikk that pops through every hole.... while stunting like "owners" and having crushing debt is actual freedom and a boss move

the pandemic opened my eyes to how alot of people are moving and lying
most people's entire existence is relied on borrowing and claiming they are crushing it

You are 1000% correct.


And when you roll over and wake up a year from now and realize it would take a decent swath of the population to say F the system for it to come to a hault, but Americans are too indoctrinated to F shyt up (like the French, for example) you realize you have 2 options:

Drop out the system and live on the street
OR

Play the game, but play to win.

Yes, the fukking system is rigged. Sitting in cubicles for 30yrs isn’t how humans are supposed to be spending our days.

But here we are.


You going to level up and buy your freedom (lucrative career, save & invest aggressively so you can retire) and teach younger ppl about they system so they can make different choices and effect change in their youth, or just be angry?


A lot of y’all don’t realize that you aren’t the first ones to see this shyt for what it is.

I have a few elders who literally retired in their late 40s/by 50 because by 18 they realized this system is essentially a trap and decided to study lucrative fields in college so that they could make enough money to retire early.


YOU can’t defeat the system alone, but if you and others beat it individually and teach the kids coming up after you how to do it shyt will start to change. And if not, at least your bloodline will know how to continuously thrive in a competitive market.

 

[DaHNIC82]

Typical right-wing bootstrap BS from the 00s

nikkah said just invest in a 401k plan and Roth like people with no employment could wake up one morning and fill it a 5 minute application and it would automatically be there in minutes in your bank account. The coli be delusional as fukk sometimes.

 

[Oatmeal]

Get the job soon. Recession will hit in January when most fed economists expect that loans will come due (most savings are depleted and Americans are living on credit). This is a temporary bounce, was just in a talk this morning where they were covering this -- room full of CPAs/economists etc.

I'm not being a sky is falling, would just plan for a recession in Jan/Feb of 2024. It will recover, but we'll likely take a hit for 9 months. If you're looking to retire sometime soon diversify into bonds/cash BUT otherwise, don't try to time it. Ride it out and prepare to buy tech stocks in particular at discounts (usually perform lower in a recession).

I've been seeing home prices in my area start to drop somewhat, and there are alot of trap houses for sale but people are trying to offload alot of the slum lord specials because the city has put in a lead paint abatement program so all these former rentals have to be inspected and brought up to code and some of these lead paint removal services are like $20k-$35k.....these folks bought a trap house for $30k and were expecting to put $3k into it and start section 8 applications but it ain't happening.