oldngray
nowhere special
My first mortgage in the mid 80's was 12.5%. That is what it was then. On the other hand you made a killing on investment money.
Pru 401(K) just started showing up in paycheck?
- Thread starter Brasswolf
- Start date
My first mortgage in the mid 80's was 12.5%. That is what it was then. On the other hand you made a killing on investment money.
Brownslave688
You want a toe? I can get you a toe.
If you've owned over 5 years I don't think you get taxed any.
If its your primary residence. Single person 250,000 gain no tax married couple $500,000 gain no tax.
Brownslave688
You want a toe? I can get you a toe.
Ye
Yeah it was primary. Definitely not making that much off it. We will be fine.
UpstateNYUPSer(Ret)
Well-Known Member
I wouldn't consider $319/month to be a small HOA fee.
UpstateNYUPSer(Ret)
Well-Known Member
This is not necessarily true. There is good debt and there is bad debt. Student loan debt would be an example of good debt. Borrowing $25K with a 20 year repayment term would be an example of bad debt.
Bagels
Family Leave Fridays!!!
Too many on here are assuming big, perpetual stock market gains into the future which may or may not be the case. I have a 401K + a mutal fund, so I hope the market does well, but I'm definitely not holding my breath for 10% gains into the future...
As far as home ownership goes, yes there are situations in which it's better to rent but if you plan to reside 10+ years in your home (remember, I was commenting to younger members earlier), home ownership always makes sense since rental pricing is always subject to change. A friend of mine was chased from the Los Angeles area after the rent on their 3-bedroom home swelled $800/month; they would've been better off buying the home.
And commenting earlier... the fees are lower on 401K than a traditional mutal fund, but again, the total fees are not always transparent.
Brownslave688
You want a toe? I can get you a toe.
I once blindly thought home ownership had to be better than renting and in many cases it's just not. Very few people know where they are going to be in 10 years. Especially younger people. History tells us you're going to get about 7% return on your money in the market.
The government is still giving out terrible loans to people with little to no down payment. Look for another housing bust in 20-25 years. Also you can't realize the value in your property unless you sell that property.
And as I've said on here many times. If the market crashes to the point that have no money. Having no money will be pretty low on. My list of concerns. Survival will likely be at the top.
Babagounj
Strength through joy
It's cheaper than mine ( 325 ) .
oldngray
nowhere special
Owning a home has a lot of intangible benefits you can't put a value on. Besides the satisfaction of owning a home you have flexibility to do things you could never do if you were living in an apartment.
Brownslave688
You want a toe? I can get you a toe.
You could rent a house also.
I know I'm lucky as hell right now. My rent is $300 under the going rate and the rental agreement was 2 sentences long.
UpstateNYUPSer(Ret)
Well-Known Member
Mine is assessed at $82K.
Browndriver5
Well-Known Member
Student loa
Student loan debt is horrible debt. There are at least 40 million people with 29,000 worth of student loan debt. Not only that but many of these people are going to school for a job that doesn't even require a degree. I know people who have payed on student loan debt for 15-20 years. Could you imagine paying that with interest plus a job you make 50k a year have two kids etc...no debt is good debt
oldngray
nowhere special
UpstateNYUPSer(Ret)
Well-Known Member
We can always count on Mrs. Moreluck to lighten the mood.
box_beeyotch
Well-Known Member
Dear Lord, that's double what my HOA fees are for my condo.
UpstateNYUPSer(Ret)
Well-Known Member
...and the sad part is we get very little in return...
Babagounj
Strength through joy
I don't have to move winter's snow , which is a plus .
Bagels
Family Leave Fridays!!!
Student loan debt is anything but a horrible idea. A person graduating high school next month will likely never earn at least $50K (in present value) without a college degree. For the majority of persons with student loan debt, the bulk of it is at low interest rates and all student loan debt is a straight deduction from income (in other words, most persons are getting a 25% discount off their total student debt load).
What's crucial is planning. Some 18-year-olds have no idea the true value of a dollar, go to the university of their favorite football team (out-of-state, of course) borrow the entire cost of attendance and end up owing $200,000+ at graduation. Alternatively, they could've lived with their parents for two years while attending community college and working part-time, transferred to state university and ultimately graduate with a modest amount of debt. Or better yet, attend a commuting school & do internships and graduate with virtually no debt.
The other aspect is paying off debt. When you're 23-year-old making $55,000/year, it's a good idea to pay off as much student loan debt as possible within the first year or two. Instead, many (most?) 23-year-olds make the minimum payment and enjoy the luxuries they dreamed of. These are the people paying student loan debt for 15-20 years. It ain't because the debt was a bad idea, but rather their ability to manage their finances is poor.
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