rogermortimer wrote:
My reality sucks - I feel for you, and agree that living securely is harder than it looks. Your case is why I agree with Dave Ramsey on getting rid of mortgage obligations as early as you can. Sure, there are lots of smart people that can point to investment performance which exceeds the historically low interest rates on mortgage loans, but there is just nothing like having the option of not having to pay for a roof over your head (except for property taxes and utilities, which don't ever go away). I did the 15 year mortgage plan and paid it off in 11 years. I live in a nice place, but eschewed offers from realtors to move up to a huge mcmansion in the next neighborhood. At the end of the day one only needs so much and debt is really a life burdening factor. Note that these discussions have zero to do with being lazy and everything to do with having only scant trust in the economy and planning along these lines. And making these decisions doesn't make anyone better or what have you. It just reflects the forks on the road one took when they could.
Exactly--same with cars. I bought a car on payments once and never again. Was able to pay it off quickly and find a credit union w/3.6% interest vs. the original 9% the Stealership wanted...from now on, I'm buying cars with cash like I did before. And it was a 6-year-old Camry to begin with!