Why is everyone rushing house car etc

[sosousage]

idc about this weird race

do you?

 

[Crown]

Because it gives social value

 

[marmel75]

"Rushing"? Because those are basic items people typically have. Unless you are unemployed and live in your mom's basement. Then it becomes "rushing".

 

[Poonani Maker]

While I didn't get the bare minimum, I bought a very modest home in 2010 for less than what the original owner paid for it 7 years earlier because of the '08 crash. My big truck, $0 inherited. My little truck, bare minimum purchased 2001 - I keep paying the ridiculous tags on it every year just in case, but it wouldn't start unless I got a new battery. I go so slow pretty (not driving, but walking) much everywhere because there's "no rush," no pressure, no stress. If I get into real estate in a few years (after a crash), then I'd probably be more stressed, feel more pressure, and be more in a "rush," and older of age to boot, but it seems to be the safest way to invest - hard assets. I have plenty of valuable trading items should SHTF, been sittin on 1.5 years worth of freeze-dried food for 9 years, will have to start eating it in 2030-something I guess. The cost of the same rations from FoodInsurance would be double today. I paid $1800 for it then. Then, there's the water, gallons of water stored away, I keep adding to it when alarmed by something in the news, Russia, WWIII, or something prompts me to go to walmart after work and purchase 10 more gallons to add to my stockpile. Tons of fire-making equipment. I save lint from my dryer in a bag as well. Have 70lbs ready to go in a frame pack, but will probably stay home in an event. What I don't have and probably need is a generator - those things are #1 expensive and #2 over 130 lbs. Nah, I'm totally Relaxed, everywhere I go. No need to impress the masses who I don't like on the whole.

 

[Who Dares Win]

I dont see a nice house and a sport car as a tool to get women, actually I see them as a goal...its the woman to be a side dish.

A man needs his own space and his own vehicle to be satisfied and happy.

 

[Bible_Belt]

We are conditioned to want more than we can afford, so we will go into debt. That debt is usually owned by the richest people, who are the ones lending the money. Life crushing debt is the best way to keep poor people poor.

 

[dustmuffin]

I have a small house that is paid for. That I live in. Other real estate that is paid for. I didn't rush into it i acumulated it over time.

 

[Serenity]

Well I rushed getting a place I own, because renting is basically just throwing money out of the window and real estate prices tend to only go up over time here. I don't strictly need a car, I don't work that far away from where I live, but it's a huge convenience.

I tried rushing a girlfriend, but quickly found out just how stupid that actually is and slowed down to be more sensible about it.

@Poonani Maker Are you a prepper or are you just being funny?

 

[Desdinova]

My house is about half paid off. I made money on my previous home, so I bought another house about the same size but on a large piece of land. All my vehicles are paid for. Once my house is completely paid off, I'm gonna start my own business and do that until I retire... if I retire

 

[Billtx49]

We are conditioned to want more than we can afford, so we will go into debt. That debt is usually owned by the richest people, who are the ones lending the money. Life crushing debt is the best way to keep poor people poor.

We want what we want. The right mindset is that the bank owns a car until a loan is paid off, but Nothing beats the ability to do a cash deal for it, so that goal should be accomplished first…

 

[Bible_Belt]

We want what we want. The right mindset is that the bank owns a car until a loan is paid off, but Nothing beats the ability to do a cash deal for it, so that goal should be accomplished first…

I am yet to have a car payment in my life. The hell with that. I was down to a $600 motorcycle for a while and another time a truck that I could only drive at night because it overheated, but still have avoided the payment trap thusfar.

 

[dustmuffin]

I am yet to have a car payment in my life. The hell with that. I was down to a $600 motorcycle for a while and another time a truck that I could only drive at night because it overheated, but still have avoided the payment trap thusfar.

I have a 20 year old truck that is paid for. The AC and heat don't work. Ill drive it till the wheels fall off. I use it for rental stuff. I drive a nice new car every day.

 

[Poonani Maker]

Are you a prepper or are you just being funny?

I'm dead serious. Don't wanna get caught with my pants down.

 

[Serenity]

I'm dead serious. Don't wanna get caught with my pants down.

Ok, that's a bit too paranoid for my liking though.

 

[fanatic22]

Well I rushed getting a place I own, because renting is basically just throwing money out of the window and real estate prices tend to only go up over time here. I don't strictly need a car, I don't work that far away from where I live, but it's a huge convenience.

I tried rushing a girlfriend, but quickly found out just how stupid that actually is and slowed down to be more sensible about it.

Rent isn’t throwing money away. You take out a loan to pay for a home, what do you call the interest payments to the bank? Your asset could also get crushed by the market. Nothing “only” goes up.

 

[Serenity]

Rent isn’t throwing money away.

Yes it is, I will never see any of that money ever again as I get nothing other than what is basically a service in return for it.

You take out a loan to pay for a home, what do you call the interest payments to the bank?

Yes I do, the interest is what I pay for the service that is the bank lending me money. This is way way cheaper than any rent around here. The rest is basically saving/investing money, I'll get that back when I sell.

Your asset could also get crushed by the market. Nothing “only” goes up.

Depends what timeframe you're looking at, on average it always goes up. But there's major and minor corrections along the way.

I live in Norway, it takes a bit more to fvck up our economy than in other countries.

 

[fanatic22]

Yes it is, I will never see any of that money ever again as I get nothing other than what is basically a service in return for it.


Yes I do, the interest is what I pay for the service that is the bank lending me money. This is way way cheaper than any rent around here. The rest is basically saving/investing money, I'll get that back when I sell.


Depends what timeframe you're looking at, on average it always goes up. But there's major and minor corrections along the way.

I live in Norway, it takes a bit more to fvck up our economy than in other countries.

You don’t follow. You are paying interest for 30 years on a loan. Yes you end up with an asset at the end, but I could just as easily put aside the same amount that you pay in interest in an annuity while paying rent and have the same $ asset after 30 years; maybe higher given the fact that my asset will be far more diversified. The problem is most people are not disciplined enough to put aside money unless they own a house.

 

[Roober]

You don’t follow. You are paying interest for 30 years on a loan. Yes you end up with an asset at the end, but I could just as easily put aside the same amount that you pay in interest in an annuity while paying rent and have the same $ asset after 30 years; maybe higher given the fact that my asset will be far more diversified. The problem is most people are not disciplined enough to put aside money unless they own a house.

In general, property value continues to rise, even after slumps, while annuities have the risk of bankruptcy, survivorship issues, and you cant touch it till your 59.5 without a penalty, which would negate the annuity. Then you also have the tax help from the home interest writeoffs. If I am strapped for cash, I could take out a home equity or just sell and collect the equity with no penalties.

And then about putting the same amount in an annuity? If your mortgage is 1,000/month, your rent is likely to be 1,000 or more. If 500 of your mortgage goes to interest, then you are paying 1,500 total (1,000 rent + 500 annuity payment) to get the same in an annuity, the rent doesnt magically drop to 500/month.

Couple that with the risk of getting booted, dealing with landlords, raising rent prices, or any other rental issues, and it's less than ideal. You could easily make a case for renting or buying, but overall, ownership is likely better long term.

Getting a car and house/condo/etc is important because they are some of the most basic things we need. You have to love somewhere and you need (usually) a car to get you places. Where people screw up is thinking they need a $50,000 car or a million dollar home. Live modestly, make a $hit ton of money, and spend it on real things like learning and traveling.

 

[Billtx49]

In general, property value continues to rise, even after slumps, while annuities have the risk of bankruptcy, survivorship issues, and you cant touch it till your 59.5 without a penalty, which would negate the annuity. Then you also have the tax help from the home interest writeoffs. If I am strapped for cash, I could take out a home equity or just sell and collect the equity with no penalties.

And then about putting the same amount in an annuity? If your mortgage is 1,000/month, your rent is likely to be 1,000 or more. If 500 of your mortgage goes to interest, then you are paying 1,500 total (1,000 rent + 500 annuity payment) to get the same in an annuity, the rent doesnt magically drop to 500/month.

Couple that with the risk of getting booted, dealing with landlords, raising rent prices, or any other rental issues, and it's less than ideal. You could easily make a case for renting or buying, but overall, ownership is likely better long term.

Well, the best deal when financing a house is simultaneously making principle payments off the back end of the loan in conjunction with your regularly scheduled mortgage payments…
Save a boatload of interest $$$

 

[fanatic22]

In general, property value continues to rise, even after slumps, while annuities have the risk of bankruptcy, survivorship issues, and you cant touch it till your 59.5 without a penalty, which would negate the annuity. Then you also have the tax help from the home interest writeoffs. If I am strapped for cash, I could take out a home equity or just sell and collect the equity with no penalties.

And then about putting the same amount in an annuity? If your mortgage is 1,000/month, your rent is likely to be 1,000 or more. If 500 of your mortgage goes to interest, then you are paying 1,500 total (1,000 rent + 500 annuity payment) to get the same in an annuity, the rent doesnt magically drop to 500/month.

Couple that with the risk of getting booted, dealing with landlords, raising rent prices, or any other rental issues, and it's less than ideal. You could easily make a case for renting or buying, but overall, ownership is likely better long term.

Getting a car and house/condo/etc is important because they are some of the most basic things we need. You have to love somewhere and you need (usually) a car to get you places. Where people screw up is thinking they need a $50,000 car or a million dollar home. Live modestly, make a $hit ton of money, and spend it on real things like learning and traveling.

Saying your rent and mortgage payments are the same is made up math, especially if you don’t include property taxes in the mortgage payments. The other thing that’s being ignored is the flexibility rent gives relative to a home. I would never get a home unless I had kids or felt extremely stable where I was.