General Discussion
In reply to the discussion: Lending money to someone is an aggressive, dangerous act [View all]hfojvt
(37,573 posts)Debt is less slavery than rent is. I've borrowed money four times. Once to buy a car, and three times to buy a home. Without that debt, I might be paying $600 a month for the house I am in now. Instead it costs me about $75 a month in property taxes. That would seem to have saved me about $50,000 over the last decade. Of course, I paid down all those loans as fast as possible. Paid off the car in three months, paid for one house in about two years (I bought it with about a 60% down payment) and the other one in four years and was about two years ahead when I sold the first house for break even.
What would you suggest? That I wait and save before I even thought about a decent home? Wait for what? Do you have any idea how long it takes for a working man to save $5,000?
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