[Mortgage Is ‘Just A Fancy Bullsh*t Word For Paying Rent For 30 Years To The Bank,’ Says Real Estate Billionaire Grant Cardone — Here’s Why Renting Could Be A Better Financial Move
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Grossly oversimplifying home ownership.
its kind of not. we own now. its great. everytime we pay our mortgage, which feels exactly the same as when we were paying rent, we are in essence saving that money as we get it back when we sell this place (which is all contigent on how much its worth when we sell etc).
when we were paying rent, we paid the landperson’s mortgage off month by month, making themmrew wealthy. upkeep is always a part of everything you own.
Spoken like someone who has never had a surprise maintenance issue pop up unexpectedly that costs multiple times your monthly mortgage.
True, you need to be able to afford to home while you’re living in it, but you make all of that up and more when you sell the property.
Also, your “costs multiple times your monthly mortgage” comment is a rare thing. Usually its just a couple of hundred dollars type of repair, and its a few times in a year.
It was a Lemmy comment. I don’t think you should expect a college course lecture on the subject.
Ultimately though, the comment stands. You’re either enabling somebody else to be more wealthy, or you’re enabling yourself to become more wealthy. The choice is yours.
I know you’re just stating an opinion, but that last sentence is downright insulting to me.
I can’t come up with a 10-20% down payment in this lifetime, if food, transportation, and energy prices remain this high relative to my income.
I don’t have time to look for a new job in a cheaper area to live. I am constantly trying to negotiate a higher income with my boss, who seems to be equally financially stressed.
My mental health is declining rapidly as I cope with economic pressures, and I need to be able to afford some sort of therapy as my health insurance doesn’t cover “elective” treatment. Otherwise I’ll hurt myself, or worse, someone else. My wife has multiple sclerosis and I need to stay working, for both of us. She works too.
Renting is not a choice for me, and I suspect millions of other Americans.
(I’m including above the whole statement and just bolding the part that you included when you did your reply.)
I meant no disrespect. I personally was a high school dropout from a broken home (and the emotional baggage that goes with that) but was still able to purchase a house, so I know it’s doable.
Having said that, I wasn’t judging you personally. I wasn’t even addressing you directly. I was just expressing a generic opinion about the pros and cons of purchasing versus renting to a wide audience. If that statement felt like an insult to you personally, then you need to look within.
I wish you well and happiness.