You are viewing a single comment's thread from:
RE: How Much Car Can You Afford?
I don't understand how people can do the whole get it now, buy later thing with cars. I don't know how they can accept being in debt.
I've always said the only thing I'll be in debt for is my house in the form of a mortgage. For all other things, it's very simple, if you don't have the money for it, don't buy it!
There is a huge percentage of people that hardly think twice about going into debt for this stuff. Then complain that they don't get paid enough or never have any money.
I just have my mortgage debt, and even though it is a 15 year mortgage that only takes 15% of my income per month I still want it gone. I struggle against that and the numbers that say investing the money will make a better return. So I pay a little extra on the mortgage and save in a brokerage account so that once I have enough to wipe out the mortgage in one blow I can do that.
Seems like you've got it figured out! I try to pay a little extra on the mortgage once or twice a year aswell, just to get the numbers down. I have the debt down far enough now that I'm sure if I am ever forced to sell the house, I'll get back more than what I still owe in debt. That's a good feeling.
Ha, I checked my mortgage and they listed the taxes and interest that I paid in 2016 and I was not happy. I saw the numbers and thought of all the other things that money could have gone to.
Anyways, since you seem interested I will link a recent post in which I broke down my networth during 2016. I don't know if you have seen it already. https://steemit.com/money/@getonthetrain/my-personal-2016-net-worth-update-and-finances
Wow, you're quite a lot deeper into all of this than I am at the moment I see! It seems you're doing quite well.
I've always tried to be smart about the money I spend (I like saving much more). The returns on money in savings are quite minimal here these last years and they seem to keep dropping, so I still want to look into better ways to hold my money.
For now though, seeing as my boyfriend and me have decided to live together, there'll first be a house that needs to be sold, which won't yield as much as it needs, so there's not a lot of money to invest in anything just yet. I think it'll be a couple of years, before I need to know all the ins and outs.
No problem, just acquire the knowledge as you build back into a position of financial strength.