I Hate Debt

Quote from Trendytrader:

Sorry to inform you but you are actually in debt up to your eyeballs courtesy of your elected officials in Government. Don't worry though they are not even trying to pay down their principal obligations, hell they just add a trillion or two to the amount the last week. The interest payments alone will require an increase in taxation very soon. The next president is going become very popular in his first and only term when the magnitude of the problem is revealed. Massive tax increases and Government spending cuts are coming.
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don't worry that debt will be miniscule in a few years after we inflate this shit out of our currency, all part of the plan :) :)
 
Quote from MYOM:

Hi Jim:

Would you volunteer to go to a lake in a state park and toss $1,000 in the lake just for the fun of it? I sure hope not but that is what interest is on a mortgage. You drive in one side with the money and out the other side with a small tax deduction.

I have a Path to Prosperity in my book called The Smart Home Mortgage where 1/3 more on the mortgage paying off the 30-year loan 17 years. Invest that mortgage payment for 13 years and you will have a home free and clear and a life income greater than the amount of mortgage payment.

Dan Clemons, author Manage Your Own Money
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Yeah I've heard that before in books I've read. I think it's probably a wash with the possibility of coming out ahead later on. My savings at some point will out way my mortgage and can pay it off at anytime I would want if it makes me feel better. I think there is a reason my mortgage company wants me to pay off my low interest mortgage ASAP. They keep sending more and more promos for that. If interest rates stay low to long and I lose some of the tax advantage on interest maybe we just pay off lump some. It's kind of a bet against interest rates staying at historic lows with no risk cause I'm fixed with no prepayment penalty. :D We'll see. thanks for your advise.

JIM
 
Quote from staffpro:

don't worry that debt will be miniscule in a few years after we inflate this shit out of our currency, all part of the plan :) :)
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I agree.

In a big Real Estate move prepaying the mortgage is bad.

Just think in an area of $500,000 homes that 25 years ago were selling for $125,000.

Instead of prepaying your $100,000 mortgage you would have been better off buying a 2nd $125,000 house and borrowing the 25% down in a equity loan and rent it .

The negative cash flow would probably similar to the amount you prepay on your mortgage and now you have a huge amount of equity in 2 properties.
 
Rah rah! Only debt I have is from student loans and they are so low it doesn't bother me.

No car payment, no mortgage and no CC debt. The only burden of debt I carry on my back is the strive to inform more Americans of the Pyramid skeme our government is shoving down our throat. I'll admit though its a heavy burden and a tremendous uphill battle.
 
how rich is our self appointed financial planner guru.

His statement that no one gets rich via leverage is assinine. No one gets rich without debt and leverage. Unless via inheritance and in this case itsbudually via someone elses leverage think people. Use all your tools. Leverage is just one of them or be forever stuck in nowhereland and the king of nothing
 
Quote from dinoman:

Rah rah! Only debt I have is from student loans and they are so low it doesn't bother me.

No car payment, no mortgage and no CC debt. The only burden of debt I carry on my back is the strive to inform more Americans of the Pyramid skeme our government is shoving down our throat. I'll admit though its a heavy burden and a tremendous uphill battle.
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That was the majority of my debt. I also made 2 bad investments when I was young. One in RE and one in Oil.

I wish I could take all three of those back. Should have started learning to trade in grade school.
 
Quote from MYOM:

Hi Jim:

Would you volunteer to go to a lake in a state park and toss $1,000 in the lake just for the fun of it? I sure hope not but that is what interest is on a mortgage. You drive in one side with the money and out the other side with a small tax deduction.

I have a Path to Prosperity in my book called The Smart Home Mortgage where 1/3 more on the mortgage paying off the 30-year loan 17 years. Invest that mortgage payment for 13 years and you will have a home free and clear and a life income greater than the amount of mortgage payment.

Dan Clemons, author Manage Your Own Money
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The same is true of rent. Both mortgage interest and rent payments are "dead money".

Since you have to live somewhere, it can often make sense to get a mortgage rather than rent, especially when mortgage interest payments are significantly lower than rental payments on equivalent properties.
 
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