Gotcha. Im a renter.. with not intentions of ever owning property or at least not until I retire. I happened on a very sweet deal and hooked up with a hippy (ironically a friend of Jimmy Rogers if you can believe that?) who owns quite a few homes in affluent sections of NJ.. Im paying less in rent with 4 bedrooms, hot tub, nice backyard then most people pay in taxes each year.
In fact- I probably couldnt even afford the rent that is asked for studio apartments right next door to me, no joke.. but even if the banks were giving money out for free which they essentially are right now? I pay cash for whatever I need. Perhaps its the old fashioned Italian in me where my grandparents would hide money under the mattress : )
Actually longer term thinking here- its the credit mentallity thats going to destroy the global economy. Sure, rates are insanely low.. but there is a limit to how much debt people can accumulate before one has to ask- what happens next?
Cash is king to me.. Everything else is all smoke and mirrors and in a few years im of the opinion that Ill have my pick of toys to purchase with my cash. Im a strong believer in this, and although its sad- its deserved. We have become piggish for lack of a better way of putting it.
Heck- the average car in our parking lot where I work is a 30-40k car. Interesting when most of this company is warehouse workers and sales reps who make an average of 30-40k a year. Of course they all own houses and have kids and order lunch out every day.. When does it stop? When the faucets turn off after elections.. :)
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