Anonymous
08/19/2022 20:15
Subject: Re:If you don't have a 15 year mortgage, you're living beyond your means?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:a 15 year mortgage is, mathematically, one of the dumbest things you can do. Not a single financial expert would agree with you...unless you're Dave Ramsey
Absolutely amazing the sheer stupidity that exists on this website. So many overextended liberals desperately trying to justify their attempts to a more luxurious and undeserved lifestyle. A 15-year mortgage is, quite irrefutably, mathematically superior in all regards.
Not if you put that extra money in the stock market. I don't want all my money tied up in an illiquid asset.
People who flock to 30 year mortgages love to boast about their newfound budget flexibility for savings and investment, when in fact it is almost always used to buy a house that otherwise could not have been afforded or to free up money for spending or investing, simply to maintain par with the 15 year crowd.
Here’s a typical budget of someone with a 15 year mortgage:
They are already investing 20% of their HHI into investments for retirement, 5% into a taxable brokerage for long-term wealth development, 1-2% into the stock market within their HSA, 3-4% into investment for future car purchases (please don’t tell me you take out loans for a depreciating asset), and 3% per child into a 529 plan.
A family of 5 is already putting nearly 40% of their HHI into the stock market for various wealth building and savings goals. Another 30% is easily lost to income and various property taxes, which leaves only 30% of HHI available for mortgage, insurance, food, clothing, vacations, etc…. How is this tying up most of your wealth in an illiquid asset? 30 year advocates have no idea how outmatched they are by the financial strength of those with 15 year mortgages. Put the two groups side-by-side and perform a comparative analysis of average HHI and NW and the 15 years will be an order of magnitude greater.
Oh, spare us! Nobody saves 40% of their HHI like this and nobody saves/invests money in advance to buy a car!!
Yes, they do!
Anonymous
08/19/2022 15:53
Subject: Re:If you don't have a 15 year mortgage, you're living beyond your means?
Anonymous wrote:Anonymous wrote:Anonymous wrote:a 15 year mortgage is, mathematically, one of the dumbest things you can do. Not a single financial expert would agree with you...unless you're Dave Ramsey
Absolutely amazing the sheer stupidity that exists on this website. So many overextended liberals desperately trying to justify their attempts to a more luxurious and undeserved lifestyle. A 15-year mortgage is, quite irrefutably, mathematically superior in all regards.
You Trumpers really think all liberals are poor, don’t you.
+1, just to give our example. We bought a home for $600K non DC area, when our income was ~$300K HHI. 5/5 ARM mortgage, 7 years later, house value is ~$1M, HHI is ~500K -600K (depending on bonus and RSU, last 2 years). In 2020/2021, we refinanced our mortgage and started off with a fresh 30 year mortgage (on a ~$350K loan). Monthly mortgage payments ~$1600. We absolutely save 35%+ on our HHI. Waiting to buy a $70K luxury car and will finance it for 5-6 years, even though we have $100K+ sitting in bank account (RSU, bonus cash money). The plan is to dollar-cost-average into the market in next 6 months.
For us, success is not if we should be debt free, but can we take debt within reason to increase net worth. If one of us lost our jobs, with our emergency money, severance, unemployment benefits, low mortgage we can absolutely be able to maintain for standard of life for a year.
Anonymous
08/19/2022 15:31
Subject: Re:If you don't have a 15 year mortgage, you're living beyond your means?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:a 15 year mortgage is, mathematically, one of the dumbest things you can do. Not a single financial expert would agree with you...unless you're Dave Ramsey
Absolutely amazing the sheer stupidity that exists on this website. So many overextended liberals desperately trying to justify their attempts to a more luxurious and undeserved lifestyle. A 15-year mortgage is, quite irrefutably, mathematically superior in all regards.
Not if you put that extra money in the stock market. I don't want all my money tied up in an illiquid asset.
People who flock to 30 year mortgages love to boast about their newfound budget flexibility for savings and investment, when in fact it is almost always used to buy a house that otherwise could not have been afforded or to free up money for spending or investing, simply to maintain par with the 15 year crowd.
Here’s a typical budget of someone with a 15 year mortgage:
They are already investing 20% of their HHI into investments for retirement, 5% into a taxable brokerage for long-term wealth development, 1-2% into the stock market within their HSA, 3-4% into investment for future car purchases (please don’t tell me you take out loans for a depreciating asset), and 3% per child into a 529 plan.
A family of 5 is already putting nearly 40% of their HHI into the stock market for various wealth building and savings goals. Another 30% is easily lost to income and various property taxes, which leaves only 30% of HHI available for mortgage, insurance, food, clothing, vacations, etc…. How is this tying up most of your wealth in an illiquid asset? 30 year advocates have no idea how outmatched they are by the financial strength of those with 15 year mortgages. Put the two groups side-by-side and perform a comparative analysis of average HHI and NW and the 15 years will be an order of magnitude greater.
Source?
Anonymous
08/19/2022 15:30
Subject: Re:If you don't have a 15 year mortgage, you're living beyond your means?
Anonymous wrote:Anonymous wrote:a 15 year mortgage is, mathematically, one of the dumbest things you can do. Not a single financial expert would agree with you...unless you're Dave Ramsey
Absolutely amazing the sheer stupidity that exists on this website. So many overextended liberals desperately trying to justify their attempts to a more luxurious and undeserved lifestyle. A 15-year mortgage is, quite irrefutably, mathematically superior in all regards.
You Trumpers really think all liberals are poor, don’t you.
Anonymous
08/19/2022 15:16
Subject: Re:If you don't have a 15 year mortgage, you're living beyond your means?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:a 15 year mortgage is, mathematically, one of the dumbest things you can do. Not a single financial expert would agree with you...unless you're Dave Ramsey
Absolutely amazing the sheer stupidity that exists on this website. So many overextended liberals desperately trying to justify their attempts to a more luxurious and undeserved lifestyle. A 15-year mortgage is, quite irrefutably, mathematically superior in all regards.
Not if you put that extra money in the stock market. I don't want all my money tied up in an illiquid asset.
People who flock to 30 year mortgages love to boast about their newfound budget flexibility for savings and investment, when in fact it is almost always used to buy a house that otherwise could not have been afforded or to free up money for spending or investing, simply to maintain par with the 15 year crowd.
Here’s a typical budget of someone with a 15 year mortgage:
They are already investing 20% of their HHI into investments for retirement, 5% into a taxable brokerage for long-term wealth development, 1-2% into the stock market within their HSA, 3-4% into investment for future car purchases (please don’t tell me you take out loans for a depreciating asset), and 3% per child into a 529 plan.
A family of 5 is already putting nearly 40% of their HHI into the stock market for various wealth building and savings goals. Another 30% is easily lost to income and various property taxes, which leaves only 30% of HHI available for mortgage, insurance, food, clothing, vacations, etc…. How is this tying up most of your wealth in an illiquid asset? 30 year advocates have no idea how outmatched they are by the financial strength of those with 15 year mortgages. Put the two groups side-by-side and perform a comparative analysis of average HHI and NW and the 15 years will be an order of magnitude greater.
Oh, spare us! Nobody saves 40% of their HHI like this and nobody saves/invests money in advance to buy a car!!
Anonymous
08/19/2022 04:32
Subject: Re:If you don't have a 15 year mortgage, you're living beyond your means?
Anonymous wrote:Anonymous wrote:Anonymous wrote:a 15 year mortgage is, mathematically, one of the dumbest things you can do. Not a single financial expert would agree with you...unless you're Dave Ramsey
Absolutely amazing the sheer stupidity that exists on this website. So many overextended liberals desperately trying to justify their attempts to a more luxurious and undeserved lifestyle. A 15-year mortgage is, quite irrefutably, mathematically superior in all regards.
Not if you put that extra money in the stock market. I don't want all my money tied up in an illiquid asset.
+1. Plus when interest rates rise my 30 year mortgage at 3 pct looks like a bargain….
Anonymous
08/19/2022 04:16
Subject: Re:If you don't have a 15 year mortgage, you're living beyond your means?
Anonymous wrote:Anonymous wrote:Anonymous wrote:a 15 year mortgage is, mathematically, one of the dumbest things you can do. Not a single financial expert would agree with you...unless you're Dave Ramsey
Absolutely amazing the sheer stupidity that exists on this website. So many overextended liberals desperately trying to justify their attempts to a more luxurious and undeserved lifestyle. A 15-year mortgage is, quite irrefutably, mathematically superior in all regards.
Not if you put that extra money in the stock market. I don't want all my money tied up in an illiquid asset.
People who flock to 30 year mortgages love to boast about their newfound budget flexibility for savings and investment, when in fact it is almost always used to buy a house that otherwise could not have been afforded or to free up money for spending or investing, simply to maintain par with the 15 year crowd.
Here’s a typical budget of someone with a 15 year mortgage:
They are already investing 20% of their HHI into investments for retirement, 5% into a taxable brokerage for long-term wealth development, 1-2% into the stock market within their HSA, 3-4% into investment for future car purchases (please don’t tell me you take out loans for a depreciating asset), and 3% per child into a 529 plan.
A family of 5 is already putting nearly 40% of their HHI into the stock market for various wealth building and savings goals. Another 30% is easily lost to income and various property taxes, which leaves only 30% of HHI available for mortgage, insurance, food, clothing, vacations, etc…. How is this tying up most of your wealth in an illiquid asset? 30 year advocates have no idea how outmatched they are by the financial strength of those with 15 year mortgages. Put the two groups side-by-side and perform a comparative analysis of average HHI and NW and the 15 years will be an order of magnitude greater.
Anonymous
08/18/2022 21:44
Subject: If you don't have a 15 year mortgage, you're living beyond your means?
Anonymous wrote:Anonymous wrote:We do too. And to blow OP’s mind even further, in addition to our 15-year mortgage and IKEA furniture, we drive a BMW and fly in first class.
IKEA furniture is very low quality. A BMW is not. Why not elevate all aspects of your lifestyle to the same level? I just don't get the people that own $3M homes and then have a dining room set that only costs $5K made of veneer furniture sitting on a machine-made oriental rug from COSTCO. Or the people that live in suburban McMansions and then fly coach for vacation. Or the people that drive Range Rovers but can't afford a long weekend at the Inn at Little Washington.
It is almost like you don’t understand how wealth works. It isn’t what you earn. It is what you save.
Anonymous
08/18/2022 21:13
Subject: Re:If you don't have a 15 year mortgage, you're living beyond your means?
Anonymous wrote:Anonymous wrote:a 15 year mortgage is, mathematically, one of the dumbest things you can do. Not a single financial expert would agree with you...unless you're Dave Ramsey
Absolutely amazing the sheer stupidity that exists on this website. So many overextended liberals desperately trying to justify their attempts to a more luxurious and undeserved lifestyle. A 15-year mortgage is, quite irrefutably, mathematically superior in all regards.
Not if you put that extra money in the stock market. I don't want all my money tied up in an illiquid asset.
Anonymous
08/18/2022 18:34
Subject: If you don't have a 15 year mortgage, you're living beyond your means?
Anonymous wrote:Anonymous wrote:heirloom Stickley furniture
it turns out anyone can have "heirloom stickley furniture" for about free-$20 a piece if they troll all the estate sales. but then you're stuck with ugly brown furniture.
Ahh, the unbridled jealously!! You’re the same type of moron that scoffs at the purchasing of solid wood walnut or cherry hardwood flooring when one could just have easily purchased laminate flooring. It looks the same [to my ignorant eyes] and it’s ⅛ the cost!!
So pathetic. I’m infinitely beyond you simpletons.
Anonymous
08/18/2022 18:25
Subject: Re:If you don't have a 15 year mortgage, you're living beyond your means?
Anonymous wrote:a 15 year mortgage is, mathematically, one of the dumbest things you can do. Not a single financial expert would agree with you...unless you're Dave Ramsey
Absolutely amazing the sheer stupidity that exists on this website. So many overextended liberals desperately trying to justify their attempts to a more luxurious and undeserved lifestyle. A 15-year mortgage is, quite irrefutably, mathematically superior in all regards.