Mortgages

[maxx075]

People are compensated in direct proportion to the magnitude of the problems they solve.

Get your skillset in front of people who value their time and they'll pay more than you could ever comprehend for the solutions you can offer.

That's a paradigm shift that most will never experience, and they end up trading their time for money their entire life.

Food for thought, without derailing the thread too much.

Currently getting paid 6 figures to watch YouTube.

 

[Fowl Play]

I may have sounded discontent.
I was more joking than anything. But I've working in excavation for 8 years. Working on a two man crew. Can run any piece of machinery with some finesse.
Have no added benefits other than access to machinery. Work 40-50 hour weeks.(Nothing crazy)
And don't make anywhere near 100
Is this normal?
I have normal rent. Have a wife that has some side jobs but no real cash flow. (Which is fine).
And id like a house to. Lol
Or do I just need to go whole up in an office and poke buttons to make the real money.
Do people enjoy their jobs? Or do u work for the paycheck?

You can find both if you actively search it out (like your job and nice paycheck). There are plenty of blue collar jobs out there that will put even high level white collar jobs to shame. Just need to specialize or switch industries. I’m in aerospace, our machinery operators make major coin as what they are moving are worth millions, sometimes billions of dollars (yes with a B). Our welders can make over $200K a year with amazing benefits. You do that in a place with low cost of living as well, take Huntsville, AL for instance and you can set yourself up for a very early retirement if you are smart.

 

[Tahoe1305]

According to the White House, inflation has gone down as well. So take your numbers with a grain of salt.

You don’t think inflation has gone down? Regardless of what the WH says???

Inflation is a rate, not a value. The rate has definitely decreased. Yes things are still expensive but that isn’t inflation, it’s the cause of previous inflation rates…..

Unless there is a crash or crazy correction. Things “should” always stay more than they were 5 years ago. Things seldom get cheaper over the long term.

 

[Tahoe1305]

Back to the OP and others (assuming younger but maybe aren’t) talking about a 20% down payment. You get 20% down funds by getting in the market (housing or other) to begin with. Taking the risk. It usually makes money. It becomes a bit of a snowball (like monopoly) where you buy a $300k house….wait….sell for $500k, pocket $250k….use 200k of that for down payment….rinse, repeat. Doesn’t take long to get 1-1.5M of bank leverage working for you.

For folks just starting out that may not be possible, but PMI is how the banks allow that door to remain open.

You can make 20% down with even a modest job. I’ve been government service my whole career. I didn’t make anything special for money (below 100k for a majority of it).

I did have some smart friends growing up who believed in saving and I picked up some good habits from them. Saved 1/3 of income when I was making 50k a year as a 20 something. It sucked. I couldn’t do a lot I wanted at that age, but it paid off later. We were disciplined and saved.

For reference I still drive my 25 year old Tahoe that we bought new in 1999. I personally think folks waste a significant amount of money buying new (or new to them) cars every few years. It’s the single biggest discriminator from my peers who have money and don’t. Take it for what it’s worth.

 

[Hnthrdr]

Currently getting paid 6 figures to watch YouTube.

Fireman? Gotta be a coiled spring…

 

[SDHNTR]

I may have sounded discontent.
I was more joking than anything. But I've working in excavation for 8 years. Working on a two man crew. Can run any piece of machinery with some finesse.
Have no added benefits other than access to machinery. Work 40-50 hour weeks.(Nothing crazy)
And don't make anywhere near 100
Is this normal?
I have normal rent. Have a wife that has some side jobs but no real cash flow. (Which is fine).
And id like a house to. Lol
Or do I just need to go whole up in an office and poke buttons to make the real money.
Do people enjoy their jobs? Or do u work for the paycheck?

In my area a self employed heavy equipment operator could name his price. $150/hr no problem. The same could be said for virtually any trade.

 

[maxx075]

Fireman? Gotta be a coiled spring…

Software engineer waiting for access to a government project. I just want to work lol.

Transferred from another program where I was actually working and now my days are filled arguing with boomers about mortgages and watching youtube.

Grass isn't always greener.

 

[SDHNTR]

People are compensated in direct proportion to the magnitude of the problems they solve.

Get your skillset in front of people who value their time and they'll pay more than you could ever comprehend for the solutions you can offer.

That's a paradigm shift that most will never experience, and they end up trading their time for money their entire life.

Food for thought, without derailing the thread too much.

A hearty amen to this!

 

[ztc92]

I personally think folks waste a significant amount of money buying new (or new to them) cars every few years. It’s the single biggest discriminator from my peers who have money and don’t. Take it for what it’s worth.

Just wanted to highlight this. I’m in my 30’s and I’ve been fortunate to only have 2 vehicles since turning 18. A used 2011 Honda ridgeline that I took to 298,000 miles and now a 2010 Toyota Tundra with 150,000 miles that I’m hoping to have for many more years. Warren Buffet drove an old Buick for years even though he was rich enough to have any car he could ever want.

 

[Maverick1]

It feels really good to finally pay off a mortgage. That is what some people say.

 

[tony]

So I'm 55 single, and thinking of buying a home. Am I dumb to be considering this at my age.
Long story had a great gal and home which is probably paid off now. Being an ass I squandered both away. We split peacefully and she gave me a little cash for the home.

I guessing I'm sort of lucky as I pay $350.00 a month for a small no frills apt. I interviewed for a job that would give me my full retirement in the state pension system. Obviously I wouldn't be making the same scratch on retirement. This potential new job is close to an 1.5 hour drive one way. So any potential savings in rent would be lost in fuel, wear and tear on the vehicle and my own time.

My expenses are small, truck note (about a year left), utilities and day to day needs. My investments are pretty good.
I just don't know if I want to be working to make a house payment in my 70's possibly. Yet, the thought of rent prices gives me chest pain when I see prices and hear what some pay.

You all that have a USDA loan these are the first two lines from the requirements.

• Be without decent, safe and sanitary housing
• Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet

This sounds like the bum under the bridge or some of the local welfare recipients. neither are buying houses

 

[NRA4LIFE]

It feels really good to finally pay off a mortgage. That is what some people say.

We had a goal to send a check in on my 45th birthday to pay off our house, and we did. Both of us retired early, my wife at 55, me at 53 (she's a few years older than me, I got a cougar). Paying off your home is key. Do everything you can to accomplish that.

 

[Pharmseller]

Takes a long time to get 40k free and clear in the bank.


Sent from my iPhone using Tapatalk

You must be a shítty dancer.

I get that in 5, maybe 6 Saturdays.




P

 

[Yoder]

Maybe when 300k got you a nice place in low cost of living areas...lol

It does where I live.

 

[Tjdeerslayer37]

It does where I live.

same

 

[NDGuy]

same

And what’s the median household income?

 

[Tjdeerslayer37]

And what’s the median household income?

google says- "In 2022, the median household income in Michigan amounted to 68,990 U.S. dollars"

300k would produce a lot more house here than id want, personally. but thats obviously up to the individual. my best friend lives in a 3bd 2ba home, 3/4 acre, 1500 sq ft, lakefront, supposed to be worth about $425k right now.

 

[NDGuy]

google says- "In 2022, the median household income in Michigan amounted to 68,990 U.S. dollars"

300k would produce a lot more house here than id want, personally. but thats obviously up to the individual. my best friend lives in a 3bd 2ba home, 3/4 acre, 1500 sq ft, lakefront, supposed to be worth about $425k right now.

That's great to hear there's still some places that you can find reasonable prices. My house got assessed 2x after I moved in and only been here 3 years. Taxed over 100k more since I moved in.

 

[SDHNTR]

We had a goal to send a check in on my 45th birthday to pay off our house, and we did. Both of us retired early, my wife at 55, me at 53 (she's a few years older than me, I got a cougar). Paying off your home is key. Do everything you can to accomplish that.

Perhaps to you, it was emotionally “key”. If so, congratulations. For a massive number of people, however, this “advice” makes zero financial sense at all.

 

[SDHNTR]

It feels really good to finally pay off a mortgage. That is what some people say.

“Feels” being the operative word.