Home Forums Hunting & Shooting Hunter's Campfire Is your house paid for?

Even if paid for, we are renting from the bastards that make us pay school, property taxes. You quit paying, you won’t be in it long!

This from the guy that worked for a school district and bragged about how much he made? really?

That's my rub with him as well. It's great I guess for folks with no discipline in their spending habits. Also, his plan does not work for rural folk, especially in northern climes. I'd rather carry a little debt and enjoy my life and and my family as long as I can make the payments AND have a light in the tunnel where it'll all be paid off before I die.

I could be free and clear on my house in the prairie. Or I could by carry a heavy note and live where I promised my wife we'd come back to. If money is all a guy cared about I could sell my place now for 3X what I paid and walk away with a pretty good chunk of change and pay off my tractor and truck loans to boot. But I couldn't buy what I have with what I'd get selling it. So I guess to many I'm a sucker. lol

There’s good debt, and there’s bad debt.

My wife and I decided to pay off our house early, despite the advantages of cheap money. The dynamics of our industry drove the decision. Pharmaceutical sales is a fickle business, full of retractions and expansions, so knowing that we held the paper free and clear made operating in the sector much easier.




P

The best siding is sawmill slab over tarpaper. Put the sawdust in the walls for insulation, held in by red rosin paper.

Here’s another ‘Pro Tip’

Retread tires are the best for roofs.

Lol

🦫

This^^ is why I love the campfire... pro tips that will help you excel in life!

As soon as I get my 6.5 dialed, expect me to flood the campfire with hero pic's of trophy critters!

In all seriousness though guys.

To properly address this issue would require a book of info. It's not as simple as paying your house off and staying married to become wealthy.

Do the math you cannot save enough on an average or even good wage to become wealthy.

You need to learn to invest and in doing so use financial "tools" such as loans etc.....

Now if you just want to live a comfortable but relatively simple life, get a good job, a good wife with a good job, buy a house within your means, pay it off, invest in your 401K
and do this for years and chances are good you will meet your goal.

Pharmseller mentioned good debt and bad debt and he is spot on!

A 15/30 fixed home loan @2.5 percent on an appreciating asset would be considered good debt.

A business loan @4.5% that enables a business that cash flows you a very comfortable living is a good debt also.

Also when interest rates are running as hot as they are now, these interest rates are like free money I.E. , Would you want to be a lender getting 2.5% when the inflation is 9%?

The devil is in the details though, you can take both of the examples I pointed out above and turn them into bad debt. For example, you over pay on a house that is above your price range.... you borrow for a business that becomes insolvent etc....

My rule of thumb is no more than 30% debt to value ratio. I prefer 25% and that is where I am at currently (thanks to inflating asset values)

If I was to disclose my debt many of you would laugh at me... but if I disclosed the value of my assets you wouldn't..... so it's not so simple.

Dave Ramsey is full of schit, yet he is more right than wrong. For the average guy that is consumed with his job and keeping the lights on he is spot on.

For others, willing to put in the work, research etc... then act on that with saved money and leveraged money , the world can be your oyster... if you have the balls, risk reward thing.
To declare your way is the best and only way is just foolish.... but it is fun to "flex" on these threads and they never disappoint to entertain.....

SO, if the car dealer offers me 0% interest on a new car I should borrow against my retirement account to buy the car outright instead of going into debt???

Jeebus.

Yeah, fuby. Sometimes debt is good.

Dave Ramsey would scold you for such foolishness.....

I, on the other hand think that's pretty darn smart...

Ramsey uses a one size fits all , cookie cutter approach . That’s why I quit listening to him fifteen years ago. You’re either a dumb ass or you’re not.

Good thing I was taught by nuns

They showed me how to figger that kinda stuff out by 4th grade

Yes Geno, it's a good thing those virtuous nuns made an upstanding citizen out of you.... I would hate to think how things would have turned out if you had been left to your own devices.......

Yes, but by the person that I rent from:)

Mines paid off. I was tempted to borrow against it a year ago when they had 15 year loans about 2.1%. Sometimes I wish I had borrowed at that rate now that it's tripled but I would have probably built spec homes or new rentals with it and paid too much for them. If I'd have borrowed it and kept it in the bank until prices come down it could have been ok.

They were going to loan me 1.1 million without an appraisal id be sick if I'd done it and invested it and lost. But you can't make money without risk. I think the wife was right though when she said you worked too hard to pay it off to borrow against it now. But 2.1% money was incredibly tempting.

Bb

Good post. If I could start life again I'd definitely use other folks money more than I did and I'd would have for sure not married the evil #2.

I don't owe anything for anything I have other than the property tax grift. But I'm old enough that should be the case.

Most of them would be amazed I'm still alive. And not in the hoosegow.

Young boys are suppose to be hellions..... today very few understand that

That's the reason we NEVER own our home.

Not all places have outrageous property tax... although I do buy the argument all property tax is outrageous...
I hear about the tax rates back east and think wtf, why would anyone live there?