Planted Tank Guru
Join Date: Apr 2011
Location: Hamilton, Ontario, Canada
Sorry Rbarn, I wasn't trying to call names. I do understand it is a liability that you owe, and sometimes for a long time, sometimes not. I think the biggest mistake people make when shifting from renting to buying, is look at like I'm paying $1500 a month rent, with mortgage, taxes insurance, I will only pay $900 a month, so I'm saving $600 a month and then live $600 a month better instead of saving that $600 a month for balloon payments off their mortgage, or for home improvements or repairs. If you could sustain on $1500 a month renting, then save that extra $600 instead of leasing a $600 a month car or extending your means. This helps pay your house down faster, allows you to save money and invest that, have an emergency fund, etc. If you spend that extra $600 each month, then you need some roof work and don't have the extra money, then you need to take equity out of your house and then you owe more and end up in the cycle. The idea is to not get caught up in the cycle.
I much rather try my hand at owning though, win or loose, than rent and just pay the house off for someone else. Now that's an investment. lol.
20g platy, , 2 x 10g shrimp, 3 x 20g shrimp, 7.5g shrimp and 1 great dane/mastiff puppy.
Sump Pimp #2
My Tanks and my shrimps