How broke are you?

[R8RFAN]

Instead of hijacking a thread lets make our own...
How far up to your ass are you in debt are you?
How close are you to filing for Bankruptcy.
How many of you borrow from Mom and Dad because you are sorry as hell and have to drive that car that sounds like a pissed off bumble bee?



Let's get it on you broke dick bastards...

It's on


I will start the thread

0 Mortgage debt
0 Consumer debt
0 Car payments

Bills I owe
Directv
Insurance
Taxes
Utilities
Food
and Cell Phone (thanks luv)

[scho63]

Originally Posted by BWillie

You should never be debt free due to tax purposes, inflation, and the opportunity cost of tying that money up that can be otherwise used as an investment.

That's the dumbest advice Ive ever heard.

You should always try to be debt free.

The exception is if you can borrow money at 3% and get a guaranteed return great than the rate you borrowed at, go for it.

To carry debt just for tax purposes is assinine.

[Buehler445]

Originally Posted by scho63

That's the dumbest advice Ive ever heard.

You should always try to be debt free.

The exception is if you can borrow money at 3% and get a guaranteed return great than the rate you borrowed at, go for it.

To carry debt just for tax purposes is assinine.

Yeah. I’m not sure exactly what he’s getting at from the tax side of things. Sure interest is deductible, but principle payments are exclusively post tax. You get depreciation, so if you keep it for the term of the depreciation and term of the note, it’ll net 0 on the tax side.

[Bearcat]

Originally Posted by DaFace

He's backed off on it a bit, but it's still just such a ludicrous position to take that people should avoid all debt at all costs. Granted, I kind of got lucky in buying to a housing market that has been red hot ever since I bought our place, but I calculated it up the other day, and the value of my house has appreciated more than the sum total of all of the money I have put into it (principal, interest, and repairs/upgrades/maintenance). It's like I've literally been able to live rent free in my own house for a decade.

To put it another way, if I'd rented all of this time, I still probably wouldn't have saved enough to pay cash for my place even in 2009 values, and the price has nearly tripled since then.

My net worth would literally be $300k+ lower right now if I'd followed R8ers advice.

Hmm, never thought of the whole rent/buy debate that way, from a future value of money/property perspective... probably because coming at it from that direction and wanting to save for years on end and pay cash for a house is so ridiculous, that it never enters into my thought process.

[Bearcat]

Originally Posted by Buehler445

Yeah. I’m not sure exactly what he’s getting at from the tax side of things. Sure interest is deductible, but principle payments are exclusively post tax. You get depreciation, so if you keep it for the term of the depreciation and term of the note, it’ll net 0 on the tax side.

Shit poster shit posts... granted, that's kind of the point of this thread.

One day it's "ermergerd I'm paying $600 a month on electricity and have no idea how" and another day he's a multimillionaire... sometimes in the same thread.

[BWillie]

Originally Posted by DaFace

He's backed off on it a bit, but it's still just such a ludicrous position to take that people should avoid all debt at all costs. Granted, I kind of got lucky in buying to a housing market that has been red hot ever since I bought our place, but I calculated it up the other day, and the value of my house has appreciated more than the sum total of all of the money I have put into it (principal, interest, and repairs/upgrades/maintenance). It's like I've literally been able to live rent free in my own house for a decade.

To put it another way, if I'd rented all of this time, I still probably wouldn't have saved enough to pay cash for my place even in 2009 values, and the price has nearly tripled since then.

My net worth would literally be $300k+ lower right now if I'd followed R8ers advice.

Other than cryptocurrency, buying property has been the best thing financially I've ever done. I bought a house in 2008 for 160k that is now worth 275k. I bought a property in 2010 for 250k that is now worth damn near 500k. I bought the house I live in now just 4 years ago for 250k and it's now worth 375k. I lived in them for a bit, then moved out & just rented them. Why you would ever rent is beyond me. Just flushing money down the toilet. Think long term not short term.

The dumbest thing I'm doing right now is some Dave Ramsey shit, just letting my 10 BTC I cashed in on May 12 sit and rot in my bank account. I haven't figured out what I'm going to do with it yet. Might start flipping houses like a buddy of mine is doing making money hand over fist - doing no work himself.

[BWillie]

Originally Posted by Bearcat

Shit poster shit posts... granted, that's kind of the point of this thread.

One day it's "ermergerd I'm paying $600 a month on electricity and have no idea how" and another day he's a multimillionaire... sometimes in the same thread.

Yeah one of the homes I own I pay for the utilities due to how it's set up with the renters but that can heavily deducted so it's not the end of the world. One of the reasons I'm getting rid of it. I'm starting the renovation process on that home as we speak, just need to replace some floors & paint it and I'll be getting 275k for it probably by end of August. Based on the rent and property gains I've received from that home, more than worth it.

Don't rent. Don't do it. And this is coming from a guy who does NOTHING himself. Hire everything out. I don't even own a lawnmower. I don't paint. I don't landscape. I don't clean. Still worth it. If you are one of those souls that is good with your hands and actually likes fixing shit, I can't think of a better thing to do than to buy a fixer upper of a house (not in cash) and gradually fix it up while you live there, maybe rent out a basement or create a live in apartment for some income property within it.

[eDave]

So you are just going to abandon the best thing financially you've ever done?

[BWillie]

Originally Posted by eDave

So you are just going to abandon the best thing financially you've ever done?

You don't really want to rent homes that you own outright. You always want to be financing them due to tax benefits and nd LTCG etc.

[eDave]

Originally Posted by BWillie

You don't really want to rent homes that you own outright. You always want to be financing them due to tax benefits and nd LTCG etc.

OK. But what about what I was talking about?

[BWillie]

Originally Posted by eDave

OK. But what about what I was talking about?

Oh my bad, I thought u were mocking me and that was directed at me. Carry on.

[eDave]

Originally Posted by BWillie

Oh my bad, I thought u were mocking me and that was directed at me. Carry on.

FFS. Why are you abandoning crypto?

[-King-]

Originally Posted by eDave

FFS. Why are you abandoning crypto?

Where did he say he's abandoning crypto?

[BWillie]

Originally Posted by eDave

FFS. Why are you abandoning crypto?

I'm not. I only cashed in 30% of my crypto, and only bitcoin. I didn't sell any Ethereum. That Elon tweet freaked me the **** out. After hodling for years....the enviro concerns scared me enough to hedge my holding somewhat. I still believe in it, I just don't believe with 100% certainty that it will become 100k BTC someday like I used to.

[DaFace]

Originally Posted by Bearcat

Hmm, never thought of the whole rent/buy debate that way, from a future value of money/property perspective... probably because coming at it from that direction and wanting to save for years on end and pay cash for a house is so ridiculous, that it never enters into my thought process.

Again, there's a huge caveat that I got really lucky and bought in the bottom of the housing bubble's burst. And another bubble bursting could cut that down dramatically.

But yeah. I have friends who are paying $500 more per month in rent on a 1000 sf apartment than I'm paying for my mortgage on my 2500 sf house.

[SuperBowl4]

Originally Posted by BWillie

Yeah one of the homes I own I pay for the utilities due to how it's set up with the renters but that can heavily deducted so it's not the end of the world. One of the reasons I'm getting rid of it. I'm starting the renovation process on that home as we speak, just need to replace some floors & paint it and I'll be getting 275k for it probably by end of August. Based on the rent and property gains I've received from that home, more than worth it.

Don't rent. Don't do it. And this is coming from a guy who does NOTHING himself. Hire everything out. I don't even own a lawnmower. I don't paint. I don't landscape. I don't clean. Still worth it. If you are one of those souls that is good with your hands and actually likes fixing shit, I can't think of a better thing to do than to buy a fixer upper of a house (not in cash) and gradually fix it up while you live there, maybe rent out a basement or create a live in apartment for some income property within it.

”I don’t clean”? how is your personal hygiene?