Nostr Web Client

If you like being a servant/slave to a bank sure.

Crizzo 2y ago

All renting does is put a middle man between you and the bank. You're still paying a mortgage, the landlord's, and you get no benefit of building equity for your payments.

I'm sorry, dude, but your advice sucks. We are all held hostage and slaves to the debt based system whether we have debt or not. In fact as the currency is rapidly devaluing it can make a lot of sense to take on some debt because the debt loses value over time, making it easier to pay back, and allowing you to own an asset that is appreciating in value vs the currency. You just need to be able to service the debt and not overextend yourself.

Stop relying on banks to afford the things you want. I own a house paid for with saved cash. If you need a banks help you’re looking for something out of your means.

Can’t buy a house here anymore by just saving… Prices have increased so much in recent years that working just doesn’t add up to be able to afford a house, unless you want to buy a house when you’re too old to actually still need a house

The answer is to buy somewhere affordable. You said you can’t afford “here”.

True, but that means that in your theory a big portion of the world population would all need to move to the same “cheaper” places… that wouldn’t work out well, do you think?

I mean ya if we scale it to the whole planet. But that will never happen. If a few hear this message and can improve their situation thats a great start.

True. But in the end there will still be a hell of a lot of people who can’t afford a house. The amount will only increase. Would you tell them the same? It’s not the solution. Personally yes, but it’s not the broader solution we should be looking for

I don’t have all the answers. I won’t pretend I do. If someone cannot afford a house then it is what it is. Turning yourself into a slave is a bad approach to home ownership. The world would continue just fine if we didn’t have ways to borrow money. Other options exist. Borrowing money has only cause the housing affordability issue to get worse, not better.

You could borrow money from family and friend without involving banks. Banks are corrupt.

Totally agree with the last sentence.

In my opinion houses shouldn’t be investments (for people with a lot of money). They should be used for living not as an asset. They should also be fairly priced for the value they actually are based on materials used and location. Prices have insanely increased because they are viewed as investments and not for their usecase.

Spot on! 💯

No. Prices have gone up mainly because currency is devalued

Come visit Canada. Banks give out 35 year mortgages to anyone here. We have foreign investors buying up property and renting it out. Our PM keeps printing money and causing inflation.

You probably don’t own a house by the way you are talking. Borrowing money to buy a house is a form of savings. If you pay $2000 in rent every month, after 10 years, you would have lost $240,000 with nothing to show for. If you borrow money to buy a house; and if you sell after 10 years You can get all the money you paid in your mortgage back plus more if you are lucky. You are not thinking this through

Are you trolling?

If you paid rent you would have a roof over your head for that time. Nothing to show for? You didn’t lose anything. You got exactly what you choose to pay for.

Of course you can borrow money and make a return in 10 years. No one is arguing that. That doesn’t mean making yourself a slave to a bank is a good idea.

Why would you think I don’t own a house? Because I don’t talk like someone who has a regretful mortgage?

How are you a slave to the bank? You get to live in your house don’t you? 😆 If you borrow at 2% interest and the interest is now 5%, they are paying you to own a mortgage.

Try getting sick and lose your job. Pay that mortgage you slave. Cant pay? Sorry you lose everything.

Same shit you are renting. 😆

Yes exactly! So own a home!

I do. 3 😆

That’s amazing if they are paid off! 🤜🤛

No one still has a mortgage, but I am renting it so someone else is paying the mortgage 😁

So it has a mortgage if someone else is paying it? And if there is a mortgage its not your house. Its the banks.

Technically yes, but I can sell it at anytime and get my money back.

Oh for sure. I guess I’m going on about true home ownership. If you don’t hold the deed to the house, it aint yours lol. Even if 99% way to paying off mortgage. Until the lender hands the deed to the borrower, theres no house you own.

I think we need different vocabulary for people with mortgages. People easily say they own a house even if mortgaged. They should be saying “I borrow a house from the bank, I’ll own it in 23 years.

Crizzo 2y ago

Everyone's situation is different. That's great that you bought a house with cash, but most people would need to save up for 30 years to afford a house. What should they do in the meantime? Pay their landlord's mortgage? Live with their parents?

Paying a debt payment that is a fraction of their income is within their means. Your hard-line approach is unreasonable for most people.

I agree everyone’s situation is different. And the post I made is certainly hard to follow. But it’s nevertheless true. There are numerous ways to live within your means without borrowing from a corrupt bank. I could name some ideas but everyone’s situations is too specific. Will there be sacrifices to be made to live affordably? For sure. Regardless debt is not the answer. Live within your means. I would ban mortgages if I could. Debt is slavery.

The banking system has really brainwashed people into believing they can’t survive without them. Don’t believe it.

Rent or mortgage, its not your property.

acf9f462... 2y ago

While I agree with you 100% if we were in a #bitcoin economy. We are in a #fiat economy and savers are losers. Debt is a tool. A tool that should be used wisely. If you don't use debt properly you will stay poor.