Mortgage delinquencies starting to rise

[meketrefe]

Why should I pay for their choices that give them high paying jobs( allegedly) ?
Can I get a rebate for paying my bills too?
Does Biden even have the power to do it? Or is it a political trap to get someone to fight it

The real problem is:

1. Taxes out of control.
2. Education is a scam.
3. Energy a huge problem and a green future a dream (largely because of abandoning the Nuclear initiatives)
4. Health care a robbery.
5. Retirement budgets and plans unrealistic.

So how are people supposed to prosper in a system that is designed to bleed the taxpayer dry?

WE have a system that is not sustainable and a lot of investment firms, insurance conglomerates, lawyers, paper-pushers and speculators have to live of this system that produces nothing, it only takes.

That is why people are moving and retiring outside the USA. In some places in Europe is even worse as full steam ahead Socialism is taking hold.

 

[meketrefe]

It depends on the period, but generally investing in an S&P 500 index fund or any typical broad-market mutual or index fund will out perform paying off one's mortgage.

I don't know when you took yours out, though. Market didn't grow in the 5-7 years prior to you paying yours off and I bet your rate was much higher than what they've been for most of recent years. I have a 3.6% rate on a 30 year and have no inclination to overpay it. I do invest extra money in stocks, believing they will outperform over the next while. I will probably tire of this at some stage and pay it off early. I recognize that there is a very high percentage of those who did who find the peace of mind worth any marginal losses vs investing.

I talked to my investor and even the bank offered some alternative plans. I told them, if you can show me a projection where I can make more money from that principal then I will keep the mortgage and go that way. The rate was 4.2 fixed from 1998 and consider the principal left was like 80K. So I took a bit of stock that happened to be right before the big dive (Got lucky) and then also after that the houses had been going up steadily for the last 20 years in value (great area). I also took what I was paying in interest and reinvested that religiously.
Also we though this way, we actually enjoy the house every day very much but not only that, I was able to invest in an extra productive asset after 10 years of saving interests.
The investors could not guarantee a given return while my tactic did guaranteed a decent return. Maybe not as much but also didnt' have to worry about others playing monopoly with my future.

I agree with investing but there are many ways of investing. Banks give mortgages because they make huge money out of them.

I don't discard the possibility of taking another mortgage but that would be in an investment property that is also productive asset, but at least I know I have two places I don't have to worry about with mortgage obligations.

Call me old fashion but I also worry about leaving something tangible behind for the kids. I grow apple, pears and other trees in the vacation property and I can have animals and live off the land if I want. I can eat a carrot but I cannot eat a oz. of gold or an investors dividend paper.
well I guess the paper will go down easier than the gold with some water or something to help! lol

And yes I also have an investment plan. I am not stupid. ...I am just saying, do your math and follow your dreams.

 

[TEOTWAWKI inc.]

Your comment is wrong in so many ways

Jewish Lightning is a thing. 97% was just an estimate.

 

[TEOTWAWKI inc.]

Did the entire internet just go soft or something today?

 

[Blimey]

I talked to my investor and even the bank offered some alternative plans. I told them, if you can show me a projection where I can make more money from that principal then I will keep the mortgage and go that way. The rate was 4.2 fixed from 1998 and consider the principal left was like 80K. So I took a bit of stock that happened to be right before the big dive (Got lucky) and then also after that the houses had been going up steadily for the last 20 years in value (great area). I also took what I was paying in interest and reinvested that religiously.
Also we though this way, we actually enjoy the house every day very much but not only that I was able to invest in an extra productive asset after 10 years.
The investors could not guarantee a given return while my tactic did guarantee a decent return. Maybe not as much but also didnt' have to worry about others playing monopoly with my future.

I agree with investing but there are many ways of investing. Banks give mortgages because they make huge money out of them.

I don't discard the possibility of taking another mortgage but that would be in an investment property that is also productive but at least I know I have two places I don't have to worry about mortgage obligations.

Call me old fashion but I also worry about living something tangible for the kids behind. I grow apple, pears and other trees in the vacation property and I can have animals and live off the land if I want. I can eat a carrot but I cannot eat a oz. of gold or an investors dividend paper.
well I guess the paper will go down easier than the gold with some water or something to help! lol

And yes I also have an investment plan. I am not stupid. ...I am just saying, do your math and follow your dreams.

Makes sense. No guarantee would have matched that rate. People do seem to have a real high from paying off their houses more than a few extra bucks invested (assuming the market doesn’t dive or whatever).

 

[Grimscale]

15% of my paycheck is withheld for Federal taxes.
Since they can just print money whenever they want they have no need of mine.

I will now cease allowing any withholding, and will no longer be paying taxes.
Thanks Joe Biden. This is such a generous gift!

 

[meketrefe]

Makes sense. No guarantee would have matched that rate. People do seem to have a real high from paying off their houses more than a few extra bucks invested (assuming the market doesn’t dive or whatever).

Also my philosophy was to buy a nice house in a nice location that I could afford and pay easily. Others told me buy a larger house, buy that mansion and all that shit. Well no thanks. Because I can afford it why should I go for it if the one I got has all I need, 2.5 car garage attached, 5 bedrooms, 3 bathrooms, stone patio, and a decent yard not too big. Guess what, my kids went to the same school, share the same sidewalk like the guy two houses over with a house 2 times mine but he also pays twice property taxes and more maintenance and shit.
My hose sells much faster (probably same day I put it for sale) than that mansion and others close by.
So with that I was able to secure my basis and own much faster than if I went the show off route.
To me owning my houses is more important than showing off material shit.
And my house is already big enough and it is very nice and tidy. Not the biggest? Who cares?
We have 3850 sq/ft that is pretty decent. In other countries people have 900 sqft or even much less in a ln appartnent and they can live there.
It is amazing to me how people let themselves to be pushed by artificial credit scores and end up being wasteful and sometimes in constant debt above their possibilities.
I get not everyone can have easy choices but at least one should try approaching things realistically and within their current possibilities at the time.
The banks and credit cards want you to be an olympic grade consumer and that way make you an slave of their system.

 

[masterswimmer]

Also my philosophy was to buy a nice house in a nice location that I could afford and pay easily. Others told me buy a larger house, buy that mansion and all that shit. Well no thanks. Because I can afford it why should I go for it if the one I got has all I need, 2.5 car garage attached, 5 bedrooms, 3 bathrooms, stone patio, and a decent yard not too big. Guess what, my kids went to the same school, share the same sidewalk like the guy two houses over with a house 2 times mine but he also pays twice property taxes and more maintenance and shit.
My hose sells much faster (probably same day I put it for sale) than that mansion and others close by.
So with that I was able to secure my basis and own much faster than if I went the show off route.
To me owning my houses is more important than showing off material shit.
And my house is already big enough and it is very nice and tidy. Not the biggest? Who cares?
We have 3850 sq/ft that is pretty decent. In other countries people have 900 sqft or even much less in a ln appartnent and they can live there.
It is amazing to me how people let themselves to be pushed by artificial credit scores and end up being wasteful and sometimes in constant debt above their possibilities.
I get not everyone can have easy choices but at least one should try approaching things realistically and within their current possibilities at the time.
The banks and credit cards want you to be an olympic grade consumer and that way make you an slave of their system.

Well said my friend. I live by the same modest standards. No mortgage. No car loans. No credit card debt. A comfortable retirement account. We now give nice gifts to our kids and grands.

I set up 529 investment accounts for each of the grands. They get a modest but nice gift to play with on their birthdays and holidays. Their substantial gift comes in the form of our contributions to their 529 investment accounts. I wouldn't be at all disappointed if the legacy I leave behind comes in the form of teaching them about moderation with spending by living within their means, investing for the future and overall sound and prudent money management. These downturns in the market have made for some very nice entry points with the funds I've chosen for them.

My kids both have learned well and are frugal with their spending and eager to continue learning about investing for tomorrow. I'm very proud of them.