Posts by restlesscrane8

Rebecca Allen49 said:could you please just explain how on earth you'd manage to save a million dollars that way?? I mean, what kind of fund or savings account could possibly offer those kinds of returns if you're only setting aside about $333 every month??

not to mention what the actual purchasing power of that million dollars will really be worth 30 years from now

I suppose I agree that taking out a loan is a huge risk, especially here in the States and places like it... but whether or not to take on debt really comes down to the current versus future value of money, plus how much you actually need the item you're financing, along with a whole bunch of other personal factors

Sure, and that’s with an interest rate of only 4%. Over 30 years. $0.50 Monthly.
The second point is very well taken—that million dollars will have significantly less purchasing power due to inflation, though you'll still effectively have half a million in today's terms... there are just so many variables at play here.

I just wanted to point out that it's a flawed mindset to think you'll leave something behind for your children by spending almost your entire paycheck on a mortgage while barely scraping by. It's much better to invest—and I don't just mean basic savings accounts or mutual funds, but primarily investing in actual businesses. Savings are really just a way to shield your cash from inflation while getting minimal returns.

Taking out a loan for investment purposes makes sense if you're looking to generate profit. However, using debt for expenses (like a home, a car, or consumer loans) is a heavy burden, and you won't build wealth that way when you consider how much money you're handing over to the bank for that "service." That's why I support Danco's decision to sell, even though renting wouldn't be such a bad move either. I have a friend where, between summer tourists and students during the off-season, they can cover almost the entire mortgage on a property like that.

Lawrence Wright7 said:If I could actually fix this right now, I would. That’s all I want—to get this weight off my shoulders, finally have my paycheck to myself, and get my life back to normal. But it means starting over from scratch. Moving to the Midwest, finding work there... living with my parents again... those are massive, heavy decisions. On the other hand, obviously, I want to "squeeze" as much as possible out of these three years of misery if I can—just to have some cash to kickstart a new life. Looking back, I realize I should have started selling way sooner; maybe I could have actually closed a deal by now. And believe me, I know exactly how it feels to watch another $500 vanish into the bank's pockets every single month. I stalled because I was fighting tooth and nail to keep the apartment, trying every possible angle to find another way out, but I see clearly now: selling is my only exit strategy.
Recently, I set an attractive price: $90,000 (about $1,285/sq ft) for the CDC land. It’s very reasonable, but the right buyer just hasn't surfaced yet.
The agencies tell me it’s just a matter of time.
One agency even put the offer up with the AP, and we’re just praying for a positive response.
I am done being a slave to debt! I just want to earn my paycheck, treat myself and my son to the little things, and finally actually LIVE—I know it's going to happen soon.👍

I haven't had the energy to read through the entire thread, but after skimming the posts, I honestly think this is a solid move.

Since you mentioned wanting to leave something behind for your son, consider this: if you simply put $0.33 aside every month into a savings account or a mutual fund, you could end up with roughly $1 million in 30 years. That’s actually more than what you’d walk away with under the $1.25 scenario. Plus, by saving that $0.83 difference every month, you could easily solve your housing situation, whether that means renting out a room, living with family for a bit, or putting a down payment on a small condo.
This example really highlights the massive gap between carrying debt and building savings over a long period. Isn't it much better to have interest working for you rather than against you? 🙂