Quote:
Originally Posted by R8ers
The only problem with not paying the bills is the creditors placing judgments on you, and if that happens, you will never be able to get another house until they either give up or you file BK .
I hope you get yours paid off soon to Saul but having only the mortgage is a big accomplishment in itself and you are probably living in a 4 percentile group of Americans that can say that
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That's why I had the disclaimer of it making sense if you don't have much of an income. If there's nothing to garnish, a judgment doesn't mean anything. If you owe the money, you owe the money. A judgment doesn't tell you anything new. I understand what you're saying, though.
I'll have mine paid off before too long. My goal is to have it paid off by the time I'm 35. That gives me 4 years. 40 might be more likely, though. I subscribe to the "pay yourself first" philosophy. A huge portion of my income is socked away before the check ever reaches my account. I make a six figure income, but I realize considerably smaller amount.
If I really had it to do over again, I would have found a house for about $80,000 as my first place and paid it off by the time I was 25, lived in it until I was 30, and then paid cash for about a $200,000 house. Given the market and interest rates, maybe I would have bought about a $250,000 house (that had been $300,000 a couple years before) and had a $300 mortgage payment until I paid it off in 2 years.
Sounds pretty good in hindsight, but try convincing a kid right out of college to do that.