Quote:
Originally Posted by Saul Good
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.
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Man if you have that paid off by 35, you will be sh*&*^^ing in high cotton for many years, and you will actually be doing better than me by 7 years...
Thats a damn good income too and you will be a very wealthy man if you make smart choices.
Congrats to you