Quote:
Originally Posted by Rukdafaidas
I was responding to your statement that credit is for broke people by saying that it's not always just for broke people.
Then you turned around and said credit is for rich people.  |
Ok what I am trying to explain is that the credit system will benefit the rich man because of the tax advantages within moderation, there is no denying that and the rich man have people hired to advise him when he will gain financially... The poor man living on a budget does not capitalize from borrowing money they don't have...
I could re mortgage my house, put a couple hundred thousand more in my bank account and pay a house payment every month too.
Would you take something that is paid off and refinance it just to have money in the bank?
Would you borrow money just to put it in the bank ? Of course not, you are losing money...
To those that use a credit card all month and pay it off or leave about 10 bucks on it a month, thats fine, you are responsible with money...
To those with a 5-10k balance, just enough money going into the checking account to pay the bills a month and a mortgage thats eating about half your income a month...
You will fail, I hope you don't but odds are you will and when the house of cards fall, alot of time the marriage does too.
This is how Life should work..
1- Get a job and maintain it & buy a reliable USED car cash
2-save money & Never get a credit card
3- Be 100% debt free before you decide the next step
4- buy a house when you have 20% or more to put down cash, payments under 25% of
TAKE HOME PAY a month on a 15 yr Mortgage You should have enough money also to live for 3-6 months in case you break a leg or something above this 20%
Don't worry about a credit score, when you have cash it talks.
5- Work and save more money pay that house off in 5 or so by doubling those payments.
By this time you will have a ton of cash to buy whatever you want within reason with cash money.
Live within your means for life & spend less than you make...