They budget carefully, dont get ideas above their financial station and only borrow what they can afford to repay, this repayment includes loan and income protection insurance.
Ie. In my case, should I be injured in a manner which prevented me going back to work, my homeloan is paid out in full and I recieve 75% of my current income until age 65. This insurance which can be used as a tax deduction costs less than $500 a year before said deduction.
Failure to have the above means they are a fucking idiot and deserve whatever misery is heaped upon them and their family for their incompetence.
That may sound harsh, but the reality is if you are borrowing a large sum of money or making any potentially long term financial committment like having kids and the words in your head are "I want" instead of "I need and I can afford." then you shouldnt be doing it. My parents and I dont agree on much, but I learnt that there was a damn good reason why I spent the first decade of my life on a home-made bunk bed sleeping in an enclosed tin
Corrin's mum said to us once that she was sorry for us, because when she was our age (well, more like your age) if you were just sensible with your money you would be able to buy a block and build a house pretty easily and still have quite a lot of money left over for fun. Whereas nowadays it's pretty difficult to do that. *sigh*
I have already given up on the idea of ever buying a house close to work.
I honestly think that, in the long term, I am better off renting less than 1km from my workplace and walking, then buying a place out in the sticks and commuting.
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Which is why there are now about 4 families living at the local park in their cars because they can't afford repayments.
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Ie. In my case, should I be injured in a manner which prevented me going back to work, my homeloan is paid out in full and I recieve 75% of my current income until age 65. This insurance which can be used as a tax deduction costs less than $500 a year before said deduction.
Failure to have the above means they are a fucking idiot and deserve whatever misery is heaped upon them and their family for their incompetence.
That may sound harsh, but the reality is if you are borrowing a large sum of money or making any potentially long term financial committment like having kids and the words in your head are "I want" instead of "I need and I can afford." then you shouldnt be doing it. My parents and I dont agree on much, but I learnt that there was a damn good reason why I spent the first decade of my life on a home-made bunk bed sleeping in an enclosed tin
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http://nicholas.temov.net/
As for your question... I have no idea.
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I honestly think that, in the long term, I am better off renting less than 1km from my workplace and walking, then buying a place out in the sticks and commuting.
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