Any of you use his baby steps guide? How effecting was it for you? I’m about to take the dive.
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Davish Respsones:You can't get a mortgage if you have no credit history. Your insurance premiums are based off not just driving record, but credit score, because poor credit is seen as a risk. Even some jobs will obtain a credit report if you work in banking or finance.
I'm not advocating going $70k in debt for a new car, but if you can qualify for 0% interest financing on a vehicle, why not take the banks money?
I'm sorry, but that may have worked when our parents and grandparents were young. Back then yes you could literally save and buy a house cash in your 20s or 30s because houses were affordable. People in their 20's now making $30-40k a year aren't buying a house cash. A decent house in a decent neighborhood with decent schools for your kids will run you $120k+ in Macon. Probably north of $150k in the outskirts of Atlanta.You can get where you want to be without borrowing money. You can not do it immediately, it takes time and hard work
Listen to the news and you think the only way to buy a car or a house is by borrowing money. WRONG!
Lots of people can and do buy what they need with cash, but that cuts out a lot of payments to the middleman economy.
I absolutely agree with buying a house vs. renting if you will live there several years to negate closing costs, and hopefully you don't have to sink a bunch of money it.I'm sorry, but that may have worked when our parents and grandparents were young. Back then yes you could literally save and buy a house cash in your 20s or 30s because houses were affordable. People in their 20's now making $30-40k a year aren't buying a house cash. A decent house in a decent neighborhood with decent schools for your kids will run you $120k+ in Macon. Probably north of $150k in the outskirts of Atlanta.
In the time you'd have to take to save up that kind of cash, you'd be blowing your money on rent that you'll never get back. If I am already having to pay $700-800/month rent on a two bedroom apartment, why not turn that rent money in to house payments that you'll actually have equity in?
So are you advocating that people just wait until they're older to buy their first house cash? That would kill the housing market and the economy. I think a house is the first and only major financial purchase you should borrow for. Cars sure I'm all for advocating buying used and paying cash. But not a house. My interested rate on my house I bought 7 years ago is 3.25%. I have 50k in equity in it. You aren't getting that paying rent or living at home with the parents.