Quote:
Originally Posted by GregWeld
I always like the "I can afford it" statement when it comes to MAKING PAYMENTS....
NO..... if you're making payments..... then YOU CAN NOT AFFORD IT. Affording it means you bought it - straight up. Period.
Putting 10% or less down on a house..... Yeah - NO. You really shouldn't be in that house (YET).
Being in debt on depreciating assets.... Yeah about that.... Not the way to EVER get ahead. Try buying something that you can pay for -- and if you can "afford" to make payments - make that payment to your savings account instead of to the lender. Next time you go to the "jacked up truck store" -- I'll bet you look at that pile of cash it took you 5 years to save, a little differently. Guaranteed you won't be in such a big hurry to piss it away.
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Greg:
Awesome advice. IF ONLY, I learned this 10 years earlier than I did (like 6 years ago)....