It's a polarizing topic, isn't it? Sometimes, assuming debt is part of the process of investment, and necessary to do, to make money with borrowed money, such as in leveraged real estate. Of course, today in particular, that's a course only for those who know exactly what they are doing and why they are doing it. Agreed, however, to live on what you earn is a lot better than to worry about getting onto a debt treadmill.
That's not true. Those people could afford their hourses. People are buying houses everday (doesn't matter if the market is up or down). But, when the house drop 50% the original price, they do not feel that they want to pay anymore. Another point, put yourseld in people's shoes, not many people is having to stay in the same location, having same job for life. If they have to move, buying is not that great.
@phototristan Same reason why people recently jumped into gold. Anyway, your point is nothing new. If you make minimum wage, I would like to find out how you live with no debt.
I am not quite with you on the rent and buy issue. In many areas in the US, the rent is lower than monthly mortgage payments. Just take a look at people who purchased houses a few years ago and now are under the water. I respect your view, but it is debatable. Otherwise, no debt is always a no-brainer.
@ncaaaacn2008 This happened because those people bought houses they really couldn't afford. Had they been smarter and lived within their means, there would be no issues of mass foreclosures today. Long term, real estate does up. The focus should not be on a temporary housing market downturn but rather on the long term investment of owning your home.
@phototristan That's not true. Those people could afford their hourses. People are buying houses everday (doesn't matter if the market is up or down). But, when the house drop 50% the original price, they do not feel that they want to pay anymore. Another point, put yourseld in people's shoes, not many people is having to stay in the same location, having same job for life. If they have to move, buying is not that great.
@phototristan I think most of your videos are a reflection of your views. It's easy for someone that reviews $300 shoes, $300 keyboards, and other fancy toys(iPads and other Apple products) to say this. Cut your income to under 20k a year and I bet my life you wouldn't talk like that. I'm not hating. You're making money and it's cool but to hear this from you makes you look like a snob. Don't be naive. You should stick to your product reviews.
@setsallset It's not a matter of how much or how little one makes. Whether you make a million a year or 10k a year, each person could live below their means if they so choose. And no, I haven't always been at the income level I'm at currently. I've even been unemployed.
@phototristan It absolutely matters. If you were unemployed for a while and used up all your capital, how would you get out? To get work? Loans. Many places won't hire without transportation. A junk car cost 1000 that will likely break down. 125 for insurance, 500-1000 for rent. Not to mention food, gas, phone, and clothes. Can't go to an interview looking scrubby. You're working full-time for 10/hour. A whole month of work won't even get you to 0 and that's not including tax or food/gas/clothes
@phototristan you're right. I agree with that but some people are born into debt and it's not a choice like you mentioned. Take a few minutes and look at social mobility in the US vs the world. watch?v=cZ7LzE3u7Bw
@phototristan And there's a big difference between someone that makes 10k a year and 50k. It's called cost of living. The guy making 50k will always have an easier time getting out of debt/living debt-free by saving/living frugal. The guy making 10k a year is forced to live frugal to survive.
@galacticaphantome That can make you money and increase your earnings later so would be what I consider good debt. Still, the less school loan you have to take, it's always better. I worked all through college and took no loans. When graduated, I was in a much better position to focus on starting my career and life than those with heaps of college loans to pay off.
@cremerdude No, living above your means is ALWAYS a choice. As is living below your means. In your scenario, if this person chose to live below their means even for a short while, they could save up an emergency fund which would be able to take care of a minor or even major problems that crop up in life. Then they could pay themselves back over time interest free rather than some greedy credit card company or whatever.
It's a polarizing topic, isn't it? Sometimes, assuming debt is part of the process of investment, and necessary to do, to make money with borrowed money, such as in leveraged real estate. Of course, today in particular, that's a course only for those who know exactly what they are doing and why they are doing it. Agreed, however, to live on what you earn is a lot better than to worry about getting onto a debt treadmill.
ampdavolts 1 month ago
That's not true. Those people could afford their hourses. People are buying houses everday (doesn't matter if the market is up or down). But, when the house drop 50% the original price, they do not feel that they want to pay anymore. Another point, put yourseld in people's shoes, not many people is having to stay in the same location, having same job for life. If they have to move, buying is not that great.
ncaaaacn2008 1 month ago
@ncaaaacn2008 Right so why would they buy a home then?
phototristan 1 month ago
@phototristan Same reason why people recently jumped into gold. Anyway, your point is nothing new. If you make minimum wage, I would like to find out how you live with no debt.
ncaaaacn2008 1 month ago
I am not quite with you on the rent and buy issue. In many areas in the US, the rent is lower than monthly mortgage payments. Just take a look at people who purchased houses a few years ago and now are under the water. I respect your view, but it is debatable. Otherwise, no debt is always a no-brainer.
ncaaaacn2008 1 month ago
@ncaaaacn2008 This happened because those people bought houses they really couldn't afford. Had they been smarter and lived within their means, there would be no issues of mass foreclosures today. Long term, real estate does up. The focus should not be on a temporary housing market downturn but rather on the long term investment of owning your home.
phototristan 1 month ago
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@phototristan That's not true. Those people could afford their hourses. People are buying houses everday (doesn't matter if the market is up or down). But, when the house drop 50% the original price, they do not feel that they want to pay anymore. Another point, put yourseld in people's shoes, not many people is having to stay in the same location, having same job for life. If they have to move, buying is not that great.
ncaaaacn2008 1 month ago
@phototristan I think most of your videos are a reflection of your views. It's easy for someone that reviews $300 shoes, $300 keyboards, and other fancy toys(iPads and other Apple products) to say this. Cut your income to under 20k a year and I bet my life you wouldn't talk like that. I'm not hating. You're making money and it's cool but to hear this from you makes you look like a snob. Don't be naive. You should stick to your product reviews.
setsallset 1 month ago
@setsallset It's not a matter of how much or how little one makes. Whether you make a million a year or 10k a year, each person could live below their means if they so choose. And no, I haven't always been at the income level I'm at currently. I've even been unemployed.
phototristan 1 month ago
@phototristan It absolutely matters. If you were unemployed for a while and used up all your capital, how would you get out? To get work? Loans. Many places won't hire without transportation. A junk car cost 1000 that will likely break down. 125 for insurance, 500-1000 for rent. Not to mention food, gas, phone, and clothes. Can't go to an interview looking scrubby. You're working full-time for 10/hour. A whole month of work won't even get you to 0 and that's not including tax or food/gas/clothes
setsallset 1 month ago
@setsallset I think we are in agreement that one should be responsible and get out of debt as fast as they can.
phototristan 1 month ago
@phototristan you're right. I agree with that but some people are born into debt and it's not a choice like you mentioned. Take a few minutes and look at social mobility in the US vs the world. watch?v=cZ7LzE3u7Bw
setsallset 1 month ago
@phototristan And there's a big difference between someone that makes 10k a year and 50k. It's called cost of living. The guy making 50k will always have an easier time getting out of debt/living debt-free by saving/living frugal. The guy making 10k a year is forced to live frugal to survive.
setsallset 1 month ago
@setsallset And if they are diligent about it, it will get easier and easier as their net worth increases over time.
phototristan 1 month ago
What about school loans? I couldn't have gotten though college earned my degree without it. What do you suggest then?
galacticaphantome 1 month ago
@galacticaphantome That can make you money and increase your earnings later so would be what I consider good debt. Still, the less school loan you have to take, it's always better. I worked all through college and took no loans. When graduated, I was in a much better position to focus on starting my career and life than those with heaps of college loans to pay off.
phototristan 1 month ago
@cremerdude No, living above your means is ALWAYS a choice. As is living below your means. In your scenario, if this person chose to live below their means even for a short while, they could save up an emergency fund which would be able to take care of a minor or even major problems that crop up in life. Then they could pay themselves back over time interest free rather than some greedy credit card company or whatever.
phototristan 1 month ago
@cremerdude i agree.
setsallset 1 month ago