I think the quickest way out of wageslaving is paying off your house.

[MikeLowrrrey]

Mortgage is an absolute must, but once that's gone, what else is there? Cheap property taxes, utilities, and food, that's like $1500/month at most. Rent a room or get a duplex and your monthly expenses is $0? Only thing I keep forgetting about is healthcare


Assuming you have an indemand skill, you could work part time, like 3 days a week.

[Anachron]

Keep thinking that, low socioeconomic peasant.

[MikeLowrrrey]

Keep thinking that, low socioeconomic peasant.

Paid off house = low socioeconomic peasant??

I mean if your monthly expenses $0 - $1500 and you have a decent job, you're still saving. Even at $40/hr at 24hrs/week = $3800 or 46k/yr. After taxes that $3000 net. You'd still have $1500 cash leftover.

[Anachron]

Paid off house = low socioeconomic peasant??

I mean if your monthly expenses $0 - $1500 and you have a decent job, you're still saving. Even at $40/hr at 24hrs/week = $3800 or 46k/yr. After taxes that $3000 net. You'd still have $1500 cash leftover.

¯\_(ツ)_/¯

As I said, keep thinking that, and maintain your status as the low socioeconomic peasant you are.

[r32gojirra]

¯\_(ツ)_/¯

As I said, keep thinking that, and maintain your status as the low socioeconomic peasant you are.

^^^This is a harsh way of saying it but fundamentally he’s correct

So long as you are relying on your own labour as a source of income you’re doomed to slavery

See further Marx, K.

[MikeLowrrrey]

^^^This is a harsh way of saying it but fundamentally he’s correct

So long as you are relying on your own labour as a source of income you’re doomed to slavery

See further Marx, K.

Cutting your working hours low gives you more freedom though. And I also mentioned you could get a duplex and rent it out, essentially you have $0 living expenses

[r32gojirra]

Cutting your working hours low gives you more freedom though. And I also mentioned you could get a duplex and rent it out, essentially you have $0 living expenses

You’re thinking too narrowly

“Way out of” implies you currently are in the rat race

The way out, as you acknowledge, is through capital

If you don’t have sufficient of your own capital, you need to borrow it or get investors to contribute equity

Your post indicates you’ve learned nothing from the last few years but: if you can borrow money at less than the rate at which that money is devaluing that is free money

[Masterchieffer]

lol at subsistence level financial goals ho lee fuk

[eddiehaskell]

Paid cash for my first house (and my car at the time). Left me with only paying ~$150/month home insurance/property tax and of course utilities. The biggest burden most young people have (rent) lifted off my back for good.

[r32gojirra]

lol at subsistence level financial goals ho lee fuk

The sad thing is, the misc is actually a good place to get other perspectives on this and other issues.

I remember 12 or so years ago I joined, and it really changed my attitude about what was possible. I already had a strong grounding in neoclassical economic theory, quantitative economics and financial markets, but misc really helped. Especially with motivation. Not even being facetious.

[eddiehaskell]

one reason i suggest young people buy and pay off a house as soon as possible is because it teaches discipline/financial responsibility with a clearly defined and tangible goal...at a time when knowledge base is small (18-25).

[Basedbaby]

I have a mortgage that is 4% and a lot of other miscers have even lower rates pretty sure inflation is outpacing what I’m paying. I’d rather buy another house to rent out and have 2 mortgages

[PatchouliMusk]

quickest? lol

you meant to say the slowest

[r32gojirra]

quickest? lol

you meant to say the slowest

^^^this guy finances

[TryingMen]

If you have a $600k house and let's say half of it is paid off to this point 15 years into your 30 year mortgage. You magically have $300k fall into your lap. You think it's better to pay off your mortgage than it would be to invest that $300k (through any number of investments strategies for that matter)?

This is why you're poor. There's a lot of richcels out there who have mortgages because they understand net present value unlike your peasant ass. Stay poor.

[Anachron]

one reason i suggest young people buy and pay off a house as soon as possible is because it teaches discipline/financial responsibility with a clearly defined and tangible goal...at a time when knowledge base is small (18-25).

If you need to "buy and pay off a house" to teach yourself "discipline/financial responsibility"...

Thank for outing yourself as yet another low socioeconomic peasant.

If you have a $600k house and let's say half of it is paid off to this point 15 years into your 30 year mortgage. You magically have $300k fall into your lap. You think it's better to pay off your mortgage than it would be to invest that $300k (through any number of investments strategies for that matter)?

This is why you're poor. There's a lot of richcels out there who have mortgages because they understand net present value unlike your peasant ass. Stay poor.

Fuark, don't overwhelm their tiny brains.

The sad thing is, the misc is actually a good place to get other perspectives on this and other issues.

I remember 12 or so years ago I joined, and it really changed my attitude about what was possible. I already had a strong grounding in neoclassical economic theory, quantitative economics and financial markets, but misc really helped. Especially with motivation. Not even being facetious.

That's old misc though - now we have a bunch of whiners who can't stop whining about how unfair life is instead of getting off their ass and doing something about it.

[r32gojirra]

If you have a $600k house and let's say half of it is paid off to this point 15 years into your 30 year mortgage. You magically have $300k fall into your lap. You think it's better to pay off your mortgage than it would be to invest that $300k (through any number of investments strategies for that matter)?

This is why you're poor. There's a lot of richcels out there who have mortgages because they understand net present value unlike your peasant ass. Stay poor.

^^^harsh but fair

[r32gojirra]

That's old misc though - now we have a bunch of whiners who can't stop whining about how unfair life is instead of getting off their ass and doing something about it.

I think the thing about the old misc was that there was a genuine sense of willingness to learn from others in the interests of self improvement.

Now it’s a case of “I’m skinny fat/incel/poor” or whatever, but don’t you dare give me advice on how to fix this, you should agree with me that it’s not my fault!

Feminine mindset tbh

[TheMiscMan]

Or you can WFH and jerk off most of the day

[dingler]

I have a million dollar + house that is paid off but I still owe the govt 6500 in taxes every year, they keep going up to. I don’t see myself retiring anytime soon.

[BigTimeOperator]

Some people live in RV's out in Slab City, CA and get disability and food stamps and don;t really do anything all day.

[FelixTheCat1919]

Renting a room out to a stranger in my primary residence is something I would never even consider. I'd downgrade signifcantly before ever dealing with roommates ever again. Plus, with inflation like it is, paying my mortgage off early would be literally burning free money.

[Zelensky]

Renting a room out to a stranger in my primary residence is something I would never even consider. I'd downgrade signifcantly before ever dealing with roommates ever again. Plus, with inflation like it is, paying my mortgage off early would be literally burning free money.

Same. All of the real estate podcasts and discussion forums call this "house hacking" and talk about how great it is for reducing monthly costs, but I'd rather get another job or find some other way to make more $$ before ever living with some random roommates again

[eddiehaskell]

Some people live in RV's out in Slab City, CA and get disability and food stamps and don;t really do anything all day.

i like this movie i rencently saw where a father and daughter live in one of those hippy looking westfalia vans and just drive around the country chillin, talking, listening to music, looking at cool views, meeting new people, etc. the dad would do handyman jobs wherever they were. from the outside seemed like a quaint/freeing way of life compared to being mired in responsibility/possessions/schedules, etc.

[outfoxxed]

if your interest rate is 3% for your house and a bond gives you 5%...

do you

a) pay off the house

b) stay in debt

[usersignup2]

If you aren't leveraging the equity in your principle residence, you're a fool.

Your home equity is dead money. It may provide peace of mind for today but it is robbing you of tomorrow's comfort

[eddiehaskell]

If you aren't leveraging the equity in your principle residence, you're a fool.

Your home equity is dead money. It may provide peace of mind for today but it is robbing you of tomorrow's comfort

what if you're already comfortable?

i think a lot of the dave ramsey type advice (heard someone say he's ok with a 15 yr mortgage at a certain percentage of income) is a combination of prudent advice with a bit of human psychology mixed in. people that go that way have likely already tried managing debt, but they just couldn't handle it. this is probably a large chunk of people...now you could just throw rocks at them, call them stupid and say eat a dink you idiot, but instead he offers a wholesale change of their worldview...pay off debt, buy something pay cash. easy to understand and while maybe not offering the best returns...helps a greater number of people overall with almost no risk of messing up if you do it. if they buy into this philosophy and impart it upon their children...they'll probably be ok in life too.

[mchabs]

I disagree. There's no reason to pay off a house too quickly. What's better is living in the house a bit then buying a second home as an investment property and getting rental income.

The extra money you use to pay off your house can be invested in the S&P500 which historically has always had a positive return on investment. Compound interest.

That money can be invested in other things too, S&P500 is just an example.

[mchabs]

Renting a room out to a stranger in my primary residence is something I would never even consider. I'd downgrade signifcantly before ever dealing with roommates ever again. Plus, with inflation like it is, paying my mortgage off early would be literally burning free money.

The key is to take out a second mortgage on another home and rent whichever one you don't want to live in. I wouldn't be able to live with roommates again either.

[theraskal]

Mortgage is an absolute must, but once that's gone, what else is there? Cheap property taxes, utilities, and food, that's like $1500/month at most. Rent a room or get a duplex and your monthly expenses is $0? Only thing I keep forgetting about is healthcare


Assuming you have an indemand skill, you could work part time, like 3 days a week.

HEALTHCARE is EXACTLY why the SMART $$$ supports LEADERSHIP like BERNIE/AOC who advocate for the SAME BIG GOV HEALTHCARE for Americans as enjoyed by citizens of other FIRST WORLD NATIONS

bet if you add up all the various Taxes(income/property/sales) + INSURANCE + OUT OF POCKET EXPENSE, Americans probably PAY MORE than those Euro Socialists who get a BETTER TAX ROI!