Really upset ppl like the new groups of investor YTubers telling everyone to make minimum payment for essential purchase and stock will give 10% per year. Does anyone know how many stock investors lost $$$ a year? In current global economic stability to predict a 10% growth in stock is naive.
I’m in pa, I’m 24 and make about 40 thousand a year and need to buy a home as my current living situation has fallen. Should I think about renting and saving or just go and buy a house? Everything in Pa is up, townhomes are 450k I just can’t afford that, so I’m looking at 260 because Pa house market expects me to be a millionaire already. I don’t know what to do
I’ve been diligently working, saving and contributing towards financial freedom and paying off my high interest mortgage, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.
If you pay the difference on your principle you will have a paid off house way sooner than 30years and will have paid way less in interest and can invest way more into retirement and you will have much less risk in the event you lose your job or cant make mortgage payments. To each their own
Incorrect math. 82000 becomes 212686 in 10 years assuming 10% stock growth per year. See notes below. Define initial amount, annual growth rate, and number of years initial_amount = 82000 annual_growth_rate = 0.10 # 10% growth per year years = 10
# Calculate the future value using compound interest formula: A = P * (1 + r)^t future_value = initial_amount * (1 + annual_growth_rate) ** years future_value
2 year update: The bank took the house, your stocks are worthless, and now you're semi-living at the library where you trade $20 worth of poopcoin every day
So I guess people don’t understand net worth. You r not a millionaire bc you still have the mortgage debt that you need to subtract out and pay off. That’s why it’s NET worth. You did make money but you are not a net millionaire
Hoping on compound interest is a broke person mindset. Unless you have a bunch of money to park somewhere and let it collect interest. You’re better off investing it
38 comments
Hahaha😂 ,good luck. These kids have never lived through 08'.
Imo it only makes sense to pay a large down payment if you plan on living in the home long-term.
Really upset ppl like the new groups of investor YTubers telling everyone to make minimum payment for essential purchase and stock will give 10% per year. Does anyone know how many stock investors lost $$$ a year? In current global economic stability to predict a 10% growth in stock is naive.
Lol 30 years 😂
You can pay your PMI upfront and it’s tax deductible, it’s not if you amortize it.
No I’m too lame for this. Put in the house and sleep well
I still don’t get it? 😅
such a bad advice
No risk in stocks at all. None. Go dump your money in the market and it’ll make that percentage for those 30 years GURANTEED.
Why not just put the whole $100,000 into the stock market ya melon
I’m in pa, I’m 24 and make about 40 thousand a year and need to buy a home as my current living situation has fallen. Should I think about renting and saving or just go and buy a house? Everything in Pa is up, townhomes are 450k I just can’t afford that, so I’m looking at 260 because Pa house market expects me to be a millionaire already. I don’t know what to do
Or 0
I’ve been diligently working, saving and contributing towards financial freedom and paying off my high interest mortgage, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.
That’s if everything goes right 😭
He’s a fkin liar
If you pay the difference on your principle you will have a paid off house way sooner than 30years and will have paid way less in interest and can invest way more into retirement and you will have much less risk in the event you lose your job or cant make mortgage payments. To each their own
Embarrassing
Incorrect math. 82000 becomes 212686 in 10 years assuming 10% stock growth per year. See notes below. Define initial amount, annual growth rate, and number of years
initial_amount = 82000
annual_growth_rate = 0.10 # 10% growth per year
years = 10
# Calculate the future value using compound interest formula: A = P * (1 + r)^t
future_value = initial_amount * (1 + annual_growth_rate) ** years
future_value
This isn’t factoring in risk.
Thats… thats a terrible idea.
Nobody does this. They'll take the 83k and go to Home Depot.
As a general rule…NEVER let your rent or mortgage payments exceed 25 % of your monthly income!
Dumb advice
2 year update: The bank took the house, your stocks are worthless, and now you're semi-living at the library where you trade $20 worth of poopcoin every day
"How to go broke in 3 years"
Lol this is dumb
Stupid
But you home will also make you a millionaire. In thirty years your $500k house will be worth two million dollars.
I'll just gamble the rest
I invest and even I find this extremely risky
This guy is either broke ass pretending he knows money or broke ass.
I wish I could get a mortgage for 3.5%
This look more like "it could work" than a real advise, never EVER take this thing seriously and ask a real agent about this stuff
So I guess people don’t understand net worth. You r not a millionaire bc you still have the mortgage debt that you need to subtract out and pay off. That’s why it’s NET worth. You did make money but you are not a net millionaire
Hoping on compound interest is a broke person mindset. Unless you have a bunch of money to park somewhere and let it collect interest. You’re better off investing it
Average is 10% I never heard that before
Not correct.. you pay 20% and invest amount you would have paid for mortgage insurance in stock market every month
10%? When did it change from 7%?
And wouldn’t you have more money to invest if you rent?