Buying a house is the most significant purchase most people make, but it's not a risk-free investment.
- You'll be paying back hundreds of thousands of dollars over 20-30 years
- Mortgages are marketed as "good" debt, but they come with potential risks
- The market, job stability, interest rates, and maintenance all impact your investment
Remember: a mortgage is a long-term commitment impacts your financial future. So do your research, understand the risks, and make informed decisions to achieve your homeownership dream!
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Content Curator | Absurdist | Amateur Gamer | Failed musician | Successful pessimist | Pianist |
Just like income, debt has levels, and each level changes how you live, what you can do, and how much freedom you really have.
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Similar ideas
Good Debt Good, Bad Debt Bad
Is debt acquired to purchase something that is going to benefit you financially in the future, usually with low interest. That means it's either going to generate income or allow you to make more money in the future.
Examples of good debt:
Credit cards
Carrying credit card debt is a great way to negatively compound your net worth. But credit itself is important.
Likely the biggest expense over your lifetime will be interest costs on your mortgage, car loans, student loans, etc. Having a solid credit score can save you tens of tho...
Spending your money
The best thing to do with your money during a recession is to pay off your credit card debt.
Paying off a credit card that charges 18% interest is equivalent to getting an 18% return on investment. You may not get that from most other investments during a recession.
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