Originally Posted by
loghousenut
Just because nobody woulda loaned any money on the ugly trailer doesn't mean we aren't glad to be out of debt. OK, OK, You caught me using literary license to promote a metaphore describing a semi-fictional scenario to prove a point that probably doesn't need proving on this forum.
Still, when we used to have financial discussions in the breakroom at work, I was the dumb hick that lived in the ugly trailer in the woods, while the majority of my coworkers were living the good life sucking financed dollars out of their cute little eight year old townhoses. Now I am building a log home on a pretty six acre country estate and they are paying for their 2005 model BMW's for the remainder of their latest 30 year remortgage... And of course some of them have lost their homes and are renting.
I wonder... If the ugly trailer had been a house in town, would my wife and I have talked each other into refinancing so we could enjoy our equity away, or would we have been smart enough to make double payments and try to pay it off early.
Debt is a scarey thing for me. I am reminded of one of my coworkers who has put his heart and soul into building his version of a log home for the last five years. He had purchased land when the price was nearing it's highest price and then taken out a construction loan. As he neared completion of the house his investment was suddenly losing value faster than he was putting value into it. When he was through raiding his 401K and selling whatever he could just to finish the house, he came up short and started missing payments. He felt his only hope was to get the house ready to occupy in the hopes that he could refinance for a long enough period to be able to afford the house he had just built. The bank ended up with the house two months ago. He is very bitter but acknowledges that his dream got the best of him and he tried to keep up with the wealthy neighbors. He has never understood what my wife and I are doing and can't understand why his helpful advice rarely seems to apply to our situation. We are not close and I have never been invited to his place and he seems uninterested in my invitations. I feel so fortunate to have the ugly trailer.
PS... Pay cash for the solar panels.
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