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Old 07-25-2012, 01:12 AM   #141
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Mark Zukerburg is worth about 14 billion. Or 14,000 Millions. He could buy 2,333 homes at $6 Million each. It is absolutely mind boggling that he would be borrowing to buy one...
Being worth $$$ is not the same as having $$$ in your bank account to spend.

I assume that he got the loan because he had assets worth 14 whatever, not 14 whatever in his check book...
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Old 07-25-2012, 02:25 AM   #142
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We're in the cash only side of things. There's the argument against putting cash into a depreciating asset and the counter that if you don't, you're upside down until you pay it off. If the asset is depreciating and the interest is accumulating...well, we've all read those stories.

Buying what you can afford in cash means that you're never upside down. Sure, the asset is depreciating, but the cost is done. You don't have to consider how you can keep the asset if your income dries up. I sleep better that way. We have a nice, recent MH, but I'd do the same thing if our savings allowed something less expensive.

If you finance, there's always that cloud hanging over your head. You can deduct the interest, but that only saves you part of what you spent, probably less than 25%, depending on your tax bracket. If you spend $10,000 in interest, it saves you $2500 if the AMT doesn't sneak up on you. I'll pass on that expense.
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Old 07-25-2012, 06:22 AM   #143
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We're in the cash only side of things. There's the argument against putting cash into a depreciating asset and the counter that if you don't, you're upside down until you pay it off. If the asset is depreciating and the interest is accumulating...well, we've all read those stories.

Buying what you can afford in cash means that you're never upside down. Sure, the asset is depreciating, but the cost is done. You don't have to consider how you can keep the asset if your income dries up. I sleep better that way. We have a nice, recent MH, but I'd do the same thing if our savings allowed something less expensive.

If you finance, there's always that cloud hanging over your head. You can deduct the interest, but that only saves you part of what you spent, probably less than 25%, depending on your tax bracket. If you spend $10,000 in interest, it saves you $2500 if the AMT doesn't sneak up on you. I'll pass on that expense.
Couldn't agree more. That's why so many people are in trouble first thing to loose money are things that aren't necessary. If you have integrity simply handing it back to the loaner isn't an option
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Old 07-25-2012, 07:13 AM   #144
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I'm in a 48% tax bracket. Us Canadians are WAY over taxed!
Is that Federal or provincial, or both? I know tax rates are higher in Canada, but the quality of services is much better also. When I was working, I made about $120k, so my fed Tax rate was 38% plus 6.2% on th first 68k for ss, another 1.45% for Medicare, 400 month health insurance, 6% state of Ohio, and 1.5% local tax. That was in 1998. Now, taxes are actually lower, in fact, too low. Everyone wants all the services, but no one wants to pay for it. I paid all those taxes, and still was able to have a home, cars, vacations, and save money. Oh yeah, played some golf and had a nice motorcycle, paid cash for all the kids college too!
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Old 07-25-2012, 10:23 AM   #145
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Any of you old farts remember in the early 70's you could get 17.5% on a CD?

Bring back Carter. NAH it ain't wort it.
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Old 07-25-2012, 11:23 AM   #146
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Any of you old farts remember in the early 70's you could get 17.5% on a CD?

Bring back Carter. NAH it ain't wort it.
In 1980, I was getting a 17.75% return on my company retirement fund. Of course, I was also paying 14.5% for my mortgage. Inflation was running at almost 15%.

So, no, I don't want to go back to that.
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Old 07-25-2012, 06:59 PM   #147
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I'll bet the unemployment rate was higher in 1980 also. I remember it well, you could buy a house cheap, but financing was 14%variable.my dad loved the 18% he was getting 18% on his CDS!
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Old 07-25-2012, 07:03 PM   #148
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Any of you old farts remember in the early 70's you could get 17.5% on a CD?

Bring back Carter. NAH it ain't wort it.
My very first mortgage was 11.5%. Seemed like a great deal at the time.
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Old 07-25-2012, 07:08 PM   #149
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I could have 'written a cheque,' but chose not to. The 'write off' I need. Parked or not, if you 'do business' out of the unit, it's a double write off. Just be prepared to prove same if asked.
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Old 07-27-2012, 10:58 PM   #150
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We are fans of Dave Ramsey who says, "The borrower is slave to the lender."
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Old 07-28-2012, 09:04 AM   #151
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Any of you old farts remember in the early 70's you could get 17.5% on a CD?

Bring back Carter. NAH it ain't wort it.
Yup, the good old days......
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Old 07-28-2012, 09:09 AM   #152
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Any of you old farts remember in the early 70's you could get 17.5% on a CD?

Bring back Carter. NAH it ain't worth it.

Remember the "Misery Index" from those days? The inflation rate + the unemployment rate.

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Old 07-28-2012, 09:32 AM   #153
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Inflation rate is kept artificially low because we buy 70% of our debt. Others don't want it.
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Old 07-29-2012, 01:23 AM   #154
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Inflation rate is kept artificially low because we buy 70% of our debt. Others don't want it.
Not to be picky, but I believe the total US debt is currently north of $60,000,000,000 when you include the off-balance sheet unfunded liabilities of Social Security, Medicare, etc. Foreigners own about 4trillion of this, or around 7%. If I am not mistaken this debt ($56,000,000,000), owned by all Americans, amounts to about $500,000 p/person.....so whether you borrowed money or not to purchase your MH, your monthly payments (taxes) will soon be going up!

Debt is clearly the drug of choice for America and Credit is the Real crack!
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