Comments by "Les" (@les9058) on "The Savings Expert: “Do Not Buy A House!” Do THIS Instead! - Morgan Housel" video.

Often, We miss Ops to Save.... Sometimes it's Not buy'n... Sometimes it's partnering with say the landlord not to Raise your rent do'n small repairs he won't have too if your Handy... Or an oil change yourself etc ... whatever talents you have to barter... Think of How Can I do This for less to nothing .... And then, that Goes in your Piggy Bank... If nothing else, it's there when you absolutely need it, Save'n you a debt... When you Can let it build up it does get considerable ... Takes longer when your less able... But it does build.... Concentrate on how to build not spend on things you can get free like lower incomes often have access to free cell phones 📱.... Food programs you could qualify for that means Better food and maybe less spent by you but better regardless.... These programs are there to help you get off the merry-go-round, used pragmatically, they Can! If your get'n free rent live'n back home say, or 1/2 cause things are challenging for whatever reasons... Save as much if what's left.... So a friend got that deal and managed over 2yrs while they finished school got a Better Job etc to put 100+ a month away that's 2400. Min they got to save... So a car, deposit whatever was in the Bank at the end of that Gift' shed gotten From her parents... Take in a friend or student if you Can and put some of that money away.... It helps both of you.... Start think'n How where there's an Op to partner... My neighbor bakes for her neighbor for oil changes, small home repairs, it's less than 20% what it'd cost her and his family loves, can't Really afford the bakery so everyone's happy... Bartering is Real 💰 that doesn't come outta your pocket ... You Need to know your skills and What you Need to Save.... And who you can deal with.... You'd be surprised how many people do this and are open to it! 👍
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Only if your WISE to where the advantage Really is.... Pay'n off that fixed Only PLEASE mortgage in 1/2 the time with double/triple Principal payments... Check your monthly Statement for the Exact amount of Principle your payment actually playoffs each month... After the shock Settles... Make a Separate earmarked Principal ONLY payment each month for at least the 1st 5 yrs when it's less than 10-20% of your payment.... How the banks get you to effectively pay near 2-3x over life of the loan.... And STILL get you if you home hop every 3-6yrs try'n to use appreciation to get a Bigger house... You're pay'n premium % for that screwup.... So no double payments fee can afford, Cause it's NOT the game! It's principal just like your ccards CHARGE you % on the Balance.... Lower the balance, LESS % whatever it is.... Follow.... Cut what your charged on.... The Principal... Of course you can't pay it off cash each month Not required.... You want a FIXED low % loan you Then payoff with those double Principal payments every month hopefully at least 1st 5years.... Get your calculator out and the Math will amaze you! 💰 SHOCK you hopefully into do'n this... Retirement Will be tons MORE secure with a paid off house and MORE cashout Value if you downsize.... It's your 💰💰💰 Keep it in your pocket! 👍
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It's ALL temporary.... Depends on what the economy is do'n... Sooooo if you can afford to buy something that won't then own you financially you Can use double/triple Principal payments to Cut down dramatically what it Will cost you over the life of any loan.... While pay'n it off painlessly in 1/2 the time! Make it your ownership goal and you're in control Not the market or banks! 💯 Get a 20-30ty fixed cheapest % to control changes and be able to pay.... Then double/triple the Principal Payment NOT the payment itself... It's the principal that controls the % you'll pay over the 1st 5yrs its like 90+% they front load to rake it off the top... Soooo BEAT em at the game 🎯 Then the appreciation Value is Real gain💰 otherwise Lucky to break even... While you paid ALL the repairs!!!! Why people often just keep renting...
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Always about Balance in ALL things..... 💯
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Yes the golden handcuffs when you out spend any income.... It happens to billionaires!
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Your 'means' MEANS.... Make'n your money 💰 work hard for you! Not given it to the bank every month... Surely you payoff your card every month Right 👍 Hopefully you wouldn't pay 2-3x Necessary on the biggest loan Bill of your life a house.... People need a finance education To hold onto that 💰
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I care about Not waste'n a dime on loans an bank rip offs! 💯
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They had tons more freedom as a result...
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@heidikamrath1951 use the ones you have right Now, like teaching someone to use a laptop, cleaning their garage or yardwork... Whatever someone would have to pay for... Barter and Save both parties... That helps you right now not future when you may or may not have More income! 👍
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Along with not give'n too much precious time away.... Is How to afford Not too.... 🤫 47:18 Make'n your money 💰 work as Hard for you so you can choose is the key 🗝️ to those options!
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LUCKY you, mine wanted 42% in like 3mons with a New 2yr lease that included another 10% inc for Both years ... While Nothing was better about the property I'd moved to 6+yrs earlier to whack high rent in a tons better house... it's Often a No win... 🥴 I owned 4homes paid em off and been the landlord.... That's Often a nightmare too... So I think after 30ty yrs at this supposed wealth game.... It's a lotta time'n you Can't control... You Really need something you Can afford regardless of the paycheck fluctuations, that doesn't own you for the pleasure or BS that comes with Much of it Always! 🤫 It's imp Not to fall in love with property.... It's an investment in everyway... Cause now it's your roof, carpets etc.... if you Need that great Job that's NEVER guaranteed to do it Don't.... Divorces, slit ups ditto.... Then you have to Sell your dream place or take in renters ... If you can Save More than you spend on things that really don't pay for themselves that's gonna hurt you longer term you'll Save Not only $$$ but precious time... It's a Life lesson we're ALL gonna deal with.... Learn it early Not get'n the 'give me gots' Bigger everything and you Make it work for you Not be'n a slave to your desires when things inevitably change on you.... That's the Only control that's ALL yours.... 😉
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@lambdaboss5528 Ever calculated How Much the bank takes in from your mortgage???? 🤫 The 1st 5yrs you pay down Next to NOTHING on that mortgage... It's front loaded for the Banks.... If you Stay 10yrs you Start make'n a little dent.... Why it takes Sooooo long to truly Own.... In that time you have All the Major upkeep costs too... But ... If you found a Solid property Not need'n rehab... That's 25-30% of your monthly income for a mortgage... VERY 🗝️ and you lock in a low % rate to KEEP payments payable another 🗝️...Then instead of a Bigger car etc.... you USE that buffer to actually Win the game by Save'n yourself the outrageous interest you'll pay regardless of the number Over life of any mortgage to actually Pay it Off in 1/2 or less the time you've Now really made $$$ Not paper inc that you Really NEVER get ... Follow... The buy'n & sell'n price are adjusted for True inc by what you PAID for it, those % payments take'n 20-30tys to do it.... The Bank Always Wins just like the landlord.... Gen 2-3 times the pricetag ... So Often that inc when you Sell is just get'n Only some of your paid IN 💰 every year in % to have supposed security.... You paid a ton even If the loan was locked 🔐... You Win when you pay 2-3 times + every month the PRINCIPAL Part of the mortgage... Check that part on your mortgage statement... It should be listed as 1,800. payment 3% of often 1/2 3qtrs if that 1,800 1st 5years... So the actual pay down on the principal is Less than 20-25% But.. that's the time to double triple the Principal payments.... Cause your mortgage IS calculated on the balance each month like a card - where the Bank rakes it in... Few people can't afford to do this the 1st 5yrs.... To cut that huge % to the Bank Waaay down!👇 KEEP do'n it and that 20-30 yr loan is PAID in 1/2 the time.... Make'n the Appreciation Value Real money 💰 you made cut'n out ALL those % payments.... You Beat the Bank pay'n as little as possible for that property!!! Therefore.... The Appreciated Value at anytime is Real 💰 in your pocket.... And you can afford to sell if you Need or want to More Often regardless of the RE market, have'n paid as little as possible to Own the property... Think what you could Do with Real Appreciation... Borrow against it to buy another property when the market is a buyer's... And that 2nd property becomes a write-off as either a rental or a short-term hold to then sell.... Or it can be a move up for you you Can now Afford.... Turn the 1st properly into the rental ... It builds your Security & finances like Nothing else!!!! When you get to 3 properties your gen zeroed out on taxes if the 2are rentals... Well worth the paperwork to KEEP ALL your paychecks work'n for you! You don't have to have a big income to do this.... You have to Be pragmatic and consistent!
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Why not, what does work in the UK?
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@TheGentleRoadmapSekar OBVIOUSLY this depends on MORE than the nightshift worry... Especially if you're Not a Morn'n person and a swing shift suits you Better! Everything has to be factored! 🤫
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No pursuit.... It's make'n YOUR Money work as Hard for you as you did to earn to it!!!! 💰 Why would you subsidize the Bank pay'n what you don't have too???? 😢
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Richest No.... That's a chase your tail thing you'll NEVER Win... However.... Smart Money 💰 is what you want, then you REALLY can have enough Not work'n o/t to Stay even.... That's the lesson here! 💯
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