07/09/2024
Random thoughts: I recall a time when success was measured by owning your own home and car. Nowadays, it seems to be more about having the biggest houses and nicest cars, often obtained through financing. However, taking on too much debt can lead to bankruptcy, repossession, or foreclosure.
While I appreciate nice things, I am always looking for smart ways to manage my money. There are risks involved but my advice is: if you can afford to buy something, do so instead of renting. If you need a different living space, consider renting out your current place. Similarly, if you have an old car, you can replace the engine and rent it out rather than buying a new one. Looking ahead, I predict that the majority of Americans won't own their homes in the next 30 plus years.
It's frustrating to see cars designed to break down just when they're paid off, forcing us to start the whole process over again. When I listed my condo for sale at market price, I was inundated with lowball offers the moment I switched to renting, as people assumed I needed quick cash. There are those who are content to rent and continually give away their money, but that's not for me. It seems like there's a deliberate effort to keep us in perpetual debt.
What advice or tips have you learned that can help someone out?
