Are people moving to LA?
08-09-2017, 04:21 PM
#31
Gets Weekends Off
Joined APC: Mar 2011
Posts: 209
Maybe, maybe not.
By paying off your debt you're building a fortress that no one can take. You are assuming constant income. What if the income goes away (even temporarily). Now you're out of a home (maybe even still owe on something you don't own if you get upside down) you have to start over again. Plus you are assuming the money you invest will grow. What if it tanks? Now no extra money and you still owe on a house.
If something bad happens I dont want to have to change my lifestyle. I was in this industry before 911. I remember all the homes and other stuff for sale in the crew rooms post 911. Not going to be me.
To each his/her own I guess.
By paying off your debt you're building a fortress that no one can take. You are assuming constant income. What if the income goes away (even temporarily). Now you're out of a home (maybe even still owe on something you don't own if you get upside down) you have to start over again. Plus you are assuming the money you invest will grow. What if it tanks? Now no extra money and you still owe on a house.
If something bad happens I dont want to have to change my lifestyle. I was in this industry before 911. I remember all the homes and other stuff for sale in the crew rooms post 911. Not going to be me.
To each his/her own I guess.
08-09-2017, 05:31 PM
#33
Gets Weekends Off
Joined APC: Dec 2013
Position: A320 CA
Posts: 2,316
Maybe, maybe not.
By paying off your debt you're building a fortress that no one can take. You are assuming constant income. What if the income goes away (even temporarily). Now you're out of a home (maybe even still owe on something you don't own if you get upside down) you have to start over again. Plus you are assuming the money you invest will grow. What if it tanks? Now no extra money and you still owe on a house.
If something bad happens I dont want to have to change my lifestyle. I was in this industry before 911. I remember all the homes and other stuff for sale in the crew rooms post 911. Not going to be me.
To each his/her own I guess.
By paying off your debt you're building a fortress that no one can take. You are assuming constant income. What if the income goes away (even temporarily). Now you're out of a home (maybe even still owe on something you don't own if you get upside down) you have to start over again. Plus you are assuming the money you invest will grow. What if it tanks? Now no extra money and you still owe on a house.
If something bad happens I dont want to have to change my lifestyle. I was in this industry before 911. I remember all the homes and other stuff for sale in the crew rooms post 911. Not going to be me.
To each his/her own I guess.
Good for you paying off your house, I'm trying to do so in 8 years. That will buy me freedom, freedom to work less (if I want), or to walk away from the job if we make concessions in our contract. Or allow me to save a ton of money.
08-09-2017, 07:20 PM
#34
Gets Weekends Off
Joined APC: Nov 2016
Position: 6th place
Posts: 1,826
Maybe, maybe not.
By paying off your debt you're building a fortress that no one can take. You are assuming constant income. What if the income goes away (even temporarily). Now you're out of a home (maybe even still owe on something you don't own if you get upside down) you have to start over again. Plus you are assuming the money you invest will grow. What if it tanks? Now no extra money and you still owe on a house.
If something bad happens I dont want to have to change my lifestyle. I was in this industry before 911. I remember all the homes and other stuff for sale in the crew rooms post 911. Not going to be me.
To each his/her own I guess.
By paying off your debt you're building a fortress that no one can take. You are assuming constant income. What if the income goes away (even temporarily). Now you're out of a home (maybe even still owe on something you don't own if you get upside down) you have to start over again. Plus you are assuming the money you invest will grow. What if it tanks? Now no extra money and you still owe on a house.
If something bad happens I dont want to have to change my lifestyle. I was in this industry before 911. I remember all the homes and other stuff for sale in the crew rooms post 911. Not going to be me.
To each his/her own I guess.
This topic is like politics. You're not going to change how someone feels about it. It's an emotional issue really. The numbers favor not paying off the house. But I understand why people want to.
If you lose your job you may be out of income temporarily but you'll have way more stashed away in the bank than if you were putting all your money towards paying off your house.
As long as you're investing or paying off the house you really can't lose.
08-13-2017, 02:52 PM
#35
Gets Weekends Off
Joined APC: Sep 2008
Posts: 290
No debt is good debt. Just some types (very few) are better than others. Mortgage being one of the better because you get some (like 1/3rd) back and lower your taxable income. But you are still paying interest. That's money going to someone else above the price you paid for the home.
When I paid my house off so many people told me I was crazy that I started to doubt myself. I don't get it. Why do you want to pay someone interest? Like hundreds or thousands of dollars per month when it comes to mortgage interest. Its money tossed away. Even deducting it from your taxes you only see a 1/3rd back.
When you go into a grocery store do you want to pay $3 dollars for a bag of chips or $5? By not paying off your debt you're buying the bag of chips for $5. That's $2 wasted that could have bought something else or saving or whatever.
When I paid my house off so many people told me I was crazy that I started to doubt myself. I don't get it. Why do you want to pay someone interest? Like hundreds or thousands of dollars per month when it comes to mortgage interest. Its money tossed away. Even deducting it from your taxes you only see a 1/3rd back.
When you go into a grocery store do you want to pay $3 dollars for a bag of chips or $5? By not paying off your debt you're buying the bag of chips for $5. That's $2 wasted that could have bought something else or saving or whatever.
Agreed.
08-14-2017, 05:57 PM
#36
You scratched my anchor
Joined APC: Feb 2011
Posts: 4,967
08-14-2017, 06:04 PM
#37
You scratched my anchor
Joined APC: Feb 2011
Posts: 4,967
Bad math here. You're paying X (the chips you'll eat for the rest of your life up front) when you could be buying the $3 bag of chips for $5 and taking them outside and selling them for $10.
08-15-2017, 05:14 AM
#38
Gets Weekends Off
Joined APC: Nov 2016
Position: 6th place
Posts: 1,826
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