Quote:
Originally Posted by hulkrogan
I'm curious how much you made at the time you got your $65,000 mortgage. Did it seem big at the time?
I know talking to many people in their 50's and 60's that they had a mortgage at one time that they pooped their pants signing the papers and looking back it was something we laugh at now, like $80,000 or $100,000.
I think you old guys need to figure out your $60-$80K mortgage is our $300-$400K mortgage.
I think some older people in this thread are a little delusional about the state of their finances in their 20s.
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Funny, because I was thinking about this very thing yesterday. I took that $65K mortgage 27 years ago. I was 29 years old and it was my second house (and we still live there, but have been mortgage free for 16 years now). We signed the papers just before I got on a plane for Toronto on business. The worry that occupied my thoughts much of that flight was, "Holy crap, have we done the right thing? That's a lot of money and that's a pretty big mortgage payment. I hope we can afford this."
I knew that it might be tight for a couple of years but would get easier as our incomes grew and the mortgage payments were an increasingly smaller percentage.
So, you are correct. It is all relative.