Quote:
Originally Posted by Phanuthier
That's the scary thing, a lot of people (including Realtor1 here) is confusing their personal income statement and balance sheet. Having debt isn't a problem, I don't even think of it as something negative at all; I get that radio commercials and billboards give it a negative connotation, but I don't really get emotional about money, so I don't see debt as "good debt (nods head and smiles) and bad debt (shakes head and frowns)" - its just a tool used for whatever purpose you need it for. If its appropriate, use it! You need a education? Student loan! You need to buy a house? Mortgage! Your car got stolen while you were downstairs in Chicken on the Way? Car financing (and LOC).
As photon says... I can see if you plan on being settled for 40 years, that it can be used as a investment tool. I see it more as a lifestyle tool. I'm young, mobile, and I'm not even sure where I'll be in 1 year let alone 10 years. When renting, I'm flexible and mobile. Owning a house is for people who settle down IMO. I don't want to settle down, I see that as something for people who are mid-life do.
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Great post. I don't have a mortgage and don't plan on needing/having one any time soon. If I did however, I would absolutely consider it to be debt.