Quote:
Originally Posted by Sylvanfan
Maybe not one mortgage, but back in 2005_when I was under 30...I wish I would have been holding 700k in mortgage debt. 850k of houses from than is still worth over 1 million today, and rents have always been high enough to cver the payments even tru the recession.
Your statement is too general and doesn't apply to everyone. Every well off person in my age range I know took huge risks to get to where they are today. Usually it involved borrowing money. Difference is they didn't borrow to buy a boat, or go on a trip, or even live in a fancy house.
Still if you are going to have a 500k mortgage...if your income level allows better at 30 than at 40. A 30 year old with a 500k mortgage they can pay will likely end up better off than 40 year old me who's mortgage is half that but still goes on for 22 more years. A 28 year old engineer or dentist, is not the same as a 28 year old shop labourer.
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Exactly. To make the statement "nobody under 30 should have..." is a pretty broad and ridiculous statement when you never know people's financial position or financial health. Or their earning power, or their financial goals or plans..... or really anything.
Girlysports may be right that many people under 30 over leverage themselves, but to make the statement "nobody under..." is way too broad.
Some people make enough money and have made some good decisions before 30. Remember that 30 includes 12 solid years of earning potential after high school... typically 8 solid years after post secondary where you could get a relatively stable / higher earning job. That's a long time. I'm not saying I took out a huge mortgage, but I could see how people could.
Maybe people are fine with over leveraging themselves early on, knowing their earning potential will grow. Or maybe they're not even over leveraged at all.
Anyway my point is that not everybody is the same. And that is my problem with these ridiculously wide sweeping generalizing statements about entire swaths of people based on when they're born.