Monday, February 20, 2012
I HAD A FUNNY CONVERSATION THE OTHER DAY...
I'm posting this post with the intent it may help you make the correct decision and get you more bikes and less stress. As some of you may know, and many of you do not know, as it was publicized in my local paper as law requires, my former home known as my condo was foreclosed on many months ago, and then went to public auction, where no one bought it. However, Fannie Mae did purchase the loan. Many of you also know that I am still living there. I will stay there until the Sheriff of Eagle, Joey Hoy, who is a cyclist and an acquaintance, decides to post an eviction notice on my door which will require me to leave and rent a place to live, which actually is not that big of a deal, really. Having a discussion of these events the other day with a friend of mine, and throwing in a bit of credit card debt that I have into the conversation, I was flabbergasted that my friend could not believe I had some credit card debt and that I am paying just over the minimum payment each month, he was concerned about the amount of interest I was paying monthly, to which I replied, "you are shitting me right"? I mean, this person has roughly a $500,000 dollar house loan over 30 years, which he is going to pay the likes of $300,000 in interest on over the years, then sell it for MAYBE $550,000 someday ($350,000) is more realistic, not to mention all of the home improvement costs over the years, and think he is making a profit. GUESS WHAT, you are all losing hundreds of thousands of dollars to the mortgage banks out there if you are in a similar scenario, and there is no argument for that, you are losing, stop paying your mortgage and move out when the Sheriff makes you 2-3 months later, then go rent something for crying out loud. You are all making the banks wealthy. Stop the FUCKING madness, unless of course you can pay cash for your home. Credit card debt, really? LOOK AT YOUR MORTGAGE INTEREST YOU IDIOT, YOU ARE LOSING.
Long term investment my ass, the bank is laughing all the way to the bank, with your interest money, and your principle. Just sayin.