Reply #33: When you're at the bottom of the ladder, income IS your "wealth". [View All]

[BiggJawn]

"Sure, she only makes $30,000/year, but she's much more secure than the $60,000/year IT guy with a ton of student loans to pay off and no home."

Oh, come now....
I'll bet the IT guy is really going to regret not having Real Estate when this balloon finally pops and everybody's left holding millions of dollars of paper with nothing to secure it. I hope you're not banking your future on how many houses you think you own right now.

My girlfriend owns her home, and I mean she OWNS it, no mortgage. It needs repairs. She can't afford to pay for the repairs on her income. She'd like to retire in a few years and does not want to retire with a second mortgage or home equity loan payment hanging over her every month.

Ask her, she'll cry in your beer all night about how she doesn't know how she's gonna heat the place this winter. The cat's sick, she needs new windows, how long will the roof last? the car doesn't get as much mileage as the old one did.

I have an apartment and live paycheck to paycheck, too. I don't have the added stress of a house crumbling around my ears to worry about.

Real Estate...PAH!