Amie, 44, a self-employed writer from rural Maine, purchased her $260,000 home in 2020, securing a 30-year fixed mortgage at an attractive 3.5% interest rate.
Signing up for a mortgage you won’t pay off till you’re 74 is definitely a choice…
Especially when self employed as a writer.
Back in the day people were able to get a decent job and a mortgage before they were 20, a 30 year mortgage gave them time to “coast” and amass wealth that last decade before retirement.
Nowadays to get a good job, you need college.
So your early years are paying that back, not a mortgage. And by the time you can replace student loans with a mortgage, you can’t pay it off before retirement.
And retirement isn’t just a “nest egg” and the company pension like it used to. There’s almost no pensions anywhere, and to be ready for retirement you need decades of contributions into a 401k and you have to pray the market cooperates for the short stretch you plan on using it.
Just all over the board, shit is fucked for a multitude of reasons.
Even if you do everything 100% right. You could just be fucked by things outside your control and there’s zero safety nets.
Ultimately, the fate of the people depends on whether the country cares for and loves its people. If the country actually hates the people, then the people are fucked, no matter what they do. The question is: Can the nation love the people?
There’s a lot of problems with housing, but…
Signing up for a mortgage you won’t pay off till you’re 74 is definitely a choice…
Especially when self employed as a writer.
Back in the day people were able to get a decent job and a mortgage before they were 20, a 30 year mortgage gave them time to “coast” and amass wealth that last decade before retirement.
Nowadays to get a good job, you need college.
So your early years are paying that back, not a mortgage. And by the time you can replace student loans with a mortgage, you can’t pay it off before retirement.
And retirement isn’t just a “nest egg” and the company pension like it used to. There’s almost no pensions anywhere, and to be ready for retirement you need decades of contributions into a 401k and you have to pray the market cooperates for the short stretch you plan on using it.
Just all over the board, shit is fucked for a multitude of reasons.
Even if you do everything 100% right. You could just be fucked by things outside your control and there’s zero safety nets.
Ultimately, the fate of the people depends on whether the country cares for and loves its people. If the country actually hates the people, then the people are fucked, no matter what they do. The question is: Can the nation love the people?
Not if we keep voting for people that only see us as cheap labor and a means to give them the power to lower their own taxes. :(
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