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What's the most irresponsible purchase you made that you don't regret? (lemm.ee)

submitted 2 months ago by meep_launcher@lemm.ee to c/asklemmy@lemmy.world

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[-] empireOfLove2@lemmy.dbzer0.com 21 points 2 months ago* (last edited 2 months ago)

that's like the least irresponsible purchase. even at a high interest rate, you are still paying on a principle that creates an asset with equity that increases your stable wealth. When you rent, all that money you pay just evaporates and you never see it again. A mortgage payment is almost always the better financial choice, unless you need to move frequently for work.

[-] dohpaz42@lemmy.world 8 points 2 months ago

I merely meant that buying a house at a high interest rate is the irresponsible part. But yes, everything you say is true.

[-] empireOfLove2@lemmy.dbzer0.com 11 points 2 months ago* (last edited 2 months ago)

I'd argue even that being irresponsible. yeah high rates suck but you're still paying on an asset, not a black hole.

Also, mortgages can be refinanced if/when rates drop later.

[-] Archer@lemmy.world 2 points 2 months ago

I refinanced at 3% then did a HELOC to pay for a new roof. One of the best decisions I ever made

this post was submitted on 24 Aug 2024

272 points (97.9% liked)

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