100% agree
Good but certainly not essential.
Why not?
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How much money should I be making before I get married?
- Thread starter Aaron_D
- Start date
Also, it may be that you meet that woman before finishing your checklist @cnystrom. Should you not marry her because you haven't finished your apprenticeship yet, or bought that home but have a mortgage on it? Should you work alone to finish off the checklist and hope she waits for you, or marry her and get through the checklist as a team?
Old equity/debt trade-off is direction you taking. So I need to explain myself again.
If you have some free time to earn money on side or some cash without current usage, it's better to use both to earn more income than to lower existing debt. I didn't mean take more debt, only that accelerated payment of existing doesn't pay.
I can only imagine doing accelerated debt payment only as politician since it block tax cuts.
You need roof over head, not ownership.
And there are advantages to renting.
Why are Americans so much obsessed with ownership? Real estate agents and politicians don't work for you.
Only for finance no. It could work, like special case of marriage for business, but I doubt most wouldn't be willing to pay price to make such marriage work.
I need to provide more explanation.
Best protection is always more free cash flow, preferably from more diverse sources. If, for example, debt takes 10% of income and you have 5 income sources, losing one income source isn't dangerous.
Real issue is having one income source and large percantage of it taken by debt payment. Small percentage should be able to covered by asset sale of assets created in business venture.
This whole conversation reminds me of 20 years ago when I first got married and I wanted kids so badly. And everyone was like… “Don’t have kids until you have “insert some random amount of money here”… When, in reality, kids don’t have to be that expensive. And, also, there is no magical set amount of money that tells me I’m ready. Likewise, I don’t believe there’s a magical number that tells you you’re ready for marriage.
If you’re buried in debt, I’d say that should be being worked on. But I’d hate to see someone reject a potentially “perfect” partner because of something as silly as currency.
My husband and I struggled for YEARS when we were young. Those were some of the happiest years for me and it had nothing to do with how much or how little we had.
If you’re buried in debt, I’d say that should be being worked on. But I’d hate to see someone reject a potentially “perfect” partner because of something as silly as currency.
My husband and I struggled for YEARS when we were young. Those were some of the happiest years for me and it had nothing to do with how much or how little we had.
On the flipside, my brother had many kids when not ready financially and now he will never be ready financially. It's a responsibility no matter how cheap you can make it if for no other reason than your attention span is siphoned, and rightfully so. I do agree, it doesn't have to be "expensive" depending on your relative wealth.
From my experience, clearing mortgage debt has been instrumental in financial security. When I was in business, I didn't know what path God might have for me to travel in the future (I was told repeatedly I should be preaching as that was something people saw I was gifted in), so wanted to be in the best financial position to do whatever came along. That has proven to have been a wise course of action. I think every man needs to be able to scripturally evaluate what will produce the best result for he and his dependents and go from there. There is a lot of information in the Bible about money, debt, and financial planning and we must start with what God says rather than a preconceived idea. Trust in the Lord with all your heart, And lean not on your own understanding; In all your ways acknowledge Him, And He shall direct your paths (Proverbs 3:5-6).
Children are a wealth, the most durable and valuable wealth.
You could also buy residential building and not a house. Then renters would pay mortage for whole building. Plus you get free apartment.
Sound financial idea in theory @MemeFan. However, whether it is a good idea in reality depends on the rental laws where you live. New Zealand's rental property laws now favour tenants so strongly that it is almost impossible to get rid of them if they trash the place or stop paying rent, and the requirements on landlords for what condition buildings must be in to rent them out are ridiculously onorous. Rentals used to be a good money earner in the past but no longer, they can be a major financial dead weight, people are getting out of it and taking their properties out of the rental market. Of course, if you live somewhere that is less regulated, it's still a good plan.
Looks like you are living in CommieLand. Maybe it's time to move.
Everywhere is CommieLand. It's time to fix it.
That answer is more feasible in the USA where we can move from one state to another, or the EU where you can do the same with nations. It's not so easy for our Kiwi brethren.
Besides that, it really is time to turn our cultures around before they are utterly ruined. Fleeing the evil isn't really an option anymore.
" Why not? "
1. The Bible says it is your responsibility.
2. Women have children. When they bring that little tyke home the last thing they want to do is to go back to work.
I have seen it over and over again where young couples arrange their lifestyle for two incomes and it becomes a trap. All of the women I know who are working wives would have much rather been a stay at home wife and mother.
3. In my opinion a marriage is healthier if the couple is inter-dependent, not independent. It is easier for her to be independent steaming if she has her own income. They call them dependents for a reason.
I suggest that if she brings home extra income then count your blessings and bank that to use for a down payment on a house or to increase your investment portfolio. Do NOT use the money for your living expenses! Live within your means.
This is advice for a young man getting started. Of course all families are different and your family may have made different choices. Whatever works for you God bless you. No judgement from me.
First of all, I did not say to have the home paid off, but there is a big difference between a home owner and a renter.
By all means use that sexual energy to expedite the process! By all means get engaged and work on it together and work as a team. But get it done man!
My Grandfather got engaged during the great depression. He was engaged for five years before he felt like he was in a position to marry my grandmother and she waited for him. They were happily married for over 50 years.
There is sort of a groove in life. You can go outside the groove, but it is a harder path.
I remember reading this advice before we got married (25 years ago). It is sound advice, and following it has blessed us. Live on your income, and don't depend on the wife's (do the same thing with overtime money, or bonus money). Save it. Use it to accelerate debt payment. Use it for something extra. Don't base your life on it.
That is poor man's thinking in my opinion. How many rich people rent?
Owners almost always have the advantage over debtors in the long term.
Now if you have saved up enough money to buy and you have determined that the real estate conditions in the area is more favorable to renting over buying and your money will earn you a better return in another investment than home ownership then my hat is off to you.
For most people purchasing a house is the best investment they will ever make.
I am living in the house that I grew up in. My 88 year old Dad bought it for about $50K like in 1972. It has long since been paid off and now he lives in it rent free. It is worth around $2M now.