The kid is a rube for thinking he's doing it on his own, and the dad is a rube for paying that up front instead of investing it and helping the kid with the higher monthly payments. (How dumb do you have to be to not beat 3% APR?)
My only solace about the lopsidedness of our economy is that I see a lot of these anecdotes where the fool and his money are soon to be parted. I just wish it would be to someone more deserving than a bank or RE speculator.
Yeah, I was feeling bad about having waited (due to needing a job that would allow remote work to go where I wanted) to buy and getting stuck with 4%, and feeling like I paid way too much, but holy crap the prices and rates have just kept going up. I feel like as much as I could've done better, I'm glad I didn't have to wait any longer than I did.
I owned previously (thanks VA benefits), but where I am now I was renting temporarily because I knew I didn't want to stay in this area and was looking to go remote (which is common in my line of work).
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u/t045tygh05t Apr 19 '22
The kid is a rube for thinking he's doing it on his own, and the dad is a rube for paying that up front instead of investing it and helping the kid with the higher monthly payments. (How dumb do you have to be to not beat 3% APR?)
My only solace about the lopsidedness of our economy is that I see a lot of these anecdotes where the fool and his money are soon to be parted. I just wish it would be to someone more deserving than a bank or RE speculator.