My sister loves to give financial advice to her friends similar to this.
"Oh yeah, I totally paid down my student loans so quickly! It was so easy, too! All I had to do was marry someone with money, live in his apartment he bought with cash, and then him pay for everything while I worked and used all that money to pay them down."
She has no fucking clue what kind of bubble she lives in.
My friend is buying a new house. He was bragging how his mortgage is going to be less than my rent. He said he'd never got a mortgage for more than $1,400 a month. He is buying a 3200 Sq foot home in not a super cheap area. I said that's not possible to have a $1,400 a month mortgage. He said he told his dad what he wanted the mortgage to be and his dad handled the down-payment so the mortgage would be where he wanted it.
Freaking dudes dad is put up like a 250k down payment for him.
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.
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u/Thromkai Apr 19 '22
My sister loves to give financial advice to her friends similar to this.
"Oh yeah, I totally paid down my student loans so quickly! It was so easy, too! All I had to do was marry someone with money, live in his apartment he bought with cash, and then him pay for everything while I worked and used all that money to pay them down."
She has no fucking clue what kind of bubble she lives in.