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amd yeah, when you buy a house, you have to give up all those holidays and extras - for years and years
I didn't have a new car, go on holiday, or pretty much anything extra for 10 years. We scrimped and saved, and it even came down to turning off lights as we entered and left rooms and closing all the doors in the house to minimise the heating needs in winter (stacking on the blankets in the bedroom rather than turning on the heater) to save on the bills
Plus, since the Australian system of mortgages is better than the USA, we were able to pay extra each month above what we had to. So we paid almost double.
We had some luck. I was able to stay continually employed by the edu dept and raisa only missed out on 4 months between contracts during that time.
But at the end of the day, after 5 years, we had paid off the complete mortgage of $160 000. The house is now all ours, every brick, every tile.
On that day I made sure that all the bills were paid off and for 24 hours I was completely debt free. I owed nothing to nobody. *That* was a good day!
The next day we went out and got another $250 000 loan to buy our rental property. After 3 years of minimal repayments we now still owe $225 000 on that, but that's because its a long term thing over the next 20 years. We've already made a $40 000 profit on the property value in that time.
NOW though, because money is easier, yes I'm going to Italy, and buying $26 000 cars without much worry. But its the reward of 10 years of deprivation and penny pinching that got me here.
I colour stuff...
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AUTHOR OF THIS MESSAGE
Little green man
MESSAGE TIMESTAMP
23 december 2008, 20:48:40
AUTHOR'S IP LOGGED
220.245.245.179
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