Re:Every company should be owned by its employees
by throwaway2037 on Thursday July 25, 2024 @04:42AM
(#41066317)
Wow, 60-75% savings rate is incredible.
Why not? Combine a 10% down payment and a bank loan. You can definitely afford it.
[ Parent
| on HN ]
Re:Every company should be owned by its employees
by dheera on Thursday July 25, 2024 @01:13PM
(#41071014)
In my book, borrowing money to buy something I don't have the cash for does NOT mean I can afford it.
Back in the days when I didn't have money to buy a car with cash, I just didn't buy a car and used a bike and public transit to get everywhere.
I mean, maybe that's why I have a high savings rate.
Re:Every company should be owned by its employees
by throwaway2037 on Friday July 26, 2024 @01:19AM
(#41075954)
Do you also plan to buy your home with cash only? You will need to save for a long time. To me, loans can be used to judiciously add leverage to your financial profile. If 90% LTV (loan-to-value) is too high for your personal risk profile, then you can increase the down payment from 10% to 20 or 30%.
Re:Every company should be owned by its employees
by dheera on Friday July 26, 2024 @02:53AM
(#41076374)
That's OK, I don't want to owe anyone money.
I can quit my job with full peace of mind, that's what this whole thread is about.
If and when I have money to buy a house, I'll just buy one. It's not that different from buying a fancy meal or a plane ticket. If I have the money I might buy it. If I don't, I don't think about it. I'm simple like that, and as a result, I have very few financial worries.