Dad Talk to Jeff Latta

Okay, so yesterday I posted on the plight of the 53 year old retired man that can’t afford his $1,000 mortgage.

The story reads that his mortgage is 93% of his pension.  I managed to do the math and calculate how much this guy would have left over.  What I didn’t do was calculate what he made per year; $20,640.  And his mortgage?  Well, assuming he has a 7% rate and given a $1,600 payment, that means he borrowed $240,000.  That, ladies and gentlegerms, is a QUARTER OF A MILLION DOLLARS!  And brother is making a cool 20k a year.

I hereby make this covenant with you, gentle reader.  I will not, I swear to you, I will NOT raise my son to think that it’s okay to borrow $240,000 and then retire at 53 knowing your fixed income will be $20,000.  And more than that, he will not ever, EVER, consider it someone else’s burden to pay for or bail him out of that dumb ass decision.

I swear to you.

Now, son…about that whole pumpkin farm thing you got goin’ on…..

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