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…..