Comment by amelius
6 hours ago
> Debt eats self-respect. Barnum says young people, especially, should avoid it. The moment you owe somebody money, you’ve handed them a piece of your freedom. The whole game is keeping income above outgo.
So don't buy a house, I suppose. But this goes against popular financial advice.
Buying a house was one of the best things I ever did. But it worked for me because houses are relatively cheap (compared to income) where I live compared to many other countries and I was well paid and frugal so I paid off the mortgage over less than fifteen years. My children don't have that luxury partly because house prices are higher but also because they were less ambitious and hence earn less.
So whether it is good advice depends on your personal circumstances and personality.