Buying vs. Renting - As a math teacher (retired in 2019), I figured out an understood the math in 1986. Rented two years and bought a condo. The ultimate issue is financial literacy. It needs to start at a young age. I was honored to be part of the Common Core Standards development (don't moan and groan...politics took over...and for the most part didn't work as well as hoped...another whole story.) In the worldwide research of what other countries do, Australia has a national requirement that all seconday school students must take a one semester course in financial literacy in order to graduate. They study personal budget making, the amortization of a loan, various investments and their returns (lots of compare/contrast), super planning (super is their word for 'retirement'), and more. I got to peak at the curriculum for about 20 minutes. I found myself saying...."if only I had known in high school."
We are still a country teaching our kids based on Horace Mann's model from 1837. An attempt was made in mathematics K-12 (common core standards), but too many parents and politicians complained "that's not how I learned." They were correct, but we know SO much more about the brain and how it works now than we did in the 1960's (left brain vs. right brain). We SHOULD be changing how and what students are learning.
Until then, it's up to the parents to teach their kids finances, and if the parents are financially illiterate...(you can figure out the rest).
Regarding "not realizing it was illegal"....that's fine, just like when I blow a stop sign, turn right on red when there's a sign there, etc. Doesn't make you 'less guilty.'
I would think that buying is more economical than renting. When you rent a decent place it could cost you between $30,000 ti $50,000 per year in rent expense. These are costs that you never get back. When you buy a piece of property (comparable in value to the rental property that you could afford) and you have a mortgage, the interest expense, real estate taxes and home repairs should normally be less than the aforementioned rental expense. Plus, interest expense and real estate taxes are tax deductible within certain limitations. Plus in inflationary times, you could get your purchase cost back or even more than your purchase cost. I have rented property for only about 2 years of my life, and have owned property for the rest of my life starting at about the age of 25 and I am now 86. So I practice what I preach.
Genius can be used for philanthropy or GREED! To be given the rarity of genius& to throw it away; incomprehensible 🥺
Buying vs. Renting - As a math teacher (retired in 2019), I figured out an understood the math in 1986. Rented two years and bought a condo. The ultimate issue is financial literacy. It needs to start at a young age. I was honored to be part of the Common Core Standards development (don't moan and groan...politics took over...and for the most part didn't work as well as hoped...another whole story.) In the worldwide research of what other countries do, Australia has a national requirement that all seconday school students must take a one semester course in financial literacy in order to graduate. They study personal budget making, the amortization of a loan, various investments and their returns (lots of compare/contrast), super planning (super is their word for 'retirement'), and more. I got to peak at the curriculum for about 20 minutes. I found myself saying...."if only I had known in high school."
We are still a country teaching our kids based on Horace Mann's model from 1837. An attempt was made in mathematics K-12 (common core standards), but too many parents and politicians complained "that's not how I learned." They were correct, but we know SO much more about the brain and how it works now than we did in the 1960's (left brain vs. right brain). We SHOULD be changing how and what students are learning.
Until then, it's up to the parents to teach their kids finances, and if the parents are financially illiterate...(you can figure out the rest).
Regarding "not realizing it was illegal"....that's fine, just like when I blow a stop sign, turn right on red when there's a sign there, etc. Doesn't make you 'less guilty.'
I would think that buying is more economical than renting. When you rent a decent place it could cost you between $30,000 ti $50,000 per year in rent expense. These are costs that you never get back. When you buy a piece of property (comparable in value to the rental property that you could afford) and you have a mortgage, the interest expense, real estate taxes and home repairs should normally be less than the aforementioned rental expense. Plus, interest expense and real estate taxes are tax deductible within certain limitations. Plus in inflationary times, you could get your purchase cost back or even more than your purchase cost. I have rented property for only about 2 years of my life, and have owned property for the rest of my life starting at about the age of 25 and I am now 86. So I practice what I preach.