Monday, June 23, 2008
First Visit with the Accountant
When the Accountant told us to buy a house and take out a mortgage, I cried. If I ever had a dream about being rich, it was to have frugally handled my money so well that I was debt free, and freely owned my house. Maybe this overnight money isn't the same experience as having saved up money over 20 years, but I hoped at least to get the same end result. It meant so much to me, all those conference talks, all that prophetic advice to get out of debt! Now apparently, I'll get in debt anyway for the tax break.
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Don't do it! Buy the house out right. My brother in law hit it rich a year or so ago, could have payed off his house, didn't and now the money is all tied up in other investments that may not come through in time due to the global financial downturn. Now he is living off his home equity loan.
I'm not judging - to be totally honest I'm not sure how I would react if every option in the world was now a reality.
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