Other than a rich grandparent, aunt or uncle passing on and leaving you a big inheritance, there is nothing a 16 year old can legitimately do to earn enough money to pay off any sort of mortgage.
Having no debt is nice, but unrealistic for the vast majority of us.
I never would've gotten my first vehicle without going into debt, and without that first vehicle I never would've gotten a good enough job to pay off that first vehicle. Unfortunately the first vehicle didn't hold out long enough for me to save enough money for its replacement, so I had to go into debt to buy that second vehicle. Time I get vehicle #2 paid off, it's shot so I gotta borrow to replace it too...
I suppose I could have continued living in that dumpy old apartment for $600 a month indefinitely, but I wanted a house of my own and the perfect place came up for sale in the perfect location at the perfect price. No way were the old folks that owned the place going to sit around and wait for me to save up to pay cash, so I gotta borrow it.
I suppose I could pump every spare dime I have into paying off the loans but I have 7-8 hours every day where I'm not working or sleeping, and I need something to fill the time even if it's just television and Internet. I suppose I could just get another part time job to make use of my time but that's no fun. I work to live; I don't live to work. I suppose I could sit on a bare floor and stare at the wall.
I started out behind and I'm always going to be behind no matter how hard I work, no matter how much I scrimp and save, no matter how much extra I dump into my mortgage.
By no means am I living outside my means. I am making the payments, contributing to my 401K, setting some aside for a rainy day, but by the time that is all said and done there's nothing left that would make a significant dent in my debt.
Yeah, we all know the "right" things to do. Save for a rainy day. Don't go into debt. Pay off any debt you do have immediately.
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Today's Featured Article - The River Tractor - by Charlie English Jr.. This is a 4010 John Deere that was used to farm on the Diamond Island which is in the Ohio River about 15 miles southwest of Evansville, Indiana. About ten years ago, this tractor was parked close to the bank as the river was washing the bank of the island away.
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