Are prices like this everywhere?

[Jstpssng]

No it doesn't. We have had no loans since 1995 and have an outstanding credit score.

How do you do that? I had no credit for ten years, and when I went for a truck loan in 2015 my interest rate was 18%; because I had "no credit." Once I got that loan I was offered a credit card from Cap 1, and a year later refinaced my truck for 7.99%. Yet until I took out that first loan I had no credit score. Zero, zip, nadtha.

 

[ultrarunner]

Getting that grub stake when you're young is important. From high school through first few years of marriage my wife and I always held a full time job plus one or two part time jobs each just to get our educations paid for as we went and our fist house paid off quick. Then we were able to use the equity in the home to secure no money down loans for vacant farm land and our next house by using blanket mortgages.

Some folks are saying it can't be done as easily today. I'd guess they are right in places like LA, NY, etc. where houses are outrageous. Our kid in Pittsburgh is doing pretty well for themself on less than average wages, so it can be done. Just have to be disciplined with the finances.

They are always saying it can’t be done but many ways to get it done…

Helped a young couple get started… put them into a 4-plex needing work but livable… soon rent from 3 units paid all expenses plus generated tax savings…

It wasn’t all that long as in a few years 2 units covered the note and taxes…

After 5 years with baby coming they decided being a landlord was not really their calling…

They sold the Oakland plex at a nice profit and bought their home in San Jose and their late 20 something friends all thought the only way was a gift from parents…

Most just are not willing to put in the work… simple as that.

 

[jyoutz]

Yikes!
We just turned off our air conditioning a few weeks ago and fired up the gas furnace for the first time this morning. Trading high electric bill for high gas bill maybe.

Not cold enough to start burning wood yet. The house would overheat.

I heated with solid wood and wood pellets for over 30 years; cutting wood and hauling bags of pellets. Last year I ditched propane and paid to have natural gas ran 1500’ to the house. Amazing: my level payment monthly gas bill is $58 and that’s for natural gas furnace, fireplace, kitchen range, water heater, and patio grill. Gas is plentiful and cheap in my area.

 

[MossRoad]

How do you do that? I had no credit for ten years, and when I went for a truck loan in 2015 my interest rate was 18%; because I had "no credit." Once I got that loan I was offered a credit card from Cap 1, and a year later refinaced my truck for 7.99%. Yet until I took out that first loan I had no credit score. Zero, zip, nadtha.

Because we DO have credit. I've had it since I was a young man. My wife has had it since she was a young woman. Credit cards. Mortgages. Home equity lines of credit. Car loans. Those types of things.

Yes, we've been debt free since the mid 90s. And Yes, we've purchased things on credit since then.

It's just that we pay them off every month and rarely have we carried a balance. They see that as responsible use of the credit that is available to us. They also see that we've made utility, credit card, cell phone, bills, etc. on time and have never had a claim for late payment. That makes us a good risk for higher amounts of available credit.

Credit does not mean keeping a balance on a loan and making payments.

Credit means the ability to borrow money with the understanding that you'll pay it back within the time limit agreed upon.

This article from Experian, one of the three major big institutions that track credit, explains what credit is pretty well, much better than I can.

What Is Credit? - Experian

Learn about what credit is, the common types of credit accounts, why your credit history matters and steps you can take to start building credit now.

www.experian.com

And this article from The Motley Fool talks about your credit utilization ratio.

A Beginner's Guide to Credit Cards | The Motley Fool

Credit cards can be a powerful tool, but they're often confusing for beginners. This guide explains how credit cards work and how to avoid common mistakes.

www.fool.com

A quote from that article, which is what I've been trying to say these past few days:

"

What's a good credit utilization ratio?​

The credit utilization rule of thumb is to keep your ratio under 30% and lower if you can. Anything over this is considered to be a high ratio, and this can hurt your credit score as explained below.

It isn't really possible to have a credit utilization ratio that's too low as long as you're using some credit. A low ratio shows that you manage your money well and you don't need to rely heavily on credit to fund your lifestyle. But if you don't use credit at all, lenders have no insight into how you'll handle borrowed money and many will deny you or require a cosigner rather than take a chance that you may default. So make sure you use some credit routinely, even if it's only a small amount"


So that means if I buy a submarine sandwich or a used car, with my credit card, I've used credit. If I pay it back before I get charged interest, that shows I'm good at repaying my debts.

The credit card companies don't care if they never make a penny off of you in interest, because they make their bread and butter off of the transaction fees that are built into all credit card transactions. Yes, they make a lot of money off of people that carry a balance each month, but you already paid them when you swiped.

Does that answer your question?

 

[Dftodd]

For the average population, having a mortgage does zip for their taxes. It never did. It's a common myth. While it works for you for obvious reasons, it doesn't for most.

Over 2/3 of tax payers before the 2017 tax bill change did not meet the standard deduction. Since the 2017 tax bill change, about 88% won't meet the standard deduction.

Before they upped the standard deduction a few years ago, we did really well claiming our mortgage interest on our taxes.

After the raise to the standard deduction we still saw a benefit claiming it for our state taxes. But the federal b3nefit disappeared.

Granted claiming the interest from a mortgage isn't as beneficial has having the home paid for and being able to invest that money each month towards your retirement.

 

[5030]

Yeah it is.

Just like the used tractor market, especially the pre 4 units. Prices are getting stupid lately.

 

[MossRoad]

I heated with solid wood and wood pellets for over 30 years; cutting wood and hauling bags of pellets. Last year I ditched propane and paid to have natural gas ran 1500’ to the house. Amazing: my level payment monthly gas bill is $58 and that’s for natural gas furnace, fireplace, kitchen range, water heater, and patio grill. Gas is plentiful and cheap in my area.

Our house is old, poorly insulated, and 30+ year old furnace. Some of those will be addressed next year.

 

[jyoutz]

Our house is old, poorly insulated, and 30+ year old furnace. Some of those will be addressed next year.

I did install a new 95% efficient furnace a few years ago. It does make a difference. And I had extra insulation blown in the attic.

 

[3930dave]

Once the bean counters can prove that battery storage on locomotives makes economic sense, as in a reasonable Return On Investment period, then that's when they'll do it. Until then, it's still more economical to continue with the current technology as long as it's legal.

The Golden Rule...... Them that Has the Gold, Make the Rules........ too true.

Change doesn't happen for various reasons.... corporate inertia is one, many people don't like to get out in front of a New Decision.... where I work presently, most people are terrified of making decisions.....

I've spent my time in one way or another working in technical areas. Over the years though, I've often said "I work for an Accounting firm, that happens to dabble in ___________ once in a while".......

While not a fanboy of Elon's, I recognize the contributing factors in how he performed the disruption he has in the transportation sector..... by standard accounting ROI, none of his corporations should exist.

The ROI calculation may get accelerated though, once rail companies are looking at $10 or $20/gal diesel.

Rgds, D.

 

[ultrarunner]

I heated with solid wood and wood pellets for over 30 years; cutting wood and hauling bags of pellets. Last year I ditched propane and paid to have natural gas ran 1500’ to the house. Amazing: my level payment monthly gas bill is $58 and that’s for natural gas furnace, fireplace, kitchen range, water heater, and patio grill. Gas is plentiful and cheap in my area.

It’s $50 a month just to keep water hot and one gas dryer load a week…

Home heating a triple pane well insulated home to 68 in mild CA January can add $400 to gas bill.