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I would argue that debt holds most people back. It's easier to change jobs when you don't have unnecessary debt. The only debt that I would consider necessary i
by avenger123 14y ago
I would argue that debt holds most people back. It's easier to change jobs when you don't have unnecessary debt. The only debt that I would consider necessary is mortgage debt. Car loans, credit card debit, etc. are all things that can be managed and eliminated.
- nostrademons 14y agoAgree on car loans and credit card debt, but...student loans? That's the elephant in the room, and arguably as necessary as mortgage debt. (You can rent a small apartment, but you're shut out of many career-track jobs without at least a college degree.)
- Evbn 14y agoMortgage debt, or more precisely, home ownership, locks you into expensive maintenance on an asset that is expensive to get rid of. You can't just downsize your house -- all the benefit gets soaked up in transaction fees.
- protomyth 14y agoIt also limits the geographic area that you can look for non-telecommuting work.
- RougeFemme 14y agoAnd in some scenarios, it really "is" cheaper to rent. But renting goes against what we've been raised to believe, especially regarding the American dream, our sense of permanence/putting down roots, etc.
- yaddayadda 14y agoAgreed. While my student loans have constrained my options, my home ownership has constrained my options by many more orders of magnitude. I hate my student loans, but don't regret them. I hate AND regret my home ownership.