Learn how to calculate how much your debt will cost you by subtracting years from your life!
I know that there are quite a few mortgage calculators out there that allow you so see things like exactly how much you'll be paying in interest on certain loans, how much your monthly payments will be, etc. In this video, I share an incredible idea about how to transform those dollar amounts into weeks, months and years of your life. By converting things like your monthly payment or total interest amount into time, you can see how much of your life you will have to give up just to get things fast and now.
Would you shorten your life expectancy by five years just to get that house of your dreams today? Great! Then we've got a mortgage for you!
NEW MORTGAGE CALCULATOR VIDEO
As always, I'm @papa-pepper and here's the proof:
proof-of-not-being-impressed-with-the-status-quo
Until next time…
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Hey @papa-pepper maybe you found that interesting: https://www.forbes.com/sites/forbestechcouncil/2018/03/06/how-to-save-crypto-through-thoughtful-regulation/#1931c2707f5d
I enjoyed your video and mostly agree with what you are saying and you are correct in saying schools should teach Every day financial matters, I don’t know about the USA but here in the 🇬🇧 I have what’s called a offset mortgage where your savings are offset against your mortgage and it can save you a lot of money over the years, thanks mike
Interesting, and thanks for sharing that. I've just seen too many family get deep in debt and end up losing a lot... and then their kids grow up to do the same thing... It's sad.
Yes it’s no different over here unfortunately, thanks for your reply cheers mike
Ps have you checked out the blue tit lately
I think I agree with you on your calculation. I think it's always best to live within what you earn. Shortening one's life just to get things fast now is not worth it. For me, contentment is the key. Great video
Thank you very much for that!
I'm sorry I was hacked! I have deleted the spam and working on clean up! xo
@mickyscofield, nice idea about the app, it could actually be modified. @papa-pepper, this is kinda an eye opener, looking at how disadvantageous getting loan is from this your perspective. It will make people understand and know how much they are losing on a level they can understand.
I just think that more people really need to consider the seriousness of debt and paying interest, and this would be one simple way that they could understand it a little better. Thanks!
At least your thinking about it. Whether in correct terms or not can be debated. So many people don't think about it at all. It's really scary.
Crucial to get that first house paid off.
Thanks for this insight papa-pepper!
Dope! Check out my page for inspirational stuff.
Brilliant calculator method from you. Thank you for the very useful knowledge. It should be applied in a person's life to get his dream. Good luck always for you @papa-pepper.
Hahaha!!!...Really incredible....
I think it could be modified as an app for smart phone.
Very smart initiative
"Less than 3% on a 15 year mortgage" hmm...🤔
Smartinvestors needs this
Good idea!
Hmm. So would you suggest no decent car and house ever? lol
That would actually be a much smarter idea for many. Plenty of folks make it through life just fine without them.
hi @papa-pepper , this is actually a challenge for me , watching your video , specially those parts where you mentioned numbers calculations , hahaha. math dont like me, as much as i want it LOL,but anyway , what i got in the point of your video in my own understanding is like , you dont have to spend too much of your time to get or achieve earthly things or spend so much money on things you dont really understand , thanks for reminding us to be careful of the things we avail . Love and moments with the family is far more important than anything in this world 👍👏
By the way @papa-pepper, i nominated you in my post of #knowyourself 😀
Stay awesome ❤️❤️❤️
Thanks for the nomination!
Need one of these for crap food as well.
Save $12/month buying shit food in plastic and cardboard containers. Cripple the last 1/3 of your life with debilitating agony and chronic disease! A deal so good you'd be a sheep to not take it!!!
Wow! Great idea! I love it.
But I want it now! I've been 'good' I deserve this. We were trying to keep up with the Joneses and realized they moved away.
Cash is king and freedom is priceless.
Those darn Jonses!
Well done, something to also consider is the size of your home in regards to the debt, do you really need a massive home?
While having young kids at home you do need space, once they leave home you are left with heating and keeping all that space cool.
Picture 2 old folks having to maintain it when they are in their 70's and 80's.
Aging in place before you build is something to consider.
Bending over to tend to a garden is also something hard to do. So raised beds need to be considered.
When we are young we do not consider many of the things that will impact our living.
Very sober points!
Magic time machine and go back to visit my younger self and there would be so many changes...
I really agree with your idea this @papa-pepper.
this is a great idea, in this way we will speed up getting our dreams.
This is something that needs to be taught in all schools from the moment they start teaching about money or currency! I have used the same idea to teach other people about buying anything. For instance, if somebody wants a pair of jeans and it’s $200 and they currently make $10 an hour I would said your take-home pay is maybe eight dollars an hour. Do you feel like working 25 hours is worth that pair of jeans? If so feel free to buy them. But if not then don’t.
Very nice! I love it!
My girlfriend doesn’t like it when I do it!
It is a slavery system and people can't see that.
You buy a truck/car so that you can go to WORK. So you work so that you can go to work and become a slave to that car and if you buy a house it is the same thing. We become a slave to that house that is never really yours.
This is what the schools teach us, go to school, get a good paying job, buy a house and a car etc.
Great post @papa-pepper
My son had an experience with his friend this past week. His friend wanted to buy a big screen TV for $1000USD. Here that is a ridiculous price because the customs demand double on electronics. The friend tried to borrow money for this TV (he had nothing saved) from everywhere including the banks. The answer was a resounding no.
Finally, in desperation, he visited the local loan shark. Oh, yes! He could have the money...for 15% compounded monthly! He came home and proudly told my son what a deal he had made. I think my son's response was "Are you crazy man!" Then he proceeded to show his friend on paper that on his meagre salary he would be paying the interest only for years to come. Thank goodness it was not too late for him to back out of the deal. There was no paper work.
So, yes indeed. They should offer courses in school on how to avoid these kinds of leaches.
I like what I see here in the Philippines and I first witnessed in Bulgaria. I like your years of life lost as you are, what my dad used to call, “House poor”. You can actually have a great job and no life because of debt!
The thing I look at is churches. Go I to debt, how much did you lose in really helping people? How much food, clothing, bibles, and message outreach or evangelism is forfeited for AC, sound system, comfy pews, nice carpet. How much peace is forfeited by the Pastor who has to make good on that every month? How does it change his or her priorities from kingdom to the natural? How much of a burden does it put in the faithful? And what is the ROI for the Kingdom?
The poor Filipino congregation waits. I saw this is Bulgaria! Wait! Dig footers, pour cement, one row of block and out is money. Wait! 6 months later, 4 more rows of block and out of cash. Wait! But when it is finished. Wow! Time to celebrate because it is finished and paid for!
I have been trapped in the American Dream and as you said, lost some years of my life.
Simple is better! As basic your life can possibly be is the best!
Thanks for the message! Steem Acres!
I agree we need to be very conscientious before using any debt instruments. Unfortunately it is too easy to get buried in loans.
While I agree with the calculations, I think looking at interest paid is a little misleading. If inflation (including wages) continues it should cost you less in real purchasing power overtime. In your example a 200k, 30yr mortgage @5%, the final payment of $1074 is only worth ~$248.5 in today's dollars. A mortgage can be viewed as a tool that can free capital to create an inflation hedge.
Yes, this is an important point to add into the equation. Inflation erodes the value of the debt and the monthly payments.
This is what Western Governments are trying to do - inflate away the value of (country) debt by printing money!
Exactly pay off that dollar I get today with $.90 tomorrow. Now if the western governments could find a way to spend less it might actually work!
Sure, I could see that. Thanks for bringing another viewpoint into it.
You nailed it again Papa. This is actually being wise to live within your means. I ran away from a loan, in a reputable bank here, when i wanted to go into full time farming. They asked for 23% interest rate. I calculated how much i would get as income from the sale of eggs and the birds after 18 months, i knew i wasn't willing to give that much of my life for them. I declined and ran.
Good idea. There are others ways!
Exactly Papa. Also, i prayed for you Papa. Saw your video earlier. I replied to it.
great publication, I like your content, I hope you have time to spend on my blog maybe something you like and help me with your vote, a hug!
I agree for the most part...but working life isn't the same as death. If you have to work a few extra years to afford that mortgage it's not so bad if you like your job. Living within your means is definitely a lesson our culture needs to learn.
I'm sorry I was hacked! I have deleted the spam and working on clean up! xo
Good work my friend. Congratulations.
That pics like Andy f Noya ( a tv host Indonesia )
ideas and clarification are very good @papa-pepper, good work my friend
interesting information @ papa-pepper thanks for sharing
wow it's a great calculator method @papa-pepper
rent until you can pay cash..
no mortgage.
that's great @papa-pepper! To be able to calculate what we want and the years it will take it's always fun lol.
Blessings.
Money is truly just a currency for time.
THANK YOU FOR THIS INCREDIBLE INFORMATION
good job @papa-pepper
I agree for the most part...but working life isn't the same as death. If you have to work a few extra years to afford that mortgage it's not so bad if you like your job. Living within your means is definitely a lesson our culture needs to learn.
once you get through the initial phase where you are paying everything towards interest and you start building up some equity it is pretty great, that's actually a nice feeling.
We planned on trying to build out home debt free then our landlords told us we were gonna have to move. So we went the mortgage route, but all in all, our mortgage is about $300 less than our rent, we plan to apply the difference to the principal and pay off our mortgage quickly. And each week I seem to do a little better on here so I am hoping to be able to use some of the SBD I am earning on that too. I want to have our mortgage paid off in 10 years or less.
I learned from my parents not to buy anything unless you can pay for it cash! That is a bit hard if you want to buy a house. So the bank steps in with a loan. They create money what is not actually there and ask interest over money that does not exist. This is how banks work, they are the greatest thieves unfortunately for most you depend on them for buying a house. All other stuff like the cool car has more to do with ego. That is one's own responsibility. I still live without a credit card.
Thanks for showing us that banksters are stealing our lives...