[amelius]

> Debt eats self-respect. Barnum says young people, especially, should avoid it. The moment you owe somebody money, you’ve handed them a piece of your freedom. The whole game is keeping income above outgo.

So don't buy a house, I suppose. But this goes against popular financial advice.

[ninalanyon]

Buying a house was one of the best things I ever did. But it worked for me because houses are relatively cheap (compared to income) where I live compared to many other countries and I was well paid and frugal so I paid off the mortgage over less than fifteen years. My children don't have that luxury partly because house prices are higher but also because they were less ambitious and hence earn less.

So whether it is good advice depends on your personal circumstances and personality.

[greyface-]

Pay cash, and don't buy a house before you can afford one.

[brailsafe]

> So don't buy a house, I suppose. But this goes against popular financial advice.

Absolutely don't buy a house. I'm very happy I looked at that decision critically when the first opportunity arose and conventional advice encouraged it. I'd never have left my hometown, and my whole life henceforth would have been in service of debt. Pass. Much happier renting forever with every aspect of life being better.

Now I look at prices in places I live and think "Why in the hell would I commit this much money to a tiny shitty condo, people are delusional", but might consider it these days if the price to own vs rent comes into better balance now that I've established a new overall home.