[quote=sdrealtor]Lucky
By 40 he has paid most of it. I was referring to someone like him being able to buy a home when he was in his early 30’s and just beginning his big earning years. Back then he had big student loans (close to $500K). He has also had to buy into a partnership the last 5 years as well as contribute toward the construction of a new office building that houses their practice. He lives anything but extravagently rarely going on a vacation. He cant afford to take the time off because he is dedicated to getting his debt paid off asap.[/quote]
That’s part of delayed gratification. If you become a doctor and must get student loans, you will need to delay certain things in order to get the big payday in the end. How many individuals make $300-$500k 20 years after high school. By the way, what is the unemployment rate for doctors these days.
Your friend had a choice buying into a partnership and building a new office building. He couldn’t work for under another partnership for 5 years instead? They couldn’t find empty office space to start the partnership? By those choices, he impacted and delayed other personal choices he could make for his family. He simply started a business that requires capital, rather than work for someone else.
I want to start a recycling business. Is that noble enough to get a low-down, low interest loan on a $1M house?
