I agree. Housing costs have to be considered relative to overall wealth.
If you can pay cash for a multi-million dollar house, go for it! Live large, baby, live large!
There have been several posts in these forums by people for whom “money is not an object” but they always mentioned that they would be getting a fixed rate mortgage that they could handle.
There’s something about this scenario that doesn’t make sense to me.
When someone claims that money is no object to them and they use that as part of their rationale for taking on debt, I have to assume that they haven’t heard the adage: “People who understand interest collect it while those who don’t pay it.”
There’s another adage that comes to mind: “A fool and his money are soon parted.”
