Own a house or own a life
Should you stay at a stable job that doesn't really excite you in order to buy a house and pay a mortgage, or should you rather spend your money on finding your true career even if it means delaying the buying of a house?
This is a tough question. Most people would rather buy a house, reasoning thus: "Instead of paying the rent, I might as well buy a house and eventually own it. Paying the rent is like throwing money out the window."
This line of reasoning is not necessarily correct. It is correct IF and only IF you have already found your true career. For example, if you've always wanted to become a lawyer, and are now working as one, then buying a house is a good idea.
But if you are not sure about your current job or career, buying a house will only commit you financially and, somehow, limit your options. Indeed, you cannot easily quit your job (even if it is not your true career) because then you would not be able to make the mortgage payments.
I totally understand that young people want to settle and buy a house as soon as possible, but there is the danger that you settle too soon. Indeed, once a person commits to a mortgage, he/she cannot easily explore career options. A stable job is absolutely needed so that mortgage payments can be made regularly.
The reasoning mentioned previously, where it is better to pay for a mortgage so that at least you own something (a house) rather than "wasting" money on paying the rent, neglects a truth that perhaps few people are capable or willing to face: that when you buy a house, the house is in fact "buying" your career.
That is, when you buy a house, you own it financially whereas the house (the bank, the fiscal authorities, etc.) owns you temporally. It owns your time every day, 9 to 5. In other words, house ownership ensures that you remain an employee working at a (preferrably) stable job.
However, there are cases where buying a house can actually improve your career, or even help you set up a side business (in addition to your daytime job). For instance, if you use the house to organize meetings where you discuss about career matters and strategies with friends and allies. Or if you use some rooms in your new house to conduct business on the side.
In the end, we all have to face one major dilemma: own a house or own a life.
Paying the rent doesn't necessarily mean you own nothing. You own something called freedom. If you have the discipline to actually do something productive with that freedom (such as systematically exploring all your career possibilities and options in order to find your true career), then freedom is worth paying for.
But if you don't have the discipline or the willpower to find your true career, or if you think you've already found your ideal job or career, then buying a house is the strategically correct decision.
This is a tough question. Most people would rather buy a house, reasoning thus: "Instead of paying the rent, I might as well buy a house and eventually own it. Paying the rent is like throwing money out the window."
This line of reasoning is not necessarily correct. It is correct IF and only IF you have already found your true career. For example, if you've always wanted to become a lawyer, and are now working as one, then buying a house is a good idea.
But if you are not sure about your current job or career, buying a house will only commit you financially and, somehow, limit your options. Indeed, you cannot easily quit your job (even if it is not your true career) because then you would not be able to make the mortgage payments.
I totally understand that young people want to settle and buy a house as soon as possible, but there is the danger that you settle too soon. Indeed, once a person commits to a mortgage, he/she cannot easily explore career options. A stable job is absolutely needed so that mortgage payments can be made regularly.
The reasoning mentioned previously, where it is better to pay for a mortgage so that at least you own something (a house) rather than "wasting" money on paying the rent, neglects a truth that perhaps few people are capable or willing to face: that when you buy a house, the house is in fact "buying" your career.
That is, when you buy a house, you own it financially whereas the house (the bank, the fiscal authorities, etc.) owns you temporally. It owns your time every day, 9 to 5. In other words, house ownership ensures that you remain an employee working at a (preferrably) stable job.
However, there are cases where buying a house can actually improve your career, or even help you set up a side business (in addition to your daytime job). For instance, if you use the house to organize meetings where you discuss about career matters and strategies with friends and allies. Or if you use some rooms in your new house to conduct business on the side.
In the end, we all have to face one major dilemma: own a house or own a life.
Paying the rent doesn't necessarily mean you own nothing. You own something called freedom. If you have the discipline to actually do something productive with that freedom (such as systematically exploring all your career possibilities and options in order to find your true career), then freedom is worth paying for.
But if you don't have the discipline or the willpower to find your true career, or if you think you've already found your ideal job or career, then buying a house is the strategically correct decision.
posted by Super Peter at 9:48 AM
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