- Nov 16, 2011
- 19,794
- 11,287
Let us hear from the financially educated members of BHW. I think house loan is one of the biggest traps.
What money traps should one always avoid ?
- Thread starter awesomewebsites
- Start date
Hawkeye Digital
Rules Violation
- Feb 23, 2022
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House loans is an trap , loans are totally crap , it better to get everything with cash Binance futures is stake gambling tho !
- Nov 16, 2011
- 19,794
- 11,287
Only education load is good if you are going to a good college.
Hawkeye Digital
Rules Violation
- Feb 23, 2022
- 6,316
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Educations loans are good , but still an trap for an middle man family over !
trevormorley
Regular Member
- Feb 25, 2010
- 250
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Wives
- Oct 25, 2018
- 2,228
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Credit cards. They're designed to make you spend the money you've not earned.
Willyfish
Inappropriate behavior toward members + Rule 3.5
- Dec 6, 2019
- 2,494
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Building a business with no money.
- Nov 16, 2011
- 19,794
- 11,287
That is why I have no credit card.
moonshine7000
Elite Member
- Mar 4, 2013
- 4,357
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Not really if you how use them properly.
- Jun 9, 2020
- 6,582
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Laxmi chit funds. Stay away from those who say you will get 10x,100x, or whatever in some days if you invested this xxx amount.
Vk316
Regular Member
- Mar 18, 2019
- 374
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I thought it was just a skit in Hera Pheri but your comment made me google it, I am quite surprised to see that they are a real thing.
- Oct 25, 2018
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I know. I use one myself. Just to build up my credit score and they're convenient but not everyone's got control on how they spend their money. Credit cards are misused by a lot of people and they end up with unwanted debt.
Chris Newman
BANNED
- Oct 13, 2018
- 6,868
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Think out of the box. Any debt, be it even a home loan is a trap or a blessing, depending on which side of the fence you are in.
People who are rich, very often consider taking on debt in order to end up paying less taxes, in certain smart cases, rich people end up using debt to pay ZERO taxes, for them any debt (be it even home loan) is a true blessing.
@krishnaverma , suggestion for next thread : car loan
People who are rich, very often consider taking on debt in order to end up paying less taxes, in certain smart cases, rich people end up using debt to pay ZERO taxes, for them any debt (be it even home loan) is a true blessing.
@krishnaverma , suggestion for next thread : car loan
randomstrings
Supreme Member
- Feb 3, 2021
- 1,325
- 854
House loan is an investment, not trap, you are actually buying piece of land for emi.
My father bought a home for 8 lacs in 2005 that too on emi, now that home is worth more than 1.5 cr,
For usd: purchase was 10000 to 12000 usd as per current rate
Current price: ,200000 usd
My father bought a home for 8 lacs in 2005 that too on emi, now that home is worth more than 1.5 cr,
For usd: purchase was 10000 to 12000 usd as per current rate
Current price: ,200000 usd
Zwielicht
Elite Member
- Aug 31, 2013
- 21,128
- 40,603
This is all just based on my opinion here in the US.
- Buying a new phone every year - I was an early adopter of the smartphone, back when people made fun of them for being big bricks. They've gotten faster and more capable over the years, sure, but it's not worth an upgrade every year, or even every few years.
- Buying a new car - they're smartphones on wheels these days, and manufactures are adding subscriptions to them so that you can "unlock" features like your heated seats.
- Glasses - debatable, although after my eye surgery, it would've been cheaper in the long run to get this years ago as opposed to getting glasses and contacts this whole time.
- Renting a house - I'm not a fan of landlords, and as a kid, I had to move around a lot whenever one of them decided to sell the house on short notice. In my experience, many of them have been cheapskates who skip legal checks to save a few bucks, although I'm still sour all these years later after one of them cost me my health because they didn't check the house for mould as they should've.
- Renting land for a trailer - I have no personal experience with this one, although I've read that some companies have been buying up trailer parks in bulk and raising the rent on the existing renters exorbitantly.
- The wrong used cars - not all used cars, just ones with costly issues. Most people don't know how to check for these issues, and buy a used car that'll cost thousands to fix.
- Wild-caught pets - it's not a money trap if there's one you really want to help, but some people buy wild caught reptiles for their "collections" only to find out they have parasites or other issues that require a vet to treat. Not just any vet though, but an exotic vet who may be hundreds of miles away.
- Buying IM tools without knowing what you're doing first - some people get excited, invest hundreds into various tools (sometimes even on a subscription basis), and... don't do anything with them because they're not even sure what to use them on.
- Health insurance - US health insurance can be summarised as a "you're damned if you do, you're damned if you don't" situation. Just another subscription service that's even more useless than the others when you have an actual medical issue that needs to be taken care of. They give you the run around on everything in order to avoid doing the exact thing you're paying them to do.
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