I confess I'm pretty old and was able to buy a house at a youngish age. Mind you, the mortgage interest rate I was paying in 1982 was an eye-watering 15%.
Being able to pay off that mortgage early - and the peculiarities of the UK property market has enabled me to coast for the rest of my life.
My kid has just been able to get a mortgage - in his mid 40's! - due to a small inheritance. I feel really bad for younger generations.
It was the same here (I was paying 16% in the 80's) but it didn't worry me because my mortgage was only NZ$9,000. I paid a $6,000 cash deposit. But how could I afford that as a trainee telephone exchange technician earning only NZ$3,700 a year? Because I boarded at the cheapest place in town, didn't have a car and cycled everywhere, and saved as much as possible. My house was the cheapest in town too and needed
lot of repairs, which I did myself when I could afford it. Once I became qualified and earning good money the mortgage payment was negligible. That house was the only thing I ever possessed that I owed money on. I once bought a photographic enlarger on layby because I didn't have the cash and was afraid it would be sold out when I did - and instantly regretted it. I
hate being in debt!
I always paid cash for my (second hand) cars too. When my Ford Laser failed its warrant for rust I got it crushed, and rode my bicycle to work for the next 3 months until finding another good car I could afford. That one lasted until 2019, when I bought a Nissan Leaf. Soon after that the price of petrol skyrocketed.
I don't like paying monthly bills either. My cellphone and power are both on prepay. I have a Visa card for doing online transactions, which I keep topped up to avoid paying interest. I also keep plenty of money on call so If I need something in a hurry I can pay for it right away. I buy second hand and DIY a lot to save money and for fun. I learned this growing up in a poor farm worker's family.
Starting in 1991 I ran a computer store, financed with my own money. The bank offered to give me an overdraft to help grow the business, but I declined. As a result I wasn't able to open a string of stores around the country that brought in millions like the last guy - who went bankrupt. So I didn't become 'rich', but I'm happy with what I have and sleep soundly at night debt free.
However, as you might have guessed, I don't have a family. That would have made it a lot harder. Can't slum it in cheap boarding houses, or buy a run down old house and spend every night up until 10pm renovating it. Can't get by without a car, washing machine, hot water etc. just because it broke and you 'can't afford' to fix it this month.
Other people have different priorities and I respect that. You may think a family is more important than money in the bank, and a nice house and new car are worth getting into debt for. Just don't complain about your lifestyle choices.
