You are correct. When my friends in high school and college spend all their money on expensive cars to impress the girls or flatter their egos. I just got a old but big safe and reliable car that could carry my friends and kept them the cars for about 10 years. Now they live in apartments, or condo's paying large maintenance fees forever. I still have several modest cars because they depreciate but I also have two antique muscle cars that go up in value and I've owned my home for over 10 years and also own 4 apartments that the tenants pay for.
I believe you need only to pay enough interst to establish a good credit score and a charge card for gas and emergencies that I can you should be able to pay off next month.
-------------- Original message --------------
From: Syed Ahmad <[log in to unmask]>
> Almost half of my extended family in the US has always paid cash for their
> homes. Some were well to-do to begin with but most were not. But as they did
> not have any mortgage or car payment to deal with every month, they spent
> the extra cash to continue building their worth, slowly but steadily. They
> do not contribute to the banks, but they do support social causes and people
> in need, and contribute to the economy in general. Some of them do own
> mortgage free $750+ homes in San Francisco and DC areas.
>
> It is a personal choice to be interest free. It does need sacrifice in the
> beginning. One of them opted to live in a trailer until he had accumulated
> enough to buy a house but not each of them had to sacrifice as much. Some
> laughed at the trailer-dweller but no more after he paid cash for his first
> home. Once you are over the first hump, you are care free.
>
> Being a Muslim, I do know many Muslims who live interest-free but I am sure
> there are people from every religion who do not want to give free money to a
> bank. I also realize that not everyone can do this. That is where regulation
> and morality comes in. As an example, a bank would raise the interest rate
> of a borrower on a late payment, thus making it even more difficult to
> manage his worsening financial situation rather than working with him to
> find favorable ways for him to get him out of his agony.
>
> Here is the recipe: Study hard, get good grades and go to a college who pays
> your full tuition. Do not run to buy a new home and dream car as soon as you
> get a job or internship. Live humble until you accumulate cash for what you
> "need."
>
> I have lived most of my life in the US, so I cannot confirm or deny Rudy's
> comments.
>
> -----Original Message-----
> From: TechNet [mailto:[log in to unmask]] On Behalf Of R Sedlak
> Sent: Wednesday, November 26, 2008 1:44 PM
> To: [log in to unmask]
> Subject: Re: [TN] A Modern Parable - "No interest" loans
>
> The Muslim societies have developed an interesting way around "paying
> interest". The banks actually purchase the item the customer wants. Then
> they mark the price up a lot, and turns around and sells it to the customer
> at the higher price, on a "no-interest" loan. Thus apparently,
> "no-interest" is paid.
>
> Rudy Sedlak
>
>
>
>
>
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