The mods should be able to combine posts
This should be combined with Bins other Black finances post as I think they are both interesting

Anyhow
My boy is a physician here in Houston
Lives in a big ass house on Lake Houston
3,600 sqft feet single level rancher
He gave like 360 for it two years ago
Prolly worth 560 now
In the city put a 1. in front of that

So he be asking me when me and the wife going to buy our place
I keep telling him my wife's wants don't match our budget so we will continue to rent until the two numbers align
My wife wants his house but in the city so it will be 1.5M at least

He says I should just buy whatever house without my wife's input and tell her to deal with it
I tell him we both flying planes but he on a AirBus and I'm flying a Boeing so shit don't work the same
So then we keep talking and I tell him I see stuff I like it's just over priced from my perspective
So we cruise har.com I show him a nice house for 420k and tell him I think it is worth no more than 350k to me
He says "just buy it! You know eventually you will get your money back out of it anyway"

And then wapo articles made me think of his comments
Dude is very smart when it comes to medicine
But personal finances he is a dunce
Let's say in fifteen years that 420k house is worth 550k
That's a 130k increase, right
But if I would buy at 350k that is 200k
A 70k diff
That's like two years tuition for my daughter in college
The doctor don't think like that
He only sees the 550k at the end

He also is not factoring what if after ten years I have to sale because my job is moving me and at that time the house is only worth 400k
A 20k deficit
But if I would buy at 350k that would still be a 50k increase


I think many blacks need a two-part simple course in personal finance
1. Pay your bills on time and the effects of credit scores
2. More detailed info on how auto/home loans work and their effects of interest rates



Also his wife is some hot shot lawyer in oil+gas and probably makes more than me and my wife combined

****
pink toes: http://i.imgur.com/WN7DPL1