You are viewing a single comment's thread from:

RE: Independently Indebted

in LeoFinance2 months ago (edited)

slaves to the debt cycle

Yes, and unable to follow their own consciences for fear of losing their jobs, and hence, nearly everything. It's awful. We see more and more of this as the years pass, but recent events since 2020 are freshest in my mind. How many of us did what we did not want to do, both as medical practitioners and as patients? We are slaves to our credit scores, a mere number as meaningless as the numbers on our bank account statements.

I have counseled my daughters to live within their means, and to carry zero in credit card debt. I hope to pay off one of their mortgages and, in so doing, hold her mortgage myself. If her job says "do this or you are fired" she can say no. My interest in the property will transfer to her upon my death, so she never pays the principle (which becomes an untaxed inheritance), and no one pays capital gains taxes.

Think outside of the box! Keep as much of your money as you can in the family, not in a bank!

I sure would hate to have that poor woman's job. She is, as described above, doing a job she hates, is embarrassed of, just to keep afloat financially.

Sort:  

I would love to one day be able to buy an apartment in my daughter's name and any income it makes would go to her, and of course anything else I own after I die. Here a house is a taxed inheritance unfortunately. It is pretty crazy how much tax the governments can claim, and then grossly misuse the income that people have worked so hard all their lives for.

Dear me! So if someone inherits a house, they must come up with loads of money to keep it?! That's not right. It's a lot like Kamala Harris' brilliant idea to tax Americans on unrealized gains. Many of us would lose our homes while we were still living in them, nothing to be done but sell it. Then all those houses would flood the market, but only the rich would be able to buy even the least expensive of houses.