
Postal_Boy
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Nov 12, 2004, 3:29 AM
Post #93 of 138
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Re: [Morris] Stop what you're doing and go buy the FX-1!!
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No kidding. I just put a deposit down on a new house for next year and in no way can I think about buying equipment that can't pay for itself immediately. Mathew, Congratulations on your new home! That's one of the best investments anyone can make. Like I tell my sons, if one pays $1000 rent per month for 10 years, thats $120,000 down the tubes which could have been in your pocket by owning. Plus the interest is deductible...  Well, that depends. I agree that owning CAN be better than renting, depending on interest, but it was just until recently that the "payoff" of owning became a benefit in less than 10 or 11 years. In other words, you may pay $120,000 over the 10 years, but only get about 30% of that back since the rest goes to interest. Therefore, you get $40k in equity. Granted, the longer you own it the more will go towards principle, but if you were to pay $1000/month for rent as opposed to $1500/month for a house payment, you could save $500/month that you aren't throwing into a house payment. $500/month is 6k/year - over 10 years, you save 60k in the bank rather than build 40k in equity...But with interest down, you break even in about 6 years I believe - so if you plan on being in it more than 5 or 6 years you are better off. That and house payments are much less now, so they are much closer to the rent cost. __________________________ PD-170, Dual athlon 2200+, 1gig ram,, Vegas, Combustion, Photoshop, dual monitor (ashamed of the video card, so I won't mention it), Samson wireless, and a couple of one-chippers (sony) just for the heck of it. - And an IRIVER
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