What does the “Mort” in Mortgage stand for? Death?
The term originates in Latin (then French) to literally mean ‘death pledge’.
That’s what a mortgage is – a contract to pay until death. We have been brainwashed into feeling a sense of accomplishment when we “buy” our first home. What many don’t realize is that you don’t even own it – the bank does.
You purchase the home for, let’s say, $300,000. By the time you finishe paying for the home, you could have purchase 3 of the same houses.
Now, I’m not saying it’s bad to own a home. We already know that Agenda 2030 wants us to “own nothing and be happy”. That’s not what I’m saying at all. I’m speaking to those who, at the detriment of their own financial stability choose to go in debt for something they cannot afford, all for bragging rights that they pay a MORTgage rather than rent.
If you buy a home, purchase one within your means. If you can, pay it off as quickly as possible to save on interest fees. If you can’t afford it, sell it, pay off debt and start again.
Stop teaching the children that debt is their aspiration. Home ownership and education are important, but lets start educating ourselves and our children the right and smart way to do things so that they are not paying for their mistakes until death.
