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Dafuq Is a Down Payment? And Why Do You Need One to Buy Stuff?

Dafuq Is a Down Payment? And Why Do You Need One to Buy Stuff?

“What is a down payment?” In an ideal world, no one would need to ask themselves this question because no one would need one! Expensive things like cars and houses and college educations would be a lot more affordable. Enough so that we could pay for them with the money that we already have. And we’d all have mountains of it.

But unless you have a Scrooge McDuckian money vault at your disposal, buying a car or house or bachelor’s degree in cash is probably impossible. Down payments are necessary because of how our world works. Today we’re going to teach you what they are, when you need them, and how to use them to your advantage.

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Mountains of debt cannot be repaid just by packing lunches and cutting cable. Those are comforting bedtime stories we tell ourselves about capitalism.

The Real Story of How I Paid Off My Mortgage in 4 Years

As of fifteen minutes (and one very cold beer) ago, I officially own the beautiful house I’m sitting in right now.

My partner and I have been refreshing our mortgage account every few hours today, waiting for the final payment to process. (Weirdly, you have to WIRE the final payment. Seriously? After this years-long relationship of sending personal check after personal check, our mortgage lender refuses to trust us at the finish line? Fine, whatever…) Just before the close of the day, it happened.

Current principal balance: $0.00.

$0.00.

My mortgage is gone. I am done paying rent. If all things go according to plan, I will never ever pay rent again for as long as I live. Let’s talk about it!

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Podcast Episode 003: "My parents have bad credit. Should I help by co-signing their mortgage?"

Season 1, Episode 3: “My Parents Have Bad Credit. Should I Help by Co-signing Their Mortgage?”



When life stresses me out beyond belief, I find nothing more soothing or rejuvenating than reading about petty dramas I’m not personally involved in.

Neighbors feuding in all caps on Next Door; running blogs dragging the shit out of marathon cheaters; Facebook mommy groups erupting into explosive schisms over international geopolitics. Ahhhh… reading them is like slipping into a warm bath. So juicy! So low-stakes! With so much to fret about in my life, it’s nice to pause and contemplate the completely optional frettings of random other people I will likely never meet.

Which is why I love Reddit! And I’ll occasionally pull random questions that feed the drama-devouring beast within me interest me! Today’s question was found on r/personalfinance, a board where I lurk on the reg for obvious reasons…

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Building a Scrooge McDuckian money vault is too gauche.

I Paid off My Student Loans. Now What?

After spending over a year scrambling to put every extra dollar I could find into my student loans, I’ve paid them all off almost five years ahead of schedule. I’m now in the enviable position of having a big chunk of extra money every month. It literally feels like I just got a massive raise. So what do I do with it?

Building a Scrooge McDuckian money vault is far too gauche. And besides, I want to use this money to improve my financial position in the fastest, most badass way possible (with badass defined as “most profitable in the long-term”). There’s no shortage of options.

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