Our water heater is out. Again. Third time in the short 8 months we've been living here. The last time our landlord's plummer came out, he said they might have to completely re build the side of the house to replace the system.
This is terrible news for us tenants only so far as we might have to put up with a hotel for a few weeks. Even worse news for our landlord who might be out a few thousand or more for the construction and new water heater (I don't even want to consider the labor cost).
I bring this up because as a listener of Dave Ramsey, and an avid debt opponent, I hear people buying homes as they graduate college with who knows how much in debt. To quote Dave,
A home is a huge financial blessing if you have money. If you don’t have money, it becomes a curse, because the water heater breaks. The heat and air system goes out. The winds blow shingles off the roof. Houses cost money. They’re a good investment, but they cost money to operate these things. You’ve got to be prepared. If you move into a home with three student loans that have been around so long you think they’re a pet, MasterCard, you’ve Discovered bondage and American Excess, and two fleeced car payments with no money, you move into that home, Murphy will move into your spare bedroom and bring his three cousins Broke, Desperate, and Stupid. Don’t do that.
So while I may be waking up quite briskly tomorrow morning, I'll have quite a smile on my face. Why? Because I have a plan. Being wise in choosing to pay down my debt first before buying a home has allowed me the peace of mind to not have to worry about this water heater issue.
And after all my debt is paid off, I'll gladly buy my first home as a blessing. And WHEN that water heater goes out, I'll have the peace of mind knowing that I can pay it easily, because my credit card payments, car payment, student loan payments, or debt payments of any kind won't be there with me when I move in.
So, do you have a plan? Is it detailed? Is it long term? Are you following it? If not, I've got the expertise to help if you need. If yes, congratulations. You're on your way to succeeding in life.