Even if you do own property, you have to pay taxes on it every year or the government can take it away. In the end do you really own something that can be taken away by Uncle Sam at a moment's notice? And what about if you want to give you what you "own" to your kids. 50% of it will go to Uncle Sam. You have to pay all sorts of tricks to see that most of it goes to your kid. Usually you have to start giving it to your kids piece by piece before you even die.
My parents paid off their house in 10 years back in mid-century. Their mortgage was around $150.00. What difference did it make? When you are too old to work you still have to pay hundreds and in some states thousands in property tax every month alone. They never really lived rent free after all.
Even if you do own property, you have to pay taxes on it every year or the government can take it away. In the end do you really own something that can be taken away by Uncle Sam at a moment's notice? And what about if you want to give you what you "own" to your kids. 50% of it will go to Uncle Sam. You have to pay all sorts of tricks to see that most of it goes to your kid. Usually you have to start giving it to your kids piece by piece before you even die.
So do we really "own" anything?
My parents paid off their house in 10 years back in mid-century. Their mortgage was around $150.00. What difference did it make? When you are too old to work you still have to pay hundreds and in some states thousands in property tax every month alone. They never really lived rent free after all.