since we're talking about mortgages

[MineralMan]

15. I agree. It's not easy, though, for working folks

to manage paying off a house. It takes a long, long time, in most cases.

I bought my first house in California with a $20,000 loan from my father-in-law. That was in 1974, and it was the least expensive house in the town where I lived. Rundown, too, but I fixed it over the years. I stayed in that house for 30 years. My wife and I paid it off in just 10 years, even on our miniscule earnings. Finally, my next wife and I needed to move to Minnesota to help care for her aging parents. I got the house when I divorced, but had to give my ex-wife the $100,000 we had stashed away to balance things up. My second wife and I lived there for 17 years.

So, when my second wife and I sold that house, inflation in that market in California meant that it sold for $337K. A good part of that went to buy a fixer-upper in Minnesota. The thing is that I fix up my old houses myself. I have the skills, fortunately. A few years ago, we sold that house and bought another one as we downsized. So, that first house was the only house I had a mortgage on. The rest were bought with the increased value over time. But, I had to pay off the first one to make that happen.

So, time is the secret. Time and a plan.