11 karma · joined September 21, 2022
Not to dissuade you from finding passion, but from someone who’s always been passionate about things, it can drive you a little crazy. Not to mention the joy that you speak of is temporary, there is always another hill to climb/ goal to reach
Perhaps the solution to such a complex problem isn’t as simple as a “do this and don’t do that”. Perhaps a complex problem should be looked at more multi-dimensionally.
Like most things, loans can be good and loans can be bad. Context matters. The rule of law is meant to protect people and keep the economy healthy. The law is ever-evolving. Sometimes it comes up short but in a healthy nation it can adapt itself to the times.
Regarding mortgage, most people in the west use their home as their retirement fund. After 10-15 years of ownership, the house is often worth twice as much as their total mortgage. The difference between what the outstanding debt and the value of the asset is called equity, and this can be quite substantial.
Isn’t this how a mortgage works? Put some money down, and allocate a portion of your monthly salary to pay the remainder.
> Interest seeks to empower people who have money by making them more and more richer.
The largest and most profitable companies in the world are oil/gas and technology. Wealth inequality would definitely still exist
Is this not already the case?
> This is in contrast with a conventional loan where if your property or business burns down, you still have to pay off the loan to the bank.
Isn’t this what insurance is for?
Interest seems like it can be both good and bad. Condemning it completely seems a bit harsh