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Click here to take the Worst Buying Decision Survey.

I'm frequently asked about "good debt" and "bad debt." Actually, there's no such animal. There is simply DEBT. There are however, good buying decisions and bad buying decisions. Buying your home is probably a good buying decision. Buying a new 2002 Ferrari 360 Sport Convertible, for people with an average income, is probably a bad buying decision.

I'd like to know your smartest or best purchase. However you decide what's "best."

READER RESPONSES

"Our house...it turned out to be the best buying decision we have ever made. Its a small townhouse which we purchased in 1995 for $60K. Now, 7 years later it appraised at $110K, almost double what we bought it for. We were young, but made good choices. I was only 18 when we bought the house, but somehow we managed to find an area that we thought was nice, never knowing that it would appreciate to be one of the nicest areas in town."
--Valerie

"Buying my home in 1994, when home prices were still reasonable and interest rates, for that time, were low - 6 1/2%. Now my home is worth about twice as much as I paid for it, and I have about $200,000 in equity in the house. Part of the reason for so much equity is that I have always paid extra on the principal, just about every month for the past 9 years. I also enjoy taking the tax deductions like real estate tax and interest on Schedule A."
--Anonymous

"My 2002 Jeep! Yes, it was NEW, it was expensive, and although I am making extra payments to pay it off early, it will still not be paid off for for 3 years. But I have dreamed about it for 4 years, worked to get my credit cards paid off so I could afford it for 4 years, and now I have realized my goal! I get SO much enjoyment out of my car, and smile every time I think about it. Not all big credit purchases are bad."
--Crystal

"A three year old vehicle. By then, all the "new" was off the price but the vehicle was still in excellent shape. We always purchase an extended warranty; sometimes we use it up, sometimes we don't."
--Lew

"I bought a Warranty from my gas company for $10.95 a month. With this once a year I can get a A/C or heating check-up ($60.00 if I had to pay for it.) It covers all my appliances. Even the Furnace is covered. Had this since 1995. It bought me a new Water heater and Dryer. I think it is great insurance. $10.95 X 12 Months is $131.40 a year - $60.00 Free Tune up and it is $71.40 a year or $5.95 A month. I think it is a great Buy."
--Save A Lot Art

"Buying my Honda. I should still have a decent car, well after the payments are gone. My goal was to purchase a vehicle and keep it maintained so that I could go several years without a payment. Oh, am I looking forward to that day!!"
--Yvonne

"Buying top quality turquoise jewelry is the best decisions we have made. Have you seen how popular it has become? All the beautiful celebrities, movie stars, VIP's are wearing gobs of silver and turquoise jewelry. The Navajos and other tribes are working hard to produce quality, hand-made jewelry and can actually live off the income from their hard work."
--Dollie

"My best buying decision was paying my 30-year mortgage off in 5 years while times were good for us financially. Now times are not so good with problems of unemployment, etc., but we're still living in our house free and clear and don't have to worry about coming up with several hundred dollars a month in order to stay in it!!"
--Anonymous

"Buying a house. Because the payments are actually less than the going rent and the payments are fixed and won't go up."
--Anonymous

"My house - because it increased in value 2 1/2 times in 11 years allowing me to purchase a second property as an investment."
--Cindy

SURVEY QUESTION

What was your best buying decision and why? 

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