I’m very proud of you, but when I was 22 I was eating in soup kitchens. Home ownership was impossible. I just didn’t have the funds.
Unfortunately, some of us find buying life insurance extremely difficult. My husband, for instance, is frequently called “uninsurable” - according to actuarial charts he should have been dead 30 years ago.
I agree that foresight and planning are key to surviving adversity, but no matter how wealthy or forethoughtful you are there is always the possibility of disaster. Get caught in a fire and burned over half or more of your body you can max out a medical policy and eat through a couple million easily. There are people who, due to current physical problems beyond their control, can not obtain disability or life insurance. There are people who get up, work hard every day, and still do not have health insurance in this country. While you yourself may be interested in preserving your marriage your spouse may not - and it only takes one to initiate a divorce.
My financial problems in my 20’s did not arise from debt - they came from having no start-up money for my adult life. I’ve never lived beyond my means, and the only debt I have is my car and truck (truck will be paid off shortly). I suspect that, through circumstances I had no control over, I did not reach the financial position you had at 22 until I was 32 - so I’m starting 10 years behind you in a sense.
I do agree that folks racking up debt is a big, big problem. My husband and I work hard to avoid debt of any sort - and we’re considered very, very strange people. I run into that a lot when we look at real estate - “But you could afford twice what you said you were willing to pay! You’ve got a good job, you could do it!” Hey, I’m looking for a house to suit MY needs, not just to pad someone else’s commission. Being told I can spend up to 30% or more of my gross income on housing doesn’t cut it - I’d rather spend 20% because I can use that 10% to make a cushion against future upsets. I want enough house, not a lavish palace.
That only works if you have 10% beyond what you need for food, clothing, and shelter. Unfortunately, not everyone is so well-off. I’ve been there. I worked my butt off to climb out of that hole. As I said, in my case it had nothing to do with debt load or living beyond my means, I just started with next to nothing, and for several years I was investing in a college education rather than real estate (but a college degree can pay big dividends, so I feel it was a smart move on my part)
As most of us have said, everyone is different, you have to consider your own needs and the market you’re dealing with. However, despite being a long term renter, I’d have to say that real estate IS a good investment if you do a little research and invest wisely.