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1. Traditionalists. Once they were called the wogs. Often Greeks, Italian etc. They hate debt. They borrow and try to smash the loan fast and furious. Sure its not tax efficient and deductions dwindle. But for many they build equity fast. They like P&I so they can repay. They use variable rates for that reason. When they have paid off one they buy another. They love to buy when the market collapses.
Awesome post Paul - and pretty much demonstrates what I see as well.
Often you see the second generation of "traditionalists" moving towards being "modern buyers" - it's always interesting to see/hear how they explain to their parents that they have no intention of paying down their debt
Cheers
Jamie