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"AMEN!"
Well said.
Keith, that's the problem, if you have to put something on plastic, and it can't be paid in full by the end of them month, you can't afford it. That's Morgan's whole point.
If you couldn't put 10 percent down on a house and qualify for a 30 year fix, you cannot afford the house/condo/whatever.
This whole keeping up with the Joneses has it's seeds in the postwar America, where we were marketed to death. I think people started to live past their means sometime in the 80's. Between the rise, fall, rise, fall of the the stock market and the rise of the real estate bubble, people thought they could spend their way into oblivion.
Well, the 26 year shopping spree is over.
It's time to get back to basics. Buying a one story, 3/2, 30-40 year old home in So Cal shouldn't seem "beneath" anyone anymore. Or a decent 2/2 condo.
It's time to live in one's means. Save money, shop at Nordstrom's Rack, make eating out a special occasion once ot twice a month, pack your lunch to work, buy a new car 6-10 years out instead of every 2-3 years, buy a tv instead of a home theater, take a vacation in California instead of Europe, etc.
It's time to get back basics and common sense. Let's look back at our grandparents and ponder why they were called "The Greatest Generation".
I think the $30k millionaires out there think they are living the American Dream when they are simply posing in a debt ridden lifestyle with their H2 gas guzzlers going 10 MPH on the 405 in rush hour traffic. Not exactly the American Dream.
You know, I think this is so pervasive that a large number of people simply cannot understand why Warren Buffet is leaving his kids only a fraction of his fortune and donating the rest. His kids are all well adjusted but understand that being wealthy is much more than the artifacts of debt. That has been lost on our society and the financial illiteracy is coming back to bite us.
I have a feeling we are in for a societal tipping point.
successful mega-millionaires who realize that in the end that dying with the
most stuff, money, cars, debt, etc. is not the American Dream. It is
opportunity, plain and simple, that has been mutated by the greed-driven
marketing efforts of for-profit corporations.
The Bible has a LOT to say about debt. This website seems to capture the essence quite well.
http://www.christchurch-virginiawater.co.uk/art...
Here are a couple of particularly poignant quotes from the Bible:
“The rich rule over the poor, and the borrower is servant to the lender” (Proverbs 22:7).
“Do not co-sign another person’s note or put up a guarantee for someone else’s loan. If you can’t pay it, even your bed will be snatched from under you” (Proverbs 22:26–27 NLT).
God bless you.
Morgan
This is a classic BM. And what to do about it? Drive your 1998 honda another 3 years. STOP worrying about the approbabtion of 30k millionaires.
A loan audit to determine the validity of the mortgage contract is what we suggest to put a Stop to this cancer. Seek out violations that break State and Federal Fair Lending Laws. Hold these vultures accountable.
Anyone know of Countrywide, Full Spectrum Lending Division and their new TS2/RealEc program? They are only using Stewart, Fidelity, and LandAmerica Corporation for title and escrow now. I guess you have to have the new TS2 program, and if you aren't already approved for the new system you can't get in to get approved. Is that steering?