Posted By:
joe brennanDavid, I really enjoy your talking to you. The generation that went through the Great Depression taught me a great lesson in saving. Not everyone learned these lessons.
When our parents bought a house, they lived in it for most of their lives. Even if their income increases, as long as the family size didn't, they stayed. They didn't need a more expensive house or the bigger morgage.
They didn't need a new car every 2 years. They paid off their cars and drove them till they NEEDED a new car.
If our fathers worked overtime 20 hours a week, they didn't increase their bills to match the new found wealth. They saved the money.
How many couples do you know that based their incomes on overtime, new cars, bigger houses, boats, credit cards, large vacations and bills, bills, bills.
What happens to these families when the overtime stops?
Do they blame this on the company they work for? They find themselves in serious financial trouble.
Bigger houses, new cars, un needed credit because they could, never worrying about tomorrow.
Now, I assure you. I am not saying that all of our countries woes are due to these factors but just listening and looking around I see this played out over and over.
I read a fact when I was 18 years old that a large % ( I don't remember the exact %) of American have less than $500 in the bank when they retire. This was unbelievable to me. Who did they think would take care of them after their income stopped? The government? Depend on SS? Why depend on someone else when some serious financial planning, less buying and more saving through out their lifetime would have given them financial security.
I realize that housing values have dropped in many parts of the country and it is not due to the above factors that some families find themselves in a situation that they had no control over. To those families that did everything right, I feel for them. I know taking a loss on a house is a very hard thing to do, but the advice I would give them is try to ride it out and hope the housing market turns. If that is impossible, then they must sell at a loss and move into a house that they can afford now. Hopefully they are young enough to recoup their losses over time and put this hard time behind them.
I believe this will be my last post as I really didn't expect this to create a whole new direction for this thread.
I wish the best for everyone this year and hope my prediction of a turn around in the 3rd quarter of 2009 comes true. Leon, Thanks for letting me speak and now back to our regular scheduled program. Vintage cards, great new pick ups and TPGer's.
I enjoyed this discussion and find all the posters very intelligent and speak their opinions like adults.
If anyone wishes to continue, please e-mail me at twodueces22@yahoo.com
In Rememberance of James W. Brennan Sr. 1924-1982. Dad, thanks for everything you did for me.