Reply by mmh

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Posted on So how are we dealing with the new economy?

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3676 posts in 3684 days

#1 posted 11-06-2008 07:27 AM

We have been lead to believe that we can have it NOW and pay for it LATER and do it all over again. Well, the hole in this concept finally gave to a big tear in the fabric and many who have foolishly believed they could have all the newest, latest, bigest, nicest stuff to be had on their tiny paycheck are in a big MUCK. The banks marketed the endless lines of credit that gave a false sense of worth to those who didn’t have a clue. But can we really blame them for our own stupidity if we know we only have a certain income but we keep buying more to enjoy it NOW!? I don’t wish to see any family lose their home to foreclosure, but didn’t you really think that it was a little risky buying all that house, all that car, all those gizmos that were a bit too expensive? Do the math, it’s not that hard: $$$ – $$$$$ = not enough $$.

We actually under bought in our home, as it was a fixer-upper and not real large, but not real small, just right for a starter home. We were both hesitant in getting more house than we could handle in payments, although a bigger, fancier one would be delightful to live in, the mortage could have been twice or thrice what we are paying now. We were even looking to purchase farmland to have more freedom and luxury of spacious bounderies. Our hesitation to buy something too far to commute to actually has saved us. We both worked downtown DC and needed to commute within a reasonable distance from work to home as the jobs pay better in the city, so you pay the price of commuting. Because we settled for a comfortable home and have been fixing it up ourselves gradually as finances allow, we have been able to stay within our means. Of course one always drools about the bigger and better, but I’m quite happy with what I have and will keep fixing up my little castle.

-- "They who dream by day are cognizant of many things which escape those who dream only by night." ~ Edgar Allan Poe

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