the foreclosures out there are freaking me out! (Dallas: sale, rental homes)

[Macbeth2003]

Originally Posted by 5stones

I'd love to see a free fall in oil futures..back down to $70/barrell or so.

Never gonna happen. The demand will increase the supply will decrease. Basic Economics.

[GHJohn]

Originally Posted by loves2read

I read that article about consumer spending and thought that exact same thought
instant gratification and few long term goals met with discipline

I think there will be more foreclosures in the coming year--some managers are going to start to feel the pinch of the economy--some people who own their own businesses or depend on sales income for nice life style--even in TX we are going to see people struggle as the economy shrinks

Come to think of it, when was the last time you heard anyone say that they put a 20% downpayment towards a home?

[Rakin]

Originally Posted by GHJohn

Come to think of it, when was the last time you heard anyone say that they put a 20% down payment towards a home?

Happens quite a bit in higher priced homes. I'm glad I have some of money as equity verses the stock market right now. At least in my area home prices are holding steady while the market is not.

[momof2dfw]

Originally Posted by GHJohn

Come to think of it, when was the last time you heard anyone say that they put a 20% downpayment towards a home?

A lot more than most people realize. Of our friends that have bought a house in the last 2 years every single one of them either paid it in full at the time of purchase or put down MORE than 30%. The people that are able to "get ahead" still in this day are the ones that have ALWAYS stuck to a budget yet still had enough extra money to splurge on big ticket items and "extras" whenever they wanted and something caught their eye. It is your lifestyle and spending habits during the GOOD TIMES that will help you sustain during the down times.

[momof2dfw]

Originally Posted by 5stones

Our friends look at us wierd because we BUDGET very carefully...like I siad drive our old cars, have an no flat screen/big screen TV's (the kids TV we got when my grandfather passed away!) etc...
We do however go on 1-2 NICE vacations a year...and once a every 3 years a BIG vacation...caribbean, Disney etc.. Friends want to know why we are so extravagant etc... and how do we afford them etc...HOW??? we save and we pay cash for our vacations NEVER put them on credit.
I much rather put away $500 a month for a trip to Hawaii than a car payment, big screen TV, dinner out every night, starbucks everyday, the newest phone etc.. etc...

REMEMBER the US constitution GAURANTEES to the RIGHT to PURSUE Happiness.... It doesn't gaurantee you WILL be happy!

VACATIONS are another one of those entitlement things...you are gauranteed Vacation TIME (paid time off of work)... but NOWHERE does it say you are give the RIGHT to GO ANYWHERE.

LOL!!! And we leave tomorrow for our "big" summer vacation. WOO-HOO!!!!

Hubby and I go on at least one trip ourselves w/o kids a year. He goes about 2-3 times a year on a long weekend for car related trips. We go somewhere for Spring Break, etc. The ONLY reason we use credit cards now is to get travel rewards. With airfares going thru the roof we are REALLY watching to make sure we can max out that benefit. It is hard to get in the habit of using a credit card for a "fast food" purchase when your used to dealing in cash only because you don't want a credit card balance. Then we pay it off every month. We do put our travel expenses on the credit card for safety and in case something comes up we have recourse. You still just have to LOOK AT THE PRICE BEFORE WHIPPING OUT THE PLASTIC!

I think the other thing that is helping us really take some great vacations is having a timeshare. Since we have had that it now makes traveling so much easier and cheaper. We watched what we bought on that end and it really is working out well. But it takes RESEARCH and KNOWING how much you can spend even when doing that.

We have some friends that always envied us when I got a new car and . What they failed to realize that the cars I was trading in were PAID OFF and 7-9 years old! It would take about a month after we got a new car for them to pull up in one that was totally LOADED OUT! They just got up one day and said, "WE MUST HAVE A NEW CAR TODAY!" Whereas hubby and I took about a year or two to FINALLY decide exactly what we wanted and researched and got the best price for it and for our trade. Doing it right now as a matter of fact. DH is selling his truck that is 10+ years old but still looks brand new and well cared for (so he can get MORE FOR IT when he sells it). Been looking at an 07 but they have 20K+ miles on them and the sticker price the dealers want is still up there and not a budge. NOW, GM is offering 0% at 72 months (he will take the 0% but only wants a max of 60 months) on a BRAND NEW ONE! Bank loans for a used car are still around 6%. With rebates, incentives and customer loyalty rebates we can get the brand new one for only $2-3K more than the used one. We have to sit down and run the numbers for the TOTAL money SPENT at the end of the note for both scenarios. This is something MOST people FAIL TO DO and is just one reason why they are in trouble. They also fall for the deales line of, "what do you want your monthly payment to be". NEVER FALL FOR THAT! I will walk off when they use that line. I'm not interested in the monthly payment I want to know the BOTTOM sales price PERIOD!


Anyway, I'll make sure to have a tropical drink while I'm sitting on the beach for all of you.

[Lakewooder]

No guarantees on vacations, for sure. I went to Europe probably a dozen times from 1997-2003 for less than $400-$500 per ticket. I got many of those for $300 something. And the Euro was very cheap when introduced. I would mostly stay in lesser hotels with a night or two at some place really nice like the Lanesborough, Crillon or The Danieli. And some cool places like The Sanderson and St. Martin's Lane or The Claris, Hotel Bauza or Das Triest (sorry, going on a little nostalgia ride). I also traveled to various US cities on cheap tickets (I'm talking about the Netsaavers which used to be $100 more or less).

But then I had an opportunity to buy more rental properties at a good price so I did and I have stayed home since, only going on one or two trips per year.

I began to live very abstemiously so that I could retire that debt fast. Now I am seeing the light at the end of the tunnel - and I can retire soon if I wish. But hell, now you have to pay what you would previously pay for first class to go to Europe. And then there's the dollar...all those airmiles don't help very much!

The silver lining is that now that I've lived on little I find I really don't want much. My Daddy would be proud! I think I shall soak some pinto beans in his memory.

Besides, have you gotten on a plane lately? Not worth it!

[HockeyDadof2]

Originally Posted by momof2dfw

LOL!!! And we leave tomorrow for our "big" summer vacation. WOO-HOO!!!!

Hubby and I go on at least one trip ourselves w/o kids a year. He goes about 2-3 times a year on a long weekend for car related trips. We go somewhere for Spring Break, etc. The ONLY reason we use credit cards now is to get travel rewards. With airfares going thru the roof we are REALLY watching to make sure we can max out that benefit. It is hard to get in the habit of using a credit card for a "fast food" purchase when your used to dealing in cash only because you don't want a credit card balance. Then we pay it off every month. We do put our travel expenses on the credit card for safety and in case something comes up we have recourse. You still just have to LOOK AT THE PRICE BEFORE WHIPPING OUT THE PLASTIC!

I think the other thing that is helping us really take some great vacations is having a timeshare. Since we have had that it now makes traveling so much easier and cheaper. We watched what we bought on that end and it really is working out well. But it takes RESEARCH and KNOWING how much you can spend even when doing that.

We have some friends that always envied us when I got a new car and . What they failed to realize that the cars I was trading in were PAID OFF and 7-9 years old! It would take about a month after we got a new car for them to pull up in one that was totally LOADED OUT! They just got up one day and said, "WE MUST HAVE A NEW CAR TODAY!" Whereas hubby and I took about a year or two to FINALLY decide exactly what we wanted and researched and got the best price for it and for our trade. Doing it right now as a matter of fact. DH is selling his truck that is 10+ years old but still looks brand new and well cared for (so he can get MORE FOR IT when he sells it). Been looking at an 07 but they have 20K+ miles on them and the sticker price the dealers want is still up there and not a budge. NOW, GM is offering 0% at 72 months (he will take the 0% but only wants a max of 60 months) on a BRAND NEW ONE! Bank loans for a used car are still around 6%. With rebates, incentives and customer loyalty rebates we can get the brand new one for only $2-3K more than the used one. We have to sit down and run the numbers for the TOTAL money SPENT at the end of the note for both scenarios. This is something MOST people FAIL TO DO and is just one reason why they are in trouble. They also fall for the deales line of, "what do you want your monthly payment to be". NEVER FALL FOR THAT! I will walk off when they use that line. I'm not interested in the monthly payment I want to know the BOTTOM sales price PERIOD!


Anyway, I'll make sure to have a tropical drink while I'm sitting on the beach for all of you.

Are you going to Atlantis? We leave next Wednesday. We have saved all year for and wouldn't do it any other way.

[momof2dfw]

Originally Posted by HockeyDadof2

Are you going to Atlantis? We leave next Wednesday. We have saved all year for and wouldn't do it any other way.

Nope, Aruba. I waited to the last minute and it was the only thing available that I could also get decent airfare for. So Aruba it is.

Have not been to Atlantis but friends have. Kids loved it. That place is HUGE!!!! Too much of a crowd for dh there. He prefers the lowkey places.

HAVE FUN!!!!

[GHJohn]

Originally Posted by momof2dfw

LOL!!! And we leave tomorrow for our "big" summer vacation. WOO-HOO!!!!

Hubby and I go on at least one trip ourselves w/o kids a year. He goes about 2-3 times a year on a long weekend for car related trips. We go somewhere for Spring Break, etc. The ONLY reason we use credit cards now is to get travel rewards. With airfares going thru the roof we are REALLY watching to make sure we can max out that benefit. It is hard to get in the habit of using a credit card for a "fast food" purchase when your used to dealing in cash only because you don't want a credit card balance. Then we pay it off every month. We do put our travel expenses on the credit card for safety and in case something comes up we have recourse. You still just have to LOOK AT THE PRICE BEFORE WHIPPING OUT THE PLASTIC!

I think the other thing that is helping us really take some great vacations is having a timeshare. Since we have had that it now makes traveling so much easier and cheaper. We watched what we bought on that end and it really is working out well. But it takes RESEARCH and KNOWING how much you can spend even when doing that.

We have some friends that always envied us when I got a new car and . What they failed to realize that the cars I was trading in were PAID OFF and 7-9 years old! It would take about a month after we got a new car for them to pull up in one that was totally LOADED OUT! They just got up one day and said, "WE MUST HAVE A NEW CAR TODAY!" Whereas hubby and I took about a year or two to FINALLY decide exactly what we wanted and researched and got the best price for it and for our trade. Doing it right now as a matter of fact. DH is selling his truck that is 10+ years old but still looks brand new and well cared for (so he can get MORE FOR IT when he sells it). Been looking at an 07 but they have 20K+ miles on them and the sticker price the dealers want is still up there and not a budge. NOW, GM is offering 0% at 72 months (he will take the 0% but only wants a max of 60 months) on a BRAND NEW ONE! Bank loans for a used car are still around 6%. With rebates, incentives and customer loyalty rebates we can get the brand new one for only $2-3K more than the used one. We have to sit down and run the numbers for the TOTAL money SPENT at the end of the note for both scenarios. This is something MOST people FAIL TO DO and is just one reason why they are in trouble. They also fall for the deales line of, "what do you want your monthly payment to be". NEVER FALL FOR THAT! I will walk off when they use that line. I'm not interested in the monthly payment I want to know the BOTTOM sales price PERIOD!


Anyway, I'll make sure to have a tropical drink while I'm sitting on the beach for all of you.

Which is why I've never understood the point of those car ads where they say you can save tons of money on a new ford truck or whatever they are selling. If you have a car or truck that runs fine wouldn't you save more by not buying a new car or truck?

[GHJohn]

Originally Posted by momof2dfw

A lot more than most people realize. Of our friends that have bought a house in the last 2 years every single one of them either paid it in full at the time of purchase or put down MORE than 30%. The people that are able to "get ahead" still in this day are the ones that have ALWAYS stuck to a budget yet still had enough extra money to splurge on big ticket items and "extras" whenever they wanted and something caught their eye. It is your lifestyle and spending habits during the GOOD TIMES that will help you sustain during the down times.

Oh I'm sure they exist just haven't met any one of them. Most people I talk to are people who put down 5% or 10% back when there was a stampede to get into a home.