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Old 08-11-2008, 02:04 PM
1,851 posts, read 2,918,199 times
Reputation: 2346


Originally Posted by Rcm58 View Post
$75,000 a year and a 1.2 million dollar home plus a ranch....lol, I grew up with some pretty intelligent people, it wasn't difficult to see that living above your means was for wanna bees. I do now own a considerable amount of real estate but it took years of flipping and planning. You have to appreciate the humor in people that want to skip an entire section of building wealth. If the price increases have put you on the streets you should have been realistic.
Exactly!! Don't you just love those who feel like it's their "right" to not "pay their dues" like most others? Bill Gates, Steve Jobs, Warren Buffett, Oprah Winfrey, etc., they ALL paid their dues!! Even Donald Trump's kids work and understand money, how it works and how to make it work for you.

It just kills me that people assume they are entitled to the finer things in life without having to work their way up to it...no financial intelligence and no discipline.

Originally Posted by asitshouldbe View Post
The price of the house was not too high. A loss of a job is what sank the ship. Everything is afloat again and we are rebuilding our "supplies".
Good for you. Hopefully this experience will result in a lesson about financial stability for you and your family...especially if you must live on one income.
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Old 08-12-2008, 11:22 AM
Location: Pennsylvania, USA
5,217 posts, read 4,130,328 times
Reputation: 908
Originally Posted by asitshouldbe View Post
We foreclosed and moved to a rental property before we were to far in the hole that we could not afford the deposit and things. We rent a very nice 3 br home in a great neighborhood and pay less then our mortgage was. We will eventually buy another home down, for now this is just right. I would never "choose" to live on the street with kids.

Foreclosures take time.. in the time that you are living inthe house NOT paying the mortgage you should very easily be able to save first and last months rent and then some.

It's what I've been doing while attempting to short sell.
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Old 08-12-2008, 11:48 AM
340 posts, read 1,131,543 times
Reputation: 156
$75,000/year in income...$10,000/month in mortgate payments. You don't have to be a genius at math to see how that is going to turn out.
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