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Everything costs more and wages are stagnant for normal people. YAY America!
1980s normal people bought humble homes
2010s people buy expensive lofts and McMansions
1980s normal people bought Toyota Camry and Chevy Cavalier
2010s normal people buy mercedes, huge cadillac escalades, porsche, bmw
1980s normal people bought clothes at a department store
2010s normal people buy clothes at the stores celebrities shop at or order celebrity clothes online
1980s people had friends over for dinner and lemonade and pie in the backyard over friendly conversation
2010s people go to expensive restaurants with high-profit margins and pay $100 a person for dinners, appetizers, deserts and drinks
The lifestyles of the majority these days is beyond flashy., They condemn those who don't live flashy lifestyles.
These days most people parade around like movie-stars so it is not surprising we have record levels of debt.
Over 10 percent of college debt holders are just deciding to ignoring it.
It's funny you would post this now because my husband and I are at a bit of a cross roads at this point in time. A few years ago we bought a fixer upper home in Idaho. Four years later we sold it and made a 67% profit. It's not as much as it sounds - the house was modest and so was the profit but it's a lot of money to us. This year I also sold my house in Tennessee - same deal (modest home and modest profit).
So here we are back in Wyoming in a temporary rental while we look for a home to buy. Only............homes are overpriced where we want to live, we completely paid off the two credit cards we had, we own our vehicles, camper and boat outright, and have cash in a safety deposit box. We literally are debt free and cash holders both with excellent credit.
We've been here for a couple of months now and are becoming more and more......... Confused? Disheartened? The longer we are debt free the harder it is becoming to look at overpriced homes and take on huge debt. We've got plenty of time and don't have to make any decisions quickly, but renting and downsizing is looking more and more like a better option for us.
I know it doesn't exactly address your post although we've had our financial ups and downs over the years (both separately and together) so can empathize with those stretched financially. Neither of us have fallen into the "Keeping Up With The Joneses" trap thankfully. Just trying to tread carefully and figure out what the right thing is for us to do. Maybe others should do the same before taking on so much debt. It really sucks to be owned by banks and credit card companies.
I suppose that happens to people who have no sense of what's actually important in life. If they choose to be lead around by a platinum nose ring and seduced by trash and glamour I have no sympathy. Unfortunately I get it that at some point others will end up paying for their stupidity. Still, getting that off my sanctimonious chest feels good once in a while.
1980s normal people bought humble homes
2010s people buy expensive lofts and McMansions
But look at the money they have poured into the economy. Those expensive homes were built by workers, the banks made money on the financing, the local government makes money on the property taxes, etc, etc.
1980s normal people bought Toyota Camry and Chevy Cavalier
2010s normal people buy mercedes, huge cadillac escalades, porsche, bmw
If they can afford those cars, why not. If I want to drive a Caddy, and can afford it, why should I settle for a lesser car?
1980s normal people bought clothes at a department store
2010s normal people buy clothes at the stores celebrities shop at or order celebrity clothes online
Again, people spent money at those shops, someone had to make those clothes, and the credit card company makes money on each sale.
1980s people had friends over for dinner and lemonade and pie in the backyard over friendly conversation
2010s people go to expensive restaurants with high-profit margins and pay $100 a person for dinners, appetizers, deserts and drinks
Those expensive restaurants made money, as do the wait staff.
The lifestyles of the majority these days is beyond flashy., They condemn those who don't live flashy lifestyles.
These days most people parade around like movie-stars so it is not surprising we have record levels of debt.
I'm one of those people who spends a lot of money on life's pleasures, but I only do it with cash. I work hard, am not on this planet forever, so why not enjoy it while I am here ? My purchases put other people to work, help businesses grow, and keep the economy rolling. I also have zero debt.
I am not going to live like your 1980 example because I can now afford more than I did in 1980 and no longer have the family responsibilities I did back then. I could care less what the Kardashians do, I do this for me, and me alone. If you want to live cheaply, fine, but some of us realize we ain't taking this money with us, so we might as well enjoy it while we can.
juneaubound - why not try working instead of speculation to make your income at least until this artificial real estate bubble collapses. Live as cheap as you can in the interim and keep saving until both the real estate and stock markets bottom out. Then invest in the old fashioned way - buy low and sell high but take your time about it.
Don1945 - I like your attitude. With The Donald's finger on the nuclear trigger it makes sense to "eat, drink and be merry for tomorrow we die" while we still can AS TOMMOROW IS GETTING EVER CLOSER.
People like this actually vote? This country is going to hell.
Are you saying costs haven't risen?
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