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Thread summary:

Seeking explanation on contradictory information on Collin County Texas, article says Collin most wealthy county in Texas yet very high foreclosure rates

 
Old 03-22-2007, 10:43 PM
 
Location: Dallas Texas
46 posts, read 438,454 times
Reputation: 57

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http://money.cnn.com/galleries/2007/...ounties/7.html

Can someone please explain to me what this statement means:

*Collin is the wealthiest county in Texas, and many of its towns and neighborhoods are home to the corporate elite of the Dallas area. *


Interestingly enough they didn't mention the rising forclosure rate in Collin County...remember this special in the dallas morning news???

http://www.dallasnews.com/s/dws/spe/2005/price/report.html (broken link)

Too many people trying to be like the Jones's I guess???
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Old 03-23-2007, 05:37 AM
 
Location: Deep In The Heat Of Texas
2,639 posts, read 3,222,465 times
Reputation: 700
Quote:
Originally Posted by osjo73 View Post
http://money.cnn.com/galleries/2007/...ounties/7.html

Can someone please explain to me what this statement means:

*Collin is the wealthiest county in Texas, and many of its towns and neighborhoods are home to the corporate elite of the Dallas area. *


Interestingly enough they didn't mention the rising forclosure rate in Collin County...remember this special in the dallas morning news???

http://www.dallasnews.com/s/dws/spe/2005/price/report.html (broken link)

Too many people trying to be like the Jones's I guess???
I have no idea about Collin County, but your last statement is so true for many. I believe it adds to their self-esteem for some reason. As my daughter says, "Mom, so many people are living way beyond their means." So even if one makes a huge amount of money yearly, he or she can still be ever so broke. It's really sad.

In all trueness, it isn't money that makes one rich.

Last edited by KewGee; 03-23-2007 at 05:38 AM.. Reason: add a line
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Old 03-23-2007, 07:30 AM
 
Location: Topeka, KS
1,560 posts, read 7,144,713 times
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That is so true, KewGee. I have an earth shattering piece of advice for people, that will set them free of stress, financial hardship, nay even divorce and bankruptcy.
Live on less than you make.
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Old 03-23-2007, 08:47 AM
 
Location: TX
3,041 posts, read 11,883,491 times
Reputation: 1397
Quote:
Live on less than you make.
Why is that my generation (40's) can not do this?? Why is it more important to drive a brand new BMW than actually own an older one? Retirement is going to hit ALOT of people really hard. They own NOTHING! they lease thier cars, have instrest only loans, pay for excessive vacations on credit. etc.... I bet even if you exclude mortgage alot of people from my generation OWE more than they make. Does a family of 4 really NEED a 4000sqft home????

I may drive an old van, I may not live in the biggest house, I may not wear designer clothes etc.... BUT...I have a building retirement acct. I OWN my car. I have over $50k in equity in my house. I HAVE a SAVINGS for emergencies. I can take my family on a great vacation 1 0r 2 times a year and have it all paid for before I leave! Yes, I use credit cards...but I can pay them off every month.
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Old 03-23-2007, 10:06 AM
 
Location: The Big D
14,862 posts, read 42,858,565 times
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There are several factors at play. For starters when the high rate of foreclosures was brought up awhile back I found out that the number of foreclosures is actually LOWER than the number of foreclosures in 1988. For those of you that are not from here let me tell you, in 1988 the cities like Plano, Frisco, McKinney, Allen, etc were NOTHING! Plano was the ONLY city of any considerable size then of those mentioned and the rest were still VERY small, sleepy farm towns w/ no new developments to speak of (Frisco - home of the "Fightin Coons" and had like 1 stoplight. McKinney - um, Bill Bates Ranch but other than that, Stonebridge? whats that?. Allen - where? It existed but it was NOT a place that many people even knew of). Check the populations of these places for that time period and what they are now in 2007 and their projected growth or build out. HUGE DIFFERENCE! When you put it into perspective it does not seem that bad as it is being made out. In todays Dallas Morning News there is an article about the subprime loans and how the Dallas market is actually LOWER in these types of loans than the national average. The Dallas market does not have HUGE jumps in appreciation to cause it to sink suddenly like some other states have experienced, never really has. Thank goodness really.

As for the "corporate elite" in Collin County, there are a few. Many of the REALLY big heavy hitters that are on the lists of such as Forbes richest ______, they are in places like Preston Hollow and the Park Cities. Though you do have people like the pres of TI that live in Collin County but they are not in places like Frisco or Plano. They are in the estate lots of places like Parker.

Then the entire "keeping up w/ the Jones'", yes there are people like that. Who do they tend to be? One is the group whose parents made it and provided them w/ a few luxuries but then never taught them that in order to support this lifestyle when they become adults they must EARN IT just as their parents did. I've told my kids many times and still do, you like the things that we have been able to provide you: nice vacations, nice family cars, nice house, nice clothes, nice meals out, etc. and still have your college fund covered along w/ our retirement. BUT!!! I will NOT support this lifestyle for you when you are an adult!!! My kids are used to hearing me say, "NO" all the time for things that they "want" or say they "need". Like the other day w/ my oldest when it came to getting her a new day planner. She wanted the one that was close to $30 when there was one that was $6 that was just as good. Um, sweety you don't need the auto log. We have tried to teach them that you don't throw money away foolishly and still expect to afford the other luxuries/wants/needs. We shared a van from the airport last week in Mexico w/ a lady that told one driver that "I may look rich but I'm not stupid". LOL!!! My kids LOVED IT!

I agree that retirement is going to hit a lot of people hard. I'm not counting on social security, lol. We have planned hard to make sure that our retirement is taken care of along w/ our kids college funds and something many others our age have not done and that is too support our parents when they need it and pay them back for helping us.. We sacrificed a LOT first starting out and still do. I may like to spend but I'm also frugal. I don't like wasting money on cheap products that will not last and instead prefer to invest some time in research and then SAVE my money to pay cash for those purchases. Things like furniture, vacations, cars. I know many people that are so upside down in cars that it is not funny. They are the ones that I describe as such: they wake up one day and suddenly decide they MUST have a new "better", "safer" car THAT DAY! They run into the dealer practically w/ their tongues hanging out saying they HAVE TO HAVE IT! Whereas we on the other hand have taken over a year looking, investigating, researching, talking about such purchases. Because we take our time we have always seemed to make wise purchases on such things. I've NEVER leased a car. Well, in business we lease/purchase our large trucks but that is for the depreciation rates/schedules for taxes. Sad thing is, my husband told me this at breakfast this morning. He figured out that at the rate we are buying cars that by the time we die we will have had something like 80+ cars !!!!!!! But we are car junkies . And no one can get mad or say that I'm throwing money away or living beyond our means by buying a new BMW (my 40th birthday present - TOTAL surprise) as they are all paid for and we did not use our kids college money or our retirement money for such. My husband has been able to purchase the car of his dreams (a classic Camaro - 2 now, eek). We've just been very careful in business and made wise decisions which have enabled the business to succed and in return paid back ourselves. There are MANY people just like this that are planning, saving and yet still able to afford things that are considered luxuries. Not everyone that is living in those 4000+ square foot homes and driving new cars is living beyond their means. Remember, it takes people in ALL income brackets to spend disposable income to keep our economy going. If the people that are buying those new BMW's, Mercedes and such should suddenly stop we would ALL be hurting pretty bad. Hubby even was concerned after his last car purchase and was fine when I told him that if something should ever happen financially that we could sell all but 2 vehicles and have enough money to pay off the remaining balance of our mortgage and/or sell the house too and buy a house for cash for 1/2 the price of this one and have plenty of money for whatever emergency should come. And we are credit card debt free, WOO-HOO!!! Still not at the stage to get hubby that Aston Martin though
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Old 03-23-2007, 11:57 AM
 
458 posts, read 2,774,734 times
Reputation: 199
Quote:
Originally Posted by 5stones View Post
Why is that my generation (40's) can not do this?? Why is it more important to drive a brand new BMW than actually own an older one? Retirement is going to hit ALOT of people really hard. They own NOTHING! they lease thier cars, have instrest only loans, pay for excessive vacations on credit. etc.... I bet even if you exclude mortgage alot of people from my generation OWE more than they make. Does a family of 4 really NEED a 4000sqft home????

I may drive an old van, I may not live in the biggest house, I may not wear designer clothes etc.... BUT...I have a building retirement acct. I OWN my car. I have over $50k in equity in my house. I HAVE a SAVINGS for emergencies. I can take my family on a great vacation 1 0r 2 times a year and have it all paid for before I leave! Yes, I use credit cards...but I can pay them off every month.
I agree. If I had an unlimited amount of money in my bank account I would drive nothing more than a Toyota Camry or something like that. I would live in nothing more than a $200,000-$250,000 house. I could care less about what others think of me. I don't get why people are always trying to compete with each other. Do what makes you happy, not what you think makes you look cool in front of your friends or others.
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Old 03-23-2007, 12:43 PM
 
Location: TX
3,041 posts, read 11,883,491 times
Reputation: 1397
now IF I had unlimited funds.....
I'd have to say I'd be driving a Mercedes convertible! NO KIDS ALLOWED!!

and my house.... well I'd rather have 3-4 houses located in various places than 1 huge mega house.


But what I was saying is that so MANY people I know lease cars. Because they want to drive a NEW car. So ever 2-3 years (some every year) they turn in thier old car for athe new model. They don't OWN it.

It's like the intrest only loans...you don't own it you are essentially renting your house. Here in VA people right now OWE more on thier house than it's actually worth. 2 years ago the market went crazy, people had to get the Bigger house etc... so they went and got an intrest only loan to pay for the 550k mortgage NO MONEY DOWN. So now 2 years later They still owe the bank 550k hte principal (maybe 540K) BUT the house is now worth....490k!! so they can't move they don't have the 60k to clear the loan.
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Old 03-23-2007, 04:10 PM
 
3,035 posts, read 14,428,174 times
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'Collin is the wealthiest county in Texas, and many of its towns and neighborhoods are home to the corporate elite of the Dallas area."

Stonebriar, Willowbend, Stonebridge, Starwood....many homes in the millions of dollars.

Dr. Pepper, Frito Lay, EDS, Sanyo, Raytheon and I believe there are a few other blue chips in Plano/Frisco. TI in Richardson. A host of big Telecoms in Richardson/Plano as well.

I agree that Plano is really a city itself, then Allen, Frisco and Mckinney are its suburbs. That's about the best way I've heard to describe the area.
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