[darstar]

Originally Posted by MGD

Also, all those people whose houses are foreclosed AND the remaining ones who have some bank's name on their mortgage cause its not paid off...I hope the lesson they are learning is the one Robert Kiyosaki tried to tell everybody: the house you live in and pay mortgage on is NOT an asset, it's a LIABILITY.

Assets are not a bill every month. Assets are things that are yours that you can or do make money off of.

Now a house that you buy and rent out to someone else and let THEM pay your mortgage...THAT'S an asset.

I always thought that but kept getting corrected in business classes and nobody gave me a good reason why it's an asset and why a car with a car payment is an asset if you have this monthly bill due on it and when you don't PAY money someone comes and TAKES it from you. (They basically said good question but that is how the bank classifies it and that's GAAP...i said that makes no sense though...it's misleading)

Even if i don't insure my car (which i own, it's a used car), no one will take it. And i can sell it, as i am in the process of doing right now, and make money. That car is an asset.

If I lose my job that car is still mine and canstill make me money.

If i am making payments on it and lose my job...the note piles up unti it ruins my credit and they take it...doesn't sound like much of an asset.

In the day to day world , an asset can be other than things that produce income. The problem is , for most people , just getting by to the end of the month because of daily expenses it the biggest problem. Cash going out , to survive , is quickly outstripping income.... I wonder how the Economy 101 folks address that , especially in Big Cities where living costs ( fixed ) , are so huge , that family's have had to resort to using Credit cards as income. has the CC now become an asset ? ... like the false equity in your home ?.
Its been a few years , but , I would welcome a temp prof. position , if for no other reason , than to see how the accounting is handled these days... I have no idea how young people are going to survive , with so little knowledge of the real world....... Back to the farm , may be the answer , but , can create another problem , physical work !.

[MGD]

Originally Posted by darstar

In the day to day world , an asset can be other than things that produce income. The problem is , for most people , just getting by to the end of the month because of daily expenses it the biggest problem. Cash going out , to survive , is quickly outstripping income.... I wonder how the Economy 101 folks address that , especially in Big Cities where living costs ( fixed ) , are so huge , that family's have had to resort to using Credit cards as income. has the CC now become an asset ? ... like the false equity in your home ?.
Its been a few years , but , I would welcome a temp prof. position , if for no other reason , than to see how the accounting is handled these days... I have no idea how young people are going to survive , with so little knowledge of the real world....... Back to the farm , may be the answer , but , can create another problem , physical work !.

Funny you say back to the farm...there is a saying back home "there is no culture, without agriculture"...all this rush to industrialize has upped the cost of living to live in a so highly fake-everything world...now we actually see to get affordable housing, good schools, and a sense of connection to the community around you...people are moving out of the cities and even out of the suburbs...people wanted more and bigger etc but the more and bigger costs that come with it...so now we see a slow migration when it'stime to give kids a "good" life...back out of town...

As a kid you think the countryside is boring, but then you have kids and realize it's a great place to raise kids. (I dont' mean the sprawling extremely rural areas where your nearest neighbor is 10 miles away...just small town centers with green trees around like Traverse City, and like the place I am now, which is 150,000 strong but still the country as far as access to major airports and major excitement/jobs are concerned...

[darstar]

Originally Posted by MGD

Funny you say back to the farm...there is a saying back home "there is no culture, without agriculture"...all this rush to industrialize has upped the cost of living to live in a so highly fake-everything world...now we actually see to get affordable housing, good schools, and a sense of connection to the community around you...people are moving out of the cities and even out of the suburbs...people wanted more and bigger etc but the more and bigger costs that come with it...so now we see a slow migration when it'stime to give kids a "good" life...back out of town...

As a kid you think the countryside is boring, but then you have kids and realize it's a great place to raise kids. (I dont' mean the sprawling extremely rural areas where your nearest neighbor is 10 miles away...just small town centers with green trees around like Traverse City, and like the place I am now, which is 150,000 strong but still the country as far as access to major airports and major excitement/jobs are concerned...

Its not the size of the city ( 150,000 is huge ! ).... Its more , the area of the country you live in. ... Example , North Dakota is one of the few states left , where things are not really depressed...and , the cost of living has never been very high. Southern California , no matter where city or far , its expensive , and , every things depressed. same goes for a lot of the North east. In my mind , 20,000 is as big a community I would want to live around. The cost of infrastructure in any place much larger is becoming a real problem. Stay out of the Big cities , they are just no longer affordable. ( You can always visit for a week-end , when you feel flush ).

[PineHallGirl]

Originally Posted by darstar

In the day to day world , an asset can be other than things that produce income. The problem is , for most people , just getting by to the end of the month because of daily expenses it the biggest problem. Cash going out , to survive , is quickly outstripping income.... I wonder how the Economy 101 folks address that , especially in Big Cities where living costs ( fixed ) , are so huge , that family's have had to resort to using Credit cards as income. has the CC now become an asset ? ... like the false equity in your home ?.
Its been a few years , but , I would welcome a temp prof. position , if for no other reason , than to see how the accounting is handled these days... I have no idea how young people are going to survive , with so little knowledge of the real world....... Back to the farm , may be the answer , but , can create another problem , physical work !.

Wow. Well said Darstar.

and physical work...well, let's ponder that...oh, it used to be so easy...

[zthatzmanz28]

Originally Posted by kazoopilot

I'm graduating from college this year, and many people I'm graduating with plan to leave the great state of Michigan. Many are heading to Sunbelt states like Texas, Georgia, North Carolina, and Arizona. It's true, there are more jobs in other states. However, unless God calls me to go somewhere else, I'm staying. As long as I can find a job that pays the bills, I will be fine. It doesn't have to be a professional job - I'll dig ditches or scrub toilets at McDonalds before I leave Michigan! To me, it's not worth leaving home to find a job - especially one that could go away next week. I'd rather make $8.50/hr in Michigan than six figures in the desert. In my opinion, you can't put a price on home and quality of life.

I'm not judging anyone who leaves - you have to do what you can to support yourselves and your families (if any). However, the economy here WILL turn around and there WILL be more jobs in this state. Things will get better.

I wonder how it is working out for the OP??

[northstar22]

Originally Posted by zthatzmanz28

I wonder how it is working out for the OP??

Well, I'm still living in Michigan, and I'm employed. I work at South Bend Airport (just over the border in Indiana), for $8.50 an hour. It's not the greatest, but it does beat the desert. Besides, I doubt I could find a good job anywhere in this economy.

[AliveandWell]

Originally Posted by kazoopilot

Well, I'm still living in Michigan, and I'm employed. I work at South Bend Airport (just over the border in Indiana), for $8.50 an hour. It's not the greatest, but it does beat the desert. Besides, I doubt I could find a good job anywhere in this economy.

That's a good point because even low pay is better than earning no money at all. To put things in perspective here, even CA where I am is really suffering as I have not found a job in over 18 months, so Michigan is not the only place that has a bad economy. In fact, CA has the highest budget deficit and financial problems of any state in the country. You are fortunate to be living in a beautiful state like Michigan!

[LIS123]

Originally Posted by AliveandWell

That's a good point because even low pay is better than earning no money at all. To put things in perspective here, even CA where I am is really suffering as I have not found a job in over 18 months, so Michigan is not the only place that has a bad economy. In fact, CA has the highest budget deficit and financial problems of any state in the country. You are fortunate to be living in a beautiful state like Michigan!

You make interesting points, but California and Michigan are two of the states with the weakest Economic situations in the country. IMO, California is especially poorly positioned to recovery even when the Economy picks up thanks to its huge deficits, high regulatory and tax burden and expensive living costs (amongst other factors). AFAIK, Michigan (while not great) is noticeable more business-friendly than Cali.

My point is that there are states where the current Economic situation, while bleak, is still much better than CA and MI (which are at the very bottom). Some of them have been mentioned: TX, TN, etc.

[Miss Otis]

Just my 2 cents to the OP:
I lived in Ohio my entire life (nearly 50 years). Never thought I would leave all family and friends behind. Loved the 4 seasons, Lake Erie, etc. Well...the husband got a great job offer in Houston. (I should mention I never thought I would like Texas...I pictured hot dusty cactuses and cowboys everywhere.)
Long story short, we LOVE it here. A good economy means more than having a plasma TV. It means everyone around you is in a better mood and is more optimistic. It means you can travel back home. It means you have some security for the future. The sun is shining everyday in more ways than one.
If I were 21 again, I would take your new degree and SEE THE WORLD. try living in different places to see what fits you best. Michigan is a beautiful place, but it will be there if you decide to go back.
(And, by the way, Houston is very green with lots of trees and the weather is gorgeous for 8 months of the year.)

[mkfarnam]

Originally Posted by Miss Otis

Just my 2 cents to the OP:
I lived in Ohio my entire life (nearly 50 years). Never thought I would leave all family and friends behind. Loved the 4 seasons, Lake Erie, etc. Well...the husband got a great job offer in Houston. (I should mention I never thought I would like Texas...I pictured hot dusty cactuses and cowboys everywhere.)
Long story short, we LOVE it here. A good economy means more than having a plasma TV. It means everyone around you is in a better mood and is more optimistic. It means you can travel back home. It means you have some security for the future. The sun is shining everyday in more ways than one.
If I were 21 again, I would take your new degree and SEE THE WORLD. try living in different places to see what fits you best. Michigan is a beautiful place, but it will be there if you decide to go back.
(And, by the way, Houston is very green with lots of trees and the weather is gorgeous for 8 months of the year.)

But the humidity can kill you