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Greedy and stupid has nothing to do with it...wake up and smell the coffee.
The Government told us to " Go and spend , support the economy ".so , we did !
Huh? Are you seriously saying that the Gov't is responsible for people living beyond their means?
Yes , in a nut shell. The easy credit , was a product of Big Business , backed by , the lack of oversight , and easing of regulations. The Government itself is a very good example........look at our national debt. Now , its worse , 7 trillion has been spent , between the Fed , and the Treasuries , alone , tiring to fix the problem, and , they are not even half way there.
The most sound fiscal country in the world , these days , is Canada. They are so much like us......why do they not have this problem ?. Think about it.
Good for you . Most Americans , don't save , they spend. Thats what has been keeping our system going ...now , its time to pay...... and no one , has any money left. People in other countries save , we don't as a whole. Using one credit card , to pay off another , can only last so long.......
I have very little in a savings account because I could not find one that paid inflation let alone a real return. My saved money is in mutual funds that just got hammered in the stock collapse. Even with the loss of value they have appreciated more than a saving bank would have provided.
If banks and/or the government want me to use a savings account set the interest rate at 4% over inflation with a guarantee for the first $250K. Then I'll be glad to loan them my money.
There was a similar situation recently on the Suze Orman Show: that woman admitted her debt, but decided to stay in denial. So admitting it is not always the first step. She and her husband wanted to get second jobs: they were making 9k a month but spending 19k
I remember that episode too. Weren't they in California? Suze kept repeating "sell the house" and you could just see and hear the frozen resistance to that. That couple really only wanted to hear what they wanted to hear (that there was a way to have their cake and eat it too) and refused to face reality. In their case they were saying "We can't" but what they were really saying was "We won't".
Admittedly, where you live makes a big difference in expense. For instance we live on Long Island where electric rates are high (only a fool would ever plug in an electric heater).
Quote:
The most sound fiscal country in the world , these days , is Canada.
And not only on an individual basis either. Last week I did an in-depth historical analysis of our stock portfolio which includes five Canadian companies in various industries. Not only did all five companies consistently and significantly outperform all the other stocks we own, for the last seven or eight years, but they have also lost the lowest amount of value during the current market meltdown. Not saying they haven't lost value... they have, just like everything else... but instead of losing 60% or 50% or 45% from their June 1, 2008, values , the Canadian companies are all showing only 27% to 36% value drops. (The 27% is a Canadian railway company, btw)
So clearly they are doing something right, up there in the Great White North.
The problem today is ,..we are in deflation , not inflation. Every nation on earth , when faced with this , has tried to spend their way out. That is what is going on now , but , so far , its not working.
We are in a global collapse of the monetary system mostly , for sure its a global recession-depression.
All Governments are tiring to get inflation going again , and , the wheels are spinning.
Some inflation is a good thing , problem is , when we finally spend our way out , the inflation will be so high as to run a way status , and , then , ...another collapse.
I remember that episode too. Weren't they in California? Suze kept repeating "sell the house" and you could just see and hear the frozen resistance to that. That couple really only wanted to hear what they wanted to hear (that there was a way to have their cake and eat it too) and refused to face reality. In their case they were saying "We can't" but what they were really saying was "We won't".
Admittedly, where you live makes a big difference in expense. For instance we live on Long Island where electric rates are high (only a fool would ever plug in an electric heater).
And not only on an individual basis either. Last week I did an in-depth historical analysis of our stock portfolio which includes five Canadian companies in various industries. Not only did all five companies consistently and significantly outperform all the other stocks we own, for the last seven or eight years, but they have also lost the lowest amount of value during the current market meltdown. Not saying they haven't lost value... they have, just like everything else... but instead of losing 60% or 50% or 45% from their June 1, 2008, values , the Canadian companies are all showing only 27% to 36% value drops. (The 27% is a Canadian railway company, btw)
So clearly they are doing something right, up there in the Great White North.
Yes , they are , and , it all has to do with rules and regulations , they enforce them , not sunset them.
Sorry guys, I accidentally closed my browser and forgot which site I was on. Couldn't find the site in my browsing history or emails.. pretty frusterating. I knew it had something to do with city so I started googling city forum investing and other words and found my way back.
I did read all the posts and appreciate the feedback. I did call a recommended attorney and left a message yesterday but they didn't call me back. I got a name of another attorney in my area so I'll call them tomorrow.
Just when I thought things couldn't get any worse, I received an email message from one of my large clients that he wanted to meet for coffee.
I knew what that meant.. never good. So we met at a restaurant and he said that times were rough and that every day somebody was getting "riffed" (reduction in workforce). Well, not it's my turn to get riffed.
So there goes $3,000 less income per month. I've been on the phone for about 3 hours prospecting but getting work in the newspaper business right now is next to impossible.
The day did end good though. For the last four weeks, I've been helping my brother who is a dentist, startup a dental assistant course run out of his office on Saturdays. He is giving me $500.00 for each student I get to show up. He paid me $2,000 today for the four students I get. Our next class is on Jan 24th so I'm trying to get between 10-15 students.
My brother does have a little extra money and decent cash flow and was trying to figure out a way to bail me out. I figure I could limp along for a few months but I know what you guys are saying. If I don't take care of my credit card debt, it's like having a cannon ball strapped to your ankle and trying to walk across the ocean.
I remember the first credit card my dad helped me get from his banker buddy probably when I turned 18. I thought I was a big shot and just like the adults. Kind of like giving a kid a cigarette I guess. Credit cards have always been a part of my life. I always thought it was funny when people would call up on financial shows and say, " I have $4,000 in credit card debt.. what should I do" I just start laughing.. because at the time, I had $70,000 in credit card debt.
It started out, lets get a mileage card so that we can get free trips. Let's also put every bill on that credit card so we get mileage faster. Now let's go paperless statements so that we don't realize what we are doing to ourselves. This is seriously 27 years of credit card abuse.
I sat with my 15 year old son and we went through all of the posts you guys have given. Shocker to him but also a reality check. I would like to make sure he gets off on the right foot with his financial future.
For what it's worth, I'm saving $432.00 per month. Fired the once a week house keeper that we've known for 20 years.. and watched her kids grow up. Turned in all but one cable box. Cancelled $80 a month for weight watchers and made some cell phone cancellations and changes to the plan.
The next step will be the credit cards though I did call the credit card companies to work something out but they flat out told me that the accounts have to be 2-3 months late.. and to wait for collections calls before you can negotiate anything.
To think I was a realestate-finance major in college To think that if I hadn't refied so many times, I would owe probably $175,000 on my house right now instead of over $700,000. And what do I have to show for it.. yea a bunch of toys and stuff but not really one thing that means that much... except for my $5,000 73" Mistubishi dlp TV that was probably one of the dumbest purchases I made on the "no sales tax" no interest and no payments for a year... and then after a year, paid off the tv with a shot of home equity.
1. Why is a guy who rang up debt on 2 bar mitzvah's worried about christmas gifts?
2. If you are paying $500/month to DWP for water & electric, you either have a huge house or you have a big leak somewhere and need to turn off some lights. That is the highest DWP bill I have ever heard of.
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To think that if I hadn't refied so many times, I would owe probably $175,000 on my house right now instead of over $700,000. And what do I have to show for it.. yea a bunch of toys and stuff but not really one thing that means that much... except for my $5,000 73" Mistubishi dlp TV that was probably one of the dumbest purchases I made on the "no sales tax" no interest and no payments for a year... and then after a year, paid off the tv with a shot of home equity.