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Scary figures. Many Americans seem to be unwilling to go without and are entitlement-minded, in that "I work, therefore I deserve". I'm amazed when I see children with iPhones, $50,000 cars in the driveway of $100,000 homes and many other expensive luxuries. How many people buy the maximum amount of home they're qualified for?
Self-gratification often takes precedent over security and responsibility since everyone has a credit card for emergencies. Then there's unemployment and other programs there as additional safety nets, so I do think these things combined make us less likely to save.
So you are saying that 76% of Americans are stupid enough to buy into whatever 'they' are selling, no matter the cost?
Clearly not all 76% and I wouldn't have used the word "stupid", but - clearly a good deal are. Marketers market because it works, and the US is fairly well saturated with advertising.
I think there might be a little data manipulation going on. Last year CNN reported that only 28% of Americans had no savings, so for them to now say that 76% don't save doesn't quite add up.
Sorry to interrupt, but a good number of those 76% make plenty of income but still spend every penny on material possessions.
They have to have the biggest house possible. They have to have the luxery cars. They have to stay at the Ritz Carlton.
Wouldn't disagree with you. Even some lower middle class/poor do the same thing. They live in a run down clapped out shack, but have a 40" LCD TV and cable TV, drive a cadilac with 200K miles but it's got 2 grand rimz!, and don't even have a bank account because you have to have money to have an account.
Most Americans have to borrow to buy the luxuries they desire....pretty hard to buy a house in cash right now...wouldn't you say?
It was certainly possible in the 50's and 60's....My grandfather was **** poor coming up....yet he was still able to pull it off.
There is actually nothing inherently wrong with being leveraged. Most businesses are leveraged to some degree.
The problem is overleveraging. Instead of buying that 4000 sq ft home is 2500 or 3000 really too small?
Instead of the BMer is a Nissan really that horrible to drive? Instead of staying at the Ritz is the Marriott some terrible alternative? Of course this is all relative down the income scale.
Wouldn't disagree with you. Even some lower middle class/poor do the same thing. They live in a run down clapped out shack, but have a 40" LCD TV and cable TV, drive a cadilac with 200K miles but it's got 2 grand rimz!, and don't even have a bank account because you have to have money to have an account.
yes, and have the Iphone 5!
Its all about appearence and ego.
I am not cheap but fairly frugal. I look for value.
Are you saying that lending trends are not totally influenced by monetary policy??
LOL
so......what caused the housing bubble again?
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