Check out the TB2K CHATROOM, open 24/7               Configuring Your Preferences for OPTIMAL Viewing
  To access our Email server, CLICK HERE

  If you are unfamiliar with the Guidelines for Posting on TB2K please read them.      ** LINKS PAGE **



*** Help Support TB2K ***
via mail, at TB2K Fund, P.O. Box 24, Coupland, TX, 78615
or


ECON MILLIONS OF AMERICANS ONE PAYCHECK AWAY FROM ECONOMIC DISASTER
+ Reply to Thread
Page 2 of 2 FirstFirst 1 2
Results 41 to 79 of 79
  1. #41
    Join Date
    May 2001
    Location
    West central Georgia
    Posts
    17,466
    Back when we owned rental homes, we consistently had tenants who could never pay their rent. However, they always had enough money to buy all the cigarettes and beer or wine that they wanted. I have never understood how priorities could be that misplaced. Smh...
    Visit my Etsy shop at www.etsy.com/shop/TheCrochetFarm

    If we aren't showing love, His love, then what are we doing calling ourselves Christians?

    Psalm 73: 25 Whom have I in heaven but you?
    And earth has nothing I desire besides you.
    26 My flesh and my heart may fail, but God is the strength of my heart
    and my portion forever.

  2. #42
    Join Date
    Jul 2008
    Location
    Here- sometimes there
    Posts
    3,146
    Quote Originally Posted by Bardou View Post
    I've never figured out the agenda part other than to make you think everything is going to hell in a hand basket. It isn't. Those who bought more car or home than they could afford are living in lala land. Lenders who lend to these types pick up a few bucks, repossess, sell the same asset, rinse and repeat. Most people I see getting repossessed on are Mexicans. They're not very bright people. I put them up there with knee-grows. /just saying
    I see the agenda, especially now, as being an effort to counteract Trump's stellar economic numbers, particularly with minorities. What is unemployment in black and hispanics.... Lowest EVER! Hell of a nice perk from that racist orange man eh.

    As per hispanics and repo, no idea what those stats are. Id not be surprised to learn that utter unfamiliarity with having hard assets played some tiny piece of it. And absolutely, there's still all the cultural plastic people who are chasing appearance and living beyond their means.
    Thoughts are things. Thus I'm careful of the thoughts I think, & the company I keep.

  3. #43
    Join Date
    Jul 2005
    Location
    Happy on the mountain
    Posts
    67,946
    Trump's stellar economic numbers

    Are a freaking lie. Built on Fed funny money.

    But believe what you will, I'm just an old redneck from AL - what do I know.
    The wonder of our time isn’t how angry we are at politics and politicians; it’s how little we’ve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  4. #44
    "...smoke, mirrors, and pot fumes."

    That is nauseatingly valid...like Metallica lamented, "you know its sad but true..."
    22 Whoever does not love the Lord—a curse on him! Maranatha—Our Lord, come! 23 The grace of the Lord Jesus be with you.
    (1 Corinthians 16)

  5. #45
    Join Date
    Jul 2008
    Location
    Here- sometimes there
    Posts
    3,146
    Quote Originally Posted by Dozdoats View Post
    Trump's stellar economic numbers

    Are a freaking lie. Built on Fed funny money.

    But believe what you will, I'm just an old redneck from AL - what do I know.
    You seem annoyed today- do they have bears in AL with a propensity for stepping on thornes, perhaps?

    How long has it been since the economic numbers were not a freaking lie, based on Fed funny money?
    I assume the unemployment rate improvement in the minority community is documented, as the Dems would
    love it to not be true, and would knock it down if they could.
    Thoughts are things. Thus I'm careful of the thoughts I think, & the company I keep.

  6. #46
    Join Date
    Jan 2012
    Location
    I'm Not Sure....
    Posts
    2,717
    Quote Originally Posted by Doomer Doug View Post

    Overall, 59 percent of Americans live paycheck to paycheck, according to the survey of 1,000 U.S. adults by Charles Schwab.

    However, the Millennial generation (people ages 23-38) was the most likely to struggle in between payday, at 62 percent, followed by Generation X (60 percent), Generation Z (55 percent) and Baby Boomers (53 percent).
    That last piece is VERY telling.. The front edge of the Boomers have already entered retirement age, the mid point of that wave is like 62.

    If over HALF of Boomers can't make it to next payday (and have nothing saved), this country is SCREWED...

    Can you say MAJOR retirement crisis in the future!
    ...Rubbin' is Racin'......

  7. #47
    Join Date
    Jul 2004
    Location
    State of confusion
    Posts
    7,850
    A little tidbit on how to save money and be prepped on food as well.
    http://www.ezekieldiet.com/400-30-da...-and-wal-mart/
    "...Cry 'Havoc' and let slip the cats of war..."
    Don’t use your last bullet on them.
    I’m not afraid of dying...I just don’t want to be there!
    ...sell your cloak, and buy a sword...Second Amendment 1.0

  8. #48
    Join Date
    Jul 2005
    Location
    Happy on the mountain
    Posts
    67,946
    How long has it been since the economic numbers were not a freaking lie, based on Fed funny money?

    Oh, I don't know - pick a date, any date. 1913? 1933? 1964? 1971? They all mark milestones on the road that has gotten us to where we are now. And we are still adding deficit at 1.2 trillion PER YEAR. But this road DOES NOT go on forever like the one in the song.

    https://www.youtube.com/watch?v=S0_oE5c-VAg
    CHRIS REA - TEXAS
    RT 05:11
    (1989)

    You seem annoyed today

    Yeah, I get a little bit peckish from time to time. Some days I am just not fit to be around. Worse days are likely coming. Which is what bothers me.
    The wonder of our time isn’t how angry we are at politics and politicians; it’s how little we’ve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  9. #49
    Join Date
    Jan 2012
    Location
    I'm Not Sure....
    Posts
    2,717
    Quote Originally Posted by Dozdoats View Post

    You seem annoyed today

    Yeah, I get a little bit peckish from time to time. Some days I am just not fit to be around. Worse days are likely coming. Which is what bothers me.
    Hey, I think I might have found out why... Take a look at the top of each one of your posts, you might see something I see... there's a number in the top right of each one, see it says "67,XXX....

    Just a helpful suggestion, maybe a few hours outside enjoying the fresh air, instead of in front of the keyboard "every waking moment" could be beneficial for you... I'm just here to help!!! The doom and despair here on a daily basis will kill ya...

    Here's a screen grab for your help:
    Attached Images
    ...Rubbin' is Racin'......

  10. #50
    Join Date
    Jul 2008
    Location
    Here- sometimes there
    Posts
    3,146
    You seem annoyed today

    Yeah, I get a little bit peckish from time to time. Some days I am just not fit to be around. Worse days are likely coming. Which is what bothers me.

    Well if you're hangry type peckish, we've got unlimited

    If you're troubled by something else entirely, I recommend our alternative health, religion, or funny pet video archives. If none of that helps, my ace in the hole solution's fresh sun dried sheets and a good long doze after making a mental list of all those reasons you've to feel gratitude.

    Whatever the issues, I wish you blue skies and warm breezes.
    Thoughts are things. Thus I'm careful of the thoughts I think, & the company I keep.

  11. #51
    Join Date
    Dec 1997
    Location
    State of Missouri
    Posts
    15,861
    Quote Originally Posted by dogmanan View Post
    Yes you are wright , the extra you pay you have to tell them it is to go on principal only.


    What sucks is for the first few years of any mortgage the principal makes up most of the payment, In the mortgage above I showed the first few years less then 200.00 goes to principal every month, the f;;;;;g banks try to get all their money in case you pay it off early .

    I feel it should be law that half the monthy payment should go to principal and half to interest starting at month one, that would be more fare.
    Dog:

    If you lend me $200,000 to buy a house at 5% interest, then that first month I owe you 5% divided by 12 equals .00461 interest on that $200,000 you loaned me. That comes to $833.33 that I owe you in interest that first month. If this is spread over 30 years then I will pay $240 towards principal that first month.

    Interest payment will go down by about a $1 a month and the principal will go up about $1 a month for the first few years. Then it will change by $2 a month for a few years then $3 a month and then finally $4 a month towards the end of the 30 years. But the key point is that you are receiving that .00461 per month on the remaining amount I owe to you that was agreed to when you loaned me the $200,000 to buy that house.

    It would not be fair to you the lender, for me to pay you less than the interest rate we agreed to when you loaned me the money.
    "People are best convinced by reasons they discover on their own."

    "The next 20 years are going to be completely unlike the last 20 years." - Chris Martenson (The New 2014 Crash Course)

  12. #52
    Join Date
    Oct 2014
    Location
    Southwest (enjoy it!)
    Posts
    4,133
    Quote Originally Posted by Kris Gandillon View Post
    Dog:

    If you lend me $200,000 to buy a house at 5% interest, then that first month I owe you 5% divided by 12 equals .00461 interest on that $200,000 you loaned me. That comes to $833.33 that I owe you in interest that first month. If this is spread over 30 years then I will pay $240 towards principal that first month.

    Interest payment will go down by about a $1 a month and the principal will go up about $1 a month for the first few years. Then it will change by $2 a month for a few years then $3 a month and then finally $4 a month towards the end of the 30 years. But the key point is that you are receiving that .00461 per month on the remaining amount I owe to you that was agreed to when you loaned me the $200,000 to buy that house.

    It would not be fair to you the lender, for me to pay you less than the interest rate we agreed to when you loaned me the money.
    Plus it is a contract that was agreed upon by both parties. Either party could have said "no deal" before the contract was signed. Thank goodness that we have banks that are willing to loan money to people to buy homes. Just think how few would own a home if there were no banks.

  13. #53
    Join Date
    Aug 2007
    Location
    Central Illinois..halfway between here and there.
    Posts
    10,059
    Part of the problem is that many people have trouble differentiating between necessities and wants. Food, shelter, clothing, power, maybe transportation (depending on where you live) are necessities for living. The latest cell phone, manicures, Netflix, gaming systems, entertainment tickets, etc. are more of the wants...things you can survive without but make life more enjoyable.

    Also, the OP doesn't take into account how much people are now required to pay into a healthcare system that they can't use unless there is a major catastrophe in their lives.
    Needs more cowbell.
    "The Constitution only gives people the right to persue happiness. You have to catch it yourself." --Benjamin Franklin
    Proud member of fly-over country

  14. #54
    Quote Originally Posted by Kris Gandillon View Post
    Dog:

    If you lend me $200,000 to buy a house at 5% interest, then that first month I owe you 5% divided by 12 equals .00461 interest on that $200,000 you loaned me. That comes to $833.33 that I owe you in interest that first month. If this is spread over 30 years then I will pay $240 towards principal that first month.

    Interest payment will go down by about a $1 a month and the principal will go up about $1 a month for the first few years. Then it will change by $2 a month for a few years then $3 a month and then finally $4 a month towards the end of the 30 years. But the key point is that you are receiving that .00461 per month on the remaining amount I owe to you that was agreed to when you loaned me the $200,000 to buy that house.

    It would not be fair to you the lender, for me to pay you less than the interest rate we agreed to when you loaned me the money.
    Correct...

    However, the good news is, you can shorten the length of the loan significantly (assuming your mortgage contract allows paying ahead) by paying even an extra couple hundred bucks more than your amortization table requires *on the principal" every month, especially in the beginning. Unfortunately, that is usually the period when most people (especially young ones just starting out) don't have any extra. But, as we've discussed earlier in the thread, it's rare for people to not have *any* extra that coukd be used to pay down principal... if you can take the $600 a month you're spending at Starbucks and apply it to your mortgage principal for the first 10 years, you may be able to take a 30 year mortgage and pay it off in 20...and cut your total interest expense by 50%.

    Why they don't teach this stuff in schools, rather than the assorted gender confusions and social justice crap is beyond me... unless they want the peons to be dumb and broke.

    Summerthyme

  15. #55
    Join Date
    Oct 2014
    Location
    Southwest (enjoy it!)
    Posts
    4,133
    Why they don't teach this stuff in schools
    It is almost criminal that it is not mandatory for all schools to teach personal finance.

  16. #56
    Join Date
    Jun 2018
    Location
    Mississippi
    Posts
    2,482
    "dumb and broke", and totally dependent on the government for their livelihoods.
    Sherree

  17. #57
    Join Date
    Jan 2012
    Location
    I'm Not Sure....
    Posts
    2,717
    Quote Originally Posted by dogmanan View Post

    What sucks is for the first few years of any mortgage the principal makes up most of the payment, In the mortgage above I showed the first few years less then 200.00 goes to principal every month, the f;;;;;g banks try to get all their money in case you pay it off early .
    I think you made a mistake in your first sentence. Usually, on a 30 year loan, more goes to INTEREST the first year versus principal. Later in the pay down, more goes to principal.

    I feel it should be law that half the monthy payment should go to principal and half to interest starting at month one, that would be more fare.
    Doesn't have to be law, that already exists. Just take a shorter loan, like 15 years, and more of the payment goes to principal.
    ...Rubbin' is Racin'......

  18. #58
    Join Date
    Nov 2008
    Location
    OUT SIDE OF THE FALSE REALITY
    Posts
    12,332
    Quote Originally Posted by Racing22 View Post
    I think you made a mistake in your first sentence. Usually, on a 30 year loan, more goes to INTEREST the first year versus principal. Later in the pay down, more goes to principal.



    Doesn't have to be law, that already exists. Just take a shorter loan, like 15 years, and more of the payment goes to principal.

    Yep I did sorry about that people and thanks for pointing that out , I got is exactaly back words.
    JUST A FEW OF MY SIMPLE THOUGHTS
    LAY LOW WAIT LIKE A WOLF IN THE WILD UNTIL THE TIME IS RIGHT
    Never Pick A Fight With An Old Man He Will Just Shoot You He Can't Afford To Get Hurt

  19. #59
    Join Date
    May 2001
    Location
    Illinois
    Posts
    22,467
    Quote Originally Posted by dogmanan View Post
    Summerthyme speaking of buying a house I just checked a broker for a mortage on 100,000.00 and check this out.


    this the numbers I plug in

    Mortgage Calculator

    Loan Amount: $ 100,000.00
    Property Value: $ 120,000.00
    Interest Rate: % 5.5
    Mortgage Term: Years 30
    Property Tax: $ per year 2500.00
    Property Insurance: $ per year 1500.00
    PMI: % 0.52
    First Payment Date: May

    Here is the results
    Monthly payment
    $944.46

    Total Interest Paid:
    $104,404.04

    Total of 360 Payments: for 30 years
    $330,210.71

    Payoff Date:
    Apr, 2049

    Wild is it not , I figure I can pay it off [100,000.00] in about six or seven years and save a quite few thousand still in my pocket..

    The bank is going to charge me more in interest then the amount of the mortgage.
    Yes, a mortgage is a bad economic deal, but renting doesn't build any equity, although you save the interest.
    "Freedom is not something to be secured in any one moment of time. We must struggle to preserve it every day. And freedom is never more than one generation away from extinction."
    -Ronald Reagan

  20. #60
    Join Date
    Jul 2004
    Location
    State of confusion
    Posts
    7,850
    Quote Originally Posted by hiwall View Post
    Plus it is a contract that was agreed upon by both parties. Either party could have said "no deal" before the contract was signed. Thank goodness that we have banks that are willing to loan money to people to buy homes. Just think how few would own a home if there were no banks.
    One might wonder how our economy would look without our entire banking system and it’s constant inflation and growing debt, national and personal. If we could not create these mortgages, would houses cost so much? Specifically, would the lots cost so much? It’s nothing but dirt, the only value is the ability to put a house on it that anchors a half a lifetime of debt.
    "...Cry 'Havoc' and let slip the cats of war..."
    Don’t use your last bullet on them.
    I’m not afraid of dying...I just don’t want to be there!
    ...sell your cloak, and buy a sword...Second Amendment 1.0

  21. #61
    Join Date
    Dec 2007
    Location
    LaLa Land
    Posts
    8,635
    Quote Originally Posted by parable View Post
    I grew up exceedingly poor. To not be poor has been an on-going theme throughout my life. I thank God for His guidance.
    I fully understand the practical posts of Summerthyme and Doug, and absolutely agree with WalknTrot. Sixty years ago, I saw the extreme poverty of Southeast Asia, and that further colored my outlook on life.
    I grew up very poor too... a family of 10... very small portions to eat and all of us crammed into 2 bedrooms. My mother was the grand budgeter. She figured everything down to the penny. I've said this before, but I feel like I've lived through the great depression.

    I know this may sound excessive, but I save string, boxes, envelopes, bubble wrap, paper and other things. Things my grandma did, because she actually did live through the great depression. When you've been poor, seeing others throwing valuable things out just to buy new, looks criminal.

    There are times in my life that I was there again and didn't like the feeling of having no control. So for years I put myself and hubby on an austerity budget and scrimped and saved to pay everything off; the house, cars, everything! We didn't go out to eat, we didn't buy new clothes, no vacations unless it was at home. We repaired everything to make it last longer. Had our vehicles over 20 years each. We had one almost 30 years.

    That austerity budget got us to the other side of debt. Not having a house or car payment is the most freeing thing I've ever experienced.

    I've figured out what the necessities cost and the average month's cost is $400. We can save money now and buy whatever we want. (Our needs are simple.) We still put money into savings each month...and I feel it is very important to have an emergency savings (not in the bank either)

    I like being able to help others. So we donate a lot to the Food Bank.
    You can't easily do this when you are deep in debt and a slave to the man. Or living paycheck to paycheck.


    Just my .02
    Gold is the Money of Kings
    Silver is the Money of Gentlemen
    Barter is the money of Peasants
    But Debt is the money of Slaves

  22. #62
    Join Date
    Dec 2007
    Location
    LaLa Land
    Posts
    8,635
    Quote Originally Posted by AppleJacks View Post

    I haven't had coffee yet so I might be misunderstanding this, but what are the other 49% using to cover their necessities if they miss more than one - or ANY - paycheck?
    Cash or money from their checking account?
    Gold is the Money of Kings
    Silver is the Money of Gentlemen
    Barter is the money of Peasants
    But Debt is the money of Slaves

  23. #63
    Quote Originally Posted by jward View Post
    You seem annoyed today- do they have bears in AL with a propensity for stepping on thornes, perhaps?

    How long has it been since the economic numbers were not a freaking lie, based on Fed funny money?
    I assume the unemployment rate improvement in the minority community is documented, as the Dems would
    love it to not be true, and would knock it down if they could.
    So with Trump is ok, he gets a free pass. The train can't be turned around anyway, it is picking up speed and heading for a cliff. But he said that he would do it, in so many words...he made many lofty, wonderful promises.
    22 Whoever does not love the Lord—a curse on him! Maranatha—Our Lord, come! 23 The grace of the Lord Jesus be with you.
    (1 Corinthians 16)

  24. #64
    Join Date
    May 2001
    Location
    Illinois
    Posts
    22,467
    When we were younger we lived pretty much paycheck to paycheck, but apart from the mortgage I don't recall carrying any debts. Our first house payment was $86.00/month, including taxes and insurance. We lived quite well on our limited income, although we didn't spend a lot on extras. No cable even available at the time, so we watched local stations on a used black and white tv. T here was a meat market in the neighborhood where we could get three pounds of Delmonico steaks for $3.95, so we bought some once a month, and on Fridays we could enjoy a steak.

    I look back fondly on those simpler times; we had less but enjoyed it more. Does that make sense?
    "Freedom is not something to be secured in any one moment of time. We must struggle to preserve it every day. And freedom is never more than one generation away from extinction."
    -Ronald Reagan

  25. #65
    Join Date
    Jan 2012
    Location
    I'm Not Sure....
    Posts
    2,717
    Quote Originally Posted by Garryowen View Post
    Yes, a mortgage is a bad economic deal, but renting doesn't build any equity, although you save the interest.
    Well, that's not quite accurate. True, you're not gaining any equity, but you're definitely paying interest with renting, but not yours, you're paying the landlord's interest on HIS house loan, but you're NOT getting the mortgage interest deduction (or property tax deduction) on your taxes, he is.
    ...Rubbin' is Racin'......

  26. #66
    Um, here in Australia Sydney has seen below of recent. So most have lost between $50 to $100 thousand dollars in the last year.

    Falls in prices varied across Sydney regions. The Ryde region recorded the biggest drop, with the median home price decreasing 13.3 per cent for the year.

    Prices fell by 10.9 per cent in the Canterbury-Bankstown area and in the Sutherland Shire, while in the Hills area the falls were similar at 10.8 per cent.

    Parramatta values dropped an average of 10.8 per cent and inner west values by 8.8 per cent.

    Sydney areas with a long pipeline of new housing projects could record even bigger falls in prices over the year ahead, Mr Kusher said.


    https://www.news.com.au/finance/real...06fa837a1c656d

  27. #67
    Join Date
    Sep 2004
    Location
    Florida
    Posts
    25,077
    This started out as a typical SJW pity thread and quickly morphed into one where many TB2Kers were replying with wise financial common sense.
    Realize this. The most common shtf that you are going to face is not global war, national upheaval, or the hoards from the city, or even a nationwide financial collapse.
    It's going to be your own financial collapse, up close and personal, and life will go on as normal for everyone else while just your world falls apart.
    Prepare for that by being financially wise and safe and leading a healthy life, and you will automatically be prepared for a lot of the other crap we like to fantasize and dream about.
    I'd love to see a doomer story about something like that.


    Quote Originally Posted by summerthyme View Post
    Start by borrowing Amy Dacyzyn's books "The Tightwad Gazette". They're priceless for those who need to be on a strict budget.

    Listen to Dave Ramsey and follow his advice. Many people who are struggling to make ends meet could find they are no longer "poor" in under 5 years if they just did those two things... read her books and followed Ramsey's advice.

    Most won't do it.

    Summerthyme
    Very wise advice, and you are right, most people are full of self pity for their lot in life and don't realize that their lack of financial self discipline is the reason they're where they're at. Ive read the Tightwad Gazette and have done some of those things. Dave Ramsey is great. "Live today like no one else so you can live tomorrow like no one else".
    The Millionaire Next Door is also a good book with sound advice. Another old first printing book from a long time ago,that gives advice on going from being debt ridden to financial independence is "Your Money or Your Life". It talks about the unnecessary things people buy called gazingas and when is enough, enough. It talks about how much money has passed through your hands in your entire life and what you have to show for it. It talks about realizing the true wage of your hourly employment and how we trade the limited hours of our life for sometimes stupid crap.

    Quote Originally Posted by WalknTrot View Post
    Too many people...no matter what the economy...no matter what their income...will spend every dime they make.
    That is the root of the problem.
    ^^^ The root of most people's financial problems condensed into a nutshell. Probably also applies to other areas of their life such as health and sickness.

    Quote Originally Posted by summerthyme View Post
    When I home schooled our youngest son (4th and 5th grade) I taught him to look at yearly cost for all those "small" expenses. I'll never forget how wide his eyes were when he discovered that the total for something that cost "only" $2.50 a dsy was over $900! You could see the wheels spinning as he calculated how quickly he could save enough money to buy a used car, etc.., or how it coukd keep him poor.
    (Terry - A little bit every day adds up, whether it is savings or spending. Most people like to ignore the little things and seem surprised when the big things go to hell.)

    Then, I taught him about compound interest, and showed him the mortgage amortization tables for various price points. He never forgot that, either.
    (Mortgage The roots are mort (death) and gage (pledge). Literally, a mortgage is a “death pledge.” It's a loan you promise to pay until it is dead, or you are.)
    Summerthyme
    My own belief is that a home with land is the only thing you should ever take a loan to buy once you have your financial house in order.

    Quote Originally Posted by Blacknarwhal View Post
    Oh yeah, it's downright amazing. You've GOT to pay off those mortgages as quick as you can. The savings are massive. I had a 30 year mortgage on this house because the payments were so low, but had it paid in 12. Be sure, though, that you get a mortgage where you can make additional payments on the principal, or at least make "double payments". Either of those will help trim that time frame down. At least, that was my experience.
    People need to sit down with an amortization table print out, or one of those online amortization programs that let you add a few bucks to each month's payment. You will be amazed at how much you can shorten the term of your loan and save thousands in interest just by paying a little extra each month/or year.


    Quote Originally Posted by summerthyme View Post
    Correct...

    However, the good news is, you can shorten the length of the loan significantly (assuming your mortgage contract allows paying ahead) by paying even an extra couple hundred bucks more than your amortization table requires *on the principal" every month, especially in the beginning. Unfortunately, that is usually the period when most people (especially young ones just starting out) don't have any extra. But, as we've discussed earlier in the thread, it's rare for people to not have *any* extra that coukd be used to pay down principal... if you can take the $600 a month you're spending at Starbucks and apply it to your mortgage principal for the first 10 years, you may be able to take a 30 year mortgage and pay it off in 20...and cut your total interest expense by 50%.

    Why they don't teach this stuff in schools, rather than the assorted gender confusions and social justice crap is beyond me... unless they want the peons to be dumb and broke.
    Summerthyme
    Again, just my own belief, but you should never buy a home you can't pay off in 10 years or less by making extra payments on principle. And never ever get a mortgage that will not let you pay extra on the principle each month. Most people find it easier to throw a few hundred extra a month at the mortgage than extra thousands in an extra yearly payment.

    Quote Originally Posted by Racing22 View Post
    Well, that's not quite accurate. True, you're not gaining any equity, but you're definitely paying interest with renting, but not yours, you're paying the landlord's interest on HIS house loan, but you're NOT getting the mortgage interest deduction (or property tax deduction) on your taxes, he is.
    You hit the nail on the head on this one. Renters mostly don't realize they are paying the landlords principle, interest and taxes as well as repair costs, management fees and a profit for the owner. If they weren't, the landlord wouldn't be renting the house for that price.
    The biggest mistake a lot of new landlords make is that they don't accurately figure in these costs when setting the rent price. They either learn quick or go out of business.
    It's also important that landlords learn what type of house makes a good rental.
    “I never saw a wild thing sorry for itself. A small bird will drop frozen dead from a bough without ever having felt sorry for itself.”
    D. H. Lawrence

  28. #68
    Quote Originally Posted by Garryowen View Post
    When we were younger we lived pretty much paycheck to paycheck, but apart from the mortgage I don't recall carrying any debts. Our first house payment was $86.00/month, including taxes and insurance. We lived quite well on our limited income, although we didn't spend a lot on extras. No cable even available at the time, so we watched local stations on a used black and white tv. T here was a meat market in the neighborhood where we could get three pounds of Delmonico steaks for $3.95, so we bought some once a month, and on Fridays we could enjoy a steak.

    I look back fondly on those simpler times; we had less but enjoyed it more. Does that make sense?
    YES!

    After losing everything twice....its really not so bad
    Down sizeing has it's big pluses. One can be held down by to much stuff.

    Many so called assets are more of a liability sometimes. Do know the real fact that one can even be land rich but tax poor.

  29. #69
    Join Date
    Oct 2014
    Location
    Southwest (enjoy it!)
    Posts
    4,133
    Most bankruptcies are caused by health problems. Anyone can get seriously ill. Even with good insurance you can lose everything.

  30. #70
    Join Date
    Sep 2004
    Location
    Florida
    Posts
    25,077
    Quote Originally Posted by hiwall View Post
    Most bankruptcies are caused by health problems. Anyone can get seriously ill. Even with good insurance you can lose everything.
    Yes anyone can get seriously ill, although some people (hell myself included with diabetes) are a major causative factor in their own illnesses.

    But, I do grant you that events can pile up one on top of the other to make it impossible to overcome.
    Anyone can get hit by a beer truck when they step off the curb, and the ever popular "all skill is in vain when an angel pisses in the touchhole of your musket" comes to mind.
    Life isn't always fair and sometimes we are destined to lose. Be it our health, our fortunes, or our very life. There are no absolute guarantees, but one can do a lot to sway the odds in their favor.

    Yes around half the bankruptcies are related to medical things, but a good portion of those medical related bankruptcies are aided and exacerbated by NOT having good medical insurance, or being already living financially on the edge and not having adequate savings, or just plain not taking good care of yourself.

    Again it's a matter of odds. Most people are relatively healthy during their younger years where they can least afford the expensive health insurance plans or large savings accounts as backups. Fortunately good health in younger years works to their advantage most of the time.
    Again, life isn't always fair and sometimes your going to lose and die.

    Once we reach middle and older years, we have a responsibility and have had the time to be better prepared, since most of us are almost certain to have medical issues. Hell I stayed in the Navy in order to have a reliable retirement and also a lifelong health care plan. Now I'm fully retired with military and two state retirements, 2 social security incomes for my wife and myself, Medicare and Tricare for healthcare and ExpressScripts for meds.
    Those programs provide what I and my wife consider adequate level of healthcare. Could some exotic and expensive medical issue come up that isn't paid for? Sure, and it might kill me, but as I said, nothing in life is guaranteed. I am prepared for that and have no illusions that I'll get the same kind of health care as asshole john mcstain got for his brain cancer, or that Bill Gates would get if he gets sick. That's life. We all need to live AND die within our means.

    This idea that life can knock you down, and therefore prepping and saving and investing and planning are pointless is what really bothers me.
    Hell, the whole idea of bankruptcy bothers me. People are cheating others out of money they legitimately owe to others when they go bankrupt.
    Don't even get me started on repeat bankruptcy filers. Over 15% of bankruptcies are people who have filed multiple times. How many chances should you get to cheat others out of what you legitimately owe?

    As I said before, a good portion, not all, but a good portion of medical bankruptcies are exacerbated by the person not being financially responsible in many different ways.
    Also now days the average age of those filing for bankruptcy has increased.
    Today, the average filer is older and married, has a high school education and makes less than $30,000 a year.
    If you are older and make less than 30K a year, you are either incompetent or a slacker.
    As we get older, we should try to plan for the things that inevitably happen to us.
    Our health will fail, we will be limited in what we can physically and maybe even mentally do. If you're edging towards retirement and are still paying on a house or worse yet a car, you're not prepared. If you are still struggling to maintain a huge house or a big farm because you didn't anticipate getting old, you failed. Not society.

    That being said, if you know the pitfalls and odds, still roll the dice, and are prepared to live with the outcome of your level of preparedness, and not demand other people pick up the pieces and pay for your mistakes or misfortune, then I'm okay with that and have no beef with you.
    That's what we all do and those are the chances we all take. It's part of life.
    “I never saw a wild thing sorry for itself. A small bird will drop frozen dead from a bough without ever having felt sorry for itself.”
    D. H. Lawrence

  31. #71
    Join Date
    Oct 2014
    Posts
    15,156
    Quote Originally Posted by TerryK View Post
    If you are older and make less than 30K a year, you are either incompetent or a slacker.
    Here's where you lost me, at least until you add "you live in an economically depressed area" or maybe "you work in a field that fluctuates in demand". Lot of reasons to not make over 30K that aren't "you're a loser."

  32. #72
    Quote Originally Posted by Blacknarwhal View Post
    Here's where you lost me, at least until you add "you live in an economically depressed area" or maybe "you work in a field that fluctuates in demand". Lot of reasons to not make over 30K that aren't "you're a loser."
    Plus I'll add that there is hundreds of thousands of men and I'm sure many women who have been black listed with spousal support or other income levies and they have just said screw it, and only make enough to survive maybe $15k a year in income can lower ones court ordered levies to a few hundred dollars a month.

    Also many profeshional tradesmen and businessmen/women are early bloomers who get burnt out, add a frivolous law suit, or claim etc... about half way threw their careers. It can kill them in stress.

    The stresses of running a payroll alone for decades and a frivolous lawsuit or comp claim, etc.. make a businessman physical sick as they pay out three plus times in total payroll liabilities than they take home with just a few employees.

    Just saying.

  33. #73
    Join Date
    Mar 2011
    Location
    Concord, NC
    Posts
    4,243
    Our whole economy...........hell..civilization itself is based on having enough energy to implement a consumption society based on growth.

    That is not sustainable on a finite planet but more of the immediate problem is if humans stop consuming the engine of growth and society comes to a stop.

    and we get beat over the head day after day to consume.........

    This is particularly troubling for families because of the nag factor of children that marketers exploit............imagine having 3 children who want their own iPhones with data usage..........what a huge expense that society has conditioned children to see as a must have life support system.

    George Carlin once description consumption in our society as "buying things we don't need with money we don't have."

    There is a lot of truth to that.........

    On top of that most people don't create a budget let alone maintain it in their personal life..........

    When I was unemployed and had to watch every penny I spent I developed a monthly budget and always knew to a penny what was in my checking account and balance on my credit card at all times (which I always pay off in full every month)...........and matched up those running totals to my monthly budget allocations on a day by day basis.

    When I found employment I kept those same parameters in place and found them being the key to not only staying in budget but to saving money as well.

  34. #74
    Vary few people know how to reconcile their checking accounts much less even use one correctly today. They don't even know if the banks are stealing extra monies from their accounts, yet scream bloody murder when a atm fee is charged, a legitimate fee.

  35. #75
    Join Date
    Sep 2004
    Location
    Florida
    Posts
    25,077
    Quote Originally Posted by Blacknarwhal View Post
    Here's where you lost me, at least until you add "you live in an economically depressed area" or maybe "you work in a field that fluctuates in demand". Lot of reasons to not make over 30K that aren't "you're a loser."
    You go to where it's not economically depressed. You change careers. It's called adapt and survive. It's what allowed our ancestors to survive.
    Of course we can choose to keep doing what we do, or living where we do, BUT we have to be prepared to live with the consequences and not feel sorry for ourselves.
    .
    I can't tell you how so very many people bemoan their state in life that is entirely due to decisions they made and choose to stubbornly refuse to change.

    Now if you are aware that your career choice isn't going to make you rich....
    If you prefer to live where you are in spite of a poor area economy....
    That's your own business.
    BUT you made that decision fully aware of the consequences and one should be prepared to live with the results. To expect otherwise is to ignore reality.
    “I never saw a wild thing sorry for itself. A small bird will drop frozen dead from a bough without ever having felt sorry for itself.”
    D. H. Lawrence

  36. #76
    Join Date
    Sep 2004
    Location
    Florida
    Posts
    25,077
    Quote Originally Posted by PghPanther View Post
    Our whole economy...........hell..civilization itself is based on having enough energy to implement a consumption society based on growth.

    That is not sustainable on a finite planet but more of the immediate problem is if humans stop consuming the engine of growth and society comes to a stop.

    and we get beat over the head day after day to consume.........

    This is particularly troubling for families because of the nag factor of children that marketers exploit............imagine having 3 children who want their own iPhones with data usage..........what a huge expense that society has conditioned children to see as a must have life support system.

    George Carlin once description consumption in our society as "buying things we don't need with money we don't have."

    There is a lot of truth to that.........

    On top of that most people don't create a budget let alone maintain it in their personal life..........

    When I was unemployed and had to watch every penny I spent I developed a monthly budget and always knew to a penny what was in my checking account and balance on my credit card at all times (which I always pay off in full every month)...........and matched up those running totals to my monthly budget allocations on a day by day basis.

    When I found employment I kept those same parameters in place and found them being the key to not only staying in budget but to saving money as well.
    Quote Originally Posted by West View Post
    Vary few people know how to reconcile their checking accounts much less even use one correctly today. They don't even know if the banks are stealing extra monies from their accounts, yet scream bloody murder when a atm fee is charged, a legitimate fee.
    Yes, the level of financial sophistication that many people have is abysmal.
    We have created a society that is so safe that it protects people from themselves and their own stupid mistakes.
    As a result people don't learn the discipline and behaviors that they need to learn in order to survive and cope with reality. That's why so many are able to live in their own private fantasy land and act so surprised when life finally smacks em upside the head.
    “I never saw a wild thing sorry for itself. A small bird will drop frozen dead from a bough without ever having felt sorry for itself.”
    D. H. Lawrence

  37. #77
    Join Date
    Oct 2014
    Posts
    15,156
    Quote Originally Posted by TerryK View Post
    You go to where it's not economically depressed. You change careers. It's called adapt and survive. It's what allowed our ancestors to survive.
    Of course we can choose to keep doing what we do, or living where we do, BUT we have to be prepared to live with the consequences and not feel sorry for ourselves.
    .
    I can't tell you how so very many people bemoan their state in life that is entirely due to decisions they made and choose to stubbornly refuse to change.

    Now if you are aware that your career choice isn't going to make you rich....
    If you prefer to live where you are in spite of a poor area economy....
    That's your own business.
    BUT you made that decision fully aware of the consequences and one should be prepared to live with the results. To expect otherwise is to ignore reality.
    Uh huh. So how exactly do you get money to move--you need money to move, you know--if you can't actually make that much more money than you need to live on where you are?

  38. #78
    Join Date
    Mar 2011
    Location
    Concord, NC
    Posts
    4,243
    Quote Originally Posted by Blacknarwhal View Post
    Uh huh. So how exactly do you get money to move--you need money to move, you know--if you can't actually make that much more money than you need to live on where you are?
    Rather than finding reasons not to............seek opportunities instead.

    Example.......I was in that situation, no money, horrible area to live.........I studied the best areas of the US to relocate to and then started reaching out to everyone and anyone about my goals...................

    I ended up moving to my #1 area because of a friend who knew a friend there that let me stay for free in an empty apartment they had...........within 6 months I had a good job and was out of the place on my own.....within 10 years I had made more money than I had in 40 years living in the old economically depressed place I moved from.

    There are always reasons to excuse risk.............but few seek out and leverage everything they can to exploit it to their advantage......

    I have found that when you are down on your luck but willing to do what it takes that people actually like to help and give breaks to people like that..........

    Your attitude and willingness to follow through will encourage people to do the same with you...............

    Excuses are depressing for other people in dealing with you.......so don't give them reason to feel depressed and you will find doors open instead.

  39. #79
    Join Date
    Oct 2014
    Posts
    15,156
    Quote Originally Posted by PghPanther View Post
    Rather than finding reasons not to............seek opportunities instead.

    Example.......I was in that situation, no money, horrible area to live.........I studied the best areas of the US to relocate to and then started reaching out to everyone and anyone about my goals...................

    I ended up moving to my #1 area because of a friend who knew a friend there that let me stay for free in an empty apartment they had...........within 6 months I had a good job and was out of the place on my own.....within 10 years I had made more money than I had in 40 years living in the old economically depressed place I moved from.

    There are always reasons to excuse risk.............but few seek out and leverage everything they can to exploit it to their advantage......

    I have found that when you are down on your luck but willing to do what it takes that people actually like to help and give breaks to people like that..........

    Your attitude and willingness to follow through will encourage people to do the same with you...............

    Excuses are depressing for other people in dealing with you.......so don't give them reason to feel depressed and you will find doors open instead.
    I'm thinking more here about the folks who work at Walmart or the like because it's all there is.

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts


NOTICE: Timebomb2000 is an Internet forum for discussion of world events and personal disaster preparation. Membership is by request only. The opinions posted do not necessarily represent those of TB2K Incorporated (the owner of this website), the staff or site host. Responsibility for the content of all posts rests solely with the Member making them. Neither TB2K Inc, the Staff nor the site host shall be liable for any content.

All original member content posted on this forum becomes the property of TB2K Inc. for archival and display purposes on the Timebomb2000 website venue. Said content may be removed or edited at staff discretion. The original authors retain all rights to their material outside of the Timebomb2000.com website venue. Publication of any original material from Timebomb2000.com on other websites or venues without permission from TB2K Inc. or the original author is expressly forbidden.



"Timebomb2000", "TB2K" and "Watching the World Tick Away" are Service Mark℠ TB2K, Inc. All Rights Reserved.