High unemployment. Increasing food and energy prices. Future worldwide water shortages. Amidst all of this we still see the long line at Starbucks. Paying for a single cup of coffee what would get you a full breakfast at a diner.
People carting out new HD 3D TV's. New cars, smartphones, ipads, ipods when they aren't needed for work. I think It's high time we live hard times and use real estate to build wealth.
Americans are proud to be one of the most productive countries in the world. As a result we "deserve" all of our conveniences and we make sure to indulge. Unfortunately these conveniences can't be had by all.
The mainstream media glorifies money and power persuading a lot of people to believe that more is better. So those who can't afford the unrealistic lifestyle, taken in by these advertisements tend to live outside of their means. What do they spend money on? "Things".
There's been a shift in America's consciousness about living within our means but it isn't enough. Time to get serious America. Get your finances in order because playing the credit card shuffle is nothing more than a pyramid scheme and the banks always win.
Focus on building wealth instead. Great way to do that is through real estate. Sure you have seen home losses but for every one loss you show me I'll show you 8 with huge gains. A lot of people lost money in the stock market March 2009 but those who held out and bought more stocks at that low, have since recovered and made huge profits.
It won't be long before you say, "Wow, I remember when that $400,000 house was only $250,000 a few years ago and rates were less than 5%. I wish I would have..." I wish means regret. Don't wish and regret, act!
Opportunity only knocks once- Go get the door, your door. Now that home prices are low and interest rates low you can buy low. In the future when you no longer need to live it that home you can sell high and take up to $250,000 profit tax free if you are single or $500,000 if you are married filing jointly tax free. Did you catch that..TAX FREE! Learn more. Yes, there are ways to buy a home with little to no money down. If you don't try you will never know if you can or can't.
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Americans definitely love their credit cards. I lived in Dubai for several years and there people are more mindful of credit. However, they have a big incentive to be, that is, don't pay your bills and you go to prison.
Jack - Now that is how it should be!
Hi Nevin - I have to wonder about some of the folks who are complaining that they can't pay their bills (and even their mortgages), and yet they wouldn't think of giving up their daily fancy coffee, and late for work because they had to stand in line. I think I make perfectly good coffee at home and I can flavor it or make it different strengths or decaf or whatever, so I guess I just don't get it.
And with rates even lower now than anytime in recent years (and even recent months) when we thought they were low, and home prices at rock bottom, anyone who isn't considering buying ..... well, you know.
Hi Nevin... Yes... Look at history .....It sure does give you a good direction....
Real Estate has always been a great vehicle to build wealth !!
People have to live someplace . . . and they have two options: rent / own. If people can afford $1,250 for rent, they CAN buyer in the Portland market and find a nice home!! Good credit, good job stability . . . why are they paying rent?? I don't get it.
Nevin: Thoughtful post which outlines the complexities of our current day!
Susan - Priorities I guess
Robert - It still is but some don't believe it
Carla - No, you DO get it! THEY don't get it. That is why they are still renting!
Jane - Thanks!
Nevin,
Budget and less spending is the key to survival through our real estate crisis. You have provided excellent points about wealth building and spending!