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Warning~soapbox

Life is about choices.  Some choices work in your favor, some not or what I would say was a bad choice and some hit you broad-sided. Why the soapbox?  It started with an article I read in the paper about a guy that made bad choices.  Why in the world would you buy a house in the low $200,000 refi for over $300,000 and use the money to buy a condo to "flip", then when you lose over $100,000 on the condo and owe more on the first house than it is worth expect the government to help you?  This guy was actually saying the government should help him within the "bailout" plan.  Looking for a hand out now his "great ideas" has gone south. The plan was not to bailout individuals that made bad choices.  It is to help our economy from falling to pieces.  

I understand some people have been broad-sided with the value of their home in the past year by simply buying a home.  No funny business like the guy above.  They owe more than they paid which is unfortunate.  A house is a LONG term investment and if you bought within your means you should be fine five to ten years from now. 

I am not saying that all foreclosures or the current home values are because of bad choices, but I think most are.  The big problem is NOT about the people that made bad choices, entirely. Unfortunate for the speculator that though they would make a quick buck off flipping.  Let me just say the guy above didn't have the money in the first place to do such a risking investment. The bigger problem is more about lenders lending to people that have BAD CREDIT! Why do these people have bad credit?  Well, some live above their means and then don't pay bills.  Then they apply for a loan that they can't afford and the lenders lent them money anyway. The banks expected these people not to default?  Now our government has to bailout the banks, not individuals that made bad choices.  

I read a great article about 10 more reasons you aren't rich. My personal favorite quote in the article is "You feel entitlement: If you believe you deserve to live a certain lifestyle, have certain things and spend a certain amount before you have earned to live that way, you will have to borrow money. That large chunk of debt will keep you from building wealth."  Note: debt will keep you from wealth not make you wealthy.  I added a link in my Favorite Sites.  It is a good read.  

I can't image the feeling of debt when I gets to be too much to even pay the minimum.  I know people go through tough times, but having money is an attitude.  Cutting back when necessary, spending on what you NEED, not feeling like we deserve more even when we can afford it, but especially when you can't.  I applaud my friend that is sharing a car with her husband. Kudo's to you!  Keep up the hard work!

I will step off my box for today because if I don't this will get extremely long.

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