Discussion topic
Foreclosure crisis
Solution
You are headed down the foreclosure track like a bullet train
By siteAdmin
2/28/2008
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Call a credit counselor ASAP! They can give you debt management
assistance. Next, look for a nice rental, downsize and save money. Prepare
your family and be honest. It is a tough economy. Kids need to learn from our
mistakes.
The lessons: 1) get a good education in order to get a
higher paying job
2) Manage money like your Depression Era grandparents – Like they used to say in
the movies “A Penny Saved is a Penny Earned”. For the housing crisis it is the
same principle.
3) Just because everybody on TV gets everything they want, it is not REAL.
Hold the mortgage payments and put a deposit on a rental you can afford. Use
the extra money to pay down credit cards. Have a yard sale or give the extra
junk away! Think Japanese – small apartment. No need to buy extra junk. That’s
why their savings rate is so much higher than ours. Wal-Mart is a great place to
shop, but remember most Americans are spontaneous shoppers. That means if they
see it, they buy it. Buy what you need.
Over the next 7 years your mission is to save and shop only for what you need
and then there will be money for the fun things. Think of what you need when you
buy your next home. How much is the TOTAL cost of ownership?
