Posted on 07/20/2023 5:56:19 AM PDT by millenial4freedom
This doesn’t seem tenable for the future…
” the North Carolina coastline”
Don’t bother. It’ll be under 30 feet of water by then. Just ask Barky Obama and Joetato about why they chose to live on mountaintops rather than by the sea.
I have no clue what these people do for a living. There’s only so many CEOs, COOs, etc.
For the second day in a row, I picked the wrong path in life…
” they’ll simply refinance to a lower payment once mortgage rates, presumably, come down.”
From 2002 to 2005, individuals were engaging in interest-only mortgages, anticipating an increase in home values and the opportunity to refinance once interest rates decreased. Unfortunately, many of these individuals faced foreclosure and lost their homes in 2008.
I’m turning 73 in a week and I’ve learned to never underestimate the future.
Yeah, me by about 50%... damn. Time to find a second job, I guess.
You forgot the /s. :)
$7k per month, assuming they have no other debts, you can imagine this particular couple has other debts like credit cards, cars, student loans, etc.
I’m always amazed when I talk to young people, someone under 35 and younger, even older people don’t know any better.
The complete lack of knowledge of anything financial is mind boggling to me, no concept of how a bank works, no concept of paying interest, no concept of taxes, etc.
For example in the election last November 2022, the Duval County School Board here in Florida wanted a 1 millage rate increase in property taxes to fund higher “teacher salaries”, this on top of a half millage rate increase the year prior for school refurbishment.
My wife and I, at our usual dining establishments asked all our waiters, bartenders, etc. who owned a home if they knew what a millage rate was and how much money that represented on the average home, of the 10-15 people we asked, NO ONE had any idea what a millage rate was and how it would affect their property taxes.
We also explained to those who live in rental properties how the owner’s taxes would be affected and how much of a likely rent increase they could expect, they honestly thought increases in property taxes didn’t affect them because they rented.
Not only did none of the people what know what a millage rate was, none had any intellectual curiosity about the subject to find out.
If that’s middle class making those kind of payments, I must be one poor dirt grubbing hillbilly..
Yeah I better start applying for my share of the free stuff given out to everyone, I pay enough taxes for sure
Loan reaffirming forgiveness.
>> What do these people do for a living to possibly swing that?
They’re in the DC area; they probably “work for” YOU. (And me.)
It is obvious the headline is missing “monthly payment” after the dollar amount of $7,000.
This brings to mind the comedy bit by the late George Carlin.
He ridiculed the phrase “Tell us in your own words.”
Carlin said, “I always use the words everyone else uses.”
Without that obvious use of common language, conversations are gibberish.
This is why college textbooks are hard to read. The authors are telling us IN THEIR OWN WORDS instead of words in common use we readily understand.
Our two daughters (34 and 36) are very savvy financially and VERY frugal. They both own homes with their husband and fiancé. Our son is finally getting some financial smarts at 32.
I remember when I was starting out as a field service engineer back in the early 70s. I worked with a colleague who couldn’t keep two cents in his pocket. He was always in the finest leather jackets, bought a race car...blew money on everything imaginable. At the other end of the spectrum, another colleague was such penny pincher that he would buy cases of peanut butter and cases of saltine crackers, make that lunch and dinner, and pocket the daily $10 meal per diem. I always wonder how those two guys turned out.
Moral of that story: We’ve always had people who are good financial managers and people who are bad financial managers. It’s the human condition. It’s nothing new.
When I was young, I was excited about the future.
I’m in my 40’s, and I am very concerned about the future.
The only thing that gives me comfort is that there’s essentially nothing I can do about it.
I’m like a violin player on the Titanic…
“Bank Loan Officers Approving $7,000 Loans For Middle Class Buyers”
Though a lib, Carlin was very creative. I liked him.
That sounds like Duval County to me…
I used to live in Clay.
“The only thing that gives me comfort is that there’s essentially nothing I can do about it.”
Yep. I totally understand your concern for the future. I’ve been through many economic rallies and crashes, but we always came out on the other side. But this time it really feels different with the communists (i.e., Democrats) working hard (and succeeding) to destroy the Republic.
A couple decades ago when my uncle was about 90, he told me to not worry about the things you can’t control. If you do endlessly worry about those things, you’ll drive yourself crazy. It was sound advice.
Carlin believed then that the Powers That Be were conservatives.
What Carlin misunderstood, was that that was just the mask they chose to wear at the time. Now they wear a different mask, but that’s all that’s changed. They still own you, and you aren’t a member of their club.
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