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6,573 Posts
I agree. Where others see doom and gloom, I see opportunity.
I will buy a gas guzzler at way below what it was worth just a few months ago. I will never sell it, as it will do everything I will ever need........... so I come out way ahead. Fuel prices don't bother me, as I don't drive enough to make much of a difference (I am paying $20 more a month now).
3.5 times our income is what a mortgage lender would have loaned us.............. well, our mortgage is 1.3 times our annual income. We have 1 credit card, and owe $1800 on it.
I am hoping to be able to take advantage of the present situation, and buy a nice piece of land, for under value (same way we bought our home in 2003). Then, I will work toward being able to build that log home that I always wanted. This will be our last home, and we will keep, and rent out our current home.
Yes, we have made mistakes, but we have/are paying for them............. and will be done with that within a few months (9/11 killed a business we had). However, it taught us alot of good lessons. Lessons that we will never forget. Hopefully, this downturn will teach some other people some good lessons.
However, I find that I do not have alot of faith in that. I think that as soon as the fuel bubble bursts, and as soon as lenders go "hey, there are a bunch of people with not so good credit that we can make a bunch of money on," that things will pretty much be same ol, same ol. Stupid just stays stupid.
I will buy a gas guzzler at way below what it was worth just a few months ago. I will never sell it, as it will do everything I will ever need........... so I come out way ahead. Fuel prices don't bother me, as I don't drive enough to make much of a difference (I am paying $20 more a month now).
3.5 times our income is what a mortgage lender would have loaned us.............. well, our mortgage is 1.3 times our annual income. We have 1 credit card, and owe $1800 on it.
I am hoping to be able to take advantage of the present situation, and buy a nice piece of land, for under value (same way we bought our home in 2003). Then, I will work toward being able to build that log home that I always wanted. This will be our last home, and we will keep, and rent out our current home.
Yes, we have made mistakes, but we have/are paying for them............. and will be done with that within a few months (9/11 killed a business we had). However, it taught us alot of good lessons. Lessons that we will never forget. Hopefully, this downturn will teach some other people some good lessons.
However, I find that I do not have alot of faith in that. I think that as soon as the fuel bubble bursts, and as soon as lenders go "hey, there are a bunch of people with not so good credit that we can make a bunch of money on," that things will pretty much be same ol, same ol. Stupid just stays stupid.