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  1. #11
    The Black Knight Domino's Avatar
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    Quote Originally Posted by Lateralus View Post
    The people in the low income brackets will be fine. No one is going to be homeless.
    It almost happened to MY family.

    We were in no way stupidly making decisions, but we also not adequately informed as we should have been and didn't want to live in the 'hood anymore either. When you have no resources, you have no real choices. How do I know? I educated myself about my choices, and discovered it be so.

    Money to its rightful owners? I suppose people languishing in generational poverty like mine earned that?
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  2. #12
    Senior Member Lateralus's Avatar
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    Find a speculator who's losing his shirt with some empty houses. Then name your price.

  3. #13
    Senior Member Jive A Turkey's Avatar
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    Quote Originally Posted by Lateralus View Post
    I agree about most people being naive, financially. I think at least the basics of personal finance should be taught in high school, because it's obvious even parents aren't capable of teaching it to their children.
    So true. We really need a finance curriculum in the education system. All they ever taught us was how to spend (in the form of counting and check-writing education).

  4. #14
    The Black Knight Domino's Avatar
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    Quote Originally Posted by Lateralus View Post
    Find a speculator who's losing his shirt with some empty houses. Then name your price.
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  5. #15
    The Black Knight Domino's Avatar
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    Quote Originally Posted by Jive A Turkey View Post
    So true. We really need a finance curriculum in the education system. All they ever taught us was how to spend (in the form of counting and check-writing education).
    Or how to fill out tax forms. Which is great if you have a regular income.

    Money management was touched on, then left. I knew I wanted to understand it better, especially since I realized that my resources were limited and I wanted to make the most of it.
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  6. #16
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    Quote Originally Posted by PinkPiranha View Post
    Money to its rightful owners? I suppose people languishing in generational poverty like mine earned that?
    What it means is that people who get rich tend to stay rich because they keep doing the things that made them rich, and people who get poor tend to stay poor because they keep doing the things that made them poor.

    Like all generalizations, it's shot through with exceptions. I also believe it to be largely true.

  7. #17
    The Black Knight Domino's Avatar
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    Quote Originally Posted by oberon View Post
    What it means is that people who get rich tend to stay rich because they keep doing the things that made them rich, and people who get poor tend to stay poor because they keep doing the things that made them poor.

    Like all generalizations, it's shot through with exceptions. I also believe it to be largely true.
    I see your point. Those with resources can generate even more and flipside for the have-nots.
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  8. #18
    Senior Member Priam's Avatar
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    Quote Originally Posted by PinkPiranha View Post
    I see your point. Those with resources can generate even more and flipside for the have-nots.
    There's also the factor of family traditions and safeguards that keep the long-term wealthy in such a state. At some point, however far back, one of their line caught a huge break and knew how to hold onto it. This person was able to transfer a tradition of how to appropriately handle money to at least some of their children, as well as establishing trusts, lawyers and safeguards that make it incredibly difficult for imbecilic children to become sooo Paris Hilton as to actually endanger the real family fortune. Between those two factors, they become institutions as well as families, impenetrable to all but the hugest financial calamities, rather than those of us barely scraping by who can make one slightly unwise decision, or get unlucky once, and kiss some valuable item (house, car, savings account) goodbye.
    "The subject chooses to sit in shadow and search for wisdom by reflecting upon his trial. The problem is not that he is cold and wet, but that cold and wet seems problematic, so he embraces those hardships in order to best them."

  9. #19
    Senior Member Lateralus's Avatar
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    Quote Originally Posted by PinkPiranha View Post
    I'm not even talking about buying, I'm talking about renting. Housing is still so overpriced that it doesn't even make sense to buy. I don't plan on buying anything for at least a year, and I'll probably wait at least 2 years. Housing prices have to fall. The income of most Americans cannot support the current prices, except when borrowing is really cheap and easy, which is what got us into this current situation.

    Like I said earlier, I know several people who are renting out houses for far less than their monthly expenses. They're stuck in a situation where they either rent cheaply, or they're stuck with the entire mortgage/taxes/etc every month, until the market recovers. It's better to get 50% than nothing at all.

  10. #20
    Oberon
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    It's funny. A friend of mine has an interesting life story. He was born in Iran, lived until his late teen years under the regime of the Shah, then moved to the US at the time of the ayatollah's revolution. He served in the US Army and achieved the rank of major, then retired and now works making six figures for a global engineering company. He's in sales and support.

    Though he has been in the US for decades, he still has a Persian attitude about many things. We were talking about wealth one day, and he said "You and I are peasants."

    I said "What do you mean?"

    He replied "We work for someone else. We are peasants. Only peasants get their living working for someone else."

    His family had been wealthy, so he knew the difference. When he came to the US, he basically had to start from scratch... and he did so, on a combination of being ridiculously cheap, ridiculously smart, and ridiculously hard-working. Today he's got a nice place and a nice income, not because he earned it from someone else, but because he knew to save and invest at the very earliest opportunity.

    The lesson he showed me, which is also one I learned from my father, is that you will never get ahead by simply earning wages. You have to do something else besides, such as invest, or have a side business, or leave the labor market entirely and operate your own business for primary income. Job income alone allows you to do no more than hold steady.

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