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  1. #21  
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    As I've said on this board before, when I was in elementary school, we all had little passbook savings accounts and we'd bring them to school. I think it was more a math lesson in the way compound interest works than anything else, but it was still pretty exciting to see balances change.

    I was lucky to have parents who taught good financial lessons, primarily through example. They let me get myself into trouble on my first credit cards, and I learned a hard $2000 lesson in my early twenties, instead of the $20,000 lesson young people seem to have to learn today. They drilled into me that a good credit history was critical, even in the days before credit card companies started playing games. Consequently, my FICO score is well over 800; combined with my husband's, our bank manager said it was the third-highest number he'd ever seen on a client account.

    I enjoy listening to Dave Ramsey, mostly for confirmation that we're doing all the right things. We set our financial goals at the beginning of the year every year, and have a midyear meeting to make sure we're on track. (My husband even does a PowerPoint with meeting rules; please turn off all cell phones, please come to the microphone to ask your question :p).

    I should feel sorry for people who were "preyed on" by mortgage people as you put it, but my parents raised me that it's just common sense not to sign something you don't understand. You don't have to be a genius with amortization tables to know that a guy working the drive through line at McDonald's can't afford a McMansion.
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  2. #22  
    Administrator SaintLouieWoman's Avatar
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    I should feel sorry for people who were "preyed on" by mortgage people as you put it, but my parents raised me that it's just common sense not to sign something you don't understand. You don't have to be a genius with amortization tables to know that a guy working the drive through line at McDonald's can't afford a McMansion
    I guess I'm like the majority of folks who have been responsible and purchased a home that's affordable, rather than a McMansion, and resent having to "contribute" through taxes to bail out those who live beyond their means..

    My parents were very fiscally responsible. If anything they saved too much and rarely treated themselves. One of my relatives said that her biggest wish is that she could somehow let go and just treat herself to something that wasn't "on sale".
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  3. #23  
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    Quote Originally Posted by SaintLouieWoman View Post
    My parents were very fiscally responsible. If anything they saved too much and rarely treated themselves. One of my relatives said that her biggest wish is that she could somehow let go and just treat herself to something that wasn't "on sale".
    My parents were a blend; my father was a spender and my mother was a saver. My father never spent what he didn't have, though, and didn't "do" credit very much. After the 1970s he never even carried a mortgage on a house, just bought them for cash. I'm not quite at that point, but I will be. Having a mortgage in my retirement is not my idea of success.
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  4. #24  
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    Quote Originally Posted by SaintLouieWoman View Post
    I guess I'm like the majority of folks who have been responsible and purchased a home that's affordable, rather than a McMansion, and resent having to "contribute" through taxes to bail out those who live beyond their means..

    My parents were very fiscally responsible. If anything they saved too much and rarely treated themselves. One of my relatives said that her biggest wish is that she could somehow let go and just treat herself to something that wasn't "on sale".
    My parents were like yours. I used to encourage my parents to go on church trips and to the Worlds Fair in Seattle. I fussed at my mother and told her not worry about leaving my brother and I an inheritance but that to enjoy life in her latter years. The only interest they ever paid was on their first house. They saved up and paid cash for everything else. It would take a depression for people to live that again.
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  5. #25  
    Senior Member hampshirebrit's Avatar
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    Very reliably uneconomical. But I don't care...it's worth it.

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  6. #26  
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    Quote Originally Posted by hampshirebrit View Post
    Very reliably uneconomical. But I don't care...it's worth it.

    Nice car. One day I am getting a Corvette or a Porsche Cayman S.
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  7. #27  
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    Quote Originally Posted by lacarnut View Post
    It would take a depression for people to live that again.
    I don't wish for a full-blown depression, but hopefully those who are getting caught short during this time will learn some lessons from it.
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  8. #28  
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    Quote Originally Posted by linda22003 View Post
    I don't wish for a full-blown depression, but hopefully those who are getting caught short during this time will learn some lessons from it.
    I doubt it because everyone is looking for the government to bail them out. We have no leadership at the top, and government leaders encourage us to spend, spend, spend. I read where some of the sub-prime borrower only had to show a paid utility bill to get a loan. They did not even have to have a job. People are drawing money out of their 401k which will be disastrous because retirement will only be a dream or retiring on meager existence.
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  9. #29  
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    Quote Originally Posted by lacarnut View Post
    IPeople are drawing money out of their 401k which will be disastrous because retirement will only be a dream or retiring on meager existence.
    Oh, I'm just WAITING for that one to hit. People don't save for their kids' college, and that's a bill they have 18 YEARS to save for. People don't save for retirement, and that's a bill they have FORTY years to save for. Even before any of these other crises I saw various surveys that said people in their fifties had an average of $25,000 in their 401k accounts. I'm going to retire with approximately 100 times that amount in our family 401ks. (That's not bad math; I don't mean ten times, I mean 100 times). People with $25k tucked away are going to start looking at people like my husband and me, and say it's "NOT FAIR" that we can retire and they can't. Since there are a lot more of them then there are of us.... guess what? :mad:
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  10. #30  
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    My 95 Jeep Cherokee is still running fine. No need to change.
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