The new American way

[KevinSC]

Dude, you can say it's right. I'm impressed. Good for you and your family. You're in better shape than the average American, and a good example!!!!

Thanks, but my parents always taught me that you and only you will look after you and your family. Now do not get me wrong, I work like the average American and struggle with the thought of making a big decision, but if it is what my family wants or needs I will. I just want what's best for daddys' girls and my boy on the way. Of that means me working OT or wearing clothes I have had for 10 years then I'm fine with that. My family comes first reguardless, and for that purpose I save as much as I can.

 

[Montecresto]

Thanks, but my parents always taught me that you and only you will look after you and your family. Now do not get me wrong, I work like the average American and struggle with the thought of making a big decision, but if it is what my family wants or needs I will. I just want what's best for daddys' girls and my boy on the way. Of that means me working OT or wearing clothes I have had for 10 years then I'm fine with that. My family comes first reguardless, and for that purpose I save as much as I can.

I love the spirit. Your family is fortunate!!!

 

[JTW]

True, you could live in a teepee for thirty years while you save a couple hundred thousand dollars up to buy a house, lol.

I'm speaking of investment property. I'm clearly not a proponent of the teepee as I own a real estate company BUT point being there was a time when people had to have at least 20% down to buy a home.. it's still completely plausible to buy outright and I suggest finding a way if that's what you intend to do on real estate investments. I understand the renting of a mortgaged property and that's fine and dandy. A far better way to go about that is to buy less expensive homes with cash and then expand from there. To each is own.. I'm just more conservative than most with my investments and it's paid off for me.

 

[JTW]

Thanks, but my parents always taught me that you and only you will look after you and your family. Now do not get me wrong, I work like the average American and struggle with the thought of making a big decision, but if it is what my family wants or needs I will. I just want what's best for daddys' girls and my boy on the way. Of that means me working OT or wearing clothes I have had for 10 years then I'm fine with that. My family comes first reguardless, and for that purpose I save as much as I can.

Amen to that brother!!

 

[JTW]

I will add to that though, we have to be careful as parents not to let our kids have it too good as it robs them of the want and drive to do and be better when not experiencing hardships..

 

[KevinSC]

I will add to that though, we have to be careful as parents not to let our kids have it too good as it robs them of the want and drive to do and be better when not experiencing hardships..

Correct, my girls have choirs and will know what it means to work for getting something and feel that reward, but at the same time they are daddys' girls

 

[JTW]

Correct, my girls have choirs and will know what it means to work for getting something and feel that reward, but at the same time they are daddys' girls

Exactly!!

 

[Montecresto]

I'm speaking of investment property. I'm clearly not a proponent of the teepee as I own a real estate company BUT point being there was a time when people had to have at least 20% down to buy a home.. it's still completely plausible to buy outright and I suggest finding a way if that's what you intend to do on real estate investments. I understand the renting of a mortgaged property and that's fine and dandy. A far better way to go about that is to buy less expensive homes with cash and then expand from there. To each is own.. I'm just more conservative than most with my investments and it's paid off for me.

No disagreement there. I just mentioned that financing a big ticket item like a house is quite understandable for the average American. Yes, one was required to put a hefty down payment on a house once upon a time, it's true. Go back to the time when Americans homesteaded and most people built their own homes, barns, outbuildings, etc. I built my primary house from the ground up over the course of a decade paying for it as I went along. But not everybody can do that. You'd probably agree with me however that financing sxs's, lawn mowers, washer/dryer sets, hell, even cloths and groceries, (like many do with their credit cards) is not the best way to go.

 

[JTW]

No disagreement there. I just mentioned that financing a big ticket item like a house is quite understandable for the average American. Yes, one was required to put a hefty down payment on a house once upon a time, it's true. Go back to the time when Americans homesteaded and most people built their own homes, barns, outbuildings, etc. I built my primary house from the ground up over the course of a decade paying for it as I went along. But not everybody can do that. You'd probably agree with me however that financing sxs's, lawn mowers, washer/dryer sets, hell, even cloths and groceries, (like many do with their credit cards) is not the best way to go.

I absolutely concur! Homes/land and occasionally vehicles are the only things I can understand financing but even those need to be done with caution.

 

[Montecresto]

I absolutely concur! Homes/land and occasionally vehicles are the only things I can understand financing but even those need to be done with caution.

Right, essentially financing what appreciates, and paying cash for that which depreciates.

 

[JTW]

Right, essentially financing what appreciates, and paying cash for that which depreciates.

Unless you're buying those things purely because you want them.. and not out of need. Obviously homes and vehicles can take a while to save for if you're saving 2 payments worth per month for them. But if you have a good truck and just want a new one but have to finance 40k then that's not a good idea. I get calls from folks all the time that have to stretch and be creative to afford this or that. Or they want owner financing or have to wait before this or that comes off their credit or they don't have any money to put down if the 200k plus house they want. Many of them I could find options for.. but realistically I tell them they need to sit down and really think about whether they should do this or not or I tell them they should save 10-20% before they even start looking. It amazes me how many people buy things they have no business buying.

 

[Montecresto]

Unless you're buying those things purely because you want them.. and not out of need. Obviously homes and vehicles can take a while to save for if you're saving 2 payments worth per month for them. But if you have a good truck and just want a new one but have to finance 40k then that's not a good idea. I get calls from folks all the time that have to stretch and be creative to afford this or that. Or they want owner financing or have to wait before this or that comes off their credit or they don't have any money to put down if the 200k plus house they want. Many of them I could find options for.. but realistically I tell them they need to sit down and really think about whether they should do this or not or I tell them they should save 10-20% before they even start looking. It amazes me how many people buy things they have no business buying.

Not too much of that is needs.

 

[ehart814]

Unless you're buying those things purely because you want them.. and not out ......It amazes me how many people buy things they have no business buying.

Like me.

If I lose my job, I'm in big trouble.




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[JTW]

Like me.

If I lose my job, I'm in big trouble.




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Lol.. Don't lose your job!

 

[Montecresto]

Like me.

If I lose my job, I'm in big trouble.




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