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Interesting & scary numbers.

Discussion in 'Sidewinders Bar & Grille' started by imwjl, Apr 29, 2008.

  1. imwjl

    imwjl Strat-Talker

    Messages:
    162
    Joined:
    Apr 24, 2008
    Location:
    Wisconsin, USA
    This past weekend I was shocked by the Wall St. Journal Your Money podcast stating something like about 40% of Generation X having $25,000 or less in savings and today I see the headline below listing my metro area in the worst for homeowner debt. At least our prices are rising.

    http://www.forbes.com/lifestyle/200...es-forbeslife-cx_mw_0417realestate_table.html

    It's interesting in that it makes me feel really good about our life style where our moderation sort of has the last laugh on us, but learning that so many people already in their 40s have so much nothing that's their own and the debt makes for a scary future where I have to hope my kids do well and hope our cautious living in terms of finance won't have us paying for the foolishness of others.

    I have to do errands across the metro area today so I'll get a smile and worry looking at those in fancy cars and clothes knowing the benefits of our frugal ways. The amazing (shock?) thing here is looking at what vanity drives people to do because we are not high wage earners and ended up in one of the best neighborhoods in the county with home equity and cars paid for.

    It makes me feel very thankful about where we came from and makes me wonder how the emerging middle classes in other parts of the world will do over a few generations.
     
  2. Strat-Talk

    Strat-Talk Administrator Staff Member

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    Admin Post
    It takes some folks a while to get enough life lessons under their belt to realize that debt is crippling and saving, while not the most fun, is mandatory not optional.

    I was at least 35 before I got the picture.

    Certainly many people never get the picture, but I'm confident that all of us that have will at least pass this on to our children.

    My wife and I were talking at dinner last night. Our 21 year old daughter has never had a credit card. We're both glad and concerned about that. She has a debit card (MasterCard) but that's all. So, she has no experience with using credit and paying monthly for these items.

    We're at a point in our lives now, where we have a sizeable retirement savings, nearly paid off house, paid off cars and plenty of savings for emergencies. Plus, zero CC debt.

    This really makes everything possible for us. Luckily, I married a smart girl back in 1985 and she pushed for all this to happen.

    As for the rest of the world I wouldn't worry about them. No country is addicted to debt like the US. In fact, in a great many countries there are no mortgages, people pay cash for their homes.
     
  3. imwjl

    imwjl Strat-Talker

    Messages:
    162
    Joined:
    Apr 24, 2008
    Location:
    Wisconsin, USA
    The one I married has me feeling I'm one of the richest people in the world!

    ;)
     
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