irish 2012/03/15 10:42:01


ver wonder about why our economy is in trouble? How can so many
people can be in so much debt at the same time? Does it seem strange to
you no matter how hard one works, and in spite of all the advances in
society, most hard working people cannot escape the treadmill of
perpetual debt?

Why are so many families losing their homes to foreclosure? Why are
many households dependent upon credit cards to supplement their income?
Why does it take TWO spouses to maintain a household when it used to
take just one? Why have so many retirement savings been wiped out? Why
do prices always creep up?

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  • Matt 2012/03/15 11:39:27
    Years ago, there were financial maxims that people observed and our economy worked well. A bank wouldn't even talk to you unless you had at least 20% down payment on a house. Too many luxuries have become "necessities". Too many people eat out instead of packing their lunch. Far too much is spent upon "entertainment", drinking, and dining out.

    1.) Never "budget" a wife's income.
    2.) One week's wages are what you can afford to pay for monthly rent.
    3.) Put 20% of what you earn into a savings account.
    4.) 1.5 year's wages are what you can afford to pay for a house.
    5.) Never borrow money for a toy.

    These are just a few that I can remember.
  • irish Matt 2012/03/15 11:50:27
    good ,common sense guidelines,where did they go?
  • Matt irish 2012/03/15 14:05:45
    Wall St. started regulating our govenment instead of vice-versa. Greed, corruption, selfishness, immediate gratification, the "me generation" and the "nanny state".
  • irish Matt 2012/03/15 14:10:19 (edited)
    yep,and that is exactly what ows was started to call attention to.

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