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Home Ownership and Wealth Building

A.

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Re: Home Ownership and Wealth Building
« Reply #660 on: June 28, 2007, 04:17:50 PM »
do you disagree with what we've said?

LadyKD

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Re: Home Ownership and Wealth Building
« Reply #661 on: June 28, 2007, 04:21:53 PM »
I agree that you are all clueless and passed judgement on a situation you have very limited knowledge about. Yes that family overspent...but I didnt read they had a huge fancy house or car. I do agree with the one statement that no one can plan for unexpected events.

Re: Home Ownership and Wealth Building
« Reply #662 on: June 28, 2007, 04:28:10 PM »
for once I have to disagree...and I'll speak from experience.. I've lived off a six figure income for close to 3 yrs now  so I've had the experience as the somewhat broke college student as well as the experiences of a newly employed well paid individual..and I have taught myself how to maximize that six figure income and live off of half (or less than half) of my salary...

the problem with the people in the article is that they were foolish.. the fact that they lived in Spring TX (which is a Houston suburb) lets me know that they could have easily purchased a nice (old or new) home for less than $200,000 (which would clearly give them a lower mortgage payment if their credit is in order) I'm going to assume that they didn't put any money down towards the purchase of the home but even with 100% financing at a Prime rate of 6.35% their payments would be $1244.47 a month without escrow ... a person should NEVER buy more house than they can afford...

If there are student loans then one can definitely budget for that as well as other expenses without being house-poor on a 6 figure income..

if the article was referring to people that were living off of 1 income with dependents making between 40-70k then I'd have more compassion..esp if there are student loans involved

but the reality is that people (black folk more specifically) attempt to live FAR beyond their means for whatever reason...

I don't think there's a way to plan ahead for every possible thing but more people need to think about their goals... whether they are children..real estate...early retirement whatever..plan accordingly.. while it is true that some learn later than others it certainly isn't too late to undo what's already been done...which is one of the reasons that I've incorporated credit counseling into my Nonprofit org..



First I am not being combative.. I guess in a way I am passing a judgement on you folks kind of the same judgement you passed on the folks in this article.

Re: Home Ownership and Wealth Building
« Reply #663 on: June 28, 2007, 04:29:27 PM »
you can say we are clueless but anyone with common sense should know to save money IN CASE something unexpected happens (illness, job loss, etc) especially if you have dependents.  and the article clearly stated that some ppl get into a financial mess bc of trying to stunt--i don't feel bad for them at all and they are the clueless ones.

for once I have to disagree...and I'll speak from experience.. I've lived off a six figure income for close to 3 yrs now  so I've had the experience as the somewhat broke college student as well as the experiences of a newly employed well paid individual..and I have taught myself how to maximize that six figure income and live off of half (or less than half) of my salary...

the problem with the people in the article is that they were foolish.. the fact that they lived in Spring TX (which is a Houston suburb) lets me know that they could have easily purchased a nice (old or new) home for less than $200,000 (which would clearly give them a lower mortgage payment if their credit is in order) I'm going to assume that they didn't put any money down towards the purchase of the home but even with 100% financing at a Prime rate of 6.35% their payments would be $1244.47 a month without escrow ... a person should NEVER buy more house than they can afford...

If there are student loans then one can definitely budget for that as well as other expenses without being house-poor on a 6 figure income..

if the article was referring to people that were living off of 1 income with dependents making between 40-70k then I'd have more compassion..esp if there are student loans involved

but the reality is that people (black folk more specifically) attempt to live FAR beyond their means for whatever reason...

I don't think there's a way to plan ahead for every possible thing but more people need to think about their goals... whether they are children..real estate...early retirement whatever..plan accordingly.. while it is true that some learn later than others it certainly isn't too late to undo what's already been done...which is one of the reasons that I've incorporated credit counseling into my Nonprofit org..



First I am not being combative.. I guess in a way I am passing a judgement on you folks kind of the same judgement you passed on the folks in this article.

agree

A.

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Re: Home Ownership and Wealth Building
« Reply #664 on: June 28, 2007, 04:30:06 PM »
I agree that you are all clueless and passed judgement on a situation you have very limited knowledge about. Yes that family overspent...but I didnt read they had a huge fancy house or car. I do agree with the one statement that no one can plan for unexpected events.

Well they overspent on something, didn't they?  House and cars are just the usual suspects.

A.

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Re: Home Ownership and Wealth Building
« Reply #665 on: June 28, 2007, 04:32:05 PM »
for once I have to disagree...and I'll speak from experience.. I've lived off a six figure income for close to 3 yrs now  so I've had the experience as the somewhat broke college student as well as the experiences of a newly employed well paid individual..and I have taught myself how to maximize that six figure income and live off of half (or less than half) of my salary...

the problem with the people in the article is that they were foolish.. the fact that they lived in Spring TX (which is a Houston suburb) lets me know that they could have easily purchased a nice (old or new) home for less than $200,000 (which would clearly give them a lower mortgage payment if their credit is in order) I'm going to assume that they didn't put any money down towards the purchase of the home but even with 100% financing at a Prime rate of 6.35% their payments would be $1244.47 a month without escrow ... a person should NEVER buy more house than they can afford...

If there are student loans then one can definitely budget for that as well as other expenses without being house-poor on a 6 figure income..

if the article was referring to people that were living off of 1 income with dependents making between 40-70k then I'd have more compassion..esp if there are student loans involved

but the reality is that people (black folk more specifically) attempt to live FAR beyond their means for whatever reason...

I don't think there's a way to plan ahead for every possible thing but more people need to think about their goals... whether they are children..real estate...early retirement whatever..plan accordingly.. while it is true that some learn later than others it certainly isn't too late to undo what's already been done...which is one of the reasons that I've incorporated credit counseling into my Nonprofit org..



First I am not being combative.. I guess in a way I am passing a judgement on you folks kind of the same judgement you passed on the folks in this article.

titcr

LadyKD

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Re: Home Ownership and Wealth Building
« Reply #666 on: June 28, 2007, 04:45:38 PM »
you can say we are clueless but anyone with common sense should know to save money IN CASE something unexpected happens (illness, job loss, etc) especially if you have dependents.  and the article clearly stated that some ppl get into a financial mess bc of trying to stunt--i don't feel bad for them at all and they are the clueless ones.

for once I have to disagree...and I'll speak from experience.. I've lived off a six figure income for close to 3 yrs now  so I've had the experience as the somewhat broke college student as well as the experiences of a newly employed well paid individual..and I have taught myself how to maximize that six figure income and live off of half (or less than half) of my salary...

the problem with the people in the article is that they were foolish.. the fact that they lived in Spring TX (which is a Houston suburb) lets me know that they could have easily purchased a nice (old or new) home for less than $200,000 (which would clearly give them a lower mortgage payment if their credit is in order) I'm going to assume that they didn't put any money down towards the purchase of the home but even with 100% financing at a Prime rate of 6.35% their payments would be $1244.47 a month without escrow ... a person should NEVER buy more house than they can afford...

If there are student loans then one can definitely budget for that as well as other expenses without being house-poor on a 6 figure income..

if the article was referring to people that were living off of 1 income with dependents making between 40-70k then I'd have more compassion..esp if there are student loans involved

but the reality is that people (black folk more specifically) attempt to live FAR beyond their means for whatever reason...

I don't think there's a way to plan ahead for every possible thing but more people need to think about their goals... whether they are children..real estate...early retirement whatever..plan accordingly.. while it is true that some learn later than others it certainly isn't too late to undo what's already been done...which is one of the reasons that I've incorporated credit counseling into my Nonprofit org..



First I am not being combative.. I guess in a way I am passing a judgement on you folks kind of the same judgement you passed on the folks in this article.

agree


It said some ppl didnt say these people..I mean I know people who went from six-figure salaries lived in modest homes with mortages they could afford and were not overspending. Just working executives paying school tuitions fees for their children(private and college) had savings and health insurance, and then they lose their jobs. Even with a severance package, it takes adjusting and Cobra is a joke...so when the dust cleared I watched some very responsible people march off to CCCS for assistance.

LadyKD

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Re: Home Ownership and Wealth Building
« Reply #667 on: June 28, 2007, 04:50:10 PM »
At know point do I disagree that people can overspend I mean at some point in our lives we all do but to make judgement calls and generalizations come on...

Re: Home Ownership and Wealth Building
« Reply #668 on: June 28, 2007, 04:54:56 PM »
you can say we are clueless but anyone with common sense should know to save money IN CASE something unexpected happens (illness, job loss, etc) especially if you have dependents.  and the article clearly stated that some ppl get into a financial mess bc of trying to stunt--i don't feel bad for them at all and they are the clueless ones.

for once I have to disagree...and I'll speak from experience.. I've lived off a six figure income for close to 3 yrs now  so I've had the experience as the somewhat broke college student as well as the experiences of a newly employed well paid individual..and I have taught myself how to maximize that six figure income and live off of half (or less than half) of my salary...

the problem with the people in the article is that they were foolish.. the fact that they lived in Spring TX (which is a Houston suburb) lets me know that they could have easily purchased a nice (old or new) home for less than $200,000 (which would clearly give them a lower mortgage payment if their credit is in order) I'm going to assume that they didn't put any money down towards the purchase of the home but even with 100% financing at a Prime rate of 6.35% their payments would be $1244.47 a month without escrow ... a person should NEVER buy more house than they can afford...

If there are student loans then one can definitely budget for that as well as other expenses without being house-poor on a 6 figure income..

if the article was referring to people that were living off of 1 income with dependents making between 40-70k then I'd have more compassion..esp if there are student loans involved

but the reality is that people (black folk more specifically) attempt to live FAR beyond their means for whatever reason...

I don't think there's a way to plan ahead for every possible thing but more people need to think about their goals... whether they are children..real estate...early retirement whatever..plan accordingly.. while it is true that some learn later than others it certainly isn't too late to undo what's already been done...which is one of the reasons that I've incorporated credit counseling into my Nonprofit org..



First I am not being combative.. I guess in a way I am passing a judgement on you folks kind of the same judgement you passed on the folks in this article.

agree


It said some ppl didnt say these people..I mean I know people who went from six-figure salaries lived in modest homes with mortages they could afford and were not overspending. Just working executives paying school tuitions fees for their children(private and college) had savings and health insurance, and then they lose their jobs. Even with a severance package, it takes adjusting and Cobra is a joke...so when the dust cleared I watched some very responsible people march off to CCCS for assistance.

that makes sense tho

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Re: Home Ownership and Wealth Building
« Reply #669 on: June 28, 2007, 05:51:42 PM »
I do not take back a single thing I've said.  Namely, life events happen that alter some families' course and some people wild out.  We could all do a better job in planning ahead.  I don't appreciate your holier than though attitude when I think my comments were fairly reasonable.