Quote:
Originally Posted by garagelogic
Sure I can. There have been many houses purchased and paid for in many ways, too, but look where that has gotten some people. Being fiscally responsible is black and white. The problem is that too many people no longer know the difference between a want and a need.
Just because some can do something (i.e. get long-term financing on a car) does not mean it is the wise thing to do. Too much can change in a long term and a decision that seemed okay at the onset may turn out to be a bed one a few years down the road. Unfortunately, not too many people consider the long term implications and simply have the "I want it all and I want in now" mentality.
If you need proof that this kind of thinking will always lead to a bad end, just look around at the American economy today. I can't think of one single person I have ever met who was forced into taking out a home loan, let alone one with no money down and with an adjustable rate for 30 years, yet hundreds of thousands of people are suffering today because they never considered that there might be an economic downturn in that 30 year period or were led into believing that property can never go down in value.
People need to get over the idea that they are entitled to anything and start using their God-given common sense when making financial decisions. Sure, you need a roof over your head and transportation, but just because you have that need it does not mean it requires a 2000+ sq ft brick home or a new car.
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I hate to rain on your parade, but nobody wants counseling from a man who has everything already. Good for you buddy, but we'll be OK on our own. I've seen your "guidance" in other threads and it's just hard to swallow when seeing your 700+hp GT500 in your sig. How very moderate of you.
If car manufacturers relied on everyone to be as rich as you and pay in cash then there would be no need for banks and no cars would get sold. It's how the world turns...it just so happens the real-estate market crashed and it blew the economy. Don't blame this recession on bad "common sense" when you know it is due to the housing situation.