Blah blah blah...don't spend more than you make,cut back to the essentials (IE no name brands) pay down your credit cards immediately, re-negotiate with your other creditors for extended pay back time etc. That's all sound advice no matter what the world financial situation.
What got me stirred up was a 90 second blurb with a woman who isn't doing well who said she's lost $175K in real estate value because the prices have bottomed out. Is it just me? You've only lost that money if you bought at the over inflated price, have a mortgage that shows that and now you have a very bad situation.
Since being in our home, which we didn't even pay $100K, we have seen the prices sky rocket to over $369K for the same house, same age and approximately the same renovations done. Does that mean we 'lost $269K? Of course not! That was never ours to begin with, because we didn't sell. Was it an opportunity lost? That remains to be seen. We know a lot of folks who sold high and bought even higher...bigger...better. Yes they have a newer house with all the pretty things that come with it but they also have a huge mortgage that needs to be repaid.
I sleep well at night, knowing we aren't going to be in danger of losing our house, that if interest rates go up, and they will...we are going to be Okay! I hope you are enjoying the same peace of mind in these uncertain days.

1 comment:
Happy Thanksgiving and HAPPY ANNIVERSARY TO YOU AND JOE....Paul&Cheryl
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