many Americans are the worst with money...this is a crisis in the US

Ooooh....$30k/month is great. Allows for a very nice lifestyle unless you have kids through the kazoo and steep medical expenses.

$1 million in liquidity is great.

I've made a lot, lost a lot, made a lot, lost it, made it. Having a lot is better than not having it. As Will suggested the mindset perspective loses a lot after a short period of time.

I've consumed/spent a lot/ and didn't. Never really liked having a lot of stuff. Takes too much time to look after it and maintain it....ah but my ex wife loved it.

Also having $50k a year in income is relative. It goes a lot further in West Virginia than NYC. heheh.

 

Its 10000x easier to turn 30% on 1 million than it is to turn 30% on billions.

 

yea agree but to most of the celeb type attitudes in america..it doesnt matter how fast and how much they make, their spending habits are 101% of their income

 

Income taxes penalize earning. Low interest rates encourage borrowing.

It's all a result of the system we've built for ourselves.

 

The average American has been conditioned to believe that it's ok to live their entire life in debt.

 

IMHO, America needs to refurbish internal policies and many will need to change their characters. This bubble was long overdue to burst. Pitty the good in this country.

 

Right. And why not? Because they get to live "better" than if they didn't have debt. Having brand new electronic gadgets, appliances, and new cars means more to people as having money in the bank.

And in a sense, it's not hard to understand why. It's not like you can take the money with you when you die.

 

yeah if you are sucker who wants to work 24/7 to pay for all that crap plus the interest on the debt

 

Sure, people who choose to purchase items are "suckers". So I take it you're somehow advanced and don't purchase consumer items, good for you.

I'm not sure if the people in this thread realized debt gets paid off every day. Debt isn't evil.

 

I don't buy "consumer" items on credit

debt is ok if its used to properly, buying a bunch of stainless steel appliances on a credit card and then paying the minimum balance is probably not the smartest thing to do

and that is dumb to me, having money is freedom. Owing money is slavery , to me.

 

Debt in moderation is essential but a lot of people get carried away with it. I think what got us into this subprime housing mess is that the lenders are more than happy to try to lock someone into debt for close to forever and the debtors are irresponsible and don't understand the concept of living within their means. When those two mentalities collide it can be toxic.

 

5000 is a lot of money if you spend it wisely.

 

http://money.cnn.com/2008/04/21/news/economy/moms_foodshopping/index.htm?cnn=yes

more craziness and incompetence to make good decisions..

..dont have kids...kids dont come out like shit

 

lol, omg you mean you shouldn't always buy the most expensive stuff?

from article

I read articles like this and makes me laugh at the stupidity of people, honestly how can you possible feel bad for these people

 

People could afford to feed their kids if they didn't have 5 dogs and cats.

 

Ultimately, the outstanding debt gets paid back. Even if it is just a decrease in earning power or public services... Net debt can't last forever, and will eventually be made right, even if the beneficiaries of that debt are gone.

 

i think you can cut your cost, like car insurance.
in my country with car like honda civic is about $300K in here. just send car insurance just for 1 or two years.
if you have accident, i think it doesn't cost like your 1 year insurance.
in my country it tooks 3% from real value of the car for insurance.

 

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