the American dream=dead??? (small business, school, hours, laid off)
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If you are average or below in intelligence or wealth, USA will punish you into third world poverty soon. If you are among the 1% inherited wealthy or 1% genius like a Steve Jobs or Zuckerberg, it is alive and well and thriving.
If you are average or below in intelligence or wealth, USA will punish you into third world poverty soon. If you are among the 1% inherited wealthy or 1% genius like a Steve Jobs or Zuckerberg, it is alive and well and thriving.
I used a rural economically depressed are (#1), a suburban long-term stable area (#2), and an urban high COL area (#3) in my examples, so I think your case is an anomaly.
I see that,but your numbers still don't jive.
13 years ago i bought my 1st condo while i was working at a entry level job.
My mortgage payment was 820 plus PMI(only put down 10%)I was only making $12hr
Fast forward to today,that would completely impossible in So Cal.
I see that,but your numbers still don't jive.
13 years ago i bought my 1st condo while i was working at a entry level job.
My mortgage payment was 820 plus PMI(only put down 10%)I was only making $12hr
Fast forward to today,that would completely impossible in So Cal.
Doing the math you were paying almost 50% of your gross income ($2080) for your mortgage. Unless you had a sub-prime mortgage, I think your numbers were wrong.
If you are average or below in intelligence or wealth, USA will punish you into third world poverty soon. If you are among the 1% inherited wealthy or 1% genius like a Steve Jobs or Zuckerberg, it is alive and well and thriving.
Amazing. Just wondering why it is that all those people from other nations are trying to do what ever they can to get into this country.
I know a family that came here from another country. They opened a store and lived in the store. When it was successfull they opened another and part of the family ran one while the others ran the second store. Within 18 years they were no longer living in stores but were all wealthy. No one told them the advice you have offered here though. Wish they would have known that they don't have a chance to make it here in the USA.
I could offer hundreds of other stories but don't have the time.
Amazing. Just wondering why it is that all those people from other nations are trying to do what ever they can to get into this country.
I know a family that came here from another country. They opened a store and lived in the store. When it was successfull they opened another and part of the family ran one while the others ran the second store. Within 18 years they were no longer living in stores but were all wealthy. No one told them the advice you have offered here though. Wish they would have known that they don't have a chance to make it here in the USA.
I could offer hundreds of other stories but don't have the time.
Well, when you come from a war-torn, 3rd world country, this MUST look like a gold mine. It's all relative. Our standards are falling, their standards are rising no matter what, even if they only made $200/week.
The American dream is still possible, it just takes more of an effort to achieve. I think effort and the American dream being "dead" go hand in hand. Not to many people want to make the effort old timers did to achieve anything. So for those people that don't want to make the effort I believe the dream is dead, for those with ambition its still a dream, or a reality.
It is a goal...but too many people seem to think it should be a guarantee.
Doing the math you were paying almost 50% of your gross income ($2080) for your mortgage. Unless you had a sub-prime mortgage, I think your numbers were wrong.
Yes i was paying 50% including HOA fees,But i lived frugal and got it done.This was right before the start of the sub-prime mess.
With wages and homes prices(low inventory)the way they are today could do the same Thing?
Hell No!
That's why i say,the American dream is dead and is never coming back,no matter how hard you work!
Last edited by hitman619; 03-19-2013 at 11:16 AM..
Yes i was paying 50% including HOA fees,But i lived frugal and got it done.This was right before the start of the sub-prime mess.
With wages and homes prices(low inventory)the way they are today could do the same Thing?
Hell No!
That's why i say,the American dream is dead and is never coming back!
And consider today how big of a risk it is to purchase a house and finance it for 15-30 years. How many people know if they'll even have a job in a year? The job market is so much more volatile and unstable than in years past. I make alright money, but not exactly excellent money by most people's standards. Even after five years of full-time work experience and a college education, I'm not exactly getting wooed in by any employers. The job market competition is more cut throat than it's ever been. Thus, I don't have the confidence at this time, or probably in the near future, to make any long term investments such as a house. If I lose my job, I could be unemployed for up to a year as far as I'm concerned. I can't afford to be responsible for a mortgage while unemployed.
Yes i was paying 50% including HOA fees,But i lived frugal and got it done.This was right before the start of the sub-prime mess.
With wages and homes prices(low inventory)the way they are today could do the same Thing?
Hell No!
That's why i say,the American dream is dead and is never coming back,no matter how hard you work!
You are an anomaly. People getting approved for loans like that caused a good part of the real estate meltdown.
There are certain parts of the country lagging behind in affordable housing. Most of the country is still affordable to first time buyers.
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