- Jul 28, 2007
I know a couple people who have been able to purchase way more house in the last year and a half than their job indicates they should be able to afford. I'm guessing there will be a small drop in the next five years if the economy isn't strong, or within 15 if it is. Hopefully I'm way off base on these.
But it isn't even just homes, the auto industry is getting in on overzealous loans as well. One of my coworkers just bought a house and a new truck in the same month. How he can pay for both is beyond me. Maybe he never plans to retire so isn't saving anything?
Savings... savings... who needs that? I know way too many people (of all ages) that don't have enough saved to pay for 1 month worth of bills much less the standard 6 month minimum many suggest. I knew guys at work, that counted on overtime to just pay their bills. Imagine that?
This is the real problem that people will have if things go bad for them.