Since no one wants to work even for inflated wages, have we come to a point where compulsory buying is no longer fashionable. Why work if there is nothing to buy and no where to go?
What is everyone just says enough stuff and lives forever off their parents ?
Still, around here, it seems as if people have plenty of disposable income for toys.

Not sure the really have that disposable income. Kid down the road is unemployed and just bought a new ATV. I asked him about it and he said, they gave me the loan, so I got it.

Agreed 95flhr -- I know a guy nearing retirement, and he just bought a $90k truck. Last summer he mentioned his house is almost paid off. Just a couple more years. I have another friend who literally cannot imagine why someone wouldn't have a car payment. I'm certain that both of these families use plastic as a means of access to goods they cannot afford with cash.

I don't think disposable income is the issue.

They all have the newest phone, nice cars, tattoos, etc but they don’t have a penny to their names. I’ve got one of the oldest vehicles at work, use phones until they’re not supported anymore, you get it. My 401k is well funded, IRA maxed each year and all that jazz. All I ever hear is how I should get this or that. Guess who’s got a good life and who is always stressing about money?

Totally agree, Leemur. My wife and I were very conservative financially the first 20 years of our married life. We bought older used cars. We bought nice houses where we enjoyed good appreciation. As we got older and made more money, we got our home paid for, our vehicles became newer, our 401K accounts grew and our 2 kids graduated from college debt free.

All it took was a decent work ethic and a plan. Now, post-retirement, we've got new phones, nice cars but no tattoos along with a few nickels to rub together.

Yeah, I know all about it. Got a nephew I disowned that "couldn't come up with the $900.00 for his house payment" so the house got foreclosed on and he now rents. Had plenty of money for tattoos for him and is wife and cars for him, his wife, and both kids, though.

And for some reason he doesn't seem to have a problem coming up with $2,000/mo for rent.

quote:

Originally posted by Flash-LB:
Yeah, I know all about it. Got a nephew I disowned that "couldn't come up with the $900.00 for his house payment" so the house got foreclosed on and he now rents. Had plenty of money for tattoos for him and is wife and cars for him, his wife, and both kids, though.

And for some reason he doesn't seem to have a problem coming up with $2,000/mo for rent.

You're assuming he is actually paying his rent.

Same here.

Most that I work with have a sweet ride and have a good time.

My trucks are old enough to not have to hold the brake to shift them out of park. Guess who doesn't have to work overtime.

I find myself shocked at how much debt people are willing to carry these days. Talking to one of my cousins, he said that interest rates were so low it was a good time to buy. He didn't really consider that he would be servicing the debt for years. He simply assumes that it is normal to have payments every month for the things he has.

I think in the next few years, this general dependency on debt as a way to sustain your lifestyle, will cause a deep economic downturn.

I avoid debt but still have nice things. A used Lexus, a nice home that is paid for. I always pay cash.

My old man described that lifestyle as, "Chicken shack and a Cadillac."

Cash still is KING. (meaning a strong cash position - not necessarily buying everything with cash)

So many Americans have confused good debt with DEBT. Anything that depreciates and incurs interest is BAD debt.