Don’t Live Your Life In Bondage…Unless You Are Into That…

As I mentioned before, I have been trying my hand at real estate.  Not really digging it, but I’ll save that for another time.  My dealings in this area has illustrated something I’ve known to be true for a long time.

A few days ago, I was picking up an escrow check from a buyer.  She suggested we meet at a Starbucks in town.  I have never, nor will I ever, darken the door of a Starbucks for a variety of reasons, other than their overpriced coffee.  This Starbucks is in a very small shopping center with inadequate parking, and a drive thru line that often circles the building.  I did not want to meet there, but it was going to be at 3:15pm so I figured, who the hell is at Starbucks at 3:15pm?  It wont be crowded… Wrong…

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Nowhere to park, line circling the building almost twice, packed.  As I waited for the customer (in my truck), I watched.  Mostly women, and men who might as well be women going in and out.  I’ve never seen so many fancy vehicles.  As I watched people buy overpriced coffee and get in their overpriced cars, I asked myself why?

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People frequently come in to buy homes, at ages when they should be fairly financially set, without a penny to put down, little to no equity in their current home, and looking for FHA 3% down loans.  As they blame their financial failure on any number of things, you almost fall for it.  Then, you walk them out to a new BMW, Range Rover, or some other overpriced vehicle.  As you look closer you see “name brand man” has visited upon them, clothes, shoes, the newest IPhone, sunglasses, the whole bit.  You have to look the part you know…

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So, this person, with a horrible case of stuffitis, comes to you with tales of financial woe, a 550 credit score, wanting to buy a home.  All I can think is instead of them owning those items, the items own him (or her).   Their lives are spent worrying about paying for shit they don’t need and can’t afford.  They are in bondage to their stuff.  The bad part is, many of them make a good living, but they can’t out earn their spending.

There are more people than you would think in this situation, and with lenders loosening the restraints, I’m afraid it will only get worse.

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If you are into bondage, at least make it interesting…

Don’t be owned by the stuff you own.  Don’t buy things to impress others.  In reality, nobody cares, and if they do, why would you care what they think?  Get grip on your monthly income and spending.  You don’t have to live in a cave and eat rice, but be smart about where you spend your money.

The borrower is slave to the lender” – Dave Ramsey (who credits the bible)

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