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 > Vacation Home Buying Fizzling. RV's too?

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Gary45

Oshawa, Ontario, Canada

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Posted: 05/11/22 06:20am Link  |  Quote  |  Print  |  Notify Moderator

Hope just a recession and not a depression, every country in the world has massive debt and with never before low interest rates individuals have borrowed well beyond what they can ever repay.

restlessways

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Posted: 05/11/22 06:29pm Link  |  Quote  |  Print  |  Notify Moderator

Grit dog wrote:

One thing is for certain, we have yet to fully realize the downstream effects of the mess created by the pandemic.
I don’t claim to be a smart man or have the answers and those that do claim to understand it are likely posturing, as we all should be in our own way.
Not a zombie apocalypse prepper. But also not an ostrich.
Been bit by recession and also capitalized on it, and yes something still smells a little different about the current situation. (Maybe it’s my sense of smell after having the Rona, but everyone would be well served to stay a bit aloof and protect their own interests the best way they see fit.) Remember, you can only control what YOU do.


I like to stick to the basics which have always served me well. Zero debt, and the belief that "it's never 'different' this time." I hear stories of new paradigms almost weekly from friends and acquaintances. I don't believe any of it. They're all just talking their book because they want to get rich without having to work hard. I work for what I have, and I don't gamble to try to get ahead. Sure, that's worked for some, but most will be completely wiped out.

cptqueeg

Idaho

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Posted: 05/12/22 08:17am Link  |  Quote  |  Print  |  Notify Moderator

"most will be completely wiped out" - That is some doom and gloom right there.

I'm conservative financially, but we've had mortgages and we've survived multiple layoffs, dot com bust, 9/11, the collapse of 2008, bad years in business, etc, etc. I'm blessed by a hard working wife that has strong business skills, I owned a dependable business, and good health. We now have zero debt, it feels great! (used to be a big Dave Ramsey fan, although he turned out to be a creep) Most people not only do fine w mtg debt they prosper. Those who have a mtg(s), college loans(theirs or kids), multiple car loans, and pile consumer debt on top of that, well they're reckless. And I've seen many others that take a lot more risks than me and they've actually come out way further ahead financially. Like they say "there is more than one way to skin a cat."

valhalla360

No paticular place.

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Posted: 05/12/22 10:13am Link  |  Quote  |  Print  |  Notify Moderator

cptqueeg wrote:

"most will be completely wiped out" - That is some doom and gloom right there.

I'm conservative financially, but we've had mortgages and we've survived multiple layoffs, dot com bust, 9/11, the collapse of 2008, bad years in business, etc, etc. I'm blessed by a hard working wife that has strong business skills, I owned a dependable business, and good health. We now have zero debt, it feels great! (used to be a big Dave Ramsey fan, although he turned out to be a creep) Most people not only do fine w mtg debt they prosper. Those who have a mtg(s), college loans(theirs or kids), multiple car loans, and pile consumer debt on top of that, well they're reckless. And I've seen many others that take a lot more risks than me and they've actually come out way further ahead financially. Like they say "there is more than one way to skin a cat."


"Completely wiped out" might be a bit of an exaggeration but it is the rare individual with lots of debt who does prosper and the current population skews heavily in that direction. When you have lots of monthly payments, it's much harder to weather a financial problem like a layoff, the damage is greater and it takes longer to get back to where you were.

On the other hand, those who stay debt free or close to it, tend to weather downturns better. They have more flexibility to pair back expenses and fewer mandatory payments going out.

There's always the exception. Occasionally the casino pays out big but much better to be on the house side with the odds in your favor. In the long run, it's very unusual for the house not to win.


Tammy & Mike
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restlessways

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Posted: 05/12/22 04:47pm Link  |  Quote  |  Print  |  Notify Moderator

cptqueeg wrote:

"most will be completely wiped out" - That is some doom and gloom right there.

I'm conservative financially, but we've had mortgages and we've survived multiple layoffs, dot com bust, 9/11, the collapse of 2008, bad years in business, etc, etc. I'm blessed by a hard working wife that has strong business skills, I owned a dependable business, and good health. We now have zero debt, it feels great! (used to be a big Dave Ramsey fan, although he turned out to be a creep) Most people not only do fine w mtg debt they prosper. Those who have a mtg(s), college loans(theirs or kids), multiple car loans, and pile consumer debt on top of that, well they're reckless. And I've seen many others that take a lot more risks than me and they've actually come out way further ahead financially. Like they say "there is more than one way to skin a cat."


If I may clarify, I wasn't talking about mortgage debt per se, so I'm not sure where you got that impression. I'm talking about all the people who are leveraged to the teeth with all kinds of debt. 2nd and 3rd speculative houses, expensive vehicles, boats, RVs, crypto, stocks, etc. You would not believe how many gamblers there are out there right now. It's all crashing as I type.

monkey44

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Posted: 05/12/22 05:31pm Link  |  Quote  |  Print  |  Notify Moderator

When we bought our home five years ago, we picked one on the internet we liked a lot ... and called for a peek ... The agent that was selling it said, "You qualified for a house twice that expensive. I've got more to show you."

"No you don't," Genie said. "We want this one." So we bought it same day and did some interior renovation ourselves. Good bones to work with, and fine outside. Now we have a small mortgage, cars and RV paid for. No kids no more [emoticon] Even grand kids are grown. And a few bucks to spend on RV'ing and vacations.

It takes a little planning, some luck with investments, and the ability to say "NO" and mean it.


Monkey44
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cptqueeg

Idaho

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Posted: 05/12/22 07:01pm Link  |  Quote  |  Print  |  Notify Moderator

cptqueeg wrote:

restlessways wrote:



If I may clarify, I wasn't talking about mortgage debt per se, so I'm not sure where you got that impression. snip....


Perhaps using the the phrases "zero debt" and "For somebody like me who purchases things in cash" would give one the impression that mortgage debt was included.

As for now people have mtg rates that are very cheap and they have jobs so as long as they stay on the treadmill it will work out. There isn't sufficient housing anywhere so that market is very stable.(read today there are only 2 places in the US with 10% or more of the housing stock under 150K)

Some will have health issues, and/or astronomical medical bills or lose their job, or gad forbid lose their partner but by in large most will get through it.


Wade44

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Posted: 05/13/22 02:49am Link  |  Quote  |  Print  |  Notify Moderator

Inflation in a nut shell, or should I say a cardboard can.

Pringles Potato Chips, Walmart, Jan 2022, $0.97
Pringles Potato Chips, Walmart, May 2022, $1.78


There you have it LOL.


2018 Marathon H3-45
2019 GMC Sierra Denali (Toad)
2012 Grady White 271 Canyon

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