Some friends of ours are like that. They are 37 or so, rent a small cottage near the beach year round, have almost no savings whatsoever (and forget about IRAs/401ks), but always have the latest ipods, cell phones, computers, they have 3 BMWs including an E36 M3 & vintage 6 series, 2 late model ktm dirt bikes, and when toyota bought back their beat up 10 yr old tacoma for ~$12,000...they went right out and bought another newer tacoma for $14,000, and then went out and bought a bunch of accessories for that newer truck...only to have the clutch go last week (a month after they bought it). Now the 'new' truck sits because they don't have enough money to fix it.

They waste their paychecks on $20 daily breakfasts at starbucks, takeout food and cheap crap at Target & the mall. They

Their long term plan is to move in with her mom to take care of her some years down the road. The only problem is that her mom is about 60 and in perfect vibrant health. They've given up on the idea of home ownership and are completely defeatist about that and any savings or investments. They cannot ever have money in the bank - they immediately go out and spend it all right away. So strange! They both graduated from high profile art schools - and you generally don't go to art school if you grow up poor. So why are they such idiots with money (there is no trust fund to support their adventures, unlike some of their old college friends)?

Its gotten to the point where hanging around them sucks because they can never afford to go out or do anything. He comes over here and is jealous of the 911, trying to tell me what to do with it since his dad had a 72 back in the day. I'm sick of feeling defensive about it any or anything else. I'm sick of telling them that they could easily be saving a few hundred bucks per week between the 2 of them if they took their heads out of their asses.

It is true that we Americans have become spoiled, entitled, etc., from decades of economic growth and prosperity. Combined with a "charge it" mentality about living on credit, it's had unintended negative consequences in many people's lives.

That said, who would have ever dreamed 8 years ago that after 2 terms of a Republican president we would go from the best economy in the history of the U.S., (maybe the world), to constant discussions about forclosures, how to get by on less, how small of a car are (affluent) people willing to drive, how to have a vacation w/o leaving town, etc., etc...

It's a freaking tragedy. :(

so, of course it's Bush's fault.:rolleyes:

Seriously, take a look at home ownership numbers. More people own their own homes now than under any other Prez. Sure, a few too many own homes ...many who really don't have the wisdom to handle the responsibilities. So we are seeing some backsliding ...but, wholly crap, quit blaming Bush for EVERYTHING!

True. Lost in the wailing about the mortgage crisis is the fact that millions are in new homes. The lower standards in the mortgage industry allowed poorer folks to get into homes. Many will default, but millions of won't. Its an important step for those familys.

I was commenting more on the overall economy now vs. 8 years ago. I'm of the opinion that the RE boom due to easy credit and cheap $$ is the only reason that the Bush economy ever looked good at all, and he had absolutely nothing to do with that. I don't blame him for the RE boom/bust, nor do I give this administration any credit for the life-support it gave the U.S. economy for several years while unprecedented deficits were being rung-up. Now, of course, the RE party is over w/ a bad hang-over in many places and there is nothing to artificially prop-up the economy so we are seeing the real deal w/ fundamentals all pointing in the wrong direction.

I do blame Bush/Cheney for running-up the deficits that have crippled the U.S. dollar and the botched and unnecessary Iraq invasion and occupation that combined w/ the dollar have made oil the hottest commodity in ages. I also blame them for all but ignoring the domestic economy by taking the view that the so-called free market will sort everything out. The market is not "free" and in fact is rigged in many instances, (always has been), but they've really fuched things up royally.

Does anyone remember March of 2003 when the administration was telling the public that we need to invade Iraq now, can't let inspectors finish their jobs because the window of acceptable weather/climate in that region was only in the spring? That it would be too hot by summer for our troops to be there in full battle gear? I do. How much diesel and jet fuel+ gasoline has Halliburton been able to sell the U.S. military w/ their no-bid, "cost-plus" contract since then? (Must be getting really lucrative these days w/ the price of oil...funny how that whole thing worked-out in a circular fashion). ;)

I don't blame them for everything, just most of the things that have changed radically in the last 8 years that they had a hand in. I do not blame them for the mortgage situation, although maybe someone at a high level could have been paying more attention to what was IMO an inevitable coming meltdown. Still, no blame for that.

Yep, it's Bush's fault. Did you know that he kidnapped the Lindberg baby?

Nah, that was outsourced. ;)

Was it coincidence Greenspan was handing out ARM-candy to the children while daddy was spending the college fund on hookers and blow?

You had underwear:confused:

Very true, I give myself X amount of $$$ to spend after bills are covered and avoid taking on payments, I'll wait until I have the cash (from my toy money) instead of putting it on a CC. I'm weird that way, not a fan of debt, prefer to trade as I have so much stuff. Many of the local PCA are in the "I have a new 99??" it is funny, these clowns lease cars, spend stupid money they don't have on lease cars just so they can say they have them, most of the local PCA BOD(one self professed car guy who leases his cars, who built built his home
without a garage, not even a car-port:confused:) Of course a few years back he got fired for money mismanagement, filed bankruptcy, and still acts the same way today.


I went
with a buddy to some of his rental property a while back, low end condos his son owned, no money for rent, crying about money for food, but new big screen TVs and 22" wheels on newer cars:eek: and then one day a few years back, I'm having lunch at a bar, and a few seats down from me is some chick whining about the cost of her meds, while drinking & smoking, but saying she didn't have the money for meds so she was doing with out:rolleyes:
Americans are their worst enemies, if they don't have cable they are poor:eek::confused: Horse hockey, I have gone without many things, and at some time, if things go wrong, that could happen again, but I know that I have other ways to earn my way