Saturday, July 26, 2008

Give a Man a Fish...

... and you feed him for a day. Give a man a house, and he uses it as collateral for a $450k loan for a failed business. And ends up facing foreclosure.

Access Atlanta: Extreme Makeover Home in Foreclosure

UPI: Extreme Makeover Home Faced Foreclosure

You know, I just don't really have words for this. And it's not the only Extreme Makeover home in trouble, apparently.

It's like a smart guy said: The wealthy do things that make them wealthy. The poor do things that ... well, you know.

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— Posted by Michael @ 10:15 AM


Sorry if this is bit long, but you got me thinkin'...
I went to the link and read the comments. A sad collection from mostly hate-mongers and bigots, which overshadowed the more fundamental issue. Financial irresponsibility is not about color or race. Stupidity, greed, and selfishness are universally the best of buddies.

Given the limited background in the news piece about these homeowners, it does not appear that they were well-educated or disciplined about their personal finances and lifestyle; and surprise, surprise, they made some very bad choices when opportunity came knocking – living way beyond their means, spending everything they had and more. The frosting on the cake was their nerve to express hard feelings towards the show and the builders because they weren’t also given an in-ground pool? Ugh. You ‘gotta be kidding me. Where's the gratitude for the amazing gifts you did receive? (we see now that they flushed them down the toilet)

This is so similar to what happens to lottery winners after they hit it big – most file for bankruptcy or commit suicide within a few years (fact).

What lesson does this teach? If we don’t learn to get our debts under control and manage our money now – we won’t suddenly get smart when a big pile of it lands in our lap.

Mind you, I'm not expecting it to rain money anytime soon. I read somewhere that the odds of winning the lottery are worse than getting hit by lightning 7 times while waiting in line to buy the ticket! So, umm, no lottery tickets for me thank you. In my book, slow and steady wins the race.

Thanks for sharing your blog and website with us Michael, it’s a great resource!

Anonymous ExcelGeek
, at 10:32 AM, August 08, 2008  

Nice observations. Thanks for the great post!

visitor from

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Thoughts on my personal finances, goals, experiences, motivations, and accomplishments (or lack thereof).

My financial life began turning around when I took responsibility for it.
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