World economic collapse

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I don't know how anybody can predict things. I know they say the economy is slowing. But my brother in law, and sister are thinking the stuff is going to hit the fan, if you know what I mean? Thoughts? I guess some people did predict the last downturn?

E-mail my brother in law sent to me:

"This might be worth considering. I strongly do not recommend buying a house in this economy. If the economy gets as bad as predicted you may loose your job and then can’t make the mortgage payments as the house value drops to 50%. I know it is hard to wait but it is the prudent thing to do.

Kind regards"
 
What kind of loon sends such a thing in email?

So what if you lose your job and cannot make mortgage payments. You move on like so many folks.
 
Originally Posted By: madRiver
What kind of loon sends such a thing in email?

So what if you lose your job and cannot make mortgage payments. You move on like so many folks.

+1 This is an on-going problem that will continue. Millions will be out of work and unable to make the mortgage payments and live the phony lifestyle. Nothing new......in the late 1990's till the mid-2000's all people talked about was Real Estate and how many homes that they had in the country, beach, and mountains. You don't hear so much "bragging" about that anymore....lol. Just be happy to have a job, a roof over your head, food on the table, a vehicle to drive and the ability to pay for daily expenses. Most important is that you and your family are healthy.


The USA has a monstrous debt and budget deficit.....so does most of the world. When the collapse comes....it won't be nice. Nobody will be able to pay....nobody will get paid.
 
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If the world ends what can you do? it is beyond our control. The more you have the more you will lose. Can't take it with you anyway.
 
There are a select few that do know approximately when things are going to collapse at least in our mortal world. Folks from the Fed Res, and other large banking institutions.

I'd say another five years MAX before the house of cards comes down completely, and like mongo said, it will be a catastrophe of biblical proportions, it will be every man for himself all around the world, although there will be a few islands of civility that will remain. That will be where the elite will land, but you can bet that they will be targets of death for eternity after the collapse.
 
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Now is a good time to buy. Low, low interest rates, housing prices are steadily on the climb. If you wait a few years you could potentially pay an additional $20K-100K depending on what part of the country you live.

Terrible advice.

I do agree with his sentiment that someday, the countries financial system will collapse under the trillions and trillions of dollars of debt. It's already so high that it could never be re-payed, and yet they continue to spend/spend/spend and print money like a favorite past time. Now does it collapse next week, next year, 20 years, 50 years, 100 years from now? No one knows and no one can predict when that will happen. When it does though it will make the 1929 stock market crash look like an overdue phone bill.
 
Thanks for making me feel worse.... er I mean better. I'm not too worried.

I look at it, as nobody really knows the time. Maybe some people that are really high up in the financial markets.
 
Kind of how I feel
Originally Posted By: bubbatime
Now is a good time to buy. Low, low interest rates, housing prices are steadily on the climb. If you wait a few years you could potentially pay an additional $20K-100K depending on what part of the country you live.

Terrible advice.
.
 
Originally Posted By: CT8
If the world ends what can you do? it is beyond our control. The more you have the more you will lose. Can't take it with you anyway.


There are some things we are in control of and that's our lives. If the government or some terrorist organization tries to pull me out of my home at put me in a detention center, they'll have to kill me.
 
Originally Posted By: oilboy123
Kind of how I feel
Originally Posted By: bubbatime
Now is a good time to buy. Low, low interest rates, housing prices are steadily on the climb. If you wait a few years you could potentially pay an additional $20K-100K depending on what part of the country you live.

Terrible advice.
.


I agree. If you plan on staying in the area long term and the mortgage payment is reasonable then go for it. Rates are the lowest they'll ever be, and no one knows what property values will do...but if you plan on living in the home long term who cares as long as the payment is comparable to a rental.

Rents are only going to go up, but your payment will stay relatively the same (except for property tax increases) which will be a lot less than the annual rent increases.
 
Originally Posted By: dishdude
Originally Posted By: oilboy123
Kind of how I feel
Originally Posted By: bubbatime
Now is a good time to buy. Low, low interest rates, housing prices are steadily on the climb. If you wait a few years you could potentially pay an additional $20K-100K depending on what part of the country you live.

Terrible advice.
.


I agree. If you plan on staying in the area long term and the mortgage payment is reasonable then go for it. Rates are the lowest they'll ever be, and no one knows what property values will do...but if you plan on living in the home long term who cares as long as the payment is comparable to a rental.

Rents are only going to go up, but your payment will stay relatively the same (except for property tax increases) which will be a lot less than the annual rent increases.


Don't forget property taxes, and yes they have been increasingly at a very high rate over the past decade. If you buy and the area becomes uninhabitable when things collapse you are stuck with a huge monetary loss. While if you rent smart you can pick up and leave without much penalty. I don't love the thought of renting either but with the way things are today you have to be ready to pick up and move on with short notice.
 
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Originally Posted By: oilboy123
I don't know how anybody can predict things. I know they say the economy is slowing. But my brother in law, and sister are thinking the stuff is going to hit the fan, if you know what I mean? Thoughts? I guess some people did predict the last downturn?

Easy: make LOTS of predictions, ideally vague ones.

Eventually, something will happen that's sorta-kinda like one of your predictions, and you'll get to feel like you've been "proven right." Thanks to certain quirks of the human mind, those few "true" predictions will be much more memorable than the dozens of false ones, so it'll seem for all the world like you're some kind of prophet. Ta-da!
 
Originally Posted By: Merkava_4
Didn't we just have one of these threads a week ago ?

Well, maybe we can discuss retirement strategies some more.
wink.gif
 
I have a house that I rent out.

I don't do it to loose money.

The tenant has the advantage of not being responsible for much of the up-keep of the house. He PAYS for that privilege.
 
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