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<blockquote data-quote="Nesikep" data-source="post: 1710091" data-attributes="member: 9096"><p>While it's certainly true that a lot of people spend recklessly, there's also a diminishing middle class and for good reason.. you cannot save money these days (I mean save value).. If interest rates stay where they are, it's a great time to have debt for an asset that double in price every 5 years, but who's to say it'll stay that way? We've been going from one financial crisis to another as an excuse to keep printing money, what's to say early 1980's interest rates won't be seen again?</p><p>Discretionary income.. that thing many people don't have anymore! Did you know that in 2008, people were spending a greater percentage of their after-tax income to service their mortgage (at 2% or whatever) than they did in 1984 when interest rates were 18%?</p><p></p><p>A millionaire nowadays is nothing to be exceptionally proud of, a complete idiot that doesn't spend much only needs to have a union job to do it.. a million doesn't buy you a modest house in most cities these days. </p><p>It doesn't help that it's more expensive to be poor, you can't afford a new vehicle so you get screwed with an old vehicle that needs repairs, and now even old vehicles are not easy to repair anymore..</p></blockquote><p></p>
[QUOTE="Nesikep, post: 1710091, member: 9096"] While it's certainly true that a lot of people spend recklessly, there's also a diminishing middle class and for good reason.. you cannot save money these days (I mean save value).. If interest rates stay where they are, it's a great time to have debt for an asset that double in price every 5 years, but who's to say it'll stay that way? We've been going from one financial crisis to another as an excuse to keep printing money, what's to say early 1980's interest rates won't be seen again? Discretionary income.. that thing many people don't have anymore! Did you know that in 2008, people were spending a greater percentage of their after-tax income to service their mortgage (at 2% or whatever) than they did in 1984 when interest rates were 18%? A millionaire nowadays is nothing to be exceptionally proud of, a complete idiot that doesn't spend much only needs to have a union job to do it.. a million doesn't buy you a modest house in most cities these days. It doesn't help that it's more expensive to be poor, you can't afford a new vehicle so you get screwed with an old vehicle that needs repairs, and now even old vehicles are not easy to repair anymore.. [/QUOTE]
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