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View Diary: The Euro Crisis by the numbers (165 comments)

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  •  you raise a really good point (2+ / 0-)
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    karmsy, KJG52

    no, I don't mean the stock market.  But I wonder re. real estate UNLESS it can be bought outright or with a note held by the seller, with a reasonable downpayment.  (Actually, that would make a good investment for the seller.)

    Actually my list is longer, because I have been thinking of this for a long time:

    1) get out of debt,
    2) scale back expenses to the bone,
    3) save,
    4) work on one's job (in whatever way that applies,)
    5) keep one's car maintained
    6) develop whatever self sustaining skills you can
    7) seriously work on improving your health w/lifestyle changes, so you have to use the "medical system" as little as possible
    8) find local supplies of food, etc. and support local

    However, 'concrete assets' are certainly worth thinking about.  I ask myself, 'what would be most needed in depression times?'.... so despite what I said above, the first thing that comes to my mind, is farmable land.  (However, I just couldn't let the banksters get their hands around my throat on that one.)  However, to continue (would a credit union mortgage be any safer?) buying arable land and then subletting it, could not only be a service, it could be a way to prepare and protect for the future.

    And of course, the thing missing from my above list:

    9) develop a like-minded community.

    I would love to hear your ideas about savings?

    I belong to the “US” of America, not the “ME,$,ME,$,ME,$,ME,$” of America!

    by SeaTurtle on Sun Nov 27, 2011 at 01:27:51 PM PST

    [ Parent ]

    •  Great list. (1+ / 0-)
      Recommended by:
      nzanne

      Obviously, you'd thought about this more than I have. When I suggested investing in real estate, I hadn't meant taking on a sub-prime mortgage, with some ludicrous down-payment. A good real-estate purchase for a person of limited means in a rocky economy would strike me as coming just as close as possible as a cash payment. If you can't make that outright, perhaps get a loan through a credit union. Also, in these times, a home that would appreciate well, would be situated in a transitional, but very walkable and convenient, urban area. I live in the inner city, where I currently rent. I reap the benefits of pre-automotive urban design; the major commercial district near me was laid out when merchandise was transported by a barge that came up the slough at high tide and pulled up to a pier. I love it. People ask me where I'd purchase if I were in the market for a home, I say, "Right here." I do mean it.

      Your consideration of buying only if you have a note from a seller, in order not to traffic in homes where somebody was forced out by an unscrupulous banker, is interesting. It deserves more play in these kinds of discussions and more thought by sensible people of goodwill.

      Thanks.

      It's here they got the range/ and the machinery for change/ and it's here they got the spiritual thirst. --Leonard Cohen

      by karmsy on Sun Nov 27, 2011 at 04:20:48 PM PST

      [ Parent ]

      •  "...as close as possible TO a cash payment." n/t (0+ / 0-)

        It's here they got the range/ and the machinery for change/ and it's here they got the spiritual thirst. --Leonard Cohen

        by karmsy on Sun Nov 27, 2011 at 04:24:43 PM PST

        [ Parent ]

        •  Karmsy everybody is broke (4+ / 0-)
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          karmsy, Odysseus, ozsea1, Actbriniel

          after 4 years at 40% of my former income I have no more savings and neither do most of the people I know. As a  small business to business owner, I'm hooked into the larger messed up 'economy' just as much as someone who works for a too big. We all are interlinked. I paid down all debts in 2007-08 and paid down our mortgage to where it's kind of affordable. I moved all money and mortgage to a CU. If it crashes again I still need a income to make my mortgage and pay my living expenses how can most of us hang onto what we have  let alone save and invest in property.      

          •  You ask fair questions, ones I'm (2+ / 0-)
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            ozsea1, shaharazade

            grappling with, myself :)

            I live in an area that has traditionally had exorbitant property values. It frustrates me enormously that right at the moment the real estate market bottoms out, I can't take advantage of it.

            I could not buy real estate in my area, with my current means and resources. Period. I couldn't scrape together a down-payment, I couldn't qualify for a loan. Even if I were willing to spring for a foreclosed property--which I'm unsure I'd do, for moral reasons--it wouldn't be possible.

            It's here they got the range/ and the machinery for change/ and it's here they got the spiritual thirst. --Leonard Cohen

            by karmsy on Sun Nov 27, 2011 at 06:33:27 PM PST

            [ Parent ]

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