Quote:
Originally Posted by WVOtoGO
Sure.
It’s easy to see that situation unfold.
It’s also easy to prevent it.
It’s called a Savings Account.
There’s a reason why folks are told by every financial advisor on the planet (and plain common sense) to have at least 6 months worth of income available in a savings account (or the like). By “45-50ish” years of age, most every “engineers and white collar folks” (especially) should have easily been able to accomplish this.
Also - I think Hatt’s post #4 pretty much covers it all.
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As I stated the sitution in the article is stupid and far from typical, either the author is misinformed or was attempting to portray how stupid some people are.
He had his 6 months saved...and then some at the end of six months it was getting dangerously low and certainly not enough to cover the negetive equity in his modest home-25% loss in value plus fee's to sell it. I didn't mention that he also lost his health insurance and he had to pay $1200 a month for coverage.
It's easy to make calls from the arm chair, I'm seeing it from the sideline and its not pretty. Michigan has been in a one state recession for years with very little good news in the forecast.