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Simple question about the American way of living.?
I'm American and pretty conservative on most issues. As I've grown I've seen how people live and it disgusts me. Simple question: Why are people raised in the US with the mentality that borrowing money that is not yours and going into debt is good? College is a good example. You spend 30-50K a year to go to college for 2-4 years to work in a job that pays you $15/h knowing you will be paying off your debt for many years to come? Buying a house is another example. You borrow 200K for a home and you are in debt for 30 (THIRTY) years. My point is: Debt is slavery. My question is why don't Americans see this?
I appreciate your answer but I must say I disagree with both of you guys. You do have to spend money to make it but you don't have to borrow money to make it. Won't go into many details but my father came to this country with nothing and never NEVER got a loan of any kind. He never went to college or High School. Heck he didn't even finish middle school in mexico and now he own his own smal business here in the US and makes more money than most Americans do. My father also never got a mortgage for the home he bought. He saved up the money and bought a home (fully in cash) when house prices hit bottom during the recession. Why didn't he get a mortgage? Because he knew that he would be paying for a house for 30 years.. plus interest.. and he would always say "Don't assume something will go the way you plan it. The future is always shaky. Never buy what you can't pay" My point? My father who never got any loans or any real education is living a great life without playing the "game
Your fathers case is increasingly rare. Those days of individual businessmen working hard and growing their business with cash they make and reinvest in the business just doesn't happen in today's world. Unless you have a special gift, or a unique product, you can't get a job that pays enough money to convince anyone to hire you. Even with todays depressed housing markets a very ordinary home runs two hundred thousand. The average family income is around fifty thousand. That means to buy a home, the family would have to not live, eat, or pay a light bill, or own or drive a car, for four years. When I got married in 1966 you could buy a decent home for eighteen thousand, a new car for three thousand, and a good salary was ten thousand. A year at an Ivy league school was three thousand. A doctor's visit was five dollars, and a hospital stay ran you one hundred a day, and everyone could afford the health insurance. Outside of American Express and Diners Club there were no general credit cards. That's not the story today. I do agree with you that people get in over their heads, they want what their parents waited a lifetime for when they just start out, but at the same time there is a lot of pressure on people to show they are successful instead of approval for waiting a little for things.
… start out, but at the same time there is a lot of pressure on people to show they are successful instead of approval for waiting a little for things. But asking people to wait to do basic things that will allow for happiness, like education and housing is asking an awful lot of them. Teaching them that they don't need to start off with two new BMW's and a Mc Mansion is something they do need to learn…
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