A big problem was when people start talking about "net worth"...because "net" implies debt. But when the economy goes in the dumper--as it periodically has cycled throughout the history of this nation--the "net worth" turns to crap when assets turn out to be worth a lot less when the chips are down.
HOW LONG have you heard that the key to success is to use OPM--Other People's Money ??? I've heard it for years. Well, guess what? that's WRONG. The ONLY people who made money on OPM is the broker who gets a commission from you, whether you win or lose. When the bank "calls" your loan because they are having problem with their books, in a normal market maybe you can refinance soemwhere else. But in a down market, your assets are suspect...and if you have to liquidate quickly, you're on the hotseat.
Businesses today have been built on expansion; not how much profit are you making, but what percentage INCREASE in profits and sales are you making? We've come to a "perfect storm" in our economy: our manufacturing base is gone, Baby Boomers are looking to cash out their stocks and 401(k)'s, and sell their homes for smaller retirement homes...at a time when there are suddenly more sellers on both fronts than there are buyers. There's a lot more to it, but this post is long enough already.
Have you noticed that after the Fed AND the government--separately--have poured BILLIONS into this economy, there's STILL no noticible inflation? That's a sign of how far down the crapper things REALLY are...and I have a hunch it's gonna get a lot worse before it gets better.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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