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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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