I want to hear your FB stories
Based on the e-mails I received and the 80+ comments on the thread, I know that quite a few people related to our possible FB situation a few days ago. I think that adds much more value than me just stating the data about a particular scenario. That thread was a great learning experience for everybody involved. So that said, I want to hear from more of you! It not only helps out the person in question, but it helps out the thousands of people (yes, thousands...everyday) that read this blog. It also helps the people that make comments feel good...who doesn't like to help somebody in a time of need?!?!?
I received several e-mails from readers that printed the post and replies, and were passing it along to friends or family members that were in need of help. Some of these people were in similar situations, and some were ABOUT to get into a similar situation. I had one reader specifically e-mail me because they cancelled an offer on a property because of that post. They were about to get an 100% loan with interest-only to buy a fixer upper condo. After the mortgage, they wouldn't have had any money to fix it up, and they had no plan for what to do in 24 months when the ARM would have adjusted.
If you, or somebody you know is in a tight spot, send me an e-mail. Things will be kept completely anonymous. We have all sorts of experts in various fields that are reading this blog on a daily basis. Some of them pass me e-mails which I then pass to the person in need of help. The potential FB can do what they wish with the information.
Send e-mail to: email@example.com
That said, I want to share something interesting from a reader. This reader was telling me all about their situation. After they told me about their finances...they put this in parentheses:
--(yes, I always plot out several years on a spreadsheet and every month tracking my expenses to see if I'm on track to my goals - call me paranoid or weird but it makes me feel good)--
In my reply back to the reader I said:
--On a side note, isn't it ironic that you call yourself "paranoid or weird" for keeping a budget and tracking your spending? That just goes to show you the stigma in society about being financially responsible. It shouldn't be that big of a deal that people budget and save. But it is just easier to spend today, and not worry about tomorrow. "I'll worry about that when the time comes..." is going to bite thousands of people in the butt.--
--I never actually looked at it from that angle before but now that I think about it, it is somewhat funny and disturbing that I have to explain away my spreadsheets and budgeting as an eccentricity to family and friends....--
So what do YOU think? Isn't a little bit weird that people have to hide the fact, or feel 'weird' about budgeting their money? I'm not kidding here. I have talked to brokers that made 50k in a 2-week paycheck, and 2 weeks later they tell me they are busting butt because they only have 10k left in savings! They have the cars, the clothes, the shoes, the jewelry, etc, but they don't have a budget!!!
If you haven't read the Millionaire Next Door, I suggest you check it out. Most 'real' millionaires have, and stick to, their budget. It shouldn't be anything to feel embarassed about. I guess people feel like the 'rich' have so much money that they don't worry about little things like 'budgets'. Boy are they wrong...
I look forward to the e-mails, comments, and stories!