
Originally Posted by
Andymac
the best advice i ever got was from my accountant.
he encouraged me to buy a house, and then take every cent I made and pay it down quick as you can. Back in 1990, his logic was if it ever goes for a real shit, you will still have your house, a place to live, an anchor for your family, you can always get a woodstove and grow shit to eat.
It worked. Holds true today. My monthly nut is a few hundred dollars. Anything we own we paid cash for.
If this whole credit/economic crunch didn't happen now, it would have happened some time soon. Other than the hightech melt around 2000, we have been on an unsustainable growth binge worldwide, and watched the greedheads deconstruct small manufacturing and local business that created and sustained independent local economies. It was like everyone was on credit cocaine. So we need to get back to basics. Watch for a collapse of mega retail. Over consumption. the 3 car family with a TV in every room. the cell phone for every kid. $200 running shoes and jeans. Get simple, get small.
I actually think this is going to be good over the long haul. And I think a lot of the GP people I know will be able to handle this. Nothing like being in the arts to learn how to live on nothing. We've already been schooled on the basics of survival on no money. It's the credit crazy middleclass with silverplated spoons in their ass that are gonna be crying bigtime.