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Learning to Bite the Bullet....and BUDGET!

By
Real Estate Agent with Keller Williams Greenville Central

I was reading an article on MSN this morning about housing prices nationwide and how the economic slump has affected all classes even the wealthy. This one statement jumped out at me:

In Denver:"Don't be fooled, Stan and Christine Penton say. Regardless of income, everyone has been hammered by the surge in gas, energy and food prices. They have friends with six-figure incomes whose power has been shut off over late payments." Six figures and they're sitting in the dark????!!!

What???? Ok it's called learning to live within or below your means. Writing a budget, not trying to keep up with the Jones', cutting up the credit cards and not buying your kid every new gadget they just HAVE to have! I don't get this....maybe I'm blind. Certainly, my family and I'm sure yours is having to adjust to higher gas prices (as a buyers agent this is tough to be sure), rising food and energy costs across the board. But when the going gets tough, tough love is needed and we have to curb the spend all now mentality.

My financial advisor is Dave Ramsey. His theme is: Learning how to delay gratification is the truest sign of maturity, financial or otherwise. Isn't that true? Can we live without the Wi or the new clothes or cars. I mean basics, food, shelter, utilities are first on the budget list. Making a six figure income and letting the lights go out is the most ridiculous thing I"ve ever heard.

Let's all keep each other accountable. We don't need...we want...and in these times I think the needs win out.

William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Holly...I have blogged about the same thing!  I am glad other feel the samr way.  It doesn't matter what income you have, if you are living on the edge and something happens, there is no buffer zone.  today, people give the kids everything they want, and spend everything they have with no thought of the future.  Even those with ample means are not immune to this scene!

Aug 21, 2008 04:55 AM
Cheri Smith
Prudential Gary Greene, Cypress TX - Cypress, TX
Realtor Prudential Gary Greene

Well, it really depends on the 6 figure salary. Are we talking $100,000 a year or $500,000 a year? If you make $100,000 a year and have some fixed expenses that is different than $500,000 and you have to give up some caviar or your wine habit.

I see/know people who would rather lose their lights than their expensive cars, trip to the salon, weekly poker game, trips to the mall, etc.

They are ILL if you ask me.

I too am a Ramsey fan.

My last light bill was over $800 and that is keeping the thermostat at 78. Of course we are ALL electric, well and septic included. I have no real water bill since I am on a well.

We put in a new HVAC to see if that will help with the high bills. It should pay for itself quickly if it lowers the light bill.

 

 

 

 

Aug 21, 2008 09:52 AM
Deb Brooks
Brooks Prime Properties Wichita Falls Texas - Wichita Falls, TX

Holly, I hate having a budget...uck. I need to cut mine up. That's for sure. Later in the rain~Deb

Aug 21, 2008 04:13 PM
Trey Thurmond
BCR Realtors - College Station, TX
College Station , Texas Homes

Excellent info. We have all got to watch our spending these days for sure.

Aug 21, 2008 04:53 PM