It's really pretty simple when you think about it:
- I buy a house I CAN AFFORD.
- I make the payments the bank and I have agreed to--I've never missed one.
- I regularly save and plan for the future.
- I pay my bills--including paying off my credit cards each month.
- I don't live above my means.
I'll be the first to admit that I have had some breaks in my life, but no one has handed me anything. I've worked--gone to school--taken on responsibilities at work--and it has paid off. I have been blessed, but that doesn't mean I'm just "lucky" or "more fortunate" (versus "less fortunate") than others.
On the other hand, if you buy more house than you can afford, take out a mortgage for way more than the house is worth, PLUS live on your credit cards because you think you DESERVE a particular lifestyle...and then end up losing your house--no problem! The government, i.e. ME and tens of thousands of other responsible adults will bail you out. We don't mind paying our mortgages AND YOURS, too!
This whole economic crisis thing really ticks me off. And what really burns my butt is that the people that orchestrated this whole mess (bank CEOs, lawmakers, etc) will walk away unscathed. Someone needs to go to jail!!! By the way, I have to pay for that, too!