Quote from deviltrader:
Maybe the reason those other people who made the same income as you were able to buy their home was because they made good financial decisions from the get-go. You said your credit was crap -- why? You didn't buy a house before the boom -- so what did you spend your money on instead?
And why do you bring up thing about not having an inheritance or trust fund? I know many people who became successful without an inheritance.
I think you have misunderstood me. People who already made a decent wage in the years before housing went huge....were able to take advantage of the housing prices THEN. I was working alongside another journeyman plumber who bought his house in Ventura for 200K in 1998, which is when I was a first year apprentice making 10 bucks an hour, my friend had been making journeyman wage for 10 years already at that time. Come 2005 his house topped out at around 650K in value, now I make the same wage he does, though I have to pay 3.5 times what he did to own the same house! Who would have anticipated that? To sum it up, I had no money before the boom.
Anyway, I never even had credit at all, I had hospital bills that went to collection in the late 90's which I was too poor and uninsured to pay, I finally got a secured credit card from B of A two years ago and I joined a credit union to take out a secured loan but by the time I had any decent credit it was a little late, I still didn't have the money to put down on a house and didn't want to buy too high or take on a shady mortgage just to keep up with the Joneses.
What did I spend my money on instead, you ask? Basic living expenses, survival under a roof! lol
WHY do I bring up the trust fund/inheritance thing? Do you know what it is like to LOSE it all? And then find yourself with NOBODY and I mean NOBODY to help you? Most people I know have SOME kind of help from their families, pops will co-sign, help with a downpayment, etc...I mention this because rich or poor, good families help out and pass things on to their kids and so on down the line, people in my kind of situation can be a little upset when they find a grand canyon separating themselves and what used to or what they "should have", so to speak.
"I know many people who became successful without an inheritance" THAT WAS NOT MY DAMN POINT! lolol Families can HELP, inheritance can HELP and in some cases, even MAKE someone, but I'm not saying it can't be done on your own, if anyone knows that it's me, I have succeeded in leaps and bounds over the years from where I came, all strictly on my own and I feel like I still haven't begun to reach the potential of my success. True independence and success gives a great sense of accomplishment no one can take away! So maybe it is good that I have had all this stuff happen, builds character!
However, I must say, I KNOW I am not the only one who has gone through times of anger and frustration because they can't currently afford the same dream their parents had, largely as a result of the RE boom.
So lets give the market a little time, I plan on waiting it out and simultaneously building business and investing power to the level where it won't matter as much, boom or bust, wish me luck, the best and good luck to you all!
