Owning a house in today’s financial crisis
Soo I am sitting in my parents’ kitchen wonder and hoping for the day that I can own my very own kitchen.
With the sub prime loans and are every so lovely housing crisis people are left to wonder. If I buy now and The Great Depression II rolls around, then what? Will I face foreclosure as well and be destitute on the streets of New York City?
Of course the opposite could happen as I land the deal of a century and twenty years later sell it with a 400% return on investment.
We are faced with the ever present task of risk assessment. What could I stand to loose? What could I stand to gain?
In my opinion the most important part on this decision is that you have something to fall back on. That you have job stability to maintain or secure financial stability if you loose all you savings. I think that another important part is having the right state of mind to know when to quit when you are ahead. Not ever financial investment will end favorable. Be wise. Save. Invest. And most important, love God and life more than money itself.
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