Real Estate Ownership Fueled by Rich Man's Appetite

Boom times are exciting until the bear shows up unexpectedly. Land Speculators were buying more and more land at high prices in hopes of turning a huge profit. Builders have the same mindset. Making big money is the real estate game and mindset. Nobody thinks about the challenges or hidden problems that may be lurking in the dark.

What if? When? Will the boom last? What happens if the marketplace goes bust? Usually, we just keep blindly doing the same things over and over until we hit the brick wall. It happened before with the Savings & Loan industry but it's understood that our talented politicians can always fix our screw ups caused mostly by greed fueled by fraud in the ranks of the white collar suits in the marketplace.

Somehow we think there's an endless fountain of blessings. Life only gets better without any possible detours, guaranteed by the financial gurus in their usual prosperity forecasts. For a long time the real estate marketplace was driven by new families moving into an area. Objections over house prices were seldom raised if the funds were readily available from the lending agencies.

Many new arrivals to the area were previous homeowners who made huge profits from the sale of their previous house in a large city, or it could have been a rural family selling a large piece of farmland that returned a handsome profit, divided among siblings. New families willingly paid a premium for choice properties, especially land surrounded by a golf course or a beautiful lake.

The population in many areas of town continued to grow. Builders were busy 24/7 getting new houses finished for hungry buyers with money in hand. Whatever the heart desires or whatever meets our fancy is deserved and we're entitled to live rich.

Buy the lot, tear down the old house, build a new one was very much normal in peak periods of boom.

Maybe we should say normal but often not very wise or economical. Unfortunately, too many buyers didn't seem to care if they had the money or not. Values were going up annually like clockwork and homes became automatic ATM machines every 3 to 5 years.

Refinancing was a cakewalk, no problem. You can imagine that the landowners and builders were having a field day and smiling all the way to the bank.

Money never seemed to be a problem. Easy come, easy go. Spend, spend, spend was the favored song of the world. Unfortunately, many young families have no education about how money works. Any thought of living debt free never came up.

Credit was everywhere. New cars, high priced clothing, private school, and all the perks came with the neighborhood. Buy now, pay later, no problem until [ ? ] happens.

Everything should be wonderful. Life is grand. New toys, cars, clothes, beach house, mountain cabin, cruise vacations all bought simply because of our wants. Nothing was needed, it's all about our wants. The list gets bigger and bigger as we try keeping up with the neighbors. What's the rush? Are we in a hurry? We've got to get it done so we can dream about change and more challenges coming.

Life never stands still for us. We marry, have 3 children, place the kids in private school, add expensive clothing, then make sure we house everything in style. Weekdays we drive the newest Cadillac, second car is a BMW convertible with a new Hummer for the weekend.

Where are YOU today in handling your family debts? Our business today at Monteith Partners is focused on helping young and old alike become debt free as quickly as possible. Americans and Canadians alike fund their bankers lifestyle and retirements with a 30 year amortized mortgage. Get our free newsletter for insightful ways of living LIFE debt free with true joy and happiness as God intended for you.

Don Monteith spent 32 years as co-owner of a staffing/personnel business plus several franchised services (personnel agency, temp services, diet centers, computer training, dictation-to-go, vending, mail-order). Most of his business education was learned in the (SHK) "school of hard knocks" where he earned a PhD with honors. Today, Don shares his experiences, successes and failures with clients, friends, and small business owners. You can enjoy his Newsletter about business, life, joy and happiness at http://www.DonMonteith.com