met an honest banker once

In the mid sixties, during a housing boom, we decided that we would buy a new home.Seen our [not mine] dream house. We went to a meeting with the loan officer, who told us he was going to decline on giving us a mortgage, and then he explained why. He said we were qualified to some extant, VA loan,but we would become house poor.thetre would be very little left for the nicer things in life, and any calamity would wipe us out. My wife said she could go back to work[we had two small children at the time], he then pointed out that fact, that even with her wages, the cost of her going back into the work force would not really help our situation. he adviosed us to start with a lesser home, where we could enjoy it till the time for an up grade.. It hurt the wife, but we found a home, a little older, and the same banker gave us the mortgage. that house kept our asses dry in the rain, warm in the winter and cool in the summer. It ws one block fro a parochial school, and later just a half hour walk fro a good high school. I was able to buy a boat, several new cars, and watch both the "kids" graduate from college. We were able to take week long vacations, and live through several bad expierences. . Was able to take a bus to work, shop at several good groceries close to home, Now this banker did tell us that therebwere other lenders who would qualify us, but after some soul searching we took his advice. It's too bad there weren't that many honest lenders during the housing scandal that happened later.

[QUOTE=kygorski;563564]In the mid sixties, during a housing boom, we decided that we would buy a new home.Seen our [not mine] dream house. We went to a meeting with the loan officer, who told us he was going to decline on giving us a mortgage, and then he explained why. He said we were qualified to some extant, VA loan,but we would become house poor.thetre would be very little left for the nicer things in life, and any calamity would wipe us out. My wife said she could go back to work[we had two small children at the time], he then pointed out that fact, that even with her wages, the cost of her going back into the work force would not really help our situation. he adviosed us to start with a lesser home, where we could enjoy it till the time for an up grade.. It hurt the wife, but we found a home, a little older, and the same banker gave us the mortgage. that house kept our asses dry in the rain, warm in the winter and cool in the summer. It ws one block fro a parochial school, and later just a half hour walk fro a good high school. I was able to buy a boat, several new cars, and watch both the "kids" graduate from college. We were able to take week long vacations, and live through several bad expierences. . Was able to take a bus to work, shop at several good groceries close to home, Now this banker did tell us that therebwere other lenders who would qualify us, but after some soul searching we took his advice. It's too bad there weren't that many honest lenders during the housing scandal that happened later.[/QUOTE]

True he sounded like an honest banker, but it is ALSO true you realized you'd didn't need to keep up with the jones's and have a house you could not afford.

My wife and I have always been advocates for living within your means and not being house poor. We struggled for years during the early years when we socked away and PAID ourself before we paid anything else. Yea, before Dave Ramsey was famous for his debt snowball, we were already using it.

We always promised ourselves that we'd put money away, save for college, and then pay the bills. Anything left over after that was for us for "entertainment".

In the early years, entertainment amounted to bringing back mcdonalds or a pizza and watching a VHS and then DVD movie once or twice a week.......

Fast forward 30 years. My wife and I are solvent, and better than we deserve. We've saved all our lives, paid mostly for college for 2 kids, have a decent retirement saved, have a decent HSA fund for healthcare in the future.....WE are now ACTIVELY having the fun we passed up for 30 years.

I think the key to being financially successful is to NOT get burdened by debt early in life. When you are shackled early in debt, you are shackled FOREVER. IT is extremely hard to climb out of that debt.


You and I don't agree on a whole lot of stuff, but I suspect you and I agree on a whole lot more then we think we do :) :) .