The new smart financial move is walking away

[moneymaker]

It seems to me that many people are in different circumstances. Believe it or not there are people who bought before the peak with nothing down refinanced,payed off their credit cards, and are now walking away. Some people will say they stuck it to the bank,kinda like Robin Hood, others will say they were shrewd with their money by using other people’s money with little risk. People that sold at the peak and are now renting are in a similarily nice place. I do feel soory for those that put 20% down,refinanced to fix the place up, and now must walk away/(get foreclosed) because of a job loss that ultimately they are not responsible for. Many piggs here have yet to buy. I bought a year ago and am putting sweat equity into our house,rather have a pro do the work but such is life.

[CA renter]

[quote=scaredycat]do you really think the winners and losers are all that different/

One guy bets red, one guy bets black at the roulette table.

red wins.

the guy who bet red is the same as the guy who bet black.

so it is at the roulette tables of finance… of many things.

we like to ascribe our luck to skill or good character.

i don’t believe it.[/quote]

Yes, luck plays a much bigger part in most peoples’ lives than they care to admit.

Just think about the fact that most of us were born healthy and many/most of us were born in the U.S. during a time when it was the most prosperous nation on earth. Many of us were born to formally educated parents who cared about us and wanted the best for us. Some were born into homes where there were no drug or alcohol addictions, no abuse, no yelling or screaming. Some were born a particular race or a particular gender or a certain height or with particularly attractive physical features. All of these things have a disproportionate affect on future outcomes, IMHO.

We like to think that we’re very smart (another outsized win in the genetic lottery, if you’re intelligent) and have made all the right decisions. We like to think that we’ve “earned” our lot in life.

Personally, I think most of us would be in a very different position if we were born the wrong race/ethnicity in a war-torn country. What if we were the children of drug-addicted prostitutes who were raped by neighboring (warring) tribesmembers (think Darfur)? Think we’d still be in the same place then?

[CA renter]

[quote=scaredycat]do you really think the winners and losers are all that different/

One guy bets red, one guy bets black at the roulette table.

red wins.

the guy who bet red is the same as the guy who bet black.

so it is at the roulette tables of finance… of many things.

we like to ascribe our luck to skill or good character.

i don’t believe it.[/quote]

Yes, luck plays a much bigger part in most peoples’ lives than they care to admit.

Just think about the fact that most of us were born healthy and many/most of us were born in the U.S. during a time when it was the most prosperous nation on earth. Many of us were born to formally educated parents who cared about us and wanted the best for us. Some were born into homes where there were no drug or alcohol addictions, no abuse, no yelling or screaming. Some were born a particular race or a particular gender or a certain height or with particularly attractive physical features. All of these things have a disproportionate affect on future outcomes, IMHO.

We like to think that we’re very smart (another outsized win in the genetic lottery, if you’re intelligent) and have made all the right decisions. We like to think that we’ve “earned” our lot in life.

Personally, I think most of us would be in a very different position if we were born the wrong race/ethnicity in a war-torn country. What if we were the children of drug-addicted prostitutes who were raped by neighboring (warring) tribesmembers (think Darfur)? Think we’d still be in the same place then?

[CA renter]

[quote=scaredycat]do you really think the winners and losers are all that different/

One guy bets red, one guy bets black at the roulette table.

red wins.

the guy who bet red is the same as the guy who bet black.

so it is at the roulette tables of finance… of many things.

we like to ascribe our luck to skill or good character.

i don’t believe it.[/quote]

Yes, luck plays a much bigger part in most peoples’ lives than they care to admit.

Just think about the fact that most of us were born healthy and many/most of us were born in the U.S. during a time when it was the most prosperous nation on earth. Many of us were born to formally educated parents who cared about us and wanted the best for us. Some were born into homes where there were no drug or alcohol addictions, no abuse, no yelling or screaming. Some were born a particular race or a particular gender or a certain height or with particularly attractive physical features. All of these things have a disproportionate affect on future outcomes, IMHO.

We like to think that we’re very smart (another outsized win in the genetic lottery, if you’re intelligent) and have made all the right decisions. We like to think that we’ve “earned” our lot in life.

Personally, I think most of us would be in a very different position if we were born the wrong race/ethnicity in a war-torn country. What if we were the children of drug-addicted prostitutes who were raped by neighboring (warring) tribesmembers (think Darfur)? Think we’d still be in the same place then?

[CA renter]

[quote=scaredycat]do you really think the winners and losers are all that different/

One guy bets red, one guy bets black at the roulette table.

red wins.

the guy who bet red is the same as the guy who bet black.

so it is at the roulette tables of finance… of many things.

we like to ascribe our luck to skill or good character.

i don’t believe it.[/quote]

Yes, luck plays a much bigger part in most peoples’ lives than they care to admit.

Just think about the fact that most of us were born healthy and many/most of us were born in the U.S. during a time when it was the most prosperous nation on earth. Many of us were born to formally educated parents who cared about us and wanted the best for us. Some were born into homes where there were no drug or alcohol addictions, no abuse, no yelling or screaming. Some were born a particular race or a particular gender or a certain height or with particularly attractive physical features. All of these things have a disproportionate affect on future outcomes, IMHO.

We like to think that we’re very smart (another outsized win in the genetic lottery, if you’re intelligent) and have made all the right decisions. We like to think that we’ve “earned” our lot in life.

Personally, I think most of us would be in a very different position if we were born the wrong race/ethnicity in a war-torn country. What if we were the children of drug-addicted prostitutes who were raped by neighboring (warring) tribesmembers (think Darfur)? Think we’d still be in the same place then?

[CA renter]

[quote=scaredycat]do you really think the winners and losers are all that different/

One guy bets red, one guy bets black at the roulette table.

red wins.

the guy who bet red is the same as the guy who bet black.

so it is at the roulette tables of finance… of many things.

we like to ascribe our luck to skill or good character.

i don’t believe it.[/quote]

Yes, luck plays a much bigger part in most peoples’ lives than they care to admit.

Just think about the fact that most of us were born healthy and many/most of us were born in the U.S. during a time when it was the most prosperous nation on earth. Many of us were born to formally educated parents who cared about us and wanted the best for us. Some were born into homes where there were no drug or alcohol addictions, no abuse, no yelling or screaming. Some were born a particular race or a particular gender or a certain height or with particularly attractive physical features. All of these things have a disproportionate affect on future outcomes, IMHO.

We like to think that we’re very smart (another outsized win in the genetic lottery, if you’re intelligent) and have made all the right decisions. We like to think that we’ve “earned” our lot in life.

Personally, I think most of us would be in a very different position if we were born the wrong race/ethnicity in a war-torn country. What if we were the children of drug-addicted prostitutes who were raped by neighboring (warring) tribesmembers (think Darfur)? Think we’d still be in the same place then?

[davelj]

[quote=CA renter]
We like to think that we’re very smart (another outsized win in the genetic lottery, if you’re intelligent) and have made all the right decisions. We like to think that we’ve “earned” our lot in life.

Personally, I think most of us would be in a very different position if we were born the wrong race/ethnicity in a war-torn country. What if we were the children of drug-addicted prostitutes who were raped by neighboring (warring) tribesmembers (think Darfur)? Think we’d still be in the same place then?[/quote]

Which frankly is a good argument for folks NOT walking away just out of convenience. Given how good they have it here in the US… a little sweat in making good on a bad investment is not really such a hardship in the whole scheme of things, right?

[davelj]

[quote=CA renter]
We like to think that we’re very smart (another outsized win in the genetic lottery, if you’re intelligent) and have made all the right decisions. We like to think that we’ve “earned” our lot in life.

Personally, I think most of us would be in a very different position if we were born the wrong race/ethnicity in a war-torn country. What if we were the children of drug-addicted prostitutes who were raped by neighboring (warring) tribesmembers (think Darfur)? Think we’d still be in the same place then?[/quote]

Which frankly is a good argument for folks NOT walking away just out of convenience. Given how good they have it here in the US… a little sweat in making good on a bad investment is not really such a hardship in the whole scheme of things, right?

[davelj]

[quote=CA renter]
We like to think that we’re very smart (another outsized win in the genetic lottery, if you’re intelligent) and have made all the right decisions. We like to think that we’ve “earned” our lot in life.

Personally, I think most of us would be in a very different position if we were born the wrong race/ethnicity in a war-torn country. What if we were the children of drug-addicted prostitutes who were raped by neighboring (warring) tribesmembers (think Darfur)? Think we’d still be in the same place then?[/quote]

Which frankly is a good argument for folks NOT walking away just out of convenience. Given how good they have it here in the US… a little sweat in making good on a bad investment is not really such a hardship in the whole scheme of things, right?

[davelj]

[quote=CA renter]
We like to think that we’re very smart (another outsized win in the genetic lottery, if you’re intelligent) and have made all the right decisions. We like to think that we’ve “earned” our lot in life.

Personally, I think most of us would be in a very different position if we were born the wrong race/ethnicity in a war-torn country. What if we were the children of drug-addicted prostitutes who were raped by neighboring (warring) tribesmembers (think Darfur)? Think we’d still be in the same place then?[/quote]

Which frankly is a good argument for folks NOT walking away just out of convenience. Given how good they have it here in the US… a little sweat in making good on a bad investment is not really such a hardship in the whole scheme of things, right?

[davelj]

[quote=CA renter]
We like to think that we’re very smart (another outsized win in the genetic lottery, if you’re intelligent) and have made all the right decisions. We like to think that we’ve “earned” our lot in life.

Personally, I think most of us would be in a very different position if we were born the wrong race/ethnicity in a war-torn country. What if we were the children of drug-addicted prostitutes who were raped by neighboring (warring) tribesmembers (think Darfur)? Think we’d still be in the same place then?[/quote]

Which frankly is a good argument for folks NOT walking away just out of convenience. Given how good they have it here in the US… a little sweat in making good on a bad investment is not really such a hardship in the whole scheme of things, right?

[scaredyclassic]

technically speaking, is it even possible to pull one’s self up by the bootstraps? Wouldn’t that be more like jumping than pulling up?

[scaredyclassic]

technically speaking, is it even possible to pull one’s self up by the bootstraps? Wouldn’t that be more like jumping than pulling up?

[scaredyclassic]

technically speaking, is it even possible to pull one’s self up by the bootstraps? Wouldn’t that be more like jumping than pulling up?

[scaredyclassic]

technically speaking, is it even possible to pull one’s self up by the bootstraps? Wouldn’t that be more like jumping than pulling up?

[Author]

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