Financial Status

[Davey Crockett]

I remember those days like it was yesterday Retired Educator .

 

[Davey Crockett]

 

[Allen]

There won’t be a housing crisis but there sure as heck will be a Used car bust! Dealers might go under when they are stuck with overpriced vehicles.

I suspect the car dealers are a LOT more responsive to the market swings. I tested the waters a few years ago (2018'ish) with the idea of trading in my 2009 F250 with about 100k for mileage. Both Eide and Bill Barf offered right around $10k. I laughed and walked out the door.

By the time we got to 2021, that same truck with 130k on it was worth right around $20k.

Yeah, car dealers will have to be wary, but they are far more responsive to changing economics.

 

[LBrandt]

You keep raising those yard birds and I will keep growing those veggies and we will be just fine. LB

 

[Browneye]

I get a kick out of how to make the inflation rate seem less than it is they exclude food and energy. Like nobody actually needs food or energy.

 

[LBrandt]

Win lotto and you will be fine for awhile.

 

[Bfishn]

I think the thing most of you guys who are talking about the interest rates from the 70's and 80's are missing is how much faster home prices have risen than wages in that past several decades. Your buying power was much more back then. Could you have afforded those first homes if the price was more than double at those interest rates, because that's what buyers are facing today in terms of buying power compared to wages. So I do feel a bit bad for first time home buyers right now, it is tough and the uncertainty of the next few years has everyone in a holding pattern.

I've lived in my current home for 13 years, I've ran the numbers and if I bought my same house today my mortgage would be 2.5x more, not to mention needing another 40k for down payment. Even though I make quite a bit more money, and am a much better overall financial position than 13 years ago it would be a stretch to buy my same house again today.

 

[shorthairsrus]

1. Bismarck Real Estate has always been overpriced imo overated overstated.
2. Toys -- you could buy brand new 100hp or over for fiberglass back in the late 70s early 80s $2500. Not as designed well but it moved and i guarantee that motor if took care of properly could still run today.
3. failed failed failed and more failed energy policy in this country. We go through how many cars boat engines and everything else do to the fact that were trying to hug a tree.
4. Interest rates should have been market. This country is no different then a communist country. Greenspan and all that came after him can kiss my ass. Even if the interest rate would of stayed consistent at 5%-7%. Nope they had to fuck with it and lower to nothing.
5. Printing money like a bunch of assholes. -- what else can i say. Covid era would of been a complete bounceback alot quickeer if no funds were divyd out.
6. Vexus boats 120k for a walleye boat - no thanks. Only Dave Ramsey can afford that damn boat. The boat market has hit the breaks. I see the lots are full except for Tracker. They must not be able to get shit from china
7. Inventory vehicles are on the way up along with everything else.
8. 23.99 30 pack of busch light. Costco is now cheaper then the liquor store - they used to be 1.00 higer. 22.99. To think i bought a 30 pack of busch (3 actually) in a walmart in napa valleye for $15.99 exactly one year ago at this time.


The generation thing - the silent gen to the current 20 somethings. Both my kids work OT and second jobs but they dont spend money. I cant say that 100% about my daughter but she works her ass off. But my son doesnt spend --- he lost out on some first time home buyer bullshit money because he had to much in savings. He leaves a small imprint is what he calls it. Do you see what the boomers and boomers kids did. The silent gen did not install all of these bullshit laws that give shit away and force all this regulation.

Sales tax increases - vote no --- it doesnt take a Dave Ramsey to figure out how increase in prices raises sales tax intakes. Vote no to any increase in taxes. You got the daddy and mommys with kids that here anything about school spending and vote yes. WTF -- look at what your paying for little johnny to go to public school. It impales what college cost in this state. Your public school tuition if you had to pay for it woudl be twice what college costs and even more than twice.


Its time to wake up america. You can start with this election --- be sure to start at the bottom cus that is where the shit is before it runs up the conveyor belt. Bismarck as a city your turning blue. Instead of bashing Jeffrey on this site you may need that trumpo. Ha!!!

Gooddaye!

 

[Zogman]

Short, great post!

Its time to wake up america. You can start with this election --- be sure to start at the bottom cus that is where the shit is before it runs up the conveyor belt. Bismarck Fargo and Grand Forks as a city your turning blue. Instead of bashing Jeffrey on this site you may need that trumpo. Ha!!!

If I may add.

Most of the blue in Fargo and Grand Forks is coming from the University system. Which is flippin scary.

 

[shorthairsrus]

I think the thing most of you guys who are talking about the interest rates from the 70's and 80's are missing is how much faster home prices have risen than wages in that past several decades. Your buying power was much more back then. Could you have afforded those first homes if the price was more than double at those interest rates, because that's what buyers are facing today in terms of buying power compared to wages. So I do feel a bit bad for first time home buyers right now, it is tough and the uncertainty of the next few years has everyone in a holding pattern.

I've lived in my current home for 13 years, I've ran the numbers and if I bought my same house today my mortgage would be 2.5x more, not to mention needing another 40k for down payment. Even though I make quite a bit more money, and am a much better overall financial position than 13 years ago it would be a stretch to buy my same house again today.

MYTH is what you talk about. Majority of the houses were small back then, we didnt have 50million restuarants nor could one afford to eat out like the america fattys do today, 2nd 3rd and 4th homes, gotta have a species boat, toon and a couple jet skis, 4 stall garages 3 cars per adult, 50 rifles, 50 baitcasters (shorrrrrttt).

Can you imagine a star bucks back in the 70s; use a inflation cacl and deflate the price back --- people back then would laugh.

People lived with a much smaller imprint then what they do now. Your basics food clothes all were expensive. Remember what Nam was really about -- it was about increasing imports and those didnt hit big time until later in the 80s. US was still crankin out goods and those goods were not cheap. Your buying power was shit. I took out tax returns from that era - the tax rates were super high top rate was 70% and that rate still existed in the late 70s. Move from the 70s to the 80s. Early 80s maybe 81 --- 5 new homes sold in fargo. The construction business was devestated by the interest rates and pretty much out of business after a ramp up in the 70s. I remember at school they gave away WIN (whip inlfation now)pins mid 70s and we were not even at full hilt for -- things were still growing jobs and then all hell broke loose . Inflation lasted a decade until the interest rates finally sniffed it. Unemployment -- we have not seen that level of Unemployment in ND since those days. Then our govt started reporting inflation by removing specific items; another crooked bullshit thing - core inflation and all this bs. We truly have had inflation for ever. No chart showing wages is accurate vs the bs inflation number as it hasnt been truly recorded properly.

Its funny back then you looked at a radio and said ahhh that cheap japanese stuff. And now everyone treats a shimano reel like its a god. Think about that for a while.

The good about those days - it didnt take much to have fun, lot more socializing then the phones and all the maintenance and time spent buying and using all material shit now.

Americans have had it soft for a long time. Print and print more money Alot of people have forgotten about that era; all they care to do now . I am glad i am on my way out.

 

[Allen]

I graduated high school in 1984, started working FT and bought a 1977, 2WD F150 with about 80k on it. That truck cost $3000. The interest rate on a used vehicle was 18.5%. It was an ugly sky blue color, sure glad they don't paint trucks that color any more, but living in small town ND at the time you could only buy what was available.

 

[BrokenBackJack]

Interest rates going up so CD rates should be going up shortly.

 

[zoops]

I think the thing most of you guys who are talking about the interest rates from the 70's and 80's are missing is how much faster home prices have risen than wages in that past several decades. Your buying power was much more back then. Could you have afforded those first homes if the price was more than double at those interest rates, because that's what buyers are facing today in terms of buying power compared to wages. So I do feel a bit bad for first time home buyers right now, it is tough and the uncertainty of the next few years has everyone in a holding pattern.

I've lived in my current home for 13 years, I've ran the numbers and if I bought my same house today my mortgage would be 2.5x more, not to mention needing another 40k for down payment. Even though I make quite a bit more money, and am a much better overall financial position than 13 years ago it would be a stretch to buy my same house again today.

Seems it's mostly relative, but I'm no economist. My parents bought their house in the mid 80's for 50k, probably would be 300k today. Doubt they made more than 20k at the time whereas now they'd make 150k if they hadn't just retired.

 

[Pheasant 54]

Interest rates going up so CD rates should be going up shortly. They already are 4.5 even for short term

 

[LBrandt]

I remember Dad selling the last quarter of land in 84 I think 12% interest on a contract for deed for 10 years. Made just as much on interest as he got per acre. He got more for 1 acre than he paid for the whole quarter back in 1948 so paid through the nose on capital gains but it made my folks retirement. They could do what ever they wanted until they passed away and still left a little for the 3 kids. LB

 

[Greenhorn]

What people rarely talk about in the inflation discussion is the impact of two-income households. There used to be only one money maker per household back in the day. I'm not saying it is wrong that there are more married women in the workforce than before, but it has definitely added to overall long-term inflation to the point that raising a family on only one income is much more difficult.

 

[Allen]

What people rarely talk about in the inflation discussion is the impact of two-income households. There used to be only one money maker per household back in the day. I'm not saying it is wrong that there are more married women in the workforce than before, but it has definitely added to overall long-term inflation to the point that raising a family on only one income is much more difficult.

You made me look. So here it is straight from the Bureau of Labor Statistics: https://www.bls.gov/opub/reports/womens-databook/2020/home.htm

Married-couple families​

Among married-couple families, 53 percent had earnings from both the wife and the husband in 2018. This percentage, which has changed little over the past 10 years, is below the peak of 60 percent in the mid- to late 1990s but above the 44 percent seen in 1967. Couples in which only the husband worked for pay represented 18 percent of married-couple families in 2018, versus 36 percent in 1967. (See table 24B; data were collected in the 1968 through 2019 Annual Social and Economic Supplements to the CPS and reflect earnings and work experience in the previous calendar year.)

 

[pointer]

Wasn't in the 80s with the high interest rates that a lot of the the smaller farmers went belly up, and had farm auctions once a week around here

 

[Bfishn]

Seems it's mostly relative, but I'm no economist. My parents bought their house in the mid 80's for 50k, probably would be 300k today. Doubt they made more than 20k at the time whereas now they'd make 150k if they hadn't just retired.

What first time home buyer is making $150k to be able to afford that same house like your parents did at their age that’s now 300k? Not to mention now they are buying a 50-70 year old house that probably needs a fair share of updating.

 

[KDM]

I think multi-generational households might be coming back as things continue to degrade. Kids and their families moving back in with parents and bringing grandma and grandpa in as well. I know of a few households that have already done this to consolidate effort and finances.