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I feel somewhat terrible for thinking this… but, to me this story seems like a sad example of why responsible financial planning is important. It seems like the

by SeoxyS 11y ago

I feel somewhat terrible for thinking this… but, to me this story seems like a sad example of why responsible financial planning is important. It seems like they had plenty of opportunity to build equity into their house over time. Taking out multiple mortgages and refinancing seems like dangerous behavior. Also, why is living in a van preferable to moving somewhere where they can afford the housing?

andreasklinger 11y ago
While this might be true in this individual case. We also dont know all the factors. If there is a factor of luck or context somewhere involved in their last X years it would mean statistically mean that there are people in similar situations who did everything right on their end.
scurvy 11y ago
Unexpected, high medical bills and crappy insurance coverage would probably bankrupt most Americans. A really unfortunate hospital stay can ruin many people's lives.
- mahyarm 11y ago
  Even when your insurance is 'top of the line', if it's cheaper to hire lawyers than to treat you, then they might just hire lawyers. Insurance has a big incentive to not provide it's service when the cost is high. And this can happen to anyone with the right kind of car accident.
whichfawkes 11y ago
Living in a van is probably cheaper, and probably saves time. I'd rather save 90% of my income and have a 10 minute commute than save less money and have a longer commute. If you don't particularly need a large space, why not?
- mahyarm 11y ago
  Van living can waste time too. You need to repark to find parking, you need to go to a gym to have a shower, you need to go to a laundry service to do your laundry, etc, etc.
prawn 11y ago
Even strong, general financial planning education at high school level is going to be up against so much: people trying to keep up with their peers, succumbing to offers like store credit or other marketing, etc. There are credit cards offered with cash back. Endless TV ads for new cards including finance. It's a lot of pressure on people without family/peer support holding out against these things.

by SeoxyS 11y ago

andreasklinger 11y ago

While this might be true in this individual case. We also dont know all the factors. If there is a factor of luck or context somewhere involved in their last X years it would mean statistically mean that there are people in similar situations who did everything right on their end.

scurvy 11y ago

Unexpected, high medical bills and crappy insurance coverage would probably bankrupt most Americans. A really unfortunate hospital stay can ruin many people's lives.

mahyarm 11y ago
Even when your insurance is 'top of the line', if it's cheaper to hire lawyers than to treat you, then they might just hire lawyers. Insurance has a big incentive to not provide it's service when the cost is high. And this can happen to anyone with the right kind of car accident.

whichfawkes 11y ago

Living in a van is probably cheaper, and probably saves time. I'd rather save 90% of my income and have a 10 minute commute than save less money and have a longer commute. If you don't particularly need a large space, why not?

mahyarm 11y ago
Van living can waste time too. You need to repark to find parking, you need to go to a gym to have a shower, you need to go to a laundry service to do your laundry, etc, etc.

prawn 11y ago

Even strong, general financial planning education at high school level is going to be up against so much: people trying to keep up with their peers, succumbing to offers like store credit or other marketing, etc. There are credit cards offered with cash back. Endless TV ads for new cards including finance. It's a lot of pressure on people without family/peer support holding out against these things.