all too often

story

there are so many comments on this story from all kinds of people. a lot of white people saying “these guys don’t know how to handle money, etc” a lot of black people saying “all you white people have no idea what you are talking about, etc” and both of them have some valid points

First of all, I think the fault lies with Extreme Home Makeover. If someone is in financial crisis to begin with, what do you think giving them $450,000 worth of collateral is going to do, make them Donald Trump? Sure they will have a house that is paid for, but how will they pay for the electricity? Oh, it’s ok, we’ll give them another $200,000 to cover the expenses of keeping up a house like that. Just because someone has a lot of money, doesn’t mean they are a wise investor. I think that the Home Makeover should include a financial training program with their houses. You can’t give people fish, you have to teach people how to fish.

Second, JP Morgan, wtf? If you knew their financial history, why on earth did you let them use their home as collateral? That is risky business right there. It is one thing to invest in an unstable market on something that might not pull through, but to give a $450,000 loan to a family that is not only financially irresponsible, but to one that has absolutely no experience in dealing with big money? Seriously…

Third, my heart goes out to the family. What a crazy, twisted world we live in, where one minute you live like a king, and the next, you are back to your tiny house with your whole family. I hope that you all have learned something, a) big loans are usually not in your best interest and b) you are not donald trump. being financially shrewd and a good investor can give you the power to take out a loan against your house (still definitely not a good idea, unless you have a few houses) but until then, you have to work your way up. I hope that things work out for you and your family. 

Last, to all you future homemakover receivers… please be responsible with the great gift that people have toiled and worked over for you. It’s not permanent, nor can you take it with you when you die, but you can at least be mindful of it and use it to help others.

sj