Good news for a change (housing)

[Ralph Mowery]

If you can handle it, credit cards from some banks are the way to go now. I charge almost all that I can. Then pay it off at the end of the month.

The way I keep up with it is that when I buy something on a credit card, I put that down in the check book just as if I had written a check.

The reason is I get back 1% on everything and up to 5 % on some things, plus I can buy store gift cards from the bank at a discount.

Some stores give discounts if you charge using their credit cards. I think it is Lowes that gives 5% off now.

[Doug]

>>>>>>

You know when I grew up, I was taught to work hard all your life and when you retire to travel then but my wife made me think different. She believed/believes you should travel as your wife thinks, when you are younger and more able (physically able to enjoy more things). Considering the aches and pain you get as you age and that's still assuming you're healthy, I'm reconsidering what I was taught growing up. In that regard, listen to your wife. I'll just add that it should be done with other expenses in mind.

You sound like you have a grasp on things so just be patient (hard for most Americans I know) and you'll get there.

[Doug]

LOL.... that was a good one :-)

[Doug]

I should add that I guess I take it a little personal because I keep hearing stories like this on tv but you never hear the other side of things. I am a landlord and mortgagee and I think I go outa my way to be fair or more than fair. I never had any reporter ask me questions about my situations so I guess they don't want to report the other side of the story(ies). I guess tho I should be less critical because we like to think tv is unbias in reporting their stories but that's just not true. It's all about the ratings (viewership) nothing more.

[gonjah]

I VERY reluctantly agreed to an American Express card because we travel. It gets paid off monthly but it still scares me. I have *one* card and it's in my possession. That's the agreement. We get 1, 2 0r 3% back at Costco in addition to the 2% back for exec membership.

[gonjah]

>>>>>>>

Thanks. It's nice to hear that occasionally. :)

[Frank]

Not only that but there is more than cost of day care with working. It puts family in a higher tax bracket and there are the expenses of getting back and forth to work and maintaining a better dress style. I've seen professional women leave work to raise their kids.

[gonjah]

That would be a great option but I noticed banks don't like to do that for obvious reasons. I did wave escrow, at least, so I avoided that ripoff. I was able to do that w/o paying points too. Actually, it was the mismanagement of escrow that started this refi.

[gonjah]

And then, some people are better off letting others take care of their kids.

[Frank]

I only use a single credit card but my wife has a dozen. Does not matter as we pay off all at the end of the month. Do it for the benefits and need not to have to carry lots of cash.

[Frank]

>>>>>>>

Very true from my experience. I can think of several trips I made then that would be very difficult today.

[Frank]

My kids got more expensive as they got older. With 2 kids in college at the same time, I was lucky to contribute the minimum to my 401k and with three sons, there was at least one in college over a 10 year period.

On housing, I considered myself lucky. First house was 5% mortgage at

20% down. Second house was in those inflationary days of the seventies so I was stuck with a 20 year mortgage at 9% so I put 50% down and paid it off in maybe 18 years.

Never believed in refinancing and I know people that lost their shirts in taking the money and investing and losing it to end up owning a house worth much less than they owed due the current housing crisis.

The housing market may not recover for another 10 years. It is a buyers market.

[Duesenberg]

BUT you did the right thing. Get that retirement money saved. The earlier the better.

[Duesenberg]

I do this. But I pay the card off at the end of the week. Save all the receipts then whack it every Friday or Saturday. And just like you, I keep a ledger book with all transactions.

We use a credit card that gives us 2% of everything back towards a car purchase. Since it can be used for used cars, and is redeemed AFTER you purchase the vehicle, dealer knows nothing about it.

Before the credit crises they used to offer interest free cash advances, with the interest free period being 6 months. So I'd write a cheque to myself for $10 000 on that charge card then invest in a 4% (annual) certificate then pocket the $200 and pay the credit card on the last day of the 6th month. I don't think it was as high as $10 000, but most certainly $7500 or higher. Now the credit card companies don't do that anymore.

You have to research your cards of course and the only way you win is to NEVER pay a cent in interest.

[Doug]

You and Frank both have good points. My wife and I chose to work because we thought our incomes outweighed the negatives years ago. This doesn't mean the negatives go away but we wanted to provide vacations and college education for them so we had to make sacrifices. For a while I was even a Mr. Mom and I can tell you as I told my co-workers that after taking care of my 2 young daughters in diapers, etc..., "it was nice to be at work again because it felt like I was on vacation and I got paid for it". But in a way I was happy to be a Mr. Mom (tho it wasn't my choice then) because I got to be closer to my kids and understand better what my working wife had to go thru.

[krw]

Except that the younger folks, at least the non-OWS sort, are moving to states where they can survive.

[Doug]

For years I carried only one like yourself until after 20+ years, the card screwed me over. Long story short, they sent me 2 letters of apology for their errors but while they did, I got a 2nd card from another bank just in case this ever happened again. It hasn't but I don't want to go thru that again. I wish I could tell you all the details but it would take 3 or 4 paragraphs but you get the point.

[Doug]

You sound like my brother in law as he did stuff like this. I never had the patience to get into it that much so I just watched him in envy. But I didn't do so bad as I got cash back which was enough to pay 2 CC bills couple years ago and I always paid my CC bill before it was due so I never had to pay interest. So maybe I wasn't as good as my brother in law but I think I did okay.

[Frank]

I do have my name on some of the cards my wife carries but I only carry the one, but you are right, it happened to us out of town that one card the wife had was not accepted while another one was. If by yourself, out of town, it probably is good to have two cards with you.

[Duesenberg]

I'm Mr. Mom right now to a 7 month old. I will be Mr. Mom again with the second child. I'll go back to work for about 12 to 18 months, then take more time off depending on what/when nature allows the second child.

I'm not looking forward to going back to work, partly because I dislike my workplace, partly because I do enjoy cooking, baking, cleaning and gardening in addition to talking, cuddling, playing, feeding the baby.