ATM Society

By
Real Estate Broker/Owner with Coldwell Banker Choice Realty

I was on a conference/training call this morning...just as I have been every morning for the past 3 weeks (OK-weekdays only) and my friend-as well as a member of my mentoring group-Chris Prescott made  a fantastic observation.  He commented on how our economy got into it's sad state because of everyone who uses their home as an ATM. 

I feel that he hit the nail on the head because if Real Estate is basically the back-bone of our economy, and because we as a society cannot control our desires/wants/needs??/spending and we have to keep using the cash-out value of our home to bail us out of our financial sink hole...where does it stop???

For most of us, our home is the largest financial obligation we have, but it's also the largest asset we have.  So if financial security is built by building value and equity in our largest financial asset...why are we trading that in b/c we can't pass up all those little 'luxuries' we think we NEED?  Can't we just use a bit of will power, some restraint?? Make a few minor adjustments...maybe take your lunch...pass up the coffee house a bit...wait on purchasing those extra pair of shoes/jeans/glasses or the newest game/CD/DVD....   Just wondering...it's gotta stop somewhere...

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Missy Aaron

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