I have a few friends that have some financial questions. You may know people like this. They will ask you a question, and if they don’t like your answer, they will keep asking other people till they get an answer they like. Well, in the spirit of fairness, I’m going to take a few polls. Hopefully you can help them out.
Whenever I meet people like this, a song goes through my head. Please feel free to listen to a great song from the 80’s, dig the clothes, and for fans of Duran Duran, check out Simon with dark hair!
Hopefully, this put you in a good mood, and you can help me out with a couple of things:
Situation One: Is this ethical?
One friend bought a condo a couple of years ago. Like many others, he and his wife put no money down, and got a variable interest rate loan. They are current on their payments, but they have recently realized that the condo has lost a lot of value. They no longer have any equity. My friend wants to keep paying, and if property values ever recover, sell at that time. He believes that he made a contract, and the right thing to do is to honor his commitment. His wife wants to turn in the keys, buy a house with whatever incentives they can get from the government, and ride the property values up. She feels like they were taken advantage of, and there is nothing wrong with running out on the bill for the condo, if it means they get a better house in a better neighborhood in the process. What do you think?:
Situation Two: Another housing conundrum.
I know another couple who has been diligently saving money and doing everything right for a while so that they could someday buy a house. He has made a recent career change, and it hasn’t taken off yet. She is afraid that they are going to miss the boat. They have some money for a down payment, and they can get ahold of a little more. What should they do?
Are we on the right track?
This one is about F4Y specifically. I’ve heard people who don’t like the political content of the site, and I’ve heard from people who like that better than my regular posts that deal with issues on a smaller scale. I’m torn. So how am I doing here?
One for the adults out there.
This last one isn’t so much of a situation, but a request for the adults out there. I’m working on something new for F4Y. As grown-ups, we all think that there are things we would have liked to have known when we first moved out on our own. I want to know what those things are. Simple things like how to make a budget, how to go grocery shopping, or even what things should young people have in their first new place. Please take a few minutes to fill out a survey and give me a few ideas. The answers will help guide this new F4Y project. Survey can be found HERE