Changing Expectations in the American Economy

Posted by: Peter McCullough on February 26th, 2009

We all know that the real estate industry is in turmoil. The credit market is tight and is inhibiting homebuyers. Home values have declined for several years and sellers cannot afford to sell. We are stagnating and consumer confidence is at an all time low.

So, what will kick start the industry and get it moving? Will the economic Obama stimulus package provide the benefits the Federal government has indicated? Will financial markets recover? Will homes start appreciating again? Will we all have jobs?

This is what we are all asking ourselves, but what do we do while we are waiting for everything to take effect? Well, take care of what you can and hope for the best for the rest.

We need to change our expectations. We will not be able to buy a new car every few years. Forget that 42″ flat panel TV. Do you really need to go out to dinner again this month? You are planning on retiring at 55, really?

We can change our habits. Save your money. We can save for the next rainy day because we are already in this one. We better learn this lesson now. Make your expectations realistic and do not live beyond your means.

Alleviate debt! Do you enjoy paying credit card companies a ton of interest? Eat right and exercise unless you want to pay for your doctor’s children to go to college.

Ever taken a staycation? We live in a beautiful country. Why pay to leave to go on vacation. Try vacationing locally. Then you have cut down on expenses and you are also supporting local merchants.

So, we each have the power to effect certain things in our lives. Do so, but stop worrying about things which are not in your control. You will be happier and become more confident. This is what will help turn this economy around.

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One Response on “Changing Expectations in the American Economy”

Real Estate Taxi

This recession is tough for everyone, but we as a nation have to stay strong. We are going to come around, its just a matter of being patient.

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