From: "John A. Weeks III"
Newsgroups: misc.invest.real-estate
Subject: Re: Mortgage Loan Amounts
Date: Wed, 23 Mar 2005 19:52:37 -0600
In article <1111591570.285394.99420@o13g2000cwo.googlegroups.com>,
"ju" wrote:
> "when you are earning just slightly over minimum wage..."
>
> Last time I checked, minimum wage was $5.25/hr. $40k comes to approx
> $20 per hour, so to me that is considerably more than minimum wage. It
> may not be 6 figures, but for only being in the workforce for 4 years,
> I would say that is decent. I know people twice my age that don't make
> that much, and they have houses and cars too....
$40K is only slightly more than minimum wage. That goes double
if you consider that McDonalds and Taco Bell are paying $12 per
hour in my neighborhood. I know people that are making $40K in
a month. And they don't drive exotic luxury cars, either. Only
my broke friends have BMW's and Lexus SUV's.
I faced this same situation back in the mid-80's. I was in
my mid-20's, working in law enforcement, and trying to buy a
house. I found out that my salary would not let me buy a house
anywhere in the area where I worked. In my job, I had to live
in the city where I worked. I ended up going back to college
to get an engineering degree. That cost me just about everything
I had accumulated up to that point, and then it cost me 3 years
of living on next to nothing, and then 5 more years of being in
student debt. But when I came out of it, I did have jobs in
the late 90's where I earned more in a month than I did in a
year in law enforcement. And computers never shoot at you or
try to stab you with an HIV-infected needle.
You can never tell what someone's story is by what they drive
or by where they live. Look at Warren Buffet, the Sage of
Omaha. He lives in a modest house, drives a pick-up truck,
and sometimes eats lunch at Dairy Queen. Just by looking at
him, you would never guess that he owns Dairy Queen. Not just
the the one location, all of them, lock, stock, a barrel.
-john-
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John A. Weeks III 952-432-2708 john@johnweeks.com
Newave Communications http://www.johnweeks.com
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