[Shotimes] Re: (OT) More UAW workers bankrupt - Detroit news

[Ron Porter]

Same basic ideas, but the reality of the Detroit area is like this:

Home Mortgage:	$200K outstanding (net owed)
Cottage:		$100K outstanding (net owed)
Leased SUV/Truck:	$15K  outstanding($417/month x 36 mos)
Car loan (wife):	$25K  outstanding	
Boat:			$25K  outstanding	(22' fishing/ski boat)
Jet Skis(2):	$5K   outstanding
ATV/Trail Bike(2):$5K   outstanding
Snowmobiles(2):	$10K  outstanding
Unsecured credit:	$84K  outstanding (credit cards, used for taxes,
insurance, vacations, etc)
---------------------------------------------------
			$469K

Ron Porter	

-----Original Message-----
From: shotimes-admin@autox.team.net [mailto:shotimes-admin@autox.team.net]
On Behalf Of Mark Nunnally
Sent: Wednesday, September 21, 2005 7:29 AM
To: SHOtimes mailing list (E-mail)
Subject: Re: [Shotimes] Re: (OT) More UAW workers bankrupt - Detroit news

>forklift operator???!!!
>$469k in debt???!!!
>How does this happen and what is wrong with this picture?

Well let's see, the $350k house, the $50k hummer, the $10k home theater, the
$15k on the credit cards, the $20k equity loan (to pay off the credit cards
and other consumer debt "stuff" etc...etc...

The guy is bankrupt because he can't manage his personal finances, not
because he took a pay cut.

It's not what you make, it's how you manage or spend it :)

mark
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