A big problem was when people start talking about "net worth"...because "net" implies debt. But when the economy goes in the dumper--as it periodically has cycled throughout the history of this nation--the "net worth" turns to crap when assets turn out to be worth a lot less when the chips are down.
HOW LONG have you heard that the key to success is to use OPM--Other People's Money ??? I've heard it for years. Well, guess what? that's WRONG. The ONLY people who made money on OPM is the broker who gets a commission from you, whether you win or lose. When the bank "calls" your loan because they are having problem with their books, in a normal market maybe you can refinance soemwhere else. But in a down market, your assets are suspect...and if you have to liquidate quickly, you're on the hotseat.
Businesses today have been built on expansion; not how much profit are you making, but what percentage INCREASE in profits and sales are you making? We've come to a "perfect storm" in our economy: our manufacturing base is gone, Baby Boomers are looking to cash out their stocks and 401(k)'s, and sell their homes for smaller retirement homes...at a time when there are suddenly more sellers on both fronts than there are buyers. There's a lot more to it, but this post is long enough already.
Have you noticed that after the Fed AND the government--separately--have poured BILLIONS into this economy, there's STILL no noticible inflation? That's a sign of how far down the crapper things REALLY are...and I have a hunch it's gonna get a lot worse before it gets better.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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