Oct. 7, 2013


  • A paradigm shift in thinking is called for. 5 years ago I had A credit, was $50,000 underwater on my mortgage and all $400,000 of my credit card lines of credit were unused. Doing the numbers I could have run up my credit cards and filed Chapter 7. Today my retirement savings account would be 300% larger if I'd done that, and I wouldn't have the aging house as a contingent liability. Why didn't I "cash in" on the recession and my excellent credit? "Character" or I stubbornly refused to believe that was the only way to improve my life. Today I have A credit, rent that house that I could have sold at a $6000 loss but instead subsidize at $200/month because I believe it can be sold in 3 - 4 years at a profit. I live in an apartment in a new city and enjoy my work. "Thrift" is my mission to reach my retirement savings goal - socking away 40% of my gross income. I'd be lying if I told you I never look back and do the math of how much closer I'd be to retirement if I'd done a chapter 7. Assuming my employer would have hired me, of course,