RE: A Lot Of FOMO Traders Are Becoming Trench Meat 🍖 🥩🙈
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It's crazy and scary. I am trying to do some home improvements right now and I don't know how people who are getting by on less do it. There isn't any possible way they can maintain their vehicles or homes.
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I think the same thing. Wondering how people are getting by. I think the food banks have become a bigger and bigger thing. At the Y I go to most of the time they started up a food pantry and it specifically says there is no income requirement or checking or any of that. That wasn't there a couple years ago.
Then the leave some stuff out in the main lobby that says free and it might be tomatos or something and i will walk by and grab a couple.
Also I think a lot of people are way upside down on their car notes. I didn't even know 7 year car notes were a thing but it seems to be more and more common and i have seen videos of people talking about how they rolled their old car note into a new one on trade in type stuff and were paying $1,100 / month for a Kia or something.
People are in a bad spot and have been doom spending for years now.
I don't know how much longer this house of cards can continue until a gust of wind comes along. 🌬
I get uncomfortable with a car loan at five years. I can't imagine seven. We had some friends that financed their trailer for like eleven years and I about fell out of my chair! That's just a sign to me you shouldn't be making the purchase.
I've never had a car note for better or for worse but yeah the loans are likely going to keep getting stretched out. I fully expect companies like General Motors and Harley Davidson to have an Indian woman CEO and a pickup truck will be $295,000 with a 15 year note and if you go to fast or take your eyes off the road a ticket will be issued and the money will immediately be taken out of your bank account and Chase will then charge an additional fee for being a bad citizen.
I don't use banks anymore.