I was catching up on some blog reading this evening, and came across an article on Frugal Zeitgeist’s site that kept me reading until the very end. She included a link to a story about an economics reporter (of all people!) who, despite his impressive background in covering all sorts of financial ups and downs, got himself into a predicament when he stretched way too far to buy a house that cost nearly half a million dollars. At the time, his take home pay was $2777/month. And his mortgage payment came to $2500/month. He followed it up with one bad decision after another, and the article reads like a cautionary tale about what not to do – EVER.
FZ pointed out that she has a hard time drumming up much sympathy for this fellow, considering the decisions he made over the last few years. I agree, although I do think that it took a lot of courage for him to write such a personal article and put it out there for the world to see. Hopefully it will have the effect of reinforcing the idea that we all need to be living within our means, and will keep another family from ending up in the same boat.