July 23, 2011

Dear Kids,
 
     The Government of MN was closing down for 3 weeks due to the balance budget issues and finally they reach the agreement to start opening the Government again very shortly.  USA and Canada are owing too much money to the other countries; especially USA was borrowing money to fight for the two wars to show the world that they were the hero to help the people.  Unfortunately, all the AMericans are paying for the debt without any benefit to all of us.  A country is like a family that the members of the family do not know what to do instead of using the credit card (Borrowing money) and end up like USA and Canada's situation to blow yourself.  In personal situation, you only need to file bankruptcy to wipe off all the liability and gaining 7 years bad credits.  During the 7 years, no lenders and bankers will talk to you because of the bad credit.  However, if you can change the credit issue during the 7 years, you will borrow the money for your house and business again.
      USA is in a big trouble if they can resolve the debt ceiling before 2nd of August.  USA will be listed bad credit countries like Greece and so many other countries today.  So, watch your budget and do not spend something that you can't afford.  One of my clients who would like to sell her 2007 Mercedes with 50K mileage to me but I refused because his son can't pay the monthly payment $500 per month.  He mother took it back and trying to sell it in the market with $20,000.  It means that this car is only for a certain people and not for everyone.  His son was graduate as a pharmacist tech and making 10 dollars an hour and her mother trying to give him the down payment for drive a nice car but she was confused with the pharmist tech income is different from the pharmacist .  Now she understands the difference between these two career's salary.  She was the lady who tried to speculate the house and got burnt and filing bankruptcy.  So, watch your budget and you have to know your potential as well.
 
Love,
Dad