Bad Financial Advisors

Been awhile since i've posted....

Lately i've been seeing Financial planners/advisors giving really bad advice to people.....I read an article today about a couple that lives in Chicago. They have a 1,350 mortgage payment that they can't afford. So a non profit company that gives advice told her to put all her bills on credit cards and catch back up on the mortgage. Most people would probably agree, because thats the way america thinks today. But, its wrong. Your not fixing the problem. Your putting a bandaid over the problem. Why you ask? Because once you get that mortgage payment back current. your gonna have a nice HUGE credit card bill stearing you in the face. So now how are you gonna pay off the credit cards? minimum payment for 20 years? wow that sounds bad don't it?

The only real solution to this problem. is selling the house.....Because they can't afford it.....People argue saying its an asset....Tell me, how is a 1300 dollar mortgage that your 3 months behind on an asset? Unless your a real estate investor you should NEVER LOOK AT YOUR HOUSE AS AN INVESTMENT TO MAKE MONEY ON. don't misunderstand me here, Yes its an asset. but its not cash....Anything you can't afford is a liability...That asset becomes a huge liability once you can't afford it....

Probably 20 people in the last week told me i wouldn't be a good financial advisor. Because i don't understand debt to asset ratio...........Nothing is a real asset unless you own it. YOU OWN IT!!! Meaning your not putting payments down on it...You don't own it unless your holding the title and its has your name on it......

Gawd America makes me sick this day in age......Materialistic ass monger of a nation...and yes im a citizen of America

JP