Two Americas - When I rule the world. ;-)
Oct. 12th, 2005
07:56 pm - Two Americas
I was just thinking today as I left the rental I own. In particular about what John Edwards said about the two Americas. His argument was that there are the rich and the poor. Those who have everything handed to them and those who don't; I don't think this is that accurate. It seams to that more often the difference is that there are people who have good credit and those who have bad or no credit. Your credit score has replaced the "my word is my bond" cliché. With a good credit score so many doors are open to you. From getting loans to getting jobs, it is the way you can find out who is a good as their word and those who are not. We brought our rental property based upon two factors one was our credit score the other was the expected rent the property would produce. We contributed a little over $2000 to make the sale happen and that we did on credit. However my tenant, who also had his eyes on purchasing the unit, could not even begin to qualify for a loan. He lives month-to-month and one bad accident caused him to get behind on all of his bills. We did cut him a break, but the gas company shut off his gas. He doesn't have a bank account, doesn't have any savings or health insurance, and he makes well above minimum wage. He cashes his checks at a convenience store for 5% of the value. I believe anyone no mater how they come into this world can still become a self made man/woman if they work hard, save money, AND keep their promises. That is the America I believe in.