Hearing the Dave Ramsey's of this world talk can be stressful yet I am starting to see we would have been better off to have lived within our means and never borrowed any moneyperiod .
Paying interest on wasting assets (property and and homes seems to fall into that group these days) is a double hit that a six figure income is hard to over come.
The land becomes an excuse to buy equipment. Then we are not happy with that but want big, AC cabs, more weight, more HP and we wind up trading at a loss losing on both sided of the trade.
We each have to ask would we be better to sell the land (especially land not connected to our homes) and equipment today vs. fight an uphill battle that may or may not be winable? Others can not answer that question for us.
Overall incomes are expected to drop while expenses are expected to increase. When the land, CUT's, RV's, boats, backhoe bought with borrowed money become seen as a liability vs. and asset and they get dumped by choice or otherwise we may experience deflation of value of what we own yet cost to live increases.
Spending other's money long term only has one outcome. It may be 5 months or 5 years but the known outcome will happen. Look at CA planning to stop diffent kinds of welfare. What is going to happen when even the SS checks become smaller? The bank of England announced last week the US was in as bad of shape debt wise as Greece due to our out of control spending.
Yes I am in love with my equipment but most of "my" spending today is related to "toys" (equipment that is not generating income). I went in one store today and that was TSC. A year ago I had not been in a TSC store but a few times. Going in one is not going to enhance my retire account but will reduce my ability to fund it as much.
It is time to sleep before I decide to sell out.
