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Originally Posted by Baraka_Guru
Sage advice, willravel. But for many it is already too late. There are many who don't have US dollars (or any, for that matter) to exchange for the wonderful things you've listed. I'm one of them. I'm still reeling over an unprecedented student debt load. What my co-worker paid to get her degree wouldn't even cover a single year of tuition today.
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It's a slow process. I only change over a little every month (so far just gold, but I'm talking with someone about the legalities of holding euros in the states, which will probably address yen, too).
Let's say you have an extra $200 this month. You put "currency exchange" into yellowpages.com or something and can usually find a place that people visit before traveling. You go and say "I'm headed to Europe", hand them the cash, and get the euros. This is just in theory, but it seems to make sense. I have to meet with my financial advisor.
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Originally Posted by Baraka_Guru
As indicated, the problem is debt. Not all the debt you read about is taken on as a good strategy. There is often a difference between credit card debt and student loans, especially if you have a home filled with electronics that keep getting replaced for no real purpose. But debt (and a lot of it) is the sad reality of this situation. On average, people are spending more than they earn. What does that tell you?
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People have bought into the debt system.
Honestly, our best bet is to stop putting money in banks and stop using credit cards. I own a home and my credit is crappy. Why? I don't own a credit card. I've only had one once, I bought like one pair of pants back in HS, then I cut it up. They are a bad idea. I'd like to get a decent safe in the house so I can cut out the bank, too.
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Originally Posted by Baraka_Guru
And mortgages. Who doesn't want to own a home? Unfortunately, there are many nasty mortgage "deals" floating around. This is how many people get hooked, and now they'll pay the price.
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This is the tough one, because there's really no way around this one unless you're super rich or super lucky. What might be better would be to buy a home in a cheaper area, and rent it out. You use the rent money to cover your own mortgage on the home you live in. Suddenly you're making one payment for two homes, and once you've finished paying for the cheaper house, you either sell it and buy the rest of the home you live in outright, or you just wait and let the rent payments finish your mortgage. You're still in debt, but it's nowhere near as much.