Finance Scenarios

I received the journal with my article in it yesterday at work. It is neat to have something I wrote in print. Though the article wasn't long -- just 500 words -- I was happy to see it. Hopefully my accident experience will help others work through how they would deal with something like that.

I was told a couple of finance related stories yesterday that left me with more questions than answers.

First story was from a new associate who has found their profession to be very difficult physically and psychologically. B is young and has a bit of an ego. It is probably a protective mechanism so that the rest of us wouldn't see the insecurity inside. B is newly married and they bought a house about a year ago.

They are currently having trouble making ends meet. So B decides the best option is to try and immigrate to the US as there are plenty of teaching jobs there. After consulting with an immigration lawyer, they find out that to file the papers needed will cost $7800 with no guarantees. If the request is rejected, then they would have to pay again.

The next plan is to try an immigrate to England because it is apparently easier. I'm not sure they have gone over the numbers very well because the cost of living in England is much higher than where we are. It they cannot come up with $7800 to start the process or their current 35 yr mortgage, they are not likely able to fly to and rent in England.

Mentally, it seems like B has already given up and is looking for an escape route. Having been an escape artist myself, I recognize his yearning and desperation to get out of what seems to be an impossible situation. I'm just not sure immigration is the way to go. It's too extreme and I feel, unrealistic.

Second story involves a 54 yr old widow who does not work by choice. When their spouse died a year ago, they were left with a mortgage free house and not much else. Shortly after, they decided to mobilize some house equity in order to buy an suv.

Less than a year later, that money is gone and being unable to pay, approached a bank for yet another loan to pay for the first one. They were rejected. The answer has come in the form of a private loan but they are grumbling because the amount wasn't as much as they had hoped, instead of being shocked by the interest rate.

I would bet money that they will end up losing their house in another year or so and the response to that will be one of victum. With no income, the cycle of borrowing to pay back earlier loans will just get tighter and tighter. Not a very bright future here. Why not look for work? I don't know.