Adam and Heather Hayes

Understanding the Financial Situation of the United States

• Adam made this comment on July 23, 2008
  Takeaways:
  1) Don't buy a huge house. Even though interest rates are much lower than when our parents were purchasing houses, the higher price along with the longer terms means we pay a LOT more for the house. Buy a house that will fit you comfortably. You really don't need 3 guest bedrooms. If possible, buy a house that needs some cosmetic help. You can save lots of cash if you are willing to put in a little TLC.
  2) Having both parents work doubles your risks. Most people become accustomed to living at a certain income level. If you have to live off of 104 paychecks a year, and suddenly you or your spouse becomes ill, you will be in trouble. If a child, mother, relative becomes ill, someone will need to take time off to care for them.
  3) Save, save, save. Get used to saving from the beginning. You don't have to save tons, just save. Heather laughed at me when we were first married and I'd save $10 from each paycheck, but after a while the savings built up and we had a cushion for unexpected problems.
  4) Large Purchases. You will get eaten alive if you purchase cars, houses, toys, etc. that cost a lot and pay for them over a long period of time. Make do with less or save up to make a larger down payment. It can save you thousands of dollars in the long run. It is the large purchases that are pushing people into bankruptcy, not the cost of clothes, food, etc. (Although that doesn't mean you can go blow all your $$$ on clothes and food either. Just that you are more than likely to go under because of your house payments than your fast food bill).
  
• Emily made this comment on July 22, 2008
  So I liked what she had to say, but it bothered me because she didn't give any solutions. Josh said there might not be any, but it can't get better if we don't have a solution to the problem.
• Emily Carstens made this comment on July 07, 2008
  so I started watching this before but got a little put off because it was so long, and then you were talking about it and I decided- hey I should watch the whole thing now I'm on campus at BYU and they don't let video links come through, so now I am sad because I can't watch it until I get home in a few weeks. Just wanted to let you know Adam that I was and am going to watch it (even if Josh won't)
• Justin Wheeler made this comment on May 01, 2008
  Excellent talk. We have lived (and still live) and experienced at lot of what she talks about.
  
  Our challenges:
  
  1. Our first house in Blackfoot in 2004 $59,000 now sells for over $100,000. (3 bed one bath less than 1000 sq ft.)
  
  2. Bought house in Twin Falls area (average cost for decent house $130,000 to $150,000. $850 to $1,100 mo payment
  
  3. Lost job suddenly without warning. With another baby on the way and regular bills and mortgage to pay. Eventually took another job at 75% the pay and 105 miles to travel to work one way for 5 months.
  
  4. Finally sold house with the down turn of housing market. Came away with a loss, but we had our health, still good credit. I took a second seasonal job to make ends meet and pay the loss.
  
  Blessings and Miracles:
  1. Natalie never had to work outside the home as tempting as it was and as tight as it was.
  2. We had a healthy baby girl (same week sold our house, packed up and moved to Blackfoot).
  3. We had good health insurance with my new job.
  4. We have been blessed to have the support of our families.
  5. We paid our tithing and never went hungry or without a roof over our heads.
  
  As you can see this really hit home for me. I really appreciate that you posted this talk I listened to the whole thing.