Question: You > > aren’t that far off being able to buy a house… a better budget, improved > > health and maybe a promotion… all of a sudden the bankruptcy would look > > very foolish.

> 5 people on 30k/year? id say theyre a long way off from that.

Answer: Depends what the local housing market is like. Not all real estate is insanelly expensive. I stand by what I said… it wouldn’t take too many changes and lucky breaks for them to regret spoiling their home loan prospects. Remember, some of those people are kids, and the OP should be getting various forms of government assistance for the kids… they should be aiming towards saving (even if only small amounts) and also building a good credit history, whilst keeping their eyes open for ways to improve their career prospects. Also keeping a keen eye on the local real estate market… so they know exactly how far off they are from getting a place of their own.

Heck, I raised a home loan when I was single and on unemployment benefits (bit different in Australia, not time limitted) . It was only a very crappy strata title apartment, but the bank was happy to loan to me because I was borrowing within my means, and from day 1 the mortgage was cheaper than rent would have been. Still own that apartment and rent it out.

Part of the problem with poverty is that people accept the expectations put upon them by other people. You are poor/unemployed/disabled therefore you may not aspire towards homeownership/a good lifestyle/travel/owning a horse/your own business etc. But when you look at the reality, there isn’t a huge amount between those who are poor and those who are doing just OK…. just a few changes we could all be poor, just a few changes we could all be doing OK. So we encourage the poor to not aspire, partly because we want them to feel different and lesser. We tell them not to hope, not to prepare for a future that is more prosperous.

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