Posted by Rob Minton
Follow me on Twitter
I recently stumbled across an article I wrote for the Income for Life Newsletter last year. Reading it now, over a year later, the lesson hits even harder, so I am writing about it again.
My wife and I have been purposely selecting for our family DVDs of older TV shows that display family values. It doesn’t seem like many shows on TV today capture these same values, which is very sad.
If you’re over 30, you probably remember the Ingalls family from "Little House on the Prairie." The show was about a family living in the 19th century. They didn’t have electricity, cars, computers, TVs, Wiis, etc. One of the great things about the show is that it teaches my kids how nice they have it today. I’m trying to instill some gratitude in them. Maybe gratitude comes with maturity...
In one episode, the Ingalls family had worked hard to grow a large crop of wheat that they intended to sell. With the large crop, they purchased two horses. They had planned on paying for the two horses when the wheat was sold. They were also going to use the balance of the money earned to help get them through the winter.
Unfortunately, severe rainstorms drowned out the wheat field and their crop was lost. This loss eliminated about $2,000 of future income to the family.
Guess what the Ingalls family did?
Mr. Ingalls immediately took back the two horses he purchased. He didn’t ask for any money back. He simply returned them and let the seller keep all the money he paid. He realized he couldn’t pay the loan and he didn’t want to cheat the person who sold them to him.
Mr. Ingalls then set out on a 100-mile walk to find work. He packed a few small bags and planned to work for a few months to earn enough money to get through winter. Many other wheat farmers did the exact same thing. They immediately left their families, looking for work to replace the lost income.
Mrs. Ingalls rounded up all of the wives of the wheat farmers. Together, they decided to harvest the wheat anyhow. This was a very manual task because the field was too wet for the plows. The kids also helped out a great deal.
By the end of the show, Mr. Ingalls returned home with money earned from hammering rocks in a quarry. Mrs. Ingalls successfully sold the wheat and everything was OK.
Now, I realize this is a TV show, but it displayed an amazing family work ethic that I think we lack today. Here is what would have happened in today’s society:
-
The family would have kept the horses until they were re-possessedthrough the court system. This would have cost the horse seller a significant amount of time and money.
-
The family would have completely given up on the wheat. It’s gone. We have become a bunch of quitters.
-
Instead of leaving town to look for an honest day of work, Mr. Ingalls would head straight to the local welfare office to sign up for government assistance.
Yes, this might be a little funny, but, unfortunately, it’s true.
Where is our work ethic? Where is our fight? Where is the concern for our reputation? Why don’t we take responsibility anymore?
Today, many people are facing foreclosure because they bought houses they couldn’t afford. Why aren’t they getting second jobs or working overtime to pay for these homes? They simply let the homes go into foreclosure without any fight whatsoever. In fact, they work the foreclosure process to stay in the home for months on end without making a payment. Today, everyone blames someone else for their problems. We don’t take any responsibility. It’s sad…
In the States, we are in the midst of a considerable rcession. The best thing you can do to protect your family is to keep your job. A loss of income right now would be devastating. When you go to work, work your ass off. Do your job and then some. Don’t be lazy like all of your co-workers. This isn’t the time to copy the masses. Stand out. Work like Mr. and Mrs. Ingalls. If layoffs come, you won’t be one of them.
And in case you're interested, the Little House on the Prairie episode I referred to can be found on the first-season DVD. It’s titled “The Hundred Mile Walk.”
Added note to foreclosure issue:
3 reasons for more foreclosures coming=>
1) the ARM crisis is just beginning to rear it's ugly head-given the drop in home prices, refinancing won't be realistic
2)Municipal Defaults-local towns and counties
are feeling the pinch with foreclosures and tax
defaults draining their coffers. And when a town
goes broke, it will put their resident's property
even further underwater.
3)Commercial Real Estate Collapse-The second
largest chain of malls has already declared
bankruptcy.
As you said--let's get busy! Look, you can either be a victim of this economy, or you can swing it to your advantage by learning
to find and rapidly resell short sales.
Doesn't that fit in with "Income for Life" principles PLUS 'giving back'?
Posted by: Sherry Z | August 19, 2009 at 07:43 AM
Rob, while I completely agree with most of what you wrote...NOT everyone is a whiner and deadbeat who is in foreclosure. Oh yes, we have come across plenty who defrauded the lender and still are doing that. However, over half of the foreclosures and BK in the US are related to medical expenses. Another huge portion (and rising) are job losses. THOSE are the folks we really bust our buns to help. And we are even beginning to see new foreclosures coming due to credit card debt and loss of house values...folks owe way more than the house is worth. Of course getting a HELOC to buy two new big trucks didn't help ;-(. NOR did following what many of the infomercial and seminar 'investment gurus' told people to do. ANYWAY--yes, the correction is of our own doing for the most part and much needed--let's get busy!
Posted by: Sherry Z | August 18, 2009 at 05:25 PM