Many homeowners are suffering from an insidious disease called Grandpa Economics.
Grandpa Economics or Depression Economics starts off with the theory that you go to school, study hard, get a good job, save up money, buy a home and pay it off, save more money, retire, and live debt-free on a pension and/or social security. That was a great plan for our grandparents. They are often referred to as "The Greatest Generation" and I don't wish to take away from their many accomplishments. They lived through the Depression, fought the war, built the roads and ports in our state, and were the backbone of our country. These children of the Depression put Long Beach on the national map!
So, why would I suggest that this thinking is wrong for the middle class of this generation?
