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Hernando Today

Trading Financial Security For Materialist Wants

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By RON RAE

The Tampa Tribune

Published: February 25, 2009

In 1991, when I purchased my first home at age 40, I took the conservative route of investment imbedded in my rational conservative upbringing.

Farmers don't lead extravagant lifestyles and, as was the case with my family, vacations are few and far between. Money is meant to be spent when needed, and wisely. If it weren't for the cabin Uncle Jerry built on Cranberry Lake near Houghton, Mich, a mere two-hour ride from home, there wouldn't have been any vacations. Fortunately, Aunt Ethelyn gave us kids many summer trips "up north" to the cabin while dad and mom enjoyed a few peaceful days alone.

In the early 1960s, the tranquility of rowboat fishing and dog-paddling around the dock gave me the best of summers. Coleman lanterns, a gas stove, campfires and a flashlight for those frightful tip-tow nighttime jaunts to that god-awful, spider-infested, gross-smelling outhouse were exciting experiences. They're happy-heart memories.

I couldn't have wanted for more. Food a-plenty and a safe, secure and loving home life with a brother and three sisters to play with were sufficient. My best friend, Chucky, whose dad worked at the Oldsmobile factory in Lansing, went to such places as Yellowstone. I was invited to go along but no one, not even Chucky, felt the degree of dismay as I when the idea was nixed; asthma kept me feeling down on the farm.

A bit of jealousy was replaced with the sad fact that I'd be spending a significant part of the summer without bike riding, playing ball and the little adventures a couple of buddies have as kids. He shared his experiences with stories he told as we went about finishing my farm chores. Whatever each of our privileges in life may have been, they had nothing to do with volumes of extravagant toys.

So, when I bought my first home and sought the help of a Realtor, my goal was to take on a home loan that would leave me secure in a castle without being surrounded by a mote of swampy debt and a rotted drawbridge.

I ignored words that told me I could afford a home of such-and-such a value. I ignored the suggestion that an adjustable rate mortgage would be just right for me. I feared it would cost me an arm and a leg if/when rates went up. There was no temptation of excess. After a couple of years I refinanced, not only reducing the monthly payments but also narrowing the freedom of owning the home outright from 25 to 15 years and still chipping away until it was paid off a year earlier.

I had the same reasoning when I moved from Orlando to Spring Hill. I got more home for less money with cash left over that was spent on upgraded carpeting and kitchen appliances, painting the interior with semi-gloss for longer-lasting, more easily maintained walls and front-yard landscaping. These were true investments. New furnishings were limited to window coverings. Although there's currently too much credit card debt, thanks primarily to hefty property insurance and too many of "the unexpecteds" of life, I'm still a mortgage-free homeowner, guaranteed to have a roof over my head.

Going back to my young adult years, when I left home at the age of 20 with all my belongings crammed in a wholly owned '69 Gremlin with enough cash saved to pay a year's rent in advance. Since I was all alone and in foreign surroundings, I had no worry of living on the street or, heaven forbid, giving up and retreating back to my parents' home. I was young, free, determined and responsible enough to make it on my own. I filled my tummy with many meals of macaroni and cheese with chunks of ham or hot dog - gourmet food at that age. Conservative security has always fit my needs.

When I read time and again the millions of Americans suckered into mortgage schemes caught up in scams that proved gullible Americans could achieve a dream of money for nothing down, I don't understand the reasoning of putting the materialistic wants above the needs of having a financially sound home and a family's security.

Kids expect the same unearned fortunes, yet they deserve to learn lessons that teach them they can't always get what they want - that living within one's means gives more meaning to life's occasional luxuries.

Today my cup of savings is more than half empty, so I relive a part of my youth with an occasional meal of cooked macaroni, a blend of Velveeta and milk for a smooth, rich texture with pieces of ham or hot dog. A veggie-filled salad makes for a healthier happy meal.

I remain conservative by choice, if not by circumstances, to keep this roof over my head.

Ron Rae, a frequent contributor to Hernando Today editorial pages, lives in Spring Hill.

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