Comments on: BUY NOW, SAVE LATER

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Twitter Trackbacks for BUY NOW, SAVE LATER | [imagineage.com] on Topsy.com — Mon, 31 Aug 2009 07:42:24 +0000

[...] BUY NOW, SAVE LATER | blog.imagineage.com/buy-now-save-later – view page – cached Buy Now, Save Later BLOGGER: BEN PIERSON Seriously, if you have savings and good job security (even if we hit 11% unemployment — From the page [...]

By: Phyllis Selterman

Phyllis Selterman — Mon, 04 May 2009 12:39:12 +0000

This story is not getting enough coverage in the press. I am going to contact my state senator & rep & ask them to send out press releases.

By: Ben Pierson

Ben Pierson — Sun, 03 May 2009 15:15:02 +0000

Hi Mer, Thanks for the comment and I’m glad you like the photo – it was a very tasty eclair!
Certainly for many people job security IS an issue. Those people should not be the ones purchasing the $300,000 condo or even, depending on their level of savings, the $50 sweater on sale from $200. But given we’re probably looking at a peak of around 11% unemployment (though the gov’t statistics are a bit misleading and this is actually a bunch higher), a majority of people are still gainfully employed. These are the people I believe should fight their fears and ‘buy now, save again later’. Now whether anyone ever ‘needs’ the $50 sweater or condo in Palm Beach – or this is a need created by marketing and our peers – is a whole different issue and perhaps one our resident Drs could tackle at some point. However if you are going to own the sweater and own the condo at some point, think about the long term and take advantage of this short term trough.

By: mer

mer — Mon, 20 Apr 2009 14:59:19 +0000

P.S. Like the picture

By: mer

mer — Mon, 20 Apr 2009 14:57:05 +0000

I understand what you’re saying, Ben about going out and spending right now as everything is on sale. You can’t deny this makes sense. But where I have trouble understanding is where people who lost a lot of their nest egg are going to get the money even to buy sale items? Or rather, how they can justify buying items solely because they ARE on sale. Take your example of the condo in Palm Beach on sale for 300K. I’m not the authority on real estate in Palm Beach, but this does sound like, as you say, a ‘good deal.’ However, it still seems like a somewhat frivolous and financially irresponsible move financially for someone to make a purchase like this when the economy is unstable and job security is a big issue. There undoubtedly be another “up” in the economy, but the question, I feel, is more about when. As there is no clear answer to this question, I think it’s hard for people to Buy Now. As you said in a previous blog, this situation is not unprecedented. Things could get a lot worse before they get better and until we start to see the economy turn, I think that most bargains are going to go unnoticed. What do you think?