I found out this week I’m one of the winners of ING Direct’s own little bailout contest; based on my essay, they’ll be making my next mortgage payment! I figured they’d get plenty of sob stories and I’m already paying $700 billion to bailout irresponsible borrowers and lenders, so my essay implored them to take a contrarian view and reward a responsible citizen:
As ING brilliantly pointed out in We the Savers, it’s an individual’s responsibility to live within their means and take preventative medicine for their financial health. Unfortunately, there are few rewards for those who do; responsible tax payers will foot the bills for years of foolish decisions by overextended homeowners and the subprime mortgage companies who gambled on them.
This is a great opportunity for ING to publicly show that good things do happen to good people. I personally have lived within my financial means, made savings a priority and accepted the necessary sacrifices. My mortgage is still small; my car is old but paid off, and I’ve eBayed old electronics to fund new toys without ever carrying a credit card balance.
I turned my hobby interest in photography into an income-generating side business, and invested the profits with the same care as other hard-earned income. While pursuing it full time would be a dream come true, I’ve weathered dissatisfaction at my day job to ensure that ends are met.
I’ve been fortunate that my life has little hardship, though much has been avoided through hard work, diligent saving, and disciplined spending. On behalf of the many Americans who live responsibly, I’d welcome some positive reinforcement as a saver and loyal ING customer.
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December 23rd, 2008 at 10:55 am
Matthew, CONGRATULATIONS! You do not know me … but I read about your story in the Charlotte Observer On Line version this morning. I just wanted to say that you are an example of what everyone in the US should be doing. So many people in the Charlotte area have upgraded over and over again with bigger and bigger mortgages and homes in hopes that the market would continue to grow the value of their homes. It has all ended and now all we here is about the “next” bailout. My family has also lived within our means, the car I drive has tape on the windows, I change my own brakes, we cook most meals at home, we shop at many thrift and discount stores and we have had more fun than most families in our area … go figure. I hope that your family will be recognized as a True American Family! CONGRATULATIONS AGAIN!
December 24th, 2008 at 6:46 pm
We are the invisible ones. We have lived within our means and watched others move to ever-bigger houses, take fancy vacations and buy the latest toys. When I paid off my mortgage four years ago, I felt like a fool. All the “smart” people kept the mortgage and put their money in investments instead. But, I just wanted the security. I was brought up not to take a second mortgage and not to run a balance on a credit card. With everything that has happened in the economy, I don’t feel like such a fool now. However, I do feel like a patsy for, as a taxpayer, having to bail out people who had plenty of years of enjoying the fruits of their irresponsible decisions. Congratulations, Matthew, for scoring one for the rest of us!
December 26th, 2008 at 1:36 pm
Thanks for the kind words, Mark and Janice. It’s very reassuring and hopeful to hear that others are thinking about financially responsible lives and living them!
December 28th, 2008 at 8:32 pm
I agree completely with both of the previous posters. I think those who do thing properly should be rewarded. Maybe-instead of all the bailouts-people need to start living like you-within or below their means. Then, when a crisis comes up, they are prepared to handle it. I’m glad you were one of the winners!
February 7th, 2009 at 9:54 am
Very interesting article, as are some of your other posts. I have bookmarked your great site for future visits.