Enjoying my time in Chicago - oh by the way - it’s the gold coast, not the golf coast! My test are over and looking forward to returning to Orlando.
At breakfast this morning in The Drake Hotel, (www.thedrakehotel.com) which is a favorite, I was reading today’s issue of USA TODAY. How nice to receive the daily paper to enjoy with your morning coffee. After all the news regarding the Pennsylvania Primary and the road to Indiana and North Carolina - did I ever mention on my last trip to Chicago who I ran into, why Mr. Obama himself. That must have been an interesting site - me at 4′8″ and he at 6′ plus feet, anyway, he did stop and speak to me. He was wearing a brown velour running suite and baseball cap. Anyway, back to breakfast at The Drake. Great article, Page 11A April 24, 2008. Did you know that the psycological reaction to losing $1000 is much greater than winning $1000? That many people would rather just remain stationery in a bad situation rather than risking the change and decision making process it takes to get out of that situation because it may be recognizing a loss and by not doing anything there is a dream that what the have is somehow much better? This all ties back to our housing issues we have in the US. The article goes on to quote Richard H. Thaler and Cass R. Sunstein of the University of Chicago who are authors of NUDGE: IMPROVING DECISIONS ABOUT WEALTH, HEALTH AND HAPPINESS. I can vouch for this! Folks love the devil they are with, and really scared about the devil they don’t know. In housing I see it everyday. Some folks would rather go through all their life savings, max their credit cards, spend their children’s college education funds, borrow from family members and so on before they understand that they should have lowered their price 15 mos. ago and lost the money they had hoped to make. Time and time and time again we see this. The article does encourage Americans to go back to the ideals of the 20th century, when the goal was to pay-off a mortgage and to make sure that investment stayed whole. It also stressed the importance of reality - what do I need to do to sell my house NOW! Review every offer as if it was your last and are you willing and ready to walk away from that opportunity to sell today. Great article, read it if you can. Now I am off for a brisk walk on Michigan Avenue - it is in the 60’s today and I am loving it! BB
Here are a few interesting notes about St. Patrick’s Day!
