by Dossie M Terrell

Created on: January 28, 2009   Last Updated: May 14, 2012

Many folks today are reaping the benefits of unbridled greed and as a result are agonizing over the consequences. However, as with all aspects of life, the bad times offer opportunities to change for the better. Everyone deserves to live a life that is comfortable and to be surrounded by those they loves, but the question becomes how much does it takes to become comfortable? When does the quest for comfort become a quest for greedy and profligate living? Before the recent meltdown, many were becoming too comfortably rooted in an "anything goes to get what I want" mode.

Perhaps amid the misery, there will be real paradigm shifts and folks will start thinking about the needs of others rather than stockpiling millions and millions of dollars for no other purpose than acquiring them. Why does one need three or four houses for themselves, when so many are homeless?

Within the past ten to twenty years, many of the societies of the world, including the United States, have sought the largest and the most expensive for no other purpose than having or owing it. Many comported themselves like kids in a candy store. Even when money was not there they used credit cards and they borrowed and they made deals that were more risky than usual. They were not dissuaded and forged on in their quest for more.

Even those who had residences they could afford and were living quite comfortably, allowed greed to cause them to withdraw the equity from their homes simply because they could. Many signed on for loans they did not understand, overlooking balloon statements, etc., and other trappings because the ton of money they would get was too tempting to pass up. Even ordinary and sane folks got caught up in the hype. Overnight many became millionaires, especially in the overpriced real estate market.

In June 2008, the USA Today reported that the number of millionaires in the United States increased by 5.9 percent between June 30, 2006 and June 30, 2007. This equated to 9.9 million households with earnings and net worth, excluding residence, at or exceeding a million dollars. This article noted the average American millionaire during that period was at least 66 years of age and had an average net worth of $4.6 million. Many wanted retirement in their golden years to be comfortable and went about investing their funds mostly in Long Term Investments to create even more. Unless this group was expecting something really catastrophic to occur, these retirement packages were pretty substantial.

Regrettably,

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