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Today’s Family Profile

With the economy up and down like a yo-yo, many people face a lot of obstacles just living their everyday life. Things such as homes, vehicles and even grocery prices have reached all time highs, and corporations have had to make some serious cuts in their labor forces just to keep their bottom line out of the red. This whole scenario creates a double edge sword for many American families and has adjusted the family profile, and has changed the meaning of the family profile lifestyle.

Back in the late 80’s and early 90’s the family profile was different and the economy was in much better shape. The interest rates on home mortgages and family vehicles were at all time highs. For those that purchased homes at all time high prices, and got locked into record high interest rates were at an extreme disadvantage. Those that were lucky enough to get a refinance loan when the rates started falling got themselves out of a mess that many others were not able to do. 

Next came the collapse of the financial markets when people that had run up billions of dollars in credit card debt went bankrupt. This had a devastating effect on the banks and lending institutions that had a dominos effect on the entire economy. Twenty to thirty years later the family profile has changed and there are still many people that are still trying to pick themselves up, brush themselves off, and get back on their feet financially. Many of these people that had $400,000 homes back in the early 90’s and lost them due to foreclosure are lucky to be living in a much smaller home today.

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The family profile of the baby boomers are back to repeating the cycle today. They are living paycheck to paycheck, and are building homes that are out of their leagues. They have all the best toys and do not worry about saving for the future. This combination is setting the country up for another possible collapse within the next ten to twenty years. Although the banks are not quite as generous with the free cash flow as they were back in the 80’s and the 90’s, they are pretty generous with offering people with jobs a long line of credit. Today it takes a family of four at least three times as much money to live on than it did in the 90’s. That means that the average household has to have both mom and dad working good jobs to make ends meet. Therefore the basic family life of mom cooking dinner for the family is a life style of the past. The family profile today is a world of children being raised in school and daycare centers, and has made the model family a whole different picture than it was in the past. 

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