Making the adjustment

Let me start with a little history. I own and operate a mortgage banking company located in Long Island, NY and have been in business since 1987. I have been noticing lately that I have been filled with fear and foreboding because of all the crap that has been going on in the world and especially in the mortgage indusrty. I have been through some tough cycles in my career but as I look back I realize that in the past down cycles, conditions in my life were different. Therefore, I was not as gravely affected as I am today.



First of all, I was younger and much less tied down by obligations. Yes, I was married but our children were toddlers and much more controllable. The interest rate on our mortgage was 10.25% but our mortgage balance and real estate taxes were much, much lower. I worked from my home as a mortgage broker so the overhead was very low. Today, my children are 20 and 19 and are attending a $37000 a year college. My wife and I have had to help them financially with cars because you simply can not exsit on Long Island, NY with a vehicle. Taxes are higher, food costs more and health insurance is through the roof! Things are just different. So what do we do? How do we make the adjustment?



Please share ideas and let us know what adjustments you have made in your life to enable you to thrive during tough times. I am really interested in hearing what people in our industry have to say.