The media is popping with headlines screaming doom and gloom for the American economy. The debt bubble, which they refer to as the Everything Bubble, will explode. As of right now, many people who have taken out huge loans for homes and cars now owe far more on both homes and cars than these items are worth. They went into debt to impress others and give the impression of being cool and well off. I do not own a home. I own my 18 year old car. People can attack me and shame me for not being flashy or extravagant, but most of those people are up to their ears in debt. This is financial advice for real people, by a real person. 

If you are one of those upper middle class or well off spoiled brats , get out of here right now.