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The Ice Fisherman & Finances

May 1st, 2007 at 06:55 am

A friend just sent me a video clip. It showed an ice fisherman sitting alone on the lake with a pole in his hand. In the background, you could hear the wind whistling over the frozen lake. The pole dipped a few times as the man began to reel in a fish. Suddenly, a huge shark broke the surface and ate the man. Naturally I was caught unawares and surprised by the shark. It was funny.

But sometimes our finances work the same way. We think that we're fishing for something small. Even think that we've got it hooked. Only the truth is that we're about to be swallowed by something much bigger than we are.

I wonder if that's not true with some folks who took out mortgages with low teaser rates that were to be adjusted in a few years. They thought that they were just getting a good low rate on their mortgage and that they had found a way to buy a home that they couldn't really afford. Unfortunately, now that the rate is about to be adjusted, some of them will be swallowed up and lose their home and credit rating.

Some surprises can't be predicted. Our ice fisherman's encounter with the shark for instance. But some, like the mortgages with sharply escalating rates, can be predicted. And, unless you like being eaten, it's probably wise not to go fishing in that pond. It's too late for some people now. Hopefully, others can learn from their mistakes.

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