A Vulture Consumer? Good for You
I was amused by the title of this article about vulture consumers. Apparently to some, a person who gets a bargain offered by someone in dire financial straits is a “vulture.” Sorry – but Mr. ToughMoneyLove doesn’t agree with the negative connotation.
Last year when everyone was writing and whining about how the drop in home values was hurting everyone, I disagreed. Families that could not otherwise afford to buy a home could now do so because prices had come down to meet their income levels. The neediest buyers could participate by finding and buying foreclosed properties. Good for them. By waiting until conditions made sense for them, they achieved success. That the seller’s hardship may have contributed to the buyer’s success does not and should not diminish the buyer’s achievement. Unless you personally inflicted the financial hard times on the eager seller, why should you or anyone else question the ethics of the deal?
Should those of us who experienced severe losses in our retirement porfolios criticize the ethics of new investors who are buying our stocks at 30% more discounts from what we paid? I don’t think so. I’m not happy about that development but my job is to do a better job of planning and insulating myself from the impact of changing economic decisions. Crying “foul” on the discount buyers doesn’t advance any worthwhile agenda.
So if someone calls you a “vulture consumer” for getting a bargain in a down economy, wear the label proudly. You probably earned it.
Image credit: law_keven