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Feet On Ground, In Good Shoes

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By Chinonye Onwunli

The Tampa Tribune

Published: November 2, 2008

My younger sister looked at me in horror when she heard about the demise of the bank IndyMac.

"Banks can close?" she asked.

I explained that accounts are insured up to a certain amount, still we figured it best to keep our money under the mattress. Later, we realized that our $10 would be worth less than when we put it away because of the weakening dollar.

"Where do we put our money?" is the question my siblings and friends ask in this shaky economy.

I decided to invest in shoes because for me, the value of shoes only increases. I've decided to ride the bus to school and work and drive only on the weekends, so I need comfortable heels and flats.

Exercise and retail therapy! So far, they've proven to be a useful investment strategy.

Unfortunately, it is not as useful for my sister and a number of friends who really want to know, "How do we get our feet on the ground?"

A good number of young couples are having a hard time starting a life together in this economic climate. Coming out of school, many of us were advised to make a down payment on a home instead of buying that new BMW.

I even remember hearing that an adjustable-rate mortgage was a great idea because we were young and didn't plan to live in the area for more than five years.

It was a great way to build equity and save money.

A few years later, some of us got married and had children. Now with very young children, some have been laid off and are bottom-up on their homes. They debate whether to default on their mortgage or their student loans every month.

It's tough to witness.

A friend waited just a little longer to take her 2-year-old to the doctor because the $25 co-pay is a bigger portion of her household income now that her husband is not working. It's tough to hear another friend contemplate divorce when it seems like just the other day I mailed her a Target gift card for her wedding I couldn't attend.

Losing a home will cut any honeymoon short.

Just as we are building our own lives, we are watching our parents' savings and investments go down the drain. A big part of my Nigerian culture involves taking care of extended families, which adds even more pressure as friends consider extended families in addition to the one they are trying to build.

Sometimes it's just easier to walk away.

Walk away from the house that is worth much less than you paid and a marriage that feels spent, too. Just give it another go when the market is back up and on its feet.

I tell my friends to put their money into their families.

Bad times aren't forever. Until then, they can always borrow my shoes.

Chinonye Onwunli is a doctoral student in political science.

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