TORRANCE TRIBUNE November 1, 2012 Page 11 Finance How to Hunt a Space Rock Have The ‘Good Debt’ Vs. ‘Bad By Bob Eklund us through an active mine claim. We quicklythe most negotiable route ended up takingPeter Willis and his team of researchers Debt’ Rules Changed? they had a solution that needed a problem. in rocks from space.”found out that miners are not much interestedat JPL had a problem. Actually, more like By Jason Alderman work life as more than $800,000. Confused? Let’s let Peter give it a shot… “We were fixing a flat when they drove Before the Great Recession of However, such estimates don’t “My team and I came up with a new lab up and told us to turn around,” said Willis. 2008 overturned many long-held factor in the crippling student loan on a chip,” said Willis, a scientist at JPL’s “We needed to get the tire repaired anyway, financial beliefs, it wasn’t uncommon debt many graduates face or their Microdevices Lab. “It essentially miniaturizes so we headed back to town to regroup and for people to differentiate between inability to find work in a chosen an automated sample processing and analysis look for a different route which didn’t cross “good debt” and “bad debt.” The field during difficult times. But instrument that could be put aboard future mining land.” thinking was that certain kinds of still, the unemployment rate among spacecraft and sent to distant planets, moons The new route made full use of their debt were worth taking on because college grads is roughly half that and asteroids. One challenge we have is SUV’s 4-wheel drive capability. The team you come out ahead in the long of high school grads – 4.5 percent finding new and interesting samples to try negotiated narrow, sloping, unpaved, sand- run. Buying a home and financing a vs. 8.4 percent. College is still a our chip on.” flooded switchbacks before arriving near the college education were two notable worthwhile investment for many people if On the evening of August 21, 2012, a large center of their estimated impact zone. For examples. they don’t go overboard on loans and choose fireball that turned night into day was reported the next three hours, the team fanned out But when home values plummeted and the a degree with good earnings and employment over a mountain range halfway between in different directions, but found nothing cost of a bachelor’s degree soared into five or potential. Reno and Salt Lake City. By convention, the extraterrestrial in nature. By 4:30 p.m., it six digits, those once-safe investments in your Mortgages. Before the real estate crash, meteorite was named after the nearest town was getting to be time to wrap things up. future suddenly seemed risky or unattainable. homeownership was considered good debt or prominent geographic feature. JPL’s Josh Schoolcraft had just begun the Now’s a good time to step back and examine because historically, when someone finally “We first heard about the Battle Mountain final leg of his search…when he saw it. the concept of good debt vs. bad debt and paid off their mortgage, their home was meteorite on the morning of Wednesday, Sitting there on the mountainside, amidst why, in certain cases, acquiring debt may still usually worth much more than the purchase September 5,” said Willis. “We were on the a tangle of sun-bleached dirt, pebbles and make sense – provided you plan carefully price. For many, this probably still will be road to Nevada the next afternoon.” scrub was a jet-black rock. and don’t exceed what you can reasonably true, unless they bought during the market The challenge with meteorites is that that “I knew right away it was what we were expect to repay. upswing or are forced to sell before prices the longer these bit of space debris reside looking for,” said Schoolcraft. “It was a This simple distinction still applies: Taking can recover. After all, mortgage interest rates on Earth, the more they are exposed to carbonized, unweathered black mass, unlike on so-called good debt can help boost your are historically low and interest and mortgage the corrosive effects of Earthly elements. anything else we had seen in our two days credit rating or allow you to buy something points are still tax-deductible. JPL’s miniature lab on a chip was tasked of searching. It clearly had not been there that will increase in value over time, whereas Just don’t buy more house than you can with looking for chemical markers and for very long.” bad debt often fuels the purchase of items afford. Factor in expenses like property tax, amino acids that originated in space, not A 1.4-pound fragment of the Battle that are disposable, unnecessary or rapidly primary mortgage insurance, homeowners manufactured naturally here on Earth. To Mountain meteorite is currently undergoing depreciable. dues, utilities and repairs – and if you get give their new instrument a true test run, analysis by the team’s lab-on-a-chip systems One of the best ways to build strong credit an adjustable rate mortgage, calculate how Willis’ team needed a factory-fresh piece at JPL. history is to show lenders you can pay off high rates could climb. of the heavens. Images: http://www.jpl.nasa.gov/ debt responsibly. You’re more apt to qualify Bad debt. What qualifies as bad debt hasn’t After a night at a local motel, Willis, along news/news.php?release=2012-320 http:// for a mortgage, car loan, or other large debt changed since the recession, but budget- with fellow JPLers Amanda Stockton, Josh couloirsdunet.wordpress.com/inclassable/ if you’ve demonstrated sound repayment conscious consumers are paying more attention Schoolcraft, Fernanda Mora and Morgan la-meteorite-de-battle-mountain/ • behavior. Just remember: Carrying multiple now. Meals out, excessive vacations, and Cable, packed hiking gear and a whole bunch loans or high-limit credit cards could harm unnecessary clothing or electronics – wants vs. of water into their SUV and struck out for your rating, since lenders might worry you’re needs – all qualify if you’re spending beyond Battle Mountain, Nevada. taking on more debt than you can repay. your means. Basically, if you can’t pay the Working with weather radar data as well Student loans. The average college graduate bill in full within a month or two, reexamine as testimonials from those who witnessed earns $47,422 a year, compared to $26,349 whether it’s a worthwhile expense; particularly the fireball, the team generated an impact for high school graduates – a difference of if you don’t have at least six to nine month’s zone to concentrate their search. $21,073. Using simple math, some calculate pay stashed in an emergency fund or you’re “The first day, we covered 6 miles of the difference in total earnings over a 40-year trying to save for a car or home. mountainous terrain on foot but didn’t find anything but terrestrial rocks and the “The best way to prepare for life is to begin to live.” occasional whiptail lizard,” said Willis. “The next day was going to be our last shot, so ~ Elbert Hubbard we planned to drive much deeper into the right: Peter Willis, Amanda Stockton, Josh Schoolcraft, FernandaJPL’s Battle Mountain meteorite hunters. 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