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Old 07-23-2012, 07:01 AM
 
Location: Dallas
31,288 posts, read 20,662,810 times
Reputation: 9324

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Quote:
Originally Posted by Bideshi View Post
When we can no longer produce a profit for someone, we are discarded like a broken tool. We are expected to die. That is the way the system operates.

That's fine. But you need to live within your means and save for the time when you can no longer produce a profit for someone. That's YOUR problem, not society's problem.
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Old 07-23-2012, 07:16 AM
 
Location: deafened by howls of 'racism!!!'
52,342 posts, read 34,099,496 times
Reputation: 29061
Quote:
Originally Posted by chielgirl View Post
Then people will whine that those old folks won't quit their jobs and give me a chance.
heck, they've been doing that for the last 3 years already.
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Old 07-23-2012, 07:23 AM
 
Location: Stuck in NE GA right now
4,585 posts, read 12,340,232 times
Reputation: 6678
Quote:
Originally Posted by GiantRutgersfan View Post
http://www.nytimes.com/2012/07/22/op...etirement.html



How is this country supposed to deal with these peoples mismanagement of their lives? This is going to have dramatic effects on a ton of things
There are a lot of people who live within their means and saved and now it's all gone, I'm one of them and will now have to work at least part time until I drop. We didn't mismanage our lives, we saved, we invested and it was stolen from us.

I lost my first savings when the IT bubble burst, I worked for a small young firm and the CEO and CFO ran with our retirement $$$, they were computer geeks and knew what they were doing and were never found, I'm sure they are living the high life on mine and others retirement somewhere in a non-extraditable country. Also, anyone remember Enron, there are plenty from that company who lost everything too. I then really tightened my belt again, lived so frugally and it wasn't fun, but I saved AGAIN, and at 58 years old, the collapse in '08 took most of what I had saved and I lost my income and my whole profession and after 4 years of unemployment I finally got another job paying just barely above minimum wages and it's an as needed job so no guaranteed income at all, I continue to apply for other jobs and I just got another partime job that might go full time perm but it will only be $12 an hour, tough to save on that income. The only thing I have left is the 10 acres I live on, it is now paid off but with the real estate collapse, I can't sell it - my area was and is still hit very hard and I had hoped if I sell when I turn 66 I could use that to suppliment my SS, but I doubt that will happen. I will turn 62 in October, so going back to school for another profession isn't cost effective or even remotely worth it, I wouldn't have enought work life left to pay off student loans, nor do I want them hanging over my head at my age and health. I have no debt to speak of, but no savings now either.

We did not mismanage our lives.
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Old 07-23-2012, 07:24 AM
 
Location: Earth
24,620 posts, read 28,219,543 times
Reputation: 11416
Quote:
Originally Posted by vamos View Post
It's the American way: Spend, spend, spend - never worry about tomorrow. We've been spoon fed the idea that we need to consume more and more - it allegedly makes us happy and it keeps our economy going. We buy larger houses than we need, want fancy cars with all the bells and whistles, we need two cell phones per adult, our six-year olds need cell phones, there need to be multiple TV's in our houses, we deserve the $200 a night hotel room, our children need a tablet computer to be happy, etc.

All the while, we keep thinking that there is absolutely no need to save for emergencies or the future. If that's how you live, then you probably get what you deserve.
I keep quoting a very good Iowan, Greg Brown, the folksinger:

We have no knowledge and so we have stuff
Stuff without knowledge is never enough


The song is Two Little Feet: Greg Brown -- Lyrics for FURTHER IN
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Old 07-23-2012, 07:25 AM
 
Location: around racist white people
1,610 posts, read 1,778,952 times
Reputation: 700
Quote:
Originally Posted by king's highway View Post
How many of those below median income people have all the latest tech gadgets, cable TV,
eat at restaurants and spend money wastefully like most Americans do.


I was a single parent since my child was one year old and I managed to retire early.
It can be done with self-discipline and God's blessings.


.
Yep, I can't begin to tell you the expensive 2000 tvs I see in people's homes, eventually kids will stay at home longer and some will never leave moms basement.
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Old 07-23-2012, 07:27 AM
 
Location: Dallas
31,288 posts, read 20,662,810 times
Reputation: 9324
Quote:
Originally Posted by ReturningWest View Post
There are a lot of people who live within their means and saved and now it's all gone, I'm one of them and will now have to work at least part time until I drop. We didn't mismanage our lives, we saved, we invested and it was stolen from us.

I lost my first savings when the IT bubble burst, I worked for a small young firm and the CEO and CFO ran with our retirement $$$, they were computer geeks and knew what they were doing and were never found, I'm sure they are living the high life on mine and others retirement somewhere in a non-extraditable country. Also, anyone remember Enron, there are plenty from that company who lost everything too. I then really tightened my belt again, lived so frugally and it wasn't fun, but I saved AGAIN, and at 58 years old, the collapse in '08 took most of what I had saved and I lost my income and my whole profession and after 4 years of unemployment I finally got another job paying just barely above minimum wages and it's an as needed job so no guaranteed income at all, I continue to apply for other jobs and I just got another partime job that might go full time perm but it will only be $12 an hour, tough to save on that income. The only thing I have left is the 10 acres I live on, it is now paid off but with the real estate collapse, I can't sell it - my area was and is still hit very hard and I had hoped if I sell when I turn 66 I could use that to suppliment my SS, but I doubt that will happen. I will turn 62 in October, so going back to school for another profession isn't cost effective or even remotely worth it, I wouldn't have enought work life left to pay off student loans, nor do I want them hanging over my head at my age and health. I have no debt to speak of, but no savings now either.

We did not mismanage our lives.
Some people like you just have unfortunate events occur and there is not much you can do to prevent it. However, if you put all your savings in your company twice, that was not good management.
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Old 07-23-2012, 07:28 AM
 
Location: CHicago, United States
6,933 posts, read 8,469,476 times
Reputation: 3510
Quote:
Originally Posted by Oldhag1 View Post
I'm surprised it is not a higher percentage.


The days of multi-generational homes will have to make a comeback as the younger generation will have to help support their aging parents. That part of it is not necessarily a totally bad thing.
Right now, there are probably more parents taking care of their children (i.e., who've moved back home) than the other way around ... because so many young people are unemployed or underemployed.
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Old 07-23-2012, 07:28 AM
 
Location: Earth
24,620 posts, read 28,219,543 times
Reputation: 11416
Quote:
Originally Posted by Roadking2003 View Post
We already do that. It's called social security and we all know how well that's working out. And yes, it's the same as Obamacare.... more big Nanny State. We need to eliminate the Nanny State, not expand it.
So you want people living on the streets with nothing?
Social Security is a safety net.
What do you expect people to do, kill themselves?
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Old 07-23-2012, 07:29 AM
 
Location: NJ
18,665 posts, read 19,917,273 times
Reputation: 7313
Quote:
Originally Posted by ReturningWest View Post
. The only thing I have left is the 10 acres I live on, it is now paid off but with the real estate collapse, I can't sell it - my area was and is still hit very hard and I had hoped if I sell when I turn 66 I could use that to suppliment my SS, but I doubt that will happen..
Why can't you sell it? It may not be peak value, but I assume it has some value.
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Old 07-23-2012, 07:35 AM
 
Location: Great State of Texas
86,052 posts, read 84,246,121 times
Reputation: 27718
Quote:
Originally Posted by Roadking2003 View Post
Some people like you just have unfortunate events occur and there is not much you can do to prevent it. However, if you put all your savings in your company twice, that was not good management.
I was about to say the same..don't put all your eggs in one basket.
Many Americans are lacking in financial education and don't actively manage their savings.
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