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Old 09-20-2011, 02:17 PM
 
12,671 posts, read 21,101,806 times
Reputation: 2625

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Bought cars on credit? Why would you do that? Its a depreciable item, it puts you in debt and the interest you pay.

If the car died and that took the chunk of savings then could they really afford this car?

This country is not suffering. The recession was over after couple of months since Obama took office. Have you looked at the GDP numbers?

Look at the stock market performance from the March 9th bottom of 2009 till today.

I would not blame the Economy or the gov't.

One big question : Did they live below their means?

Quote:
Originally Posted by anifani821 View Post
My parents are in their 80s . . . they worked hard, never bought on credit except for their cars and a house . . . they are still "making do" with stuff they started out housekeeping with, although they have added items over the year (paid for with cash!) We surprised them for their 55th wedding anniversary w/ a flat screen TV - they were still using one from the 70s, lol.

They had things figured out where they could have a comfortable retirement, including having bought longterm care insurance in case that was ever needed . . .

B/c of the economy, my dad's pension, wh/ he paid into for his entire career, has been reduced by 27%, a significant hit for someone on a fixed income wh/ was only a matter of several hundred dollars a month added to his modest SS check. They are gonna be okay - b/c they live a simple life and have their real estate paid for but the car died last year . . . so there went a chunk from savings . . . and then there are the things that need replacing on the house . . . My dad worked til the age of 78.

They did everything the "right way." Yet, they have suffered a big financial shock . . . this country is suffering. These are real people's lives and my Dad paid into SS from the age of 16, when he started working in high school and before joining the Marine Corps and serving his country as a Korean era vet.

So even those who did get college educations (Dad has an MA), and knew how to invest in the products offered to them (a self-funded pension) and scraped and saved to stay out of debt - even those folks have taken a hit and they sure don't deserve to lose one penny of those modest SS checks they receive every month. And they deserve whatever benefits such as Medicare that they need at this stage of their lives.

 
Old 09-20-2011, 02:18 PM
 
Location: State of Being
35,885 posts, read 67,302,199 times
Reputation: 22403
Quote:
Originally Posted by Boompa View Post
The Tea Party decided that they would rather destroy America than allow Obama to be President, no surprise.
Right. A few freshmen Congressman are gonna destroy the USA. And as far as "allow" Obama to be Prez . . uh . . . HE IS PRESIDENT. So what's your beef?

And what does that have to do with Social Security or entitlements, pls as that is the discussion on this thread.
 
Old 09-20-2011, 02:21 PM
 
12,671 posts, read 21,101,806 times
Reputation: 2625
Quote:
Originally Posted by Boompa View Post
And there you have it, the Republican Platform. It's your fault you are poor so you should pay more taxes than those with wealth and power


A Christmas Carol -- Ignorance & Want - YouTube
Negative. I have lot of pre-tax deductions therefore I pay VERY little tax.
 
Old 09-20-2011, 02:22 PM
 
Location: State of Being
35,885 posts, read 67,302,199 times
Reputation: 22403
Quote:
Originally Posted by Texas User View Post
Bought cars on credit? Why would you do that? Its a depreciable item, it puts you in debt and the interest you pay.

If the car died and that took the chunk of savings then could they really afford this car?

This country is not suffering. The recession was over after couple of months since Obama took office. Have you looked at the GDP numbers?

Look at the stock market performance from the March 9th bottom of 2009 till today.

I would not blame the Economy or the gov't.

One big question : Did they live below their means?
Obviously they lived below their means! I said they paid cash for nearly everything they have ever bought in their lives, except some cars along the way and a house! I clearly stated they paid cash for their last car!

You are out in space now, fellah. We are in a deep recession. Maybe you don't feel you are suffering, but the millions of folks out of work will beg to differ.

I don't care who you choose to "blame" - unless you have the power to offer a solution for us all, lol
 
Old 09-20-2011, 02:23 PM
 
12,671 posts, read 21,101,806 times
Reputation: 2625
Stuff happens and I am aware of this but one should have Plan B. Live below your means.

Quote:
Originally Posted by Curmudgeon View Post
Very realistic and compassionate view!

Without my Social Security check, for which account I paid into for 45 years, and given furloughs and take backs in my employment and resulting salary, and having "lost" a significant portion of my defined benefit pension account (life does happen, especially when you've make other plans), I would have had to work 12-14 additional years beyond when I retired to make up for it which would have put me in my mid-70s.

Having written that horribly run-on sentence, the OP's dismissive supposition regarding people like the unfortunate ones you describe rings patently false. Life DOES happen indeed. Let's face it, Robert Burns had it right when he penned, "The best laid plans of mice and men often go astray."
 
Old 09-20-2011, 02:32 PM
 
12,671 posts, read 21,101,806 times
Reputation: 2625
Real poor people do not live in USA. Atleast the poor folks in USA have opportunity. Some of the folks outside of USA work for $1 a day.

Why should I have sympathy for some stupid 'emotional decision' they made in life?

How are they born with 2 strikes?

There are people on streets who are bums and don't want to work. Alcoholics, etc.





Quote:
Originally Posted by ERISAjunkie View Post
Thank you- well said.

I don't want to stifle an attitude of self-sufficiency or even self interest- it's a driver of human achievement. I'll say though that we're all in this together and some charity towards the other guy is in order.

I was born poor by the standards of this country and have done sufficiently well to enter into a secure retirement. Good for me but others, some whom I love, are not where I am. I don't know what happens in every person's life. Sometimes people make emotional decisions that turn out badly. Some people are born with two strikes against them and then they strike out.

The person sleeping in the street didn't plan on being there. The mother in the homeless shelter feels her shame- believe me. Yesterday was my 55th birthday. I know now that life gives us some blows we weren't expecting. I didn't think my wife would die. I didn't think I had to support ailing family members. I didn't think I'd lose my house to a drinking problem and have to start over again. I didn't think I'd have to declare bankruptcy when a business went bad and have to start again. When I saw some light in my life I was old enough not to congratulate myself but knew that, by the grace of God, I was not brought down by depression or defeatism. Some people are but they are still human beings with diginity.

We have an obligation to each other. As long as my vote means something I'll hold the next guy accountable. That's where I stand.
 
Old 09-20-2011, 02:37 PM
 
12,671 posts, read 21,101,806 times
Reputation: 2625
Quote:
Originally Posted by LibraGirl123 View Post
I'm so sorry for your relatives whose financial advisor appeared to have taken advantage of them. That being said, I'm curious...how could someone assure them they couldn't lose their initial investment if it was linked to stocks? The only way you could make such a claim would be if the investment was insured, but AFAIK stock-related products are not...or are they?
They did not take advantage. They were just doing their jobs. Its up to the client to make the final decision.

The best financial advisor is YOU!

THEY do not care if you go bust.

Nothing is guaranteed in investments. but you can cut down risk significantly with proper education, patience and sound investments.

Only thing that is insured are money in the bank up to $250K FDIC.
 
Old 09-20-2011, 03:27 PM
 
Location: SW MO
23,605 posts, read 31,571,921 times
Reputation: 29084
For Pete's sake, knock off the patronizing, multiple, incendiary and demeaning posts. Most here on a retirement board have raised children older than you and are not interested in your theory-laden/lacking-in-life-experience, judgmental diatribes. Too much wasted band width! I'm sure by now we're all suitably impressed.

This place needs a Presumptuous Youth Board!
 
Old 09-20-2011, 03:31 PM
 
12,671 posts, read 21,101,806 times
Reputation: 2625
Quote:
Originally Posted by LibraGirl123 View Post
Your parents sound very much like mine. My parents are approaching their mid-80s and they've lived VERY VERY frugally all their lives. My Dad's pension fund also took a hit because of the economic downturn. It makes me feel bad that after all the years of pinching pennies, they still have to worry about their finances because of the country's economic climate.
Pension is a benefit unlike SS entitlement. I took a hit in the 2008 Market crash but I took advantage by buying more shares at a cheaper. Then I got extraordinary gains in the bull market.
 
Old 09-20-2011, 03:36 PM
 
1,738 posts, read 753,609 times
Reputation: 1371
Hey, Texas User--- have you thought of running for office? You seem to have all of the answers (in theory...), just like most politicians.
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