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Old 08-30-2014, 01:42 PM
 
Location: too far from the sea
19,852 posts, read 18,874,270 times
Reputation: 33775

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Quote:
Originally Posted by HappyTexan View Post
Here's one..50-57% don't know how to manage their 401K accounts.
Mathjak knows his finance stuff inside out and backwards.

Can't figure out your 401(k)? You're not alone
I knew mine just fine and I don't think I was alone. Of course what I wasn't figuring on was that my CPA Ex would have a breakdown due to PTSD from Viet Nam and spend all our money! So I guess that must make me a real loser, one of those that MJ is always criticizing. I had to take out my 401K money early. It hurt, but at that point it was life or death.

My Ex understood money too--he probably swindled quite a good number of people and he would have gone to jail but he was mentally ill, not an actual criminal. He sure took just about all I had.

I guess I have to say I am really done with these threads that bash people who didn't end up with loads of money. Maybe some people grew up around low lifes who wasted their opportunities and money. I grew up in an affluent town and went to college and have advanced degrees, worked my entire life at professional jobs. Maybe the people who grew up around low lifes, living in the projects, think everyone else is like those they grew up with. Well, they are wrong and maybe they need to gain a new perspective and get over what happened to them in childhood, get a new outlook. MOST people grew up middle class or better, followed the rules, and lived good lives. And some of us are getting sick and tired about hearing how stupid we must be.

Carry on.
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Old 08-30-2014, 02:06 PM
 
29,782 posts, read 34,880,403 times
Reputation: 11705
Quote:
Originally Posted by in_newengland View Post
I knew mine just fine and I don't think I was alone. Of course what I wasn't figuring on was that my CPA Ex would have a breakdown due to PTSD from Viet Nam and spend all our money! So I guess that must make me a real loser, one of those that MJ is always criticizing. I had to take out my 401K money early. It hurt, but at that point it was life or death.

My Ex understood money too--he probably swindled quite a good number of people and he would have gone to jail but he was mentally ill, not an actual criminal. He sure took just about all I had.

I guess I have to say I am really done with these threads that bash people who didn't end up with loads of money. Maybe some people grew up around low lifes who wasted their opportunities and money. I grew up in an affluent town and went to college and have advanced degrees, worked my entire life at professional jobs. Maybe the people who grew up around low lifes, living in the projects, think everyone else is like those they grew up with. Well, they are wrong and maybe they need to gain a new perspective and get over what happened to them in childhood, get a new outlook. MOST people grew up middle class or better, followed the rules, and lived good lives. And some of us are getting sick and tired about hearing how stupid we must be.

Carry on.
Interesting article linked in your link on just this topic. The comments are interesting and parallel this discussion.
Should we force people to save? Bankrate, Inc.
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Old 08-30-2014, 02:18 PM
 
Location: Great State of Texas
86,093 posts, read 72,534,315 times
Reputation: 27566
Quote:
Originally Posted by in_newengland View Post
I knew mine just fine and I don't think I was alone. Of course what I wasn't figuring on was that my CPA Ex would have a breakdown due to PTSD from Viet Nam and spend all our money! So I guess that must make me a real loser, one of those that MJ is always criticizing. I had to take out my 401K money early. It hurt, but at that point it was life or death.

My Ex understood money too--he probably swindled quite a good number of people and he would have gone to jail but he was mentally ill, not an actual criminal. He sure took just about all I had.

I guess I have to say I am really done with these threads that bash people who didn't end up with loads of money. Maybe some people grew up around low lifes who wasted their opportunities and money. I grew up in an affluent town and went to college and have advanced degrees, worked my entire life at professional jobs. Maybe the people who grew up around low lifes, living in the projects, think everyone else is like those they grew up with. Well, they are wrong and maybe they need to gain a new perspective and get over what happened to them in childhood, get a new outlook. MOST people grew up middle class or better, followed the rules, and lived good lives. And some of us are getting sick and tired about hearing how stupid we must be.

Carry on.
I wager a lot of people who hand their money over to other people don't worry.
My MIL was like that and my SIL just finally got the ties CUT with her "financial advisor" who was milking her account.
My MIL is not financially astute and trusted this "financial advisor" who was just a broker in a brokerage firm buying and selling to get his commissions.
She gave him power of attorney to do trades because she didn't know any better.

No one has the power to spend my money but me.
#1 rule.
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Old 08-30-2014, 03:17 PM
 
Location: SW MO
23,605 posts, read 31,497,588 times
Reputation: 29076
Quote:
Originally Posted by in_newengland View Post
I guess I have to say I am really done with these threads that bash people who didn't end up with loads of money. Maybe some people grew up around low lifes who wasted their opportunities and money. I grew up in an affluent town and went to college and have advanced degrees, worked my entire life at professional jobs. Maybe the people who grew up around low lifes, living in the projects, think everyone else is like those they grew up with. Well, they are wrong and maybe they need to gain a new perspective and get over what happened to them in childhood, get a new outlook. MOST people grew up middle class or better, followed the rules, and lived good lives. And some of us are getting sick and tired about hearing how stupid we must be.

Carry on.
Count me among them. But then I must have been stupid to not foresee that my ex, after 25 years of marriage, would leave me and take every penny I had that she could and half of all the rest when I was 50. My bad! Guess I should have known in advanced that my current wife would have to retire early due to medical issues then need five surgeries over the next several years that even with good insurance ended up costing us 10s of thousands of dollars out of pocket, not to mention many thousands more for accommodations for her disabilities. My bad again. Oh, and then there was my neurosurgery which was covered by insurance to the tune of $170K but that doesn't take into account the ongoing costs of yard maintenance and housekeeping we now have to pay for every month because we can no longer physically keep up with those chores. My goodness. My bad X3. But I guess that in the end, Stupid Я Us!
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Old 08-30-2014, 03:55 PM
 
71,697 posts, read 71,801,099 times
Reputation: 49262
i think most of us were in the same boat. divorced after 25 years too. took a 401k loan to pay off her credit cards.

then the company i worked for went under 1 year later and i had to pay the loan off in full.

it look a lot of scrambling .
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Old 08-30-2014, 04:13 PM
 
1,198 posts, read 1,575,687 times
Reputation: 779
Quote:
Originally Posted by newenglandgirl View Post
Not among the many I have known and read about. Old money, secure money, gives to the nonprofit aid organizations in larger and more consistent amounts. Old money is so secure that they don't worry about "someone else's hand in their pocket." They are careful of their money, sure, but they're not threatened by the idea of helping others, nor are they seemingly so vitriolic in their response to the lower ranges of socioeconomic situations. Many (not all) in the upper realm are highly educated in this area as well, and education breeds broader analysis of what some see through a narrowly defined lens. We could have a most interesting discussion on this alone.
We run in different circles then in the old vs. new money crowd.
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Old 08-30-2014, 05:12 PM
 
29,782 posts, read 34,880,403 times
Reputation: 11705
I think there are two broad conversations in this thread:

The validity and worthiness of people for a safety net
The willingness of people to contribute to the safety net.

I don't think there is anyone or perhaps no one posting who others wouldn't consider worthy of support. I suspect there are very few posting who wouldn't be willing to support those posting in the thread. There is this undefined other person who many would back off supporting. There are proposals to tie elderly support including SS to life time earnings. This would enable government to say you could have but didn't. Of course there would have to be adjustments for divorce and health emergencies.
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Old 08-30-2014, 05:39 PM
 
1,227 posts, read 1,261,178 times
Reputation: 4310
You know, I think one of the issues is that life happens. When something bad happens humans tend to blame the victim rather than attributing it to sheer luck. If we attribute it to luck, then we are recognizing our own vulnerability. This works with finances, health and just about anything else.
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Old 08-30-2014, 05:50 PM
 
33,046 posts, read 22,072,092 times
Reputation: 8970
Quote:
Originally Posted by mathjak107 View Post
i think most of us were in the same boat. divorced after 25 years too. took a 401k loan to pay off her credit cards.

then the company i worked for went under 1 year later and i had to pay the loan off in full.

it look a lot of scrambling .

And I guess the low-wage workers without 401(k) at work just failed to plan.
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Old 08-30-2014, 05:53 PM
 
71,697 posts, read 71,801,099 times
Reputation: 49262
Yes i would say anyone still in adulthood that had a life long career at near minimum wage or a wage that does not let them earn enough to meet their goals is a financial failure.

Especially those that have a list of excuses as to why they flip burgers as a career choice.
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