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Old 10-27-2016, 02:35 PM
 
Location: Lakewood OH
21,697 posts, read 23,681,631 times
Reputation: 35449

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Most here know my story of how my union embezzled my emtire 401K and then after getting a non-union and much better job I had to leave after seven years do to ill health.

My ability to live as I once could was gone but I didn't go whining about it. But I made adjustments and am living fine within my means. It's futile to expect champagne on a beer budget. So the idea is to adapt to drinking beer.
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Old 10-27-2016, 03:15 PM
 
6,605 posts, read 1,364,850 times
Reputation: 16696
Quote:
Originally Posted by Minervah View Post
Most here know my story of how my union embezzled my emtire 401K and then after getting a non-union and much better job I had to leave after seven years do to ill health.

My ability to live as I once could was gone but I didn't go whining about it. But I made adjustments and am living fine within my means. It's futile to expect champagne on a beer budget. So the idea is to adapt to drinking beer.
I don't expect you to go over it again, but can you just direct me to the CD link that tells your story?

I am NOT doubting you at all, but I just don't know how a union -- or anyone or anything else -- could embezzle anyone's 401K!
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Old 10-27-2016, 03:28 PM
 
Location: Lakewood OH
21,697 posts, read 23,681,631 times
Reputation: 35449
Quote:
Originally Posted by whocares811 View Post
I don't expect you to go over it again, but can you just direct me to the CD link that tells your story?

I am NOT doubting you at all, but I just don't know how a union -- or anyone or anything else -- could embezzle anyone's 401K!
Here's a couple of links to the official story. It was widespread over several states and involved various unions. although this mentions the investment firm only, it was always thought, but not proven, that many union heads were in on it. Millions of dollars in 401ks and pensions were lost.

I'll see if I can find my story elsewhere on CD.

Sept. 21, 2000: The feds shut down Jeff Grayson's Capital Consultants

Laborers_LIUNA Oregon Laborers Pension, Everybody Sued


One of the principals, Andrew Weiderhorn, in California running "Fatburger's." He was on "Undercover Boss."
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Old 10-27-2016, 03:32 PM
 
71,700 posts, read 71,829,507 times
Reputation: 49273
wow that is some story . i wonder if that was on american greed ? if it was pension fund money what about the pension guaranty fund ? was it just lost or stolen ? there is a difference
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Old 10-27-2016, 03:33 PM
 
26,591 posts, read 52,334,622 times
Reputation: 20438
For me it was a series of unfortunate events outside my control... lost the bulk of my 401k because I was never fully vested when ownership changed... losing 80% of the match and profit sharing is a tough pill to swallow... especially having it happen several times.

Being a product of my environment/experiences has made me leary of anything having to do with Funds, Wall Street, Annuities, Pensions, etc... and the reason for heavily focusing my emphasis on income producing Real Estate...

Last edited by Ultrarunner; 10-27-2016 at 03:41 PM..
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Old 10-27-2016, 03:39 PM
 
Location: Lakewood OH
21,697 posts, read 23,681,631 times
Reputation: 35449
Quote:
Originally Posted by mathjak107 View Post
wow that is some story . i wonder if that was on american greed ?
I don't watch that show but if they haven't had it on, it would sure make a good story for them. It took 13 years to get a "settlement." My share was $97 and some change. My 401k at the time was around $200,000.

By the time I would have ready to retire if that hadn't happened I would have had quite a nice piece of change.
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Old 10-27-2016, 03:47 PM
 
8,860 posts, read 5,141,353 times
Reputation: 10144
Quote:
Originally Posted by FeelinLow View Post
''Self righteous''? Not a bone in my body.
And some one kindly pm'ed me that OP has been an on-going complainer on these forums. Ok, well maybe that explains some of anger and frustration with him/her.
I am neither is self-righteous nor am I an enabler. I just like to hang out on these forums for a little enlightenment, comradery, and entertainment.
Last thing needed is more hate and negativity in this world. That's all I have to say about it.
Look, when someone claims that they cannot own a smartphone because their room is too small, that is just impossible to take seriously.
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Old 10-27-2016, 03:50 PM
 
8,860 posts, read 5,141,353 times
Reputation: 10144
Quote:
Originally Posted by Minervah View Post
Most here know my story of how my union embezzled my emtire 401K and then after getting a non-union and much better job I had to leave after seven years do to ill health.

My ability to live as I once could was gone but I didn't go whining about it. But I made adjustments and am living fine within my means. It's futile to expect champagne on a beer budget. So the idea is to adapt to drinking beer.
I have to hand it to you, Minervah. After experiencing such an event, it would be easy (and tempting!) to sink into rage, hatred, and/or self-pity. But instead, you have let it go and are instead embracing the positive.
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Old 10-27-2016, 04:26 PM
 
33,046 posts, read 22,072,092 times
Reputation: 8970
Quote:
Originally Posted by Minervah View Post
Most here know my story of how my union embezzled my emtire 401K and then after getting a non-union and much better job I had to leave after seven years do to ill health.

My ability to live as I once could was gone but I didn't go whining about it. But I made adjustments and am living fine within my means. It's futile to expect champagne on a beer budget. So the idea is to adapt to drinking beer.

That is precisely why I believe owning a tiny house is an awesome idea for low earners!
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Old 10-27-2016, 04:57 PM
 
6,040 posts, read 4,439,805 times
Reputation: 16753
Quote:
Originally Posted by freemkt View Post
That is precisely why I believe owning a tiny house is an awesome idea for low earners!
You can't even move an inch on a smartphone, I can't imagine how long it would take you to contemplate a tiny house project.
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