Tennesseans exhaust unemployment benefits and unmployed number rises

[welltravelled]

There is the problem. People become frugal while they are in financial trouble. The idea is to save prior to being in financial trouble.

I personally know people that make under $24,000 per year and have no problem with the economy as they have established such a large nest egg during by being frugal.

I also know people that make $250,000 a year that have not 1 penny in savings.

No need to take offense sunnydee54. I was not pointing at you. I was talking in general and from quite a bit of experience.

As far as "saving the lecture". I speak from experience. I was always complaining how I did not have enough money and that if I had a better job I would not be in the situation I was in. So I ended up getting that better job and guess what? I got in more financial trouble. The reason being is that I had no self discipline and I also never sat down to see exctly what I was doing with my money.

One day I finally was sick of it so I sat down and thought hard and wrote down exactly what I spent each month and I was shocked where it was all going. I then cut all spending except true needs for 2 solid years. That is what it took for me to become debt free.

As far as looking for a decent job. If I needed work I would take any job and more then one if need be.

Leonard, I high agree with you. You sound just like my parents. Not saying you are their age. You just sound like them. Very disciplined and wise.

[leonard]

Originally Posted by lutarian

There is the problem. People become frugal while they are in financial trouble. The idea is to save prior to being in financial trouble.

I personally know people that make under $24,000 per year and have no problem with the economy as they have established such a large nest egg during by being frugal.

I also know people that make $250,000 a year that have not 1 penny in savings.

No need to take offense sunnydee54. I was not pointing at you. I was talking in general and from quite a bit of experience.

As far as "saving the lecture". I speak from experience. I was always complaining how I did not have enough money and that if I had a better job I would not be in the situation I was in. So I ended up getting that better job and guess what? I got in more financial trouble. The reason being is that I had no self discipline and I also never sat down to see exctly what I was doing with my money.

One day I finally was sick of it so I sat down and thought hard and wrote down exactly what I spent each month and I was shocked where it was all going. I then cut all spending except true needs for 2 solid years. That is what it took for me to become debt free.

As far as looking for a decent job. If I needed work I would take any job and more then one if need be.

Leonard, I high agree with you. You sound just like my parents. Not saying you are their age. You just sound like them. Very disciplined and wise.

Thank you. My parents were very good with finances at it rubbed off. It is much easier to learn by someones else's experience, and far less painful. Mind you i do have my own scars.

Went from no work, losing a house, having groceries given to me so i could feed my wife and daughter, to a far better position.

I LOVE the word "frugal". I tell my wife all the time, I am NOT cheap I am frugal.

[sunnydee54]

lutarian, generalize all you want... I simply did not like your initial comment of "people create their own recessions", which is complete BS when it comes to today's current global financial crisis. I did not ask to be laid off from the company I devoted my life to.

The only debt I have is my mortgage, which by today's standards is a laughable amount to many. Frugal is my middle name, not just since I have been laid off, I have always lived frugally and saved.

Since being laid off, I have spent my life savings, cashed in my 401k, watched my investments vanish and my home value plummet and now I have exhausted my unemployment in a state with an unemployment rate above 12 percent.

My message to you lutarian.. maybe you should think a little bit more before you post. Just because you say, "now don't get mad" or "don't take offense" does not mean you have carte blanche. People will take offense or get mad when they have reason to do so. Your theory does not apply to me and I am sure there are others who agree, I am just one voice in the many who probably read your post and wanted to reply but did not bother.

BTW, I don't disagree with everything you say, it's just that inital statement that really P's me off.

[gypsiechavi]

I think that no matter your situation, job or no job, judging others based solely on your good or bad fortune shows ignorance. It speaks volumes about a person's character or lack thereof. If you are lucky enough (and I mean lucky when I say lucky) to have a job, be careful not to pat yourself on the back too much. You are in less control of keeping that job than you think. You are nothing more than a number and an expense to a company's bottom line. No one likes to lay people off. However, if it comes down to you or them, you will lose every time.

[hiknapster]

And if you work for yourself or get sick you are in huge trouble. It happened to us. Just have the mortgage, are not upside down, not late, don't have a weird mortgage, it's 6.7 interest but they can't lower it through this new plan until we can get enough wages to have something to work with.

My husband, an auto mechanic, is trying to work out of his house, which is tough because he can't advertise. He's done it for 20 years and he is desperately trying to find a night job. I mean delivering pizza and things like that.

It happens and it is not pretty. Yes, there are people out there that ridiculously spend money. A lot don't. And when something like this happens there are always the few that gloat and say it will never happen to me and maybe it won't. Some people are just lucky.

My dad's like that. Worked for a union for something like 34 years. Doesn't get along with others, would be fired in this day and age. But back then, as long as you showed up and reasonably did your job, you were set. And he did show up.

He's retired now. Fights with everyone, especially the people that can't fight back, like the poor woman at Walmart. Tells everyone within earshot that they don't know how to save money like him. I wish I was exaggerating.

Yes, he saved money. But he comes from a different age.

I save money, too. Don't put on a credit card what I can't pay off that month. But he could pay off his house in 15 years that he built new. Have his wife stay home if he wanted. Renovate, remodel, pay for cars with cash and take a very nice trip every year.

Who the heck can do that now, even if you NEVER overspend and save every penny?

He drives a Mercedes and lives in a condo in Florida. He is entitled to every bit of his money and I don't want a cent and sure enough have never seen any of it. I couldn't even get into college because his damn income disqualified me for financial aid. Well, I couldn't come up with my share on my own.

And now the guy is a chaplain at a nursing home!

Sanctimonious people are sometimes hard to take. Believe me, I can relate.

Thanks for listening. It's been a rough couple of weeks.

[welltravelled]

Did you even read what I posted fully? I gave one example and used me for it. I was in the same boat because when I was making good money I basically wasted it. It was not till I could admit to myself that I was being wasteful and have the self discipline to manage my money did things change.

Ignorance? I think not. Judging people? I think not. Stating facts hoping to help others maybe. Patting myself on the back? I think not. I had a horrible lack of self discipline. Lack of character? I think not. Once again, just trying to help.

There might not be the job you want or there might not be the job that pays the money you want but there are always jobs. You also don't need a high paying job to be financially set. It's all about how you live.

When times are good put money aside. It's that simple. Than you have money if times get rough. Like I stated before, I know people that make 24k a year and have a LARGE nest egg and I know people that make $250k a year that have no nest egg. I also know a couple that together made a total of 36k a year. They are now millionaires and never invested one penny. That is just their saving plus interesting over years.

If you make 40k a year don't live off of 40k a year. Live off of 30k a year. Then you have 10k per year saved. If you make 20k per year dont live off of 20k per year. Live off of 15k per year. Those are a few examples. In other words live UNDER your means and you will created a large nest egg.

Think of this for a moment. Remember back when things were going well. Total all your bills. ONLY your bills such as eletric, water, etc. Now take your monthly pay minus your bills and see what you had.

That is what I did years ago and I about lost it. I found out I was spending $300 a month on eating out, money on a cell phone that I did not need, money on cable which is not a need and $100 per month buy soft drinks, gum, candy bars, etc when I stopped to put gas. Then there were the credit cards. One of the evils of todays society. It should be called a license to steal. That is a trap that catches many and puts you in severe debt.

Now I do very well financilly but no one really knows it because of how I live. What I made in the last 4 months is 10 times more then what I spent to live on during the last 4 months. That is what I mean about living under your means. I live in a standard middle class neighborhood and drive a 2001 vehicle yet I could live the high life easily. I choose not to because you never know what can happen with the economy.

Here is one tip. If you are having trouble financially and you have an eletric water heater turn the breaker off. A water heater is one of the worst drains on your eletric. Only turn it on 10 minutes prior to taking your shower or bath and then turn it off. My parents for some reason still do that today which I find a bit odd for them due to their financial status. They live 15 minutes from the Mexican border and they have very hot summers. They have a nice size house, all eletric and keep the temperature at 80 degrees in the house during the summer. Much cooler then the 98 to 105 outside. Their eletric bill is between $50-$75 dollar per month during the summer.

When the times are sunny put money away for when times are rainy.

I realize I am going to probably get more hate posts but I that is ok.

For all of your that pm me patting me on the back I thank you greatly.

[gypsiechavi]

lutarian: I have no idea what gave you the impression my post was addressed to you. It was not.

[hiknapster]

Well, bless your heart, lutarian. I sure do appreciate your schoolin'.

[sunnydee54]

Originally Posted by hiknapster

Well, bless your heart, lutarian. I sure do appreciate your schoolin'.

LOL!!!!!

Ignorance is bliss

[welltravelled]

My apologies gypsiechavi.