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Started By
Message
I am selling all of my stocks
Posted on 12/30/14 at 11:24 am
Posted on 12/30/14 at 11:24 am
So, I go to the bank to deposit some money. I walk and I am second in line behind some older man and his daughter(?). Anyways, as we were waiting, his daughter(?) started talking to him about his job, and it turns out it is something with Wal-Mart. Anyways, he said he doesn't invest any in Wal-Mart stock. Then, in a moment that I took as a sign from above, he turned and looked at his daughter and then looked at me to make sure I was paying attention, he said "I don't invest in any stocks. The market is going to crash! I mean, they tell you that over time the market will go up, but guess what? I ain't gonna live forever!" After hearing that and studying his appearance, camo hat, high waisted jeans, and the most Jim Bob Cooter looking guy you would imagine you would see in TN, I agreed with him. I then listened more closely as he studied the cd rates, 1.15% for a 4 year cd intrigued him. I then watched as he went to the teller and asked for his balance. I imagine it must be some large number as he doesn't even know and made a point to ask the teller. She told him and he ended up leaving.
So, anyone else have any good stories to tell? ETA: Maybe not stories but random times when you got financial advice from random people.
So, anyone else have any good stories to tell? ETA: Maybe not stories but random times when you got financial advice from random people.
This post was edited on 12/30/14 at 11:35 am
5
Posted on 12/30/14 at 11:26 am to OnTheBrink
quote:you first
anyone have any good stories to tell
Posted on 12/30/14 at 11:28 am to TechDawg2007
quote:
you first
But, I thought, I mean, that wasn't good?
Posted on 12/30/14 at 11:35 am to OnTheBrink
quote:
they tell you that over time the market will go up
It has over the past 50 yrs.
quote:
I am selling all of my stocks
Planning to go work for Wal-Mart too?
Posted on 12/30/14 at 11:36 am to OnTheBrink
quote:Did you say 'hi' to Lakeboy7???
"I don't invest in any stocks. The market is going to crash! I mean, they tell you that over time the market will go up, but guess what? I ain't gonna live forever!"
LINK
Posted on 12/30/14 at 11:41 am to LSURussian
quote:
Did you say 'hi' to Lakeboy7???
Holy crap. That is too funny. I usually try to read almost every thread on MT, but I missed that one. Almost identical to what happened today, and to hear that man talking about those cd rates, what can I say, he sold me. I am locked in for 4 years with a 1.15% interest rate. BANG BISCUIT!
Posted on 12/30/14 at 11:44 am to TechDawg2007
quote:
you first
OP going to tell us the guy's balance or what?
Posted on 12/30/14 at 11:49 am to Y.A. Tittle
quote:
OP going to tell us the guy's balance or what?
My story loses some of its luster if I do. But, I will anyways.
So anyways, he is a good distance away now with the teller and she prints out a receipt with I am guessing his balance. He looks at his daughter(?) and says it shouldn't be that low. He then proceeds to leave the bank and he didn't open up a cd like I did. Poor guy. But, he gave sound advice that I will cherish for years and pass down to my children.
Posted on 12/30/14 at 11:58 am to OnTheBrink
Sounds like I need to buy more. Now, if he were giving advice on hot stocks to pick up, I'd be significantly more concerned
Posted on 12/30/14 at 12:10 pm to Joshjrn
Around 2009 I was working and there was a younger worker who was making about 18 an hour (we worked a fairly significant amount of overtime and he was working roughly 65 hours a week)
Anyway he was 19 years old and he was asking me about the 401K program. I was 28 at the time and was telling him how it would be a very good opportunity for him to be able to start contributing that early.
Then of course my advice gets some criticism from this guy who is 64 years old who said that you might as well go throw it all in the casino.
I just told him if he wanted to still be working here when he was 64 years old to listen to the 64 year old guy that still works here. If you want to retire comfortably at 60 then you might want to reconsider.
Anyway he was 19 years old and he was asking me about the 401K program. I was 28 at the time and was telling him how it would be a very good opportunity for him to be able to start contributing that early.
Then of course my advice gets some criticism from this guy who is 64 years old who said that you might as well go throw it all in the casino.
I just told him if he wanted to still be working here when he was 64 years old to listen to the 64 year old guy that still works here. If you want to retire comfortably at 60 then you might want to reconsider.
Posted on 12/30/14 at 12:33 pm to OnTheBrink
How old?
If the guy is 90 years old and has a terminal illness and is a greeter at WalMart to give him something to do every day... maybe putting money into the stock market isn't the best for him.
My grandfather, who was comfortable in retirement while he was alive, but never wealthy, never put a dime in the stock market, and really never trusted banks. He never used a credit or debit card, rarely wrote checks (and 90 percent of the ones he did were for cashing). Everything he paid in cash.
By the time I was of age to know anything, he was long since retired. He kept just a couple of thousand in the bank. He would every month cash his entire pension check and half his social security check. The cash lasted him the whole month. The other half of the social security check would go into the bank to pay the few bills he had to write a check for. Even utility bills he paid in cash - once a month he would go to the service window at Dorignac's and pay them all.
He had a 7th grade education and lived through the Depression. People from that age truly have a different mindset. Some might say it's silly. But, the only debt he ever had was a mortgage, and he seemed to live just fine.
If the guy is 90 years old and has a terminal illness and is a greeter at WalMart to give him something to do every day... maybe putting money into the stock market isn't the best for him.
My grandfather, who was comfortable in retirement while he was alive, but never wealthy, never put a dime in the stock market, and really never trusted banks. He never used a credit or debit card, rarely wrote checks (and 90 percent of the ones he did were for cashing). Everything he paid in cash.
By the time I was of age to know anything, he was long since retired. He kept just a couple of thousand in the bank. He would every month cash his entire pension check and half his social security check. The cash lasted him the whole month. The other half of the social security check would go into the bank to pay the few bills he had to write a check for. Even utility bills he paid in cash - once a month he would go to the service window at Dorignac's and pay them all.
He had a 7th grade education and lived through the Depression. People from that age truly have a different mindset. Some might say it's silly. But, the only debt he ever had was a mortgage, and he seemed to live just fine.
Posted on 12/30/14 at 12:38 pm to LSUFanHouston
quote:
How old?
I would guess late 40's-early 50's.
Posted on 12/30/14 at 1:20 pm to OnTheBrink
Stories like these make me want to lobby the LA Dept of Ed to substitute accounting and personal finance (aka "consumer math") for the now mandatory Algebra II. Can't tell you that I ever needed to solve a qadratic equation since the tenth grade SATs, but I see people every day who have no grasp of compound interest.
Posted on 12/30/14 at 1:35 pm to hungryone
quote:
Stories like these make me want to lobby the LA Dept of Ed to substitute accounting and personal finance (aka "consumer math") for the now mandatory Algebra II.
Yes, Yes, MF'in Yes.
Doesn't even need to be a full credit class. A half-credit class in personal finance and free enterprise would do so much good.
I also think a full credit class in personal finance should be a core class in college. I had to take 6 hrs of science and 6 hrs of psychology, and I don't use any of that.
Posted on 12/30/14 at 2:01 pm to LSUFanHouston
quote:
LSUFanHouston
Completely agree and have been saying it for years. Why Personal Finance 101 is not required in college is beyond me. But hey, I had to take bowling and tennis, not to mention art and music appreciation.
Posted on 12/30/14 at 3:52 pm to OnTheBrink
The S&P 500 never goes down over a 20-year period. Never ever ever. And that's to say nothing of a 30-year or longer horizon.
Compound interest and dividends are your friend.
Compound interest and dividends are your friend.
Posted on 12/30/14 at 8:21 pm to OnTheBrink
Anyways must be your favorite word
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