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Started By
Message
Poor people who receive large sums of money
Posted on 2/28/12 at 1:46 pm
Posted on 2/28/12 at 1:46 pm
I'm so frustrated with these people I have to vent!
I put a sound financial plan in place for them. For several months they are abiding by it. I recommend 12 months worth of monthly expenses for an emergency fund and investment that pays them a monthly income. Then all of sudden they start calling me to liquidate their investments for extra cash.
It's absurd the crap that people will spend loads of money on. 95% of the shite they buy they don't need.
I put a sound financial plan in place for them. For several months they are abiding by it. I recommend 12 months worth of monthly expenses for an emergency fund and investment that pays them a monthly income. Then all of sudden they start calling me to liquidate their investments for extra cash.
It's absurd the crap that people will spend loads of money on. 95% of the shite they buy they don't need.
This post was edited on 2/28/12 at 1:51 pm
10
Posted on 2/28/12 at 1:58 pm to LSUBanker
MOAR!!!
what did they buy? how much money we talkin. How poor?
what did they buy? how much money we talkin. How poor?
Posted on 2/28/12 at 2:03 pm to LSUBanker
Video Poker machines not paying out like they hoped?
Posted on 2/28/12 at 2:13 pm to LSUBanker
So they are poor but they can live off of investments?
Why cant they buy a want and not a need?
Without knowing what is considered crap its hard to understand. I love to fish. I dont 'need' a boat but buying a boat is something I do in order to enjoy part of my life. Otherwise what is the point of having a job? Not everyone wants to be herded through life like cattle.
Why cant they buy a want and not a need?
Without knowing what is considered crap its hard to understand. I love to fish. I dont 'need' a boat but buying a boat is something I do in order to enjoy part of my life. Otherwise what is the point of having a job? Not everyone wants to be herded through life like cattle.
Posted on 2/28/12 at 2:16 pm to Catman88
I think that's a fine attitude. I'm actually a believer to an extent. But it should be a noticeable risk with possible repercussions.
As long as tax payers aren't supposed to help when things don't work out.
As long as tax payers aren't supposed to help when things don't work out.
Posted on 2/28/12 at 2:16 pm to iknowmorethanyou
quote:
what did they buy? how much money we talkin. How poor?
They had nothing. Received 700k settlement from a wreck.
They had 72k in deposits on 1/12/2012
now...$20k
they have been pulling out thousands/per day on purchases. Writing checks, debit card purchases, etc. It's insane!
Now he wants to buy huge boat and the guy is supposed to be disabled!
Posted on 2/28/12 at 2:17 pm to LSUBanker
Then there are the low rent relatives who all come to you for money that you'll never see again.
Posted on 2/28/12 at 2:23 pm to LSUBanker
This is like a personal trainer getting mad at fatties for going off their diet if they won a year's supply of Oreos. You gave them a diet plan when you needed to get them to commit to a lifestyle change. And I'm not saying that to blame you, just say your expectations that opportunity is all that's needed for a person to want to change is wrong.
Laziness and the path of least resistance is part of the survival instinct. Watch something on Animal planet. Lions aren't working out trying to become the best predator they can be, they spend most of their time napping and conserving energy so they don't have to hunt as often.
Laziness and the path of least resistance is part of the survival instinct. Watch something on Animal planet. Lions aren't working out trying to become the best predator they can be, they spend most of their time napping and conserving energy so they don't have to hunt as often.
This post was edited on 2/28/12 at 2:26 pm
Posted on 2/28/12 at 2:23 pm to Martavius
quote:
Then there are the low rent relatives who all come to you for money that you'll never see again
I'm thinking that what's going here. Bailing out deadbeat kids.
Posted on 2/28/12 at 2:24 pm to LSUBanker
Blow ain't cheap.
Posted on 2/28/12 at 2:34 pm to LSUBanker
quote:
They had nothing. Received 700k settlement from a wreck.
They had 72k in deposits on 1/12/2012
now...$20k
Case study in the theory that if you give everyone equal sums of money in 10 years it be cosolidated once again.
Posted on 2/28/12 at 2:44 pm to LSUBanker
quote:
Now he wants to buy huge boat and the guy is supposed to be disabled!
...and so it shall be.
Posted on 2/28/12 at 2:47 pm to LSUBanker
quote:
Now he wants to buy huge boat and the guy is supposed to be disabled!
The law should watch over these jackasses for this reason...
Posted on 2/28/12 at 2:55 pm to LSUBanker
quote:
They had nothing.
And will likely be there again.
quote:
Received 700k settlement from a wreck.
Hmmm, I wonder if a lawyer or 2 might have had something to do with this?
quote:
Now he wants to buy huge boat and the guy is supposed to be disabled!
So you are saying that he his not disabled? That the lawyers helped this fine fellow to be dishonest. That some quack Dr. lied about his injuries? All of this for everybody involved to "Milk the system"
I think there may be bigger problems than just these folks not being able to manage their "new" money.
Posted on 2/28/12 at 3:01 pm to MoreOrLes
quote:
Hmmm, I wonder if a lawyer or 2 might have had something to do with this?
to clarify:
He was hurt in a big rig truck accident...not work related. He is really bang up and I feel for the guy, but buying a $40k bass boat when you can barely walk is not a good idea.
Posted on 2/28/12 at 3:09 pm to LSUBanker
like they say...money flow from those who cant manage money to those who can. sorry to hear you are about to lose a client 
Posted on 2/28/12 at 3:10 pm to LSUBanker
quote:
It's absurd the crap that people will spend loads of money on. 95% of the shite they buy they don't need.
It's why 80% of NBAers are broke within 5 years of retirement.
Posted on 2/28/12 at 3:12 pm to LSUBanker
$40,000 for a bass boat? Must be a piece of junk. Give him $60,000 and make sure he buys a ranger or skeeter.
Posted on 2/28/12 at 3:12 pm to C
quote:
Case study in the theory that if you give everyone equal sums of money in 10 years it be cosolidated once again.
..which is why Socialism will never work.
The poor idiots will never lift themselves above their current status no matter how much money you give them.
Posted on 2/28/12 at 3:54 pm to LSUBanker
price must be goin up
This post was edited on 2/28/12 at 3:56 pm
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