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re: do these people plan to work forever?
Posted on 1/19/19 at 11:42 pm to Volvagia
Posted on 1/19/19 at 11:42 pm to Volvagia
There are few things which would turn me to violence. Stealing my life's savings would do it. At that point private property rights would no longer exist and the Democrat Leftists would have finally won so it sounds like the appropriate time for rebellion anyway.
1
Posted on 1/20/19 at 12:26 am to NewIberiaHaircut
quote:
quote:
They have $8000 in savings
I truly don't understand how this happens.
Some people just flat out live in a dream world. My in laws don't have much saved at all. They told me "my bills were always paid before."
Posted on 1/20/19 at 7:05 am to tenderfoot tigah
For them it’s been “living in the moment”
They make decent money and they buy everything they want. Cars, boats, whatever. At one point they had four car payments and three drivers in their household.
When they get done making their payments, they don’t have anything left. The only reason they have $8000 is that a few years ago they got a $10k check all at once and I convinced them to max out $5500 into a retirement account. That has grown a little.
Parents don’t like taking advice from their kids. I get it. But they are in a financial mess and they don’t realize it.
They make decent money and they buy everything they want. Cars, boats, whatever. At one point they had four car payments and three drivers in their household.
When they get done making their payments, they don’t have anything left. The only reason they have $8000 is that a few years ago they got a $10k check all at once and I convinced them to max out $5500 into a retirement account. That has grown a little.
Parents don’t like taking advice from their kids. I get it. But they are in a financial mess and they don’t realize it.
Posted on 1/20/19 at 7:20 am to anc
quote:
one point they had four car payments and three drivers in their household.
As in 3 chauffeurs?
Posted on 1/20/19 at 8:52 am to LSUcam7
quote:
Personal Finance needs to be taught in grade schools,
Was excited when my godchild told me they are teaching this in Frisco schools. Included income taxes, mortgages, savings, retirement.
Need it mandatory nationwide.
Posted on 1/20/19 at 9:05 am to RoyalWe
quote:
Stealing my life's savings would do it.
I don’t think they'll talk about taking it outright. At worst (along those angles) they’ll add some kind of investment tax which would apply to Roth.
What will piss me off which I think is likely to happen is in addition to increased taxes and thus limiting what can be saved, they’ll add a provision that you can’t get SS for as long as you have a 401k/IRA balance. Or a balance above a certain point.
After all, why would you get money? You have hundreds of thousands....maybe millions. These poor people only have $8000. Don’t be greedy.
Posted on 1/20/19 at 10:16 am to Volvagia
This is why no one in their 30s expects for SS to exist for us.
Posted on 1/20/19 at 10:26 am to Volvagia
quote:
What will piss me off which I think is likely to happen is in addition to increased taxes and thus limiting what can be saved, they’ll add a provision that you can’t get SS for as long as you have a 401k/IRA balance. Or a balance above a certain point.
Exactly what is going to happen.
Posted on 1/20/19 at 12:29 pm to TigerintheNO
As an Xer there are many in my generation or younger who are just as bad, they live paycheck to paycheck
Posted on 1/20/19 at 12:50 pm to castorinho
They had mother in laws new 40k SUV.
father in laws 60k truck
My wife’s brother 20k used Lexus
And an 8000 loan on a used SUV so they didn’t put miles on new SUV and truck.
It’s insanity. They did pay off the used SUV which is what they drive most of the time.
father in laws 60k truck
My wife’s brother 20k used Lexus
And an 8000 loan on a used SUV so they didn’t put miles on new SUV and truck.
It’s insanity. They did pay off the used SUV which is what they drive most of the time.
Posted on 1/20/19 at 2:11 pm to tenderfoot tigah
quote:
My in laws don't have much saved at all
Grats on the future roomies.
Posted on 1/20/19 at 4:23 pm to lynxcat
I never assume SS will exist. If it does, I’ll be sitting extra pretty.
Posted on 1/20/19 at 4:47 pm to High C
quote:
That is much more typical than the $127k.
The 127K amount is the average balance in baby boomers retirement accounts. A large % of boomers do not have any retirement savings plans. Those people have no impact on the average balance, since they no retirement accounts.
Posted on 1/20/19 at 6:56 pm to TigerintheNO
quote:
The 127K amount is the average balance in baby boomers retirement accounts.
I haven't fact-checked this, but OP said 127k was the median, not the average.
Not the same thing at all.
Posted on 1/20/19 at 7:13 pm to foshizzle
It never fails to blow my mind how otherwise intelligent people have no earthly idea how to manage their finances.
It's not limited to income brackets either, I have just as many friends broke now as when I was right out of college.
It's not limited to income brackets either, I have just as many friends broke now as when I was right out of college.
Posted on 1/20/19 at 10:09 pm to TopFlightSecurity
Story of my wife and myself’ families is interesting to me.My wife’s and my father were both engineers,both always figured out a way to stay broke.Both filed bankruptcy,died without a pot to piss in.My wife and I have done very well as have all our siblings.Now all our children are financial disasters or barely scraping by.We only have one grandchild old enough to be in workforce,he’s a Navy pilot making a good salary.He bought a used Prius,focused on saving and investing and he plans to stay at least 20 years so will have pension.Remains to be seen how the other grandchildren will do but I’m hopeful.Our next oldest grandchild has made straight A’s 10 years,is planning to get scholarship and also wants to be Navy officer.
Posted on 1/20/19 at 10:19 pm to LSUA 75
Just read a story about federal workers about to go homeless, go hungry and one even attempted suicide. At this point they have only missed one paycheck.
This boggles my mind.
My bank has a big banner when you login to view mortgage statements or credit card that is basically forgiving missed payments and not charging penalties or interest to those affected by the shutdown.
But again. One paycheck missed and we have chaos. Tuesday will be the second paycheck missed.
This boggles my mind.
My bank has a big banner when you login to view mortgage statements or credit card that is basically forgiving missed payments and not charging penalties or interest to those affected by the shutdown.
But again. One paycheck missed and we have chaos. Tuesday will be the second paycheck missed.
Posted on 1/20/19 at 10:22 pm to TopFlightSecurity
It’s because we don’t teach personal finance and it’s taboo to talk about it.
The average person will talk to someone about medical issues or emotional issues before financial ones.
The average person will talk to someone about medical issues or emotional issues before financial ones.
Posted on 1/20/19 at 11:57 pm to TigerintheNO
Hasn't been mentioned yet, but boomers lived in a world before Roth IRA's and Traditional IRA's and 401k's existed. They got pensions. And SS.
So, if you poll a boomer and they say they don't have much retirement savings, that doesn't mean they don't have $8000 a month coming in from pensions and SS.
My grandfather had four pensions plus SS when he died. At the age of 91 when he died, he had retired from four careers, all of which paid pensions.
Having "saved" money more than a couple grand wasn't normal for previous generations.
So, if you poll a boomer and they say they don't have much retirement savings, that doesn't mean they don't have $8000 a month coming in from pensions and SS.
My grandfather had four pensions plus SS when he died. At the age of 91 when he died, he had retired from four careers, all of which paid pensions.
Having "saved" money more than a couple grand wasn't normal for previous generations.
Posted on 1/21/19 at 1:14 am to deeprig9
Boomers aren’t the silent generation. Boomers are still the ones in power across the world.
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