"I lost my job in September 2007. ... Of course I had several credit cards, a house payment, utilities and two car loans. I didn't know what I was going to do."
The answer.. sell the two cars? Stop spending money? Nope, raid the 401K for all its worth.
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posted: Mar. 25, 2008 @ 12:53p
Mithrin
Nerdy Member
posted: Mar. 25, 2008 @ 1:00p
The guy has a new job 18 days later...why in the world did he need to withdraw his entire 401K!? If you don't have enough to last 18 days, maybe dial back the 401K contributions to build up your EF first?
Mithrin said: The guy has a new job 18 days later...why in the world did he need to withdraw his entire 401K!? If you don't have enough to last 18 days, maybe dial back the 401K contributions to build up your EF first?At $4,000 per hour, it goes pretty quick... hehe, I said quick.
There is one true FWF person in the mix of sob stories Here
hkguyatus
Member
posted: Mar. 25, 2008 @ 1:05p
I doubt if they will even publish the story FWFers submitted about how FWFers are making thousands of dollars from bank bonus + 0% BT while still earning a regular salary. Plus you need to send them a pic along with your story!! You heard me right, a PIC!!!
dmlavigne1 said: There is one true FWF person in the mix of sob stories HereDon't forget this one: "People have to place some blame on themselves and not just blame business and the government. People spend too much money, borrow too much and don't save for slow times or when an emergency comes up."
We are absolutely disgusted by government fiscal policy which provides cheap money to investment banks.
gave up after reading that.
So i guess the banks should pay more than we do to borrow money and loan it to use at a lower rate?
I wonder what the guy did for a living?
mhesidence
Dismembered Member
posted: Mar. 25, 2008 @ 1:47p
chocula said: We are absolutely disgusted by government fiscal policy which provides cheap money to investment banks.
gave up after reading that.
So i guess the banks should pay more than we do to borrow money and loan it to use at a lower rate?
He said "investment banks" and you talk about commercial banking? I believe the fed just changed the rules to allow investment banks to borrow directly from the Federal Reserve.
lostdude said: Mithrin said: The guy has a new job 18 days later...why in the world did he need to withdraw his entire 401K!? If you don't have enough to last 18 days, maybe dial back the 401K contributions to build up your EF first?At $4,000 per hour, it goes pretty quick... hehe, I said quick.
You insensitive clod! Look at the size of hubby and wife, 11 grand for two and a half weeks of groceries is hardly enough!!!
CoffeeEater said: You guys are heartless.Thank you.
bbwallet
Member
posted: Mar. 25, 2008 @ 2:19p
Looks like that first couple is going to have to cut back their ham spending.
I do like this one, though I wonder where exactly they were putting their savings: http://money.cnn.com/galleries/2008/news/0803/gallery.real_stories/7.html
We are absolutely disgusted by government fiscal policy which provides cheap money to investment banks. The loose fiscal policy essentially robs savers and rewards people who borrow and speculate. Anyone with a pulse knows that the current housing fiasco is the result of loose fiscal policy and a complete failure to regulate fraudulent behavior of everyone in the real estate business, including the investment banks, realtors, appraisers and buyers.
"Going out to eat, going to the movies, you can't do stuff like that," says Carter, filling up his Firebird at a BP station in Camden, a quiet southern town 80 miles southwest of Montgomery. "You're working for gas now."
"(Carrie)Frye works at a factory in Selma, Ala., making lawn chair cushions. If she makes her production quota, she might bring in $329 a week. If not, it's $220. Either way, she says the $60 a week she now spends in gas comes out of money for food, the doctor, and buying clothes for her kids.
"I just hope they don't grow that fast," she says, filling her tank of her Jeep Cherokee at the Camden BP."
"...due to office politics, I was let go two months later..."
For those of you who have never been on the hiring side of a job interview, saying anything like this is probably the surest way to get to a quick "Thanks and good luck".
Life is pretty miserable when you have to constantly tell your children "NO" when they ask for something Apparently they aren't telling them "NO" in the right way. That can be pretty fun.
Also this little tidbit: We've lost our house and canceled our vehicle insurance.How much do you want to bet that they are still driving an uninsured car around?
we packed up and moved to Alabama. We purchased another home in Alabama we were sure that our house in Three Rivers, MI would sell Not only could we not sell our Michigan house but my husband could not find work in Alabama.
Wow. That sounded like a really well thought out plan. What could possibly go wrong?
biglittle said: These stories, and a lot of threads posted here, are really starting to piss me off. What incentive do I have anymore to be responsible?
I bet if debtors prisons were re-instituted, a lot of those people would magically become responsible. There's no real punishment for being financially irresponsible. Or we could do what England did back in the day and ship them to an island. Maybe Mexico would work?
biglittle said: These stories, and a lot of threads posted here, are really starting to piss me off. What incentive do I have anymore to be responsible?
Dynastar454 said: biglittle said: These stories, and a lot of threads posted here, are really starting to piss me off. What incentive do I have anymore to be responsible?
Wealth and financial freedom? Just a thought.
Can't I get that from government help and bailouts when I make bad decisions?
"Going out to eat, going to the movies, you can't do stuff like that," says Carter, filling up his Firebird at a BP station in Camden, a quiet southern town 80 miles southwest of Montgomery. "You're working for gas now."
"(Carrie)Frye works at a factory in Selma, Ala., making lawn chair cushions. If she makes her production quota, she might bring in $329 a week. If not, it's $220. Either way, she says the $60 a week she now spends in gas comes out of money for food, the doctor, and buying clothes for her kids.
"I just hope they don't grow that fast," she says, filling her tank of her Jeep Cherokee at the Camden BP."
I am speechless...
I read the same article and my first thoughts were exactly the same as yours...for God sake, get an older fuel efficient car that would pay for itself in gas savings.
biglittle said: Dynastar454 said: biglittle said: These stories, and a lot of threads posted here, are really starting to piss me off. What incentive do I have anymore to be responsible?
Wealth and financial freedom? Just a thought.
Can't I get that from government help and bailouts when I make bad decisions?
These folks are whiny babies and no mistake, but many of them are going to end up being your local WalMart greeter, hand out or no. I'll be spending my golden years touring the globe, thanks. In the mean time, let your local congress critter know how you feel about bailouts.
win333
Senior Member - 2K
posted: Mar. 25, 2008 @ 4:59p
mhesidence said: chocula said: We are absolutely disgusted by government fiscal policy which provides cheap money to investment banks.
gave up after reading that.
So i guess the banks should pay more than we do to borrow money and loan it to use at a lower rate?
He said "investment banks" and you talk about commercial banking? I believe the fed just changed the rules to allow investment banks to borrow directly from the Federal Reserve.
Really the Government changed the rule back in 1999 and the FED is only just now opening the window! So the FED has been breaking the law since 1999, but thats OK.
Maybe the BSC shareholders should sue the FED!
WalStMonky
Happy Member
posted: Mar. 25, 2008 @ 8:50p
biglittle said: These stories, and a lot of threads posted here, are really starting to piss me off. What incentive do I have anymore to be responsible?
Why in the world would you want to be like these people? Reading these stories makes me happy with the choices I've made and the financial place I'm in. Hey, I could go buy a Hummer and my only reaction at the gas pump would be 'bummer'. I am perplexed by the resentment here towards the incompetent people featured in these stories. The only thing I've been able to come up with is that you people resent the attention that they're getting, because anyone that really wants to change places with them is an idiot. Strike that, it's simply beyond idiocy. So that just leaves the attention factor. Frankly, I'm happy noone is interested in me because it means my life is boring. Have you ever heard that traditional Chinese curse 'may you live in interesting times'?
tolamapS
Senior Member - 2K
posted: Mar. 25, 2008 @ 9:21p
Thank god for people like those (shown in the CNN slideshow). Because they spend their past, present, and future earnings, the American Economy will continue to run strong.
I should also mention that I sympathize with the situation of the many in that slideshow, because they lost their jobs or economic fortunes. Hard to say who or what to blame (circumstances, market, economy), but if you don't have a sense to realize that the market / industry you are in is turning really bad, then perhaps you should not be in that industry. A lot of the people in that slideshow are mortgage bankers. Also, a lot of the families have many kids. Kids are expensive. I think limiting the number of the kids to two or one, esp, when a couple knows they are not making a lot of money, is a prudent thing.
stsarvet
Senior Member
posted: Mar. 25, 2008 @ 11:15p
lorcha said: dmlavigne1 said: There is one true FWF person in the mix of sob stories HereDon't forget this one: "People have to place some blame on themselves and not just blame business and the government. People spend too much money, borrow too much and don't save for slow times or when an emergency comes up."
Agree. Instead of blaming the government, this lady moves on:
"I'm extremely grateful that I had the retirement account, the equity in my home, the credit available and the supportive friends to be able to tap into when immersed in a desperate situation.
My kids are in college and last year there was no money or tuition remission available. Tuition and fees went on credit cards. This year, with the pitiful income I had last year, they'll qualify for financial aid.
This isn't a sob story. This is a story of celebration and hope. Life is good."
She either bought her house a long time ago or she put in enough down payment.
WalStMonky said: I am perplexed by the resentment here towards the incompetent people featured in these stories.
Why do I resent them? How about the fact that I probably have to work twice as hard so these people can get government handouts and bailouts. I have to pay for their mistakes... through taxes, through increased consumer prices, etc. I'm being responsible so they don't have to.
I know someone that recently filed for bankruptcy... yet they still have their big screen TV, 2 cars, and everything else they had before the bankruptcy.
Believe me, I don't want/need the attention.
I'm happy with the financial choices I have made. I like being responsible. I wouldn't be concerned with other people's behavior if it didn't effect me in some shape or form.
WalStMonky said: I am perplexed by the resentment here towards the incompetent people featured in these stories.
When these incompetent people are old are they are going to be single issue block voters for whoever promises to do something about the injustice of them having to work at WalMart while others have a comfortable old age. You know, the lucky lucky ones who didn't have to make lease payments on a Hummer instead of feeding their 401Ks etc.
richfish13 said: biglittle said: These stories, and a lot of threads posted here, are really starting to piss me off. What incentive do I have anymore to be responsible?
I bet if debtors prisons were re-instituted, a lot of those people would magically become responsible. There's no real punishment for being financially irresponsible. Or we could do what England did back in the day and ship them to an island. Maybe Mexico would work?
Mexicans definitely aren't lazy. They would definitely do something about it if we did that. Better ship them to France, they might complain about it, but at least we wouldn't have to worry about them doing something.
biglittle said: WalStMonky said: I am perplexed by the resentment here towards the incompetent people featured in these stories.
Why do I resent them? How about the fact that I probably have to work twice as hard so these people can get government handouts and bailouts. I have to pay for their mistakes... through taxes, through increased consumer prices, etc. I'm being responsible so they don't have to.
I know someone that recently filed for bankruptcy... yet they still have their big screen TV, 2 cars, and everything else they had before the bankruptcy.
Believe me, I don't want/need the attention.
I'm happy with the financial choices I have made. I like being responsible. I wouldn't be concerned with other people's behavior if it didn't effect me in some shape or form.
How about pumping kids? A student with financial aid and a child decided to get pregnant (and have another child). Don't worry, the extra child ensured her that she would get the college financial aid. She probably would have to stop going to school for a while. I think if she has to take care of herself, she would try to finish her degree as soon as possible so that she could get a decent job. Pump more kids, and the government will help you out.
I did my California income tax recently. Single exemption: $94. Married: $94 x 2. Blind: additional $94. +1 dependent: $294. And I thought, okay, so what makes dependent more valuable then another person. Somewhat I see this as an indirect subsidy from the government (at least California) to have more kids (although I know that parents can be dependents, too).
stsarvet said: biglittle said: WalStMonky said: I am perplexed by the resentment here towards the incompetent people featured in these stories.
Why do I resent them? How about the fact that I probably have to work twice as hard so these people can get government handouts and bailouts. I have to pay for their mistakes... through taxes, through increased consumer prices, etc. I'm being responsible so they don't have to.
I know someone that recently filed for bankruptcy... yet they still have their big screen TV, 2 cars, and everything else they had before the bankruptcy.
Believe me, I don't want/need the attention.
I'm happy with the financial choices I have made. I like being responsible. I wouldn't be concerned with other people's behavior if it didn't effect me in some shape or form.
How about pumping kids? A student with financial aid and a child decided to get pregnant (and have another child). Don't worry, the extra child ensured her that she would get the college financial aid. She probably would have to stop going to school for a while. I think if she has to take care of herself, she would try to finish her degree as soon as possible so that she could get a decent job. Pump more kids, and the government will help you out.
I did my California income tax recently. Single exemption: $94. Married: $94 x 2. Blind: additional $94. +1 dependent: $294. And I thought, okay, so what makes dependent more valuable then another person. Somewhat I see this as an indirect subsidy from the government (at least California) to have more kids (although I know that parents can be dependents, too).
I'm not sure what you're asking.
If you have children, hopefully you can afford them.
They are designated as a dependent for a reason... they're dependant. The government is hoping the parent will spend that money on caring for the child. Why penalize the child? Sure there are some parents that don't spend that money wisely and take advantage of the system. Instead of $1,000 for the child's well-being, they spend $1,000 on a new TV. Again, these people are irresponsible.
I'm curious why this student can't a.) sublet their apartment, b.) tap PLUS loans, which at exorbitant interest rates would be Federally guaranteed and far better than a PLUS loan, and c.) get more financial aid.
I guess sometimes education isn't a priority for people...
Miser
Senior Member
posted: Mar. 26, 2008 @ 10:40a
stsarvet said:
How about pumping kids? A student with financial aid and a child decided to get pregnant (and have another child). Don't worry, the extra child ensured her that she would get the college financial aid. She probably would have to stop going to school for a while. I think if she has to take care of herself, she would try to finish her degree as soon as possible so that she could get a decent job. Pump more kids, and the government will help you out.
I did my California income tax recently. Single exemption: $94. Married: $94 x 2. Blind: additional $94. +1 dependent: $294. And I thought, okay, so what makes dependent more valuable then another person. Somewhat I see this as an indirect subsidy from the government (at least California) to have more kids (although I know that parents can be dependents, too).
The government awards the breeders. They are the ones supplying the Government with a fresh supply of tax payers. We are all essentially cash cows(mostly free-range). Some are chained by debt.
Hey, all I know is that I'm sitting here listening to my new iPhone and thinking about how my new job I'm starting soon is gonna kick some ass. IT jobs are going strong and seem to be improving.
may be some people in the slide show can eat less be healthy and save some money as well e.g Don Horton: 401(k) raided .
stsarvet
Senior Member
posted: Mar. 26, 2008 @ 11:58a
biglittle said: I'm not sure what you're asking.
If you have children, hopefully you can afford them.
They are designated as a dependent for a reason... they're dependant. The government is hoping the parent will spend that money on caring for the child. Why penalize the child? Sure there are some parents that don't spend that money wisely and take advantage of the system. Instead of $1,000 for the child's well-being, they spend $1,000 on a new TV. Again, these people are irresponsible.
Sorry, it wasn't really a question. I resent people who have a lot of kids hoping that government will take care of them. I disagree that a California taxpayer gets a $94 tax exemption while a dependent gets a $294 tax exemption. I do not ask that the dependent exemption to be eliminated. I think it's fair if the dependent tax exemption is also $94/head (or better yet, make everybody worth $294).
And if the state passes a universal health care for the children, then it takes away some burdens of having more kids. Stay poor, have more kids, and the state will take care of your family.
Skipping 116 Messages...
psychtobe
Senior Member - 2K
posted: May. 20, 2008 @ 11:10a
Sintax said: psychtobe said: she has no job and no house. Why doesn't she drive her car somewhere cheaper than tony Santa Barbara? like Lancaster?
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