[seeker1950]

Okay, so Suze Orman is on Oprah right now. I'm not listening except as I pass by the TV. I hear things like "You have $300,000 in retirement savings...that's not enough!" LOL...
I can't even bring myself to think about financial security in terms of retirement. I also wonder what I've done wrong?!! As a single person, I live pretty much from paycheck to paycheck. Each time I think I may be a few dollars ahead, some new expense looms its head. It also seems I'm not much different from many of my coworkers (teachers), except those who are married to men or women bringing in an additional fat paycheck.
Hey, I know I'm rambling here. For peace of mind, I choose not to think about it, bury my head in the sand!
Patty

[bebop]

what she was talking about when she said it was not enough was for him and his wife to go borrow money to put one daughter thru school. he wants to do that and they don't have enough left over to pay the loan back. they only have like 127 a month left over right now. they made the family do a vote and he was voted against by his wife and 2 daughters lol.

I hear you though about the state of finances. I hate this economy right now. I can't afford to pay attention.

[seeker1950]

Oh, okay, thanks, Bebop! That's what I get for not paying attention, but, ya know, each time one of those financial wizards come on TV, I tend to blur out a lot of what they're saying!
Patty

[bebop]

yeah me too. this woman is kind of harsh at times I think.

[nowheretorun]

hi Patty and Bop... only popping in while i had some lunch lol... my take on it is that the economy is like a beating heart.... cash is the 'blood' ... there is a pump, for decades it has been the military industrial market... what the military invents is 'released' to the community in an 'aftermarket' fashion.. less bells and whistles on the item so the public can actually afford it (this is not intended to strike a debate)

you, the consumer, have been 'cycling' the 'blood' back into the system, keeping it healthy.. you have taken risks that there is a safety net for you... for years now we have heard that we cannot rely soley upon our social security finances to support us when our own time comes.. enter the children....

we have saddled them with debt, not unlike our own tho, and the system still functions the same... an increased population will increase cash flow and the dollar value reflects the rise and fall.....

i have heard of many who like to retire to an out of country economy, one with a good trade value on the American dollar... considering that myself...

also, there is flux and flow.. i have heard that this year will be tough, but next year will be better.. things will stabilize.. hang in there

you can always begin a small savings, dont fear that it isnt enough, its something...

take care of the essentials.. food, shelter, beer (just kidding) take care of health... its really all we have

[FerretGuy5]

Originally Posted by seeker1950

Okay, so Suze Orman is on Oprah right now. I'm not listening except as I pass by the TV. I hear things like "You have $300,000 in retirement savings...that's not enough!" LOL...
I can't even bring myself to think about financial security in terms of retirement. I also wonder what I've done wrong?!! As a single person, I live pretty much from paycheck to paycheck. Each time I think I may be a few dollars ahead, some new expense looms its head. It also seems I'm not much different from many of my coworkers (teachers), except those who are married to men or women bringing in an additional fat paycheck.
Hey, I know I'm rambling here. For peace of mind, I choose not to think about it, bury my head in the sand!
Patty

And a single person will seldom own their own home. Financial planners are out of touch with the working class poor.

[splitimage]

I basically ignored anything to do with financial planning for well over a decade when I was drinking, and it's taken me a couple of years to get my finances sorted since getting sober. About the only thing I did right was when I was 20 was start saving in an RRSP (Canadian equivalent to a 401K). It was only 50 bucks every 2 weeks, but it added up. Retirement's still 25 years away for me and I've since ramped up my savings, so I have time to save.

One of the best things for me, because I'm lousy at saving money is automatic payroll deductions - I have money taken right off of my paycheck and deposited into an RRSP. Once you get used to not having the money you don't notice not having it, and making regular contributions through the year is a heck of a lot easier than trying to come up with one lump sum at the end of the year.

I'm thinking of starting an automatic withdrawl from my chequing account, the day after I get paid, to put into a savings account for emergencies. I got hit with a couple of big repair bills on my car, and it wiped out my immediate savings, still carrying some of it on my credit cards. Looking forward to my tax refund to pay it off, and then the rest of the tax refund is going into locked in savings.

I know it's hard to save - but if you can make it regular, even if it's a small amount it's amazing how fast it can add up.

--splitimage

[Junerain]

I wish the people on television chit chatting about the state of the economy, pretending to be like, "OOH yes...(fake concern..) We's all gotta be a-cuttin' back(sheepish grin..)" This coming from someone into 6 figures easily, a television, perfect looking, highly paid, teleprompt reader!!

For once I would like someone really struggling to give us the report!!!

[seeker1950]

Well, my goal is to get all my debts paid, and I have a schedule for that. I hope, if I can do this, to start some sort of savings, or contributing again to my retirement fund. Each time I plan on this, however, new expenses arise. I think this is the story of most people.
Patty

[madisgram]

ok picure this if you will, in 1998 i ended up on disability. one of the things i had done in the event of a car accident,etc. was i took out long term disability...most major companies do not offer this option anymore..mine included.. so that gave me ssd and the long term disability check til 65. since 98 i've been living on the same amount of money cause when ssa gives me a cost of living increase..wooowoo...my company deducts it from my long term disab. check! This is legal by the way. so i guess you've figured this out. i am still living on the same income as 1998. no gains, no extra income. think about what salt cost in 98 and now, or gas, or ANYTHING. that should give u an idea of the challenges many of us face on totally fixed incomes.
i had planned ahead..invested a lot of my money and lived frugally when i worked...thank heavens cause i never dreamed this would be my destiny. what i do do is live like i don't know what tomorrow may bring. no point in being frozen with fear but i do carefully spend my money, plan errands, etc. my niece, age 20, says aunt"..." is cheap. well i don't call it cheap, i call it living within my means (her mother is in way over her head not due to the economy but by stupid spending habits) and not blowing it on impluse buying. i was told once to write down in a day's time everything i spent my money on. it's amazing how much we can blow without even knowing it.
i'm using these examples not because i'm wiser but in hopes someone else may benefit from what i do. to tell u the truth i sometimes i'm amazed how much money i can save by coupons, etc. it all adds up. and i thought i was poor in 98!!!! i even make an extra payment on my car each month if i have any left over to keep the interest as low as i can as i pay it off.
so having said that i know i am fortunate...much, much more fortunate than most people even with my income as it is. there are families living in shelters, elderly ppl without food or heat....it's frightening...i saw this coming some time ago...we as a country are like a runaway train. our appointed congress, elected by the ppl, could care less about us. it's all about meeee (them). i'm sick of what has happened to our once great country. .....
jme, but i do pray about this cause my grandchildren are growing up in a far different world than i once knew. (i sound like an ole lady with that comment) i'm an activist at heart so do what i can to place awareness where i feel it should be. i'm just thankful for what i have and will continue to try to be grateful for the roof over my head cause so many ppl don't have one anymore. and don't even let me get started on the gov. bailouts.
about 6 years ago i told my one son i was considering moving to a tropical isle-less clothes costs- far away from taxes, cost of living, etc. the only concern i have is my medical care. (being bp i was afraid he'd say to himself, uh -0h, mom's in one of her episodes. lol. he called me the other day and said how does new zealand sound? i had to laugh cause i was afraid to tell him long ago what i was thinking about doing...well let me get back to my atlas...hummm...
ps sorry if i ranted a little too much....

[froggie2]

1. I can't stand Oprah anymore after that election stunt. I am loving Ellen more and more. No airs, no need to impress everyone. She just is.
2. Everytime I see Suzy I pass on by real fast. No matter how good you are feeling that day she is quaranteed to bring you down. I know she is trying to help---------but she really needs to talk to the homeless not the fat cats trying to decide how to spend their money. I know I am acting like an ostrich too but life is hard enough without being reminded everyday about the money you don't have. How can we ever forget. I am lucky as I have my own home but I almost lost it. With taxes etc its just a matter of time.

[sunrise]

One of my main financial goals over the next 5 years is to do enough repairs to my house to make it sellable. Hopefully in that amount of time, the economy will have recovered enough that the house will have regained some of its market value. This last Fall I put a new roof on the house to the tune of $11,000. Then last month I had a plumbing disaster and had to fork over $8000 to dig up and repair the sewer line. I had budgeted for the roof but not the sewer. Now I'm in the hole. But I couldn't sell the house with the sewer problem so it had to be done anyway, even if it didn't self destruct. I do contribute some money each month to retirement through my employer, but my job ends in August. It's too much to think about. I guess when I'm unemployed, a priority will be finding health insurance.

[seeker1950]

Froggie and Sunrise, I do think basic needs like shelter over our heads and heath insurance are more priorities right now than saving huge amounts for retirement. And, Sunrise, I'm right there with you in the home improvement money pit. I have made this little "fixer upper" comfortable, with mostly improvements you can't see, like insulation in the attic, a new efficient heat pump, and rebuilding the substructure of the house! I couldn't sell it right now and recover these costs. There are several homes similar to mine for sale in my neighborhood for much less, showing no sign of selling. I console myself by being thankful for having a roof over my head!
Patty

[Brian37]

Dave Ramsey over Suze Orman anyday

[(JD)]

I like the basics of what Suze Orman says, and that she provides much good free advice through her website. However, I don't agree 100%. That she is coupled with Oprah now allows me to see more of from where she's coming.

I own my own home, and have owned several, all of my own. I also know many other single people who likewise own alone...not living with anyone for any reason, paying all their own bills. It IS the American Dream, imo.

I wasn't raised to think that social security would take care of me when I was old. IDK if that is common thinking? I do know that if I had begun when in my late 20s, to put aside more money, it would have been better in one sense. However to think that if you have put aside monies and now 50% is gone, there isn't anything YOU did wrong... it is what it is. (Too political to even think about right now, or to post here.)

The best thing, I think, is to develop a HABIT of saving. Begin with 1$ a week. Yep... no matter what, put $1 a week aside. Once you have enough to open a savings account, put it in there, and continue to put $1 a week away. Once you have the habit, you can increase the amount. It's why we used to give children allowances...to develop the good habit of saving for something they wanted later...but it's a good habit. Even the small amount will add up, but most importantly, it will boost your self image to show that you can begin to plan and take care of yourself financially. It's never too late to begin.

As for me, and as an encouragement for other believers, I am reminded daily that there is no economic crises with God. Have faith, and continue to do what you know it good behavior, financially included.

I never really thought social security would be there either.
I have been in that thought frame for prolly 15 years.
I do think times are rough now. I wish that ppl had a dollar to put in the bank.
Some do some do not.
It is something we all need to watch imo.

[nightbird]

it's not just the lower end or middle class that lost jobs this past year, it really hit the upper middle class equally hard.

suzie isn't bad, it's just that she need some re-education as does Oprah on how things need to get handled in this present 'tanking' that crosses all economical levels.

It's time to include everyone in money planning, not just those with money to spare, but those that could benefit from learning to plan to have money to spare also.

Rich or poor... we are on the same drain train.

We just need the voices that recognize this to talk louder than those that speak only to the upwardly mobile middle.

We are pretty much leveled today... even if it takes a year or more to catch up with others, we all know we are in trouble.

So, I just wanted to say, the 6 figure guys and GALS got hit hardest in Nov, Dec, Jan, Feb, and I'm sure this month will show more as well.

All honest, hard working people... I'm not talking about the bankers and the lenders and realtors and mortgage companies, and the big trading down on Wall Street that screwed everything up. Among other things.

It's just a mess, and hopefully soon, we will hear a voice come out from someplace different, with real accurate knowledge about all this mess, speaking to us with respect and laying out what we can do now, all of us, rich or poor, to improve our lot.

Peace and GO Green,
Night

xoxo

[(JD)]

Did anyone see the story about the NY doctor (I think NY) who allows those patients without insurance to pay a flat monthly fee of $79 for prevention care etc? The government... yes the GOVERNMENT came down on him, saying he could not do that and had to increase his fees for when it was sick care!!!!!!!!!!!!!!!!! WHO do they think they are? Here's a guy who found a solution and the government wanted it's cut (insurance companies complained) I guess???

I mean, next thing they will regulate lawyers and no flat fee to keep them available?..unless the govt is paid a stipend??? Wonder if they would let that fly, or then fight it.

I hope the doctor wins his case. That is sooooooooo UN American imo.

Are we still ranting? I do understand how some people use and need their computers and internet (such as coming to PC ) but I don't have pity for anyone who stands there smoking and 3 kids running around drinking sodas etc complaining about not having any money for food. We can all cut somewhere if we have to... unfortunately, for many it's cutting needful things. We'll get through this, though.

Thank God Psych Central is free! (or do you not know about sites that charge fees?)

[KathyM]

Sky - I can see that happening, and it's not just a government problem. When I worked for a doctor at a hospital in the 1980s, he would often waive his fee - inpatient or outpatient. However, it caused a nightmare of paperwork for the family and difficulty for the hospital and other care providers to make any claims or justify the patient's hospitalization.

I think financial planning can only go so far. They don't take into account natural disasters that can be attributed to "acts of God" - weather crisis, death in the family, debilitating illness, permanent loss of job and home.

One area near my hometown keeps getting flooded, and the village has run out of money for clean-up. Their chances of government funding are slim, and the homes are now as worthless as their belongings. The only thing that has dried up there is local business and job opportunities. There is talk of "relocating" all the residents of that area, and I doubt they will receive any substantial payment for their destroyed homes, jobs and belongings. Where will they be sent, and will they still call it "home?"

I'd be curious to see what Suze Orman would have to say to these people.

[BiscuitTin]

I bury my head in the sand about finances in general. I probably should pay more attention to my superannuation and do my taxes but I can't be bothered, I only tend to act whenever it all comes crashing down around my ears.

[Alexismiles]

Originally Posted by seeker1950

Froggie and Sunrise, I do think basic needs like shelter over our heads and heath insurance are more priorities right now than saving huge amounts for retirement. And, Sunrise, I'm right there with you in the home improvement money pit. I have made this little "fixer upper" comfortable, with mostly improvements you can't see, like insulation in the attic, a new efficient heat pump, and rebuilding the substructure of the house! I couldn't sell it right now and recover these costs. There are several homes similar to mine for sale in my neighborhood for much less, showing no sign of selling. I console myself by being thankful for having a roof over my head!
Patty

There are a lot of retired people who have had to go out and find jobs. I don't think planning and saving is a sure thing where retirement is concerned anymore. It is unnerving to think you'll get sick and old and not able to work and not have any money saved to support yourself. It does make me want to stick my head in the sand also. I have saved money and had a nest egg but because of unexpected events I had to dip into that and now not much is left. Life is unpredictable. We can only really prepare ourselves for the here and now.

[50guy]

I lost a lot of money in my retirement plan and have a bout 15 years to make it up but, even if I don't I know that I'll get along just fine. I know how to be poor. I've been broke, homeless, unemployed and down a couple times but, I always manage to pick myself back up. I know how to live close to the bone.

I recommend a book, actually 2 books......Start Late, Finish Rich by David Bach and Total Money Makeover by Dave Ramsey. Lots of good information in these books and if applied the techniques work.

I live a pretty comfortable life now and don't worry about paying bills. I am an the road to being debt free except for my mortgage in 18 months.

Good luck to you all,