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Old 05-25-2005, 08:30 PM   #1
 
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-25-2005, 08:47 PM   #2
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Re: Met a boomer nearing his 60's with no assets.....


I knew a lot of people like this. I was a big spender but never stupid.
I just didn't get around to planning until very late in life.

This weekend I had a bunch of guys down here for a fishing tournament
(annual event). One guy used to work for me in Michigan. After I shut down my company (1993) he went to work for a local entreprenuer who
coincidentally ran my biggest client back when I was doing consulting work.
Anyway, this guy (entrepreneur) was very sharp
(Masters from MIT), creative and charismatic. Alas, no common sense.
I asked my guest what ever happened to this guy. Answer? His house was foreclosed and he lost it. The guy made something out of nothing and now is back to nothing in his late 60s. Be careful. There are a thousand ways to get in trouble. You can get killed walkin' your doggie! (sorry- couldn't resist)



JG
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-25-2005, 10:49 PM   #3
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Re: Met a boomer nearing his 60's with no assets.....

If he has a good set of kidneys he should explore the world of gray market organ sales as a source of start up capital. 8)
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-26-2005, 08:31 AM   #4
 
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Re: Met a boomer nearing his 60's with no assets.....

Cut-throat,

What did you say to this guy during the conversation?
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-26-2005, 10:05 AM   #5
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Re: Met a boomer nearing his 60's with no assets.....

As a boomer nearing his 60's, I understand the self-induced plight of the colleague that Cut-Throat describes above. I have trouble feeling empathy for him because no one who has the intelligence/ good luck to achieve a high-paying job can be excused for not having the intelligence to save for the future.

One of the network news shows last week repeated the claim that only 20% of the 78 million baby boomers will be ready for retirement. I suspect that is true.

Consequently, those of us who have prepared will need both to come up with "fits all applications" statements to describe our "good fortune" and to determine when and how best to help (and not help) friends and family members who have been less wise.
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-26-2005, 10:33 AM   #6
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Re: Met a boomer nearing his 60's with no assets.....

Quote:
Originally Posted by Cut-Throat
He didn't have $25K in an account to do what he wanted, but was sure he could build it up over the next few months, so that he can hit it big. He saw an ad in the paper and spent about $20K in 'training' to do this.
P.T. Barnum was right. - And this guy is fairly intelligent.
The secret to a successful con appears to be telling the mark what he wants to hear.

Most people (been there, done that) want to hear how they can "Make BIG MONEY NOW!" with little or no work or chance of failure.* Look at all the Amway etc stuff (though Amway actually has some products) where they sell the sizzle.* I've got friends who did Amway - they never made much of anything at it because they were always busy trying to rope people in to sell for them, and those people wanted to rope people in ad infinitum.

Shoot, even many well thought out and capitalized business endeavors fail.*

If more people would ask themselves "if this is such a sure-fire thing, why isn't this guy retired and having fun instead of trying to sell me on it?* Can I look at his portfolio to see how many millions he's got in the bank?" they might not get taken for their hard-won cash.

I'm sure there are some people selling these schemes who've actually made money doing the product.* But if it is so easy and foolproof, why are they putting all the effort into the sales job to get more people to do it?* Their protestations of altruism "this is so wonderful and I've just got to share it" would ring truer if they were giving the "secret" away.

cheers,
Michael
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-26-2005, 11:54 AM   #7
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Re: Met a boomer nearing his 60's with no assets.....

Quote:
Originally Posted by playaman
Consequently, those of us who have prepared will need both to come up with "fits all applications" statements to describe our "good fortune" and to determine when and how best* to help (and not help) friends and family members who have been less wise.
Here's one:
"I worked hard, lived below my means, and saved my assets off. How 'bout you?"

Helping family out of unfortunate circumstances is one thing, helping un-wise spendthrift family is quite another.
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-26-2005, 12:10 PM   #8
 
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Re: Met a boomer nearing his 60's with no assets.....

Yes, I think not saying anything was the best choice.

Quote:
...how best *to help (and not help) friends and family members who have been less wise.
This was an issue for me recently. *My spendthrift sister was making bad investment choices. *I definitely did not want to get involved, but it drove me crazy to have her throwing away money on loads and high-expense mutual funds.

I solved this by buying her the book Straight Talk on Investing by John Brennan.

I can now at least feel that she has some good advice at her disposal. *What was bothering me before was the worry that she just didn't know any better, and that I should help. *So now it doesn't bother me any more.
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-26-2005, 12:17 PM   #9
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Re: Met a boomer nearing his 60's with no assets.....

Quote:
Originally Posted by playaman

Consequently, those of us who have prepared will need both to come up with "fits all applications" statements to describe our "good fortune" and to determine when and how best to help (and not help) friends and family members who have been less wise.
"We all made choices and compromises that brought us to this point... mine worked out, yours didn't. Sorry."

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Re: Met a boomer nearing his 60's with no assets.....
Old 05-26-2005, 01:28 PM   #10
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Re: Met a boomer nearing his 60's with no assets.....

Quote:
Originally Posted by Nords
Here's one:
"I worked hard, lived below my means, and saved my assets off. How 'bout you?"

Helping family out of unfortunate circumstances is one thing, helping un-wise spendthrift family is quite another.
I concur. I support family members if they need to eat or lodging. I don't support life styles. Sell all your "stuff", then come and see me! I haven't LBYM all these years to help you live above your means....
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-26-2005, 01:29 PM   #11
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Re: Met a boomer nearing his 60's with no assets.....

Makes me glad I don't have to feign interest in others.
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-26-2005, 01:43 PM   #12
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Re: Met a boomer nearing his 60's with no assets.....

Both Nords' and Grumpy's responses are "right on."

I'm looking forward to practicing them.
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-26-2005, 02:40 PM   #13
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Re: Met a boomer nearing his 60's with no assets.....

At least you didnt scream "EEEEK!"
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-26-2005, 05:01 PM   #14
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Re: Met a boomer nearing his 60's with no assets.....

Better him than you though eh C-T?
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Re: Met a boomer nearing his 60's with no assets.....
Old 05-27-2005, 06:56 AM   #15
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Re: Met a boomer nearing his 60's with no assets.....

Quote:
Originally Posted by playaman
Both Nords' and Grumpy's responses are "right on."

I'm looking forward to practicing them.
Ditto,
Having my 1st big family gathering since ER this weekend. Should get alot of "so watcha gonna do now?".


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