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Old 02-24-2014, 06:20 AM   #61
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I grew up poor, with alcoholic parents, but at least Dad worked and provided, although it was a meager existence. I saw all that poverty when I was 17 and decided to leave home and start out on my own. Dad passed soon after I graduated college with help from the G.I. Bill. Mom had to move in with sis in a house trailer in North Carolina. I never expected anyone to help me, nor did my sisters.

What's going on today is there seems to be the mindset that the government will "take care of you if you can't do it yourself". Well, hello folks, that ain't gonna happen when the millions of Boomers hit their 60's and can't pay their power bill.

Even the ACA is in for a surprise soon. All these policies with $6K out of pocket won't work for a lot of folks who signed on. Wait until the screaming starts about that.
My family received surplus government food for awhile when I was young (pre food stamps). We got powdered milk, moldy cheese, big tubs of butter and rice with bugs in it. We also got food from a local charity. I went for the good pay of an engineering degree paid for by a combination of work, merit and need based scholarships. I've always been frugal and have a decent, although not outrageous, amount of savings. I do agree that there aren't enough of people like me to give the non-savers the lifestyle they feel they deserve.
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Old 02-24-2014, 09:01 AM   #62
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Good for you, but you are in the rare minority. Better double what you plan to pay others through higher taxes or retiree support charities.

This ain't gonna be pretty.
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I hate to tell you this but I know irresponsible people that retire with just SS. Guess what? They are still irresponsible. If they happen to have equity in a house they get a reverse mortgage. They are eventually broke and in debt. We all see regular stories with "Granny not able to eat and afford her meds." With any luck they have a heart attack and die quickly. In the end, many end up in Medicaid nursing homes.
Unfortunately I have to agree with both of these. Those of us who have been responsible through what we have saved (regardless of the degree of "planning" or "luck" one attributes to that result) are going to be looked on as being responsible for helping others. In addition, if you look at the large percentage of lottery winners who should be set for life but have lost it all in a few years, some folks are always going to be irresponsible no matter what you give them.

DW and I sadly have more than a few relatives with the attitude of "because you have done well, you need to help us out, and we don't have any responsibility with being disciplined with what you help us out with". Many feel that the majority of those who are FI really "cheated" their way to that position, while they were "honest".
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Old 02-24-2014, 09:48 AM   #63
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DW and I sadly have more than a few relatives with the attitude of "because you have done well, you need to help us out, and we don't have any responsibility with being disciplined with what you help us out with". Many feel that the majority of those who are FI really "cheated" their way to that position, while they were "honest".
another reason to avoid living ostentatiously and also having a domicile that will not hold many additional people. They can pull up an old motor home like in 'Christmas Vacation'.

edit: I recall people living in old RVs already DW and I have this idea that we would get an old RV and just go from walmart parking lot to walmart parking lot
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Old 02-24-2014, 01:35 PM   #64
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......... Many feel that the majority of those who are FI really "cheated" their way to that position, while they were "honest".
Travelover's Law says that anyone with less money than me is a bum that is simply unwilling to work hard. Anyone with more money than me either stole it or inherited it, as if there is a difference.
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Old 02-24-2014, 02:38 PM   #65
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DW and I have this idea that we would get an old RV and just go from walmart parking lot to walmart parking lot
If you went for the Costco parking lot you could get 'free food' with all the samples they offer. The food samples could easily offset the annual Costco membership fee. Now I don't know if Costco allows RV overnight parking in their lots or not.
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Old 02-24-2014, 02:54 PM   #66
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DW and I have this idea that we would get an old RV and just go from walmart parking lot to walmart parking lot
I could do it just for the heck of it. DW would never, ever go for that.
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Old 02-24-2014, 03:45 PM   #67
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Speaking of free food, I personally have met underfunded retirees and unemployable folks in Sams Club and at local bar happy hours around here getting their complementary mid-day snacks and dinner on a regular basis. I don't know where they sleep, though.
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Old 02-25-2014, 06:03 PM   #68
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Unfortunately I have to agree with both of these. Those of us who have been responsible through what we have saved (regardless of the degree of "planning" or "luck" one attributes to that result) are going to be looked on as being responsible for helping others. In addition, if you look at the large percentage of lottery winners who should be set for life but have lost it all in a few years, some folks are always going to be irresponsible no matter what you give them.

DW and I sadly have more than a few relatives with the attitude of "because you have done well, you need to help us out, and we don't have any responsibility with being disciplined with what you help us out with". Many feel that the majority of those who are FI really "cheated" their way to that position, while they were "honest".
Wow you really are living the impending crisis now.
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Old 02-25-2014, 06:06 PM   #69
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Travelover's Law says that anyone with less money than me is a bum that is simply unwilling to work hard. Anyone with more money than me either stole it or inherited it, as if there is a difference.
They are all jerks...I'm the only sane one. Exactly lol
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Old 02-25-2014, 06:11 PM   #70
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If you went for the Costco parking lot you could get 'free food' with all the samples they offer. The food samples could easily offset the annual Costco membership fee. Now I don't know if Costco allows RV overnight parking in their lots or not.
Hey I actually worked with near retirement engineers who would go to Costco for their weekly Friday lunchtime. The strolled up and down the aisles and eat everything as an appetizer then grab a hot dog and come for $1.50.

Talk about cheap azz millionaires lol. Sorry I meant "frugal" for this Forum membership.
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Old 02-25-2014, 06:35 PM   #71
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Hey I actually worked with near retirement engineers who would go to Costco for their weekly Friday lunchtime. The strolled up and down the aisles and eat everything as an appetizer then grab a hot dog and come for $1.50.

Talk about cheap azz millionaires lol. Sorry I meant "frugal" for this Forum membership.
Hey it must work pretty well then if they are all millionaires now. What a great LBYM concept. Wonder why they needed the hot dog after all the samples? Maybe save it for dinner.
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Old 02-26-2014, 08:49 AM   #72
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Thanks for the Costco tip, it's the end on the month & next deposit isn't until Monday. Think I'll head to Costco Friday :-)
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This thread is interesting...
Old 02-26-2014, 10:46 AM   #73
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This thread is interesting...

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The old guy at the beginning of the film laments that he never thought about saving for retirement when he was younger. It should be no surprise that when he's older he lacks savings. What did he expect would happen?
Many posters here talk about having parents that were good savers or taught them the value of regularly saving. Certainly most here have passed on the value of saving, especially for retirement, to our own kids. Maybe others were not so lucky to have that guidance or were not smart enough to figure it out.

Our local public schools recently sent home with my 14 year old a new course requirement for high school graduation - personal finance. It is a one semester coures that is coupled with a semster of economics. The course description includes: practical applications to provide real-world examples of computation. Topics such as buying a car, renting an apartment, managing a budget, taxes, using credit wisely, planning for retirement, understanding investments and insurance.

I think this is a good idea.
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Old 02-26-2014, 11:10 AM   #74
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Many posters here talk about having parents that were good savers or taught them the value of regularly saving. Certainly most here have passed on the value of saving, especially for retirement, to our own kids. Maybe others were not so lucky to have that guidance or were not smart enough to figure it out.

Our local public schools recently sent home with my 14 year old a new course requirement for high school graduation - personal finance. It is a one semester coures that is coupled with a semster of economics. The course description includes: practical applications to provide real-world examples of computation. Topics such as buying a car, renting an apartment, managing a budget, taxes, using credit wisely, planning for retirement, understanding investments and insurance.

I think this is a good idea.
+1. That is a great idea. I wish schools offered more practical, training for real life classes like that. I think it would help lower the drop out rates, too. A study in Dallas on drop out rates cited one of the factors as "The students found school boring and felt the curriculum did not apply to real life."
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Old 02-26-2014, 11:20 AM   #75
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Here's the ultimate way to scare the workers:
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Old 02-26-2014, 04:41 PM   #76
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+1. That is a great idea. I wish schools offered more practical, training for real life classes like that. I think it would help lower the drop out rates, too. A study in Dallas on drop out rates cited one of the factors as "The students found school boring and felt the curriculum did not apply to real life."
That was the reason I gave thought to dropping out of HS. I stayed since I only had OMY to go but except for a very few the classes were crushingly boring and completely irrelevant to anything that interested me.

In general few HS kids care a whit about the war of 1812 or why the distinction between a dangling participle and an adverb is something they should bother spending time on. I sure didn't care.
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Old 02-26-2014, 06:53 PM   #77
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Many posters here talk about having parents that were good savers or taught them the value of regularly saving. Certainly most here have passed on the value of saving, especially for retirement, to our own kids. Maybe others were not so lucky to have that guidance or were not smart enough to figure it out.

Our local public schools recently sent home with my 14 year old a new course requirement for high school graduation - personal finance. It is a one semester coures that is coupled with a semster of economics. The course description includes: practical applications to provide real-world examples of computation. Topics such as buying a car, renting an apartment, managing a budget, taxes, using credit wisely, planning for retirement, understanding investments and insurance.

I think this is a good idea.
I second the "Good Idea". I learned the fundamental motivation to save at home, but I didn't really learn the ins and outs of interest, present value, equity vs debt, etc. until I found myself in a computer degree program in the business college and had to choke down the business core classes. And after all that, I really didn't even begin to understand retirement issues until just recently - pensions, tax-deferred saving, social security, and so forth, self-study. Really, way too late to help me with early decisions; good thing I was dumb-lucky...

A decent high-school curriculum would at least expose more folks to the concepts and terminology. I guess the big thing to teach is to not rob the 401k balance that you collected only because your employer defaulted your election to a target retirement fund...
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Old 02-27-2014, 09:24 AM   #78
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Wow you really are living the impending crisis now.
Funny, I had not thought of it that way, but you are right... I have about a dozen relatives that I just don't see how they are going to get by in their older age. We have given more than several thousands of dollars to help them that we don't expect to get almost any of it back (though they were supposed to be "loans", we knew this at the time, and chose to only give what we knew we wouldn't miss if it was not paid back). We aren't "bottomless pits" and have drawn the line with several of them, who are now very resentful of us. As you said, this might be a sad microcosm of things to come.
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Old 02-27-2014, 09:37 AM   #79
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Speaking of free food, I personally have met underfunded retirees and unemployable folks in Sams Club and at local bar happy hours around here getting their complementary mid-day snacks and dinner on a regular basis. I don't know where they sleep, though.
Grogan's Mill mostly.

I've had several converstions with retirees in my area that give me the ins and outs of the best lunch specials. The Monday fish and chips at Goose Acres seems popular.
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Old 02-27-2014, 09:43 AM   #80
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Grogan's Mill mostly.

I've had several converstions with retirees in my area that give me the ins and outs of the best lunch specials. The Monday fish and chips at Goose Acres seems popular.
Bingo!
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