Another one of those articles

[antmary]

I am sorry to hear about these families' misfortunes. I can't imagine the stress involved dealing with:

Mom's breast cancer or any health issues
Low wages
Not being able to find a job

But, most of all, I think it would be hardest to continue living in an arena with an "as if" mentality. It must be very hard on the children. I remember how important looking good was as a teenager. I am sure that their peers know what is happening....

I hope they find traction in their lives, so they can progress onward.

[Moemg]

It is easy for most of us to pass judgement on them because we made it to retirement without this happening to us . I give that wife a lot of credit for applying for food stamps and Medicaid . It most have been humbling and continues to be humbling as you get the knowing stares at grocery stores & Doctor's offices .

[67walkon]

Circumstances can truly humble any of us at any time. God has a plan for us, but sometimes it isn't exactly what we would choose.

I went to lunch last week with a buddy from college. We're the same age, in the same profession and have probably had similar incomes. He picked me up in a $100,000+ car, but he got it for a discount because it was last year's model. He didn't want to go in my Subaru that I plan on keeping until it hits 200,000 miles. He wondered what I was going to really do in retirement and thought it might be another 7 or 8 years before he could afford to quit working. I'm liking my Subaru even more!

[obgyn65]

Thank you Moemg - I could not have said it better.

Quote:

Originally Posted by Moemg It is easy for most of us to pass judgement on them because we made it to retirement without this happening to us .

[rescueme]

Quote:

Originally Posted by youbet The evil bank should have written off the mortgage as a bad debt and delivered title to the family free and clear.

So you get into financial difficulties (for whatever reason), you get a "free home"?

[donheff]

Quote:

Originally Posted by youbet The evil bank should have written off the mortgage as a bad debt and delivered title to the family free and clear.

Quote:

Originally Posted by rescueme So you get into financial difficulties (for whatever reason), you get a "free home"?

Not that I want to defend his sentiment but I think youbet forgot that sarcasm has been outlawed on these forums.

[TromboneAl]

Sure we don't know the whole story, and we're being judgmental, but many of us see people who make tons of dough, yet find ways to smugly waste it on toys and McMansions and live paycheck to paycheck. So we should be forgiven if we enjoy pointing out possible poetic justice.

Also, remember that having four kids is a choice, and probably the most extravagant choice that they made.

[haha]

Quote:

Originally Posted by TromboneAl Sure we don't know the whole story, and we're being judgmental, but many of us see people who make tons of dough, yet find ways to smugly waste it on toys and McMansions and live paycheck to paycheck. So we should be forgiven if we enjoy pointing out possible poetic justice. Also, remember that having four kids is a choice, and probably the most extravagant choice that they made.

Also a choice that the rest of us who are not having the 2.2 kids necessary to replace the population should be thankful for.

[wildcat]

Another knock on the journalism - the title says 'formerly wealthy'

What made them wealthy? They had a big house and nice cars? Pfft....

I've been through rough spots (nothing like these people) and know what it's like to struggle a bit. Sometimes you get burned and it teaches you to never be in that position again. I guess, thankfully, it happened to me early so I've been able to recover. A full financial recovery probably won't be the case for the people profiled.

[traineeinvestor]

Quote:

Originally Posted by TromboneAl Sure we don't know the whole story, and we're being judgmental, but many of us see people who make tons of dough, yet find ways to smugly waste it on toys and McMansions and live paycheck to paycheck. So we should be forgiven if we enjoy pointing out possible poetic justice. Also, remember that having four kids is a choice, and probably the most extravagant choice that they made.

+1

Even on a (low?) six figure salary, putting four children though private schooling is going to be a severe drain on finances. It would be interesting to see how the children are doing in several years time once they have become independent.

Time for a mandatory savings regime?

[FIRE'd@51]

Quote:

Originally Posted by Rustward Trying not to be too judgmental, and speaking in strictly financial terms, were they ever really wealthy?

Exactly what I was thinking. Baschoff was already in his fifties and only living in a 300K house (at the top of the real estate market) in New Jersey. He then got a promotion to a "six-figure job". What does that mean? Maybe he was earning a little over 100K.

[FIRE'd@51]

Quote:

Originally Posted by Brat Almost all in Cleveland metro who want their kids to have a decent education put them in private schools.

Not sure what Cleveland metro has to do with this. The article said he was living in a New Jersey suburb of Philadelphia.

[youbet]

Quote:

Originally Posted by TromboneAl So we should be forgiven if we enjoy pointing out possible poetic justice. .

No we shouldn't. If you choose to be judgmental without knowing the whole story (your words) be proud of it and stand up for your actions and words. Don't do it and then beg for forgiveness.

[HFWR]

Quote:

Originally Posted by youbet No we shouldn't. If you choose to be judgmental without knowing the whole story (your words) be proud of it and stand up for your actions and words. Don't do it and then beg for forgiveness.

Loudon Wainwright- Mr Guilty - YouTube

[Rustward]

Quote:

Originally Posted by FIRE'd@51 Exactly what I was thinking. Baschoff was already in his fifties and only living in a 300K house (at the top of the real estate market) in New Jersey. He then got a promotion to a "six-figure job". What does that mean? Maybe he was earning a little over 100K.

Good points . . . and . . . they spent it all every month.

[youbet]

Quote:

Originally Posted by HFWR Loudon Wainwright- Mr Guilty - YouTube

Thanks HFWR! Loudon is one of my favorite singer-songwriters. He and John Prine are absolutely the best! DW and I catch their concerts everytime they come through the Chicago area, which sadly hasn't been too often lately.

And regarding my comment to TAL....... Yep, if ya do the deed, step right up and take credit. Skip the whining for forgiveness or justification. Life is so much simpler when painted in black and white!

[brewer12345]

Seems like Baschoff took a big gamble at the absolute worst time and got caught out. Sad. Sure, he did not make the greatest choices (should have sold the house instead of renting it) and he should have saved more before taking that kind of risk, but I think most Americans do not spend a lot of time plumbing the downside of whatever they do. Hopefully the publicity in the article helps him.

[jkern]

The article doesn't state enough information to judge all of their decision making. I'm sure most of us would have been more conservative.

However, I think the message in the article is that you can seamingly do everything right (education, work history, well paying job, etc..) but in this job market be sent back to square one. A person can have a $200K education, $100K of continuing education, 25 to 30 years of experience and be laid off at 56 years old and never find a comparable job in their field again. That is the sad part of the US job market and economy.

[Texas Proud]

Quote:

Originally Posted by jkern The article doesn't state enough information to judge all of their decision making. I'm sure most of us would have been more conservative. However, I think the message in the article is that you can seamingly do everything right (education, work history, well paying job, etc..) but in this job market be sent back to square one. A person can have a $200K education, $100K of continuing education, 25 to 30 years of experience and be laid off at 56 years old and never find a comparable job in their field again. That is the sad part of the US job market and economy.

Yes... my sister was 53 when laid off and could not find a job.... she was a compter programmer and he skills were 'dated'... most places would rather hire a 20 or 30yo even if they are not better...

[TromboneAl]

Quote:

Originally Posted by jkern However, I think the message in the article is that you can seemingly do everything right (education, work history, well paying job, etc..) but in this job market be sent back to square one.

Yes, that may have been the message that the article intended to convey, but the message many of us cheapskates are getting is that if you don't live below your means and save your money, you won't be prepared for a financial disaster.

And based on the outcome, he didn't do everything right. He had four kids, sent them to private school, didn't save more than two month's income in the 30 years he was working, and drove a gas-guzzling SUV.