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Old 03-31-2008, 08:22 PM   #41
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Obviously, I have much to learn about spending money!!!

I spent $21 yesterday on frivolous things, though! I bought a $17 drawing and a $4 lace tablecloth at an antique shop. It's creeping in.... today, $21, tomorrow, $187,200, I suppose.
I'm sure there are folks out there willing to help you (us?) spend money (for a small fee).

Today I bought a keychain pocket knife/bottle opener and a mini-camera; $30 (minus a $25 gift card).
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Old 03-31-2008, 08:23 PM   #42
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It is amazing to me that someone would continue to spend at a rate of 187,200 per year without any job and no backup and eat through the 401. Mach 1 collisions are very painful but suicidal if you see it well in advance and do nothing to avoid.
Spend $187,200 per year? That would require a lot of work. Work? Can't do that, I'm FIREd.
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Old 03-31-2008, 08:28 PM   #43
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It doesn't sound like either of them actually understood the business they were in.

How can you possibly rack up $10K a month expenses? Oh, yeah- mortgage in excess of conservative financial recommendations, the ever-dangerous home equity loan, evidently horrible taxes.

They truly are stupid and deserve what they get. They really don't have a clue, do they?
No, they don't have a clue. I'm totally amazed how they can broadcast their stupidity over the internet like it's just something that happens.

But I do like their party-on attitude at full speed as the Titantic slips below the waves. Strike up the band maestro.
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Old 03-31-2008, 08:30 PM   #44
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I'm sure there are folks out there willing to help you (us?) spend money (for a small fee).

Today I bought a keychain pocket knife/bottle opener and a mini-camera; $30 (minus a $25 gift card).
For a moment I thought you had out-spent me! But with the gift card, you only spent $5.

I think we probably have more fun than those folks do, anyway.
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Old 03-31-2008, 08:52 PM   #45
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How many FIREd people (from this forum) would $187,200 support per year? :confused:
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Old 03-31-2008, 08:55 PM   #46
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How many FIREd people (from this forum) would $187,200 support per year? :confused:
That would last us a bit over 4 years.
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Old 03-31-2008, 08:58 PM   #47
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How many FIREd people (from this forum) would $187,200 support per year? :confused:
I spend less than $30K/year - ~6 years.
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Old 03-31-2008, 09:46 PM   #48
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Kent estimates the mountainside home in San Clemente, Calif., which they bought in 2005, is worth 20% less than it was a year ago. And in the current market, he said he's not sure he could sell it for even that amount.
What kind of estimate is that? Surely the house is worth whatever the market will pay: no less, and certainly no more.

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"We've used up most of our reserves, cashed in her 401K," said Kent."We're going Mach 1 into a wall. When we run into it, then we've got to decide what to do next."
Again, this is nonsensical. When they have burned through the rest of their reserves (won't be long now!), they won't have any options and there won't be any decisisions to make.

I can't even begin to relate to that sort of irresponsibility fatalism.

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Since he lost his job, Kent has gotten a real estate license and is trying to start a business selling the rapidly increasing inventory of foreclosed homes in Orange County, Calif. ... The Copes are just two of many in Orange County, formerly the center of the nation's subprime lending industry, now trying to move on. Nearly 9,000 jobs have been lost there in the past year
Smart move, Kent. You're out of work because the inflated real estate market is tanking, so you decide to pursue a sales job in the same industry, in a depressed region. Good luck!

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Im waiting to see what tricks Warren B has up his sleeves for this little down turn.
According to today's issue of Fortune (page 14), he recently paid cash for a Cadillac DTS.
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Old 03-31-2008, 09:49 PM   #49
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According to today's issue of Fortune (page 14), he recently paid cash for a Cadillac DTS.
Well, at least he can afford it.
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Old 03-31-2008, 09:52 PM   #50
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According to today's issue of Fortune (page 14), he recently paid cash for a Cadillac DTS.
There's probably some lint mixed in with that pocket change...
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Old 03-31-2008, 10:01 PM   #51
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I kind of feel sorry for those people because both of them losing their job at the same time must be very stressful. But the fact that they realize they are heading full speed toward a wall yet don't seem willing to seriously cutback on their expenses (I don't consider exchanging a corvette for a suburban much of a cutback) is shocking to me. If I were in this situation, I would go into survival mode, count every penny and make sure that my savings last as long as possible.
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Old 03-31-2008, 10:11 PM   #52
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I kind of feel sorry for those people because both of them losing their job at the same time must be very stressful. But the fact that they realize they are heading full speed toward a wall yet don't seem willing to seriously cutback on their expenses (I don't consider exchanging a corvette for a suburban much of a cutback) is shocking to me. If I were in this situation, I would go into survival mode, count every penny and make sure that my savings last as long as possible.
And before I even thought of touching my 401K, I'd be renting out rooms in that McMansion, taking in laundry, tutoring, and doing everything else I could think of between filling out job applications.
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Old 03-31-2008, 10:23 PM   #53
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I especially liked how they cashed out "her" 401k. What a caring dude. Let's see he's 59 and she's 37....I won't go there.

I also liked how she felt working for the No.2 "subprime" lender in the nation should have provided security in her job. No.2 subprime lender, now that's something to be proud of.

Dopes I say, who cares. Think instead of the poor suckers they ripped. Oh sh*t, I pay taxes, that's me!
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Old 03-31-2008, 10:25 PM   #54
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And before I even thought of touching my 401K, I'd be renting out rooms in that McMansion, taking in laundry, tutoring, and doing everything else I could think of between filling out job applications.
Indeed. That's probably why you will never be in their position.

Regarding WB, the same Fortune column notes that he has a poor credit rating(!)

Quote:
When the Berkshire Hathaway CEO recently checked his credit history, his FICO score in one report was 718, slightly below the U.S. median.
The magazine suggests that this may be a case of mistaken identity.
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Old 03-31-2008, 10:32 PM   #55
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Regarding WB, the same Fortune column notes that he has a poor credit rating(!)



The magazine suggests that this may be a case of mistaken identity.
Sometimes people who don't use credit cards can have lower credit scores because of a lack of credit history--a case in which one is punished for spending responsibly.
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Old 03-31-2008, 10:37 PM   #56
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718 is poor? I dont think so. The scales I've seen say 680 to 720 is A+, but maybe they changed the scale? Fico doesnt care about net worth!
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Old 03-31-2008, 10:38 PM   #57
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Damn it, man. Now get out there and spend like a REAL American...
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Old 03-31-2008, 11:11 PM   #58
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Isn't that amazing? I wonder if maybe there is more to this problem than the article lets on. It would probably take real effort to spend $187,200/year.
Not as much effort as one would think.
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Old 03-31-2008, 11:20 PM   #59
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Obviously, I have much to learn about spending money!!!

I spent $21 yesterday on frivolous things, though! I bought a $17 drawing and a $4 lace style tablecloth at an antique shop. It's creeping in.... today, $21, tomorrow, $187,200, I suppose.
hmmm W2R, with your new baseline, I think you need to take out your ss and recalculate.
Unless you are planning on leaving a bundle to your family or cat you need to open up a bit and enjoy. Maybe if you see the numbers that will help you get over your overly obsessive LBYM habits. You seem to be taking it to extremes. Just an observation.
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Old 04-01-2008, 06:28 AM   #60
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Gosh, I thought I was in with a bunch of big spenders here. You guys are pikers compared to me. I went shopping for some lumber yesterday, came home with three sheets of plywood, three sheets of furniture grade, veneer core, good two sides, mahogany plywood. Only $125/sheet, plus tax.

Let's get with it folks, you're falling behind. You got a long way to go get to $187K.
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