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Old 04-02-2008, 09:14 AM   #21
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Old 04-02-2008, 09:35 AM   #22
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" At the time, they believed real estate was a safer, more lucrative bet than the stock market."

At age 62? The key words here are "believe" and "lucrative". How on earth would you put the a significant chunk of your retirement into short-term real estate? This just violates all the Boglehead rules. Including don't get greedy.

I think they are lucky they didn't get that boat. If their sailing judgement is as bad as their investment judgement, they'd be dead by now.

What is it that they say? There's no fool like an old fool.
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Old 04-02-2008, 09:36 AM   #23
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Tears well up in my eyes for those denied the 400k boat because of the unsteady markets. Rumors have it dispersal of oompa loompas will be limited soon as well.
It is so sad for them. Peel me a grape. I guess all things are relative. To what, I haven't the foggiest.

People like that need to take a look at the Dollar Stretcher forum at Forums - The Dollar Stretcher.com Community and read about people being happy they have enough to eat.

Makes me feel wealthy, there's enough flexibility in our budget for a filet mignon when the mood strikes.
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Old 04-02-2008, 09:48 AM   #24
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I guess all things are relative. To what, I haven't the foggiest.
Kevin Bacon.

[edit]

I guess that should be Kevin's bacon.

[/edit]

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Old 04-02-2008, 09:50 AM   #25
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Isn't everything related to bacon on this forum?
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Old 04-02-2008, 09:50 AM   #26
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If Mr. Greenspan was a retired machinist and they had saved for years for a European vacation, until one of them was diagnosed with cancer- I would feel really sorry for them.

This couple. He's still working as a dentist. She's working. They're lucky. They both have jobs, especially his. And they still have the condos and some other retirement funds. They were so stupid it's just hard to avoid lathering criticism on them. Evidently they expected to make $200K on each condo in two years? Huh? A 40% return? Why didn't they just go to Vegas?

And whining about not having a $400K (clearly massively overpriced, undoubtedly brand shiny new) boat. No wonder the boat salesman is holding it for them. Who else would buy it? There are many couples out there living their sailing dreams in older, tested, less flashy boats. I'll bet the Greenspans have all the other toys, too.....
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Old 04-02-2008, 09:52 AM   #27
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Isn't everything related to bacon on this forum?
At one point or the 'tuther.
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Old 04-02-2008, 02:26 PM   #28
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There are many couples out there living their sailing dreams in older, tested, less flashy boats.
My boat is a used $900 10.5 foot Porta-bote that was wet once, with a $600 5 hp Brigg & Stratton outboard that was the store demonstrator. I guess that qualifies as less flashy.

A joke with the relatives is taking DW out for a "West Virginia River Cruise" - a 10-foot rowboat, a cooler with ham & cheese sandwiches and a box of fine wine.
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Old 04-02-2008, 02:45 PM   #29
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If the Greenspans cancel the boat and lose the $15,000 deposit, it will be the best money they ever spent.
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Old 04-02-2008, 02:53 PM   #30
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While they both still enjoy their work, "we should be out on our boat," says Ms. Greenspan.

Tears well up in my eyes for those denied the 400k boat because of the unsteady markets.
I wonder if folks like this are equally devil-may-care when they go cruising? If so, in the fullness of time they will be fish food.

I actually never feel sorry at all when someone takes nutty chances and gets from the universe what a reasonable universe should deliver under the circumstances.

Live stupid, die stupid.

Ha
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Old 04-02-2008, 03:13 PM   #31
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Where do they find these people to interview? Sad, sorry for themselves, no idea of what is involved in being responsible for their own retirement income....what idiots!
Absolutely Sarah... this is very sad... but more and more I believe that it is true. I think that most people out there really DO believe they can get by for the rest of their lives on 300k total. That says to me that as all of these folks start realizing that they cannot, they will start begging for the govt to "save them". This frightens me to the core, because as a group the now retiring baby boomers are the largest voting block in america. I am afraid of the govt trying to redistribute my money into the hands of those who did not plan out their lives as well as I am. After the next election I will be watching the laws very carefully. I certainly hope that rational thinking returns soon....
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Old 04-02-2008, 03:38 PM   #32
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I think these people actually feel cheated out of their well-deserved retirement fantasies. If I was this stupid there is no way I would ever allow my name to be presented to the public, especially on a financial publication read around the world.

I just don't think they see the foolishness <greed> of their ways.
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Old 04-02-2008, 03:52 PM   #33
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I think that most people out there really DO believe they can get by for the rest of their lives on 300k total.....
Or less. And what value do they put on their children? I know a women in her '70s, still working, living in her daughter and SIL's house; says she doesn't have any money to retire.

Edited to add: She's not a baby boomer!
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Old 04-03-2008, 05:05 AM   #34
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If the Greenspans cancel the boat and lose the $15,000 deposit, it will be the best money they ever spent.
They should cancel the boat and lose the 15k deposit. Then offer the boat dealer 50k less. He'll probably take it.
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Old 04-03-2008, 07:01 AM   #35
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The guy with the 240K, his employer was/is IBM. He has a pension plan and didn't always have access to 401K. This was added later to the mix at IBM.

He is probably fine with 240K in assets, a paid off house, and his IBM pension - while living in MO.
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Old 04-03-2008, 08:34 AM   #36
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If they cancel the boat and lose the 15K that may not be their only liability to the boat dealer. I would guess that if they cancel they would owe at least 15% of the total sale price and would be open to a law suit as well. So 15% of 400K is 60K

I'd love to see the contract they signed.
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Old 04-03-2008, 11:16 AM   #37
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Even if they lose $60K, they will be better off.

That shining piece of ego will depreciate $100K within a week of leaving port.
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