OT: Have you guys even hit/seen/been near the bottom?

[FinanceDude]

Hmm... which time to tell about... I suppose the very last (EVER!) time. I just turned 40, got divorced, empty bank account, was homeless with two boys, and was undergoing chemo for cancer. NOT FUN!!!!!!

Somehow managed to turn that into living in my dream home, no debt, money in the bank, a career that I love, cancer-free(!), one son in college to be a doctor, and the other in law school. In 6 years. So there is hope!!!

Congratulations on your life changing for the better............ Lost my sister this year to cancer........at age 46, so I know how scary it is............great to hear you're a survivor................

 

[maddythebeagle]

We grew up "poor" so that was my bottom Dont wish to repeat it thanks....seems we always found a way to do more with less though.....a lot of folks these days think essentials = cable tv, a big screen color tv, cell phone, eating out, a big vacation every year, new car, etc.):

 

[justin]

I don't really have a good story for me, but DW has a good one.

Her and her family were chased at gunpoint our of their home country through the jungles of Cambodia and into Thailand by the genocidal communist Khmer Rouge regime. Then spent the next 5 years floating from one refugee camp to the next in Thailand and the Phillipines waiting for clearance to come to America. Once they got here, they had to learn English and DW was a few years behind in school. No assets. DW, her parents and 4 siblings lived in a 2 BR house for years in the not-so-nice part of town and barely got by. DW eventually did well in school, got her undergrad degree, worked at a big 5 accounting firm, graduated from law school and now works at an I bank.

While living in refugee camps, there was rarely any food to eat, and a treat for them was to catch and fry up termites or grasshoppers and eat them since this was the only thing they had to eat besides the occasional small quantity of rice. In the event they did manage to scrounge up some meat, the oldest brother would chew up a piece of meat to get the flavor, then spit it out and give it to a younger sibling to eat. The stories...

 

[semtex]

we were not making it in OH, so we decided to mave to NYC when one of us got the first job offer (turned out to be me, and a truly sh!tty job it was).

brewer12345, Dw and I not making it too at OH. What's wrong? People are so nice there.
We moved east too, first stop was phily, there NYC.

 

[brewer12345]

brewer12345, Dw and I not making it too at OH. What's wrong? People are so nice there.
We moved east too, first stop was phily, there NYC.

The economy has sucked there since the 1970s, unfortunately. My Mom grew up in Canton, and her roots are SE Ohio along the WV border (yes, they play the banjo, mandolin and fiddle at family reunions). That area has been in recession for decades, sadly. We were around Cleveland, but there just wasn't enough of a service economy for us to find decent jobs. I understand that Cleveland has gotten a good deal poorer since we left in 1997. Sad.

 

[Sheryl]

I grew up in OH, too. I left in 1978, and it seems the economy has never really been good since then.

When I was growing up around the Akron area Goodyear, Firestone, and Goodrich were all going strong, and more than half the kids in my school had fathers employed in auto or rubber related industries. That's all gone, and nothing has replaced it.

 

[Sparky]

I had $10K credit card debt when I got married in '93. We paid that off with a loan - then, one day, we went to go out to lunch, checked the ATM for cash and had $111 in the checking account. That's it, no savings, no IRA, no 401(k)... no house, nothing.

Shortly thereafter, I read "Your Money or Your Life" - totally changed my life.

Today, we are FIRED for three years. We had pretty good jobs - nothing stupendous. Just saved like crazy (about 50% of our income for 10 years) and determined not to be in that circumstance ever again.

 

[Khan]

I had $10K credit card debt when I got married in '93. We paid that off with a loan - then, one day, we went to go out to lunch, checked the ATM for cash and had $111 in the checking account. That's it, no savings, no IRA, no 401(k)... no house, nothing.

Shortly thereafter, I read "Your Money or Your Life" - totally changed my life.

Today, we are FIRED for three years. We had pretty good jobs - nothing stupendous. Just saved like crazy (about 50% of our income for 10 years) and determined not to be in that circumstance ever again.

"As God is my witness, I'll never be hungry again!"
-Scarlett

 

[Goonie]

The closest I came to the bottom was not so many years ago. I was engaged, living paycheck to paycheck credit card to credit card. Made some INCREDIBLY awful choices and financial decisions. Ended up with no cash, no savings, and about $60k+ in CC debt. (gross income at that time was about$30k/year)

Finally got jolted into reality, and started to fight my way out. I looked at bankruptcy as a cop-out, and refused to go that route. Figured I buried my self this bad, I can dig myself out.

First I got rid of the fiancee who though $$$ grew on trees, and thought living way beyond one's means was normal. She gave back the ring, which I promptly sold to pay it off! Sold off some other crap also! Started doing without a lot of things that I thought I really needed. Took every thin dime I could muster, and started paying down the CC debt. Sometimes I thought I'd never see light of day again.

Long story short....paid off CC debt in about 2 years. Started living well BELOW my means...still do to this day....with no thought of changing!!! Will be able to FIRE in 3 months 2 weeks and 4 days!!! At that time I won't "have" to live below my means....but I probably still will....BY CHOICE! 8)

 

[REWahoo]

"As God is my witness, I'll never be hungry again!"
-Scarlett

"I saw it in a window and I just couldn't resist it!"
- Carol Burnett as Scarlett

 

[Sparky]

"I saw it in a window and I just couldn't resist it!"
- Carol Burnett as Scarlett

Hey!

 

[Helena]

I am a single working mother of a handicapped son.

I was blessed to find a special needs daycare who
would care for my son during working hours... even
now when he is 32 going on 3.

I have lived frugally and simply and saved as much as
I was able thanks to God's blessings... I hope to retire
next year at age 55... if I can make it, anyone can

 

[frayne]

Have to say I've had pretty much a middle of the road existence, never really been destitute or homeless. I have been down to my last dollar a couple of times in my early-mid twenties but could always go out, get work and make a few bucks.

This my not count in the regard the original question was posed, but at 21 years of age I went from being a strong healthy 185# lean mean fighting machine down to a scrawny 114# malaria ridden soul whose own mother couldn't even recognize. A rather sobering life experience.

 

[savedapile]

grew up in a two bedroom house and we had four kids. Did not dawn on us that we were poor because we always had food and shoes and grew up in an area where really big Catholic families were the norm and we only had four of us. Eloped with someone poorer than me who had nothing but school loans, no cars and what did we do? Moved to California (hitched a ride with a friend) and found jobs and started the way up. Shared an apartment with a group of people, slept on a mattress on the floor, walked to work until we could afford a used car.

I feel fortunate I was born in this country, as we have two friends, one who escaped Yugoslavia and one who left Cambodia via a refugee camp and not only had nothing but also had family members killed.

 

[Eagle43]

"As God is my witness, I'll never be hungry again!"
-Scarlett

"Frankly my Dear, I don't give a damn."
Rhett

 

[runchman]

Not anywhere *near* a 'rock-bottom' experience, but started out of colllege with 12,500 in student loan debt, no assets at all. Of course immediately signed up for 10% into the 401k though....

nearly 20 years later coming up on $1M net worth.

Sometimes we forget how far we've come when FIRE is still quite a few years away; it is good to reflect sometimes on where we started from.

- John

 

[Jarhead*]

"Hard times?", I'll tell you about hard times.

When I was a youngster, if I didn't wake up with an erectiion,
I had nothing to play with all day."

Rodney Dangerfield sometime in the 60's.

Yeah, it's raining again today.

 

[Average Joe]

Poverty is not always entirely about money and misfortune. I think I began realizing this when I was about 8, a poor kid by American standards, already familiar enough with moves from one poor living situation to the next that not knowing what was next but expecting it to be unpleasant was normal for me. I’d been to a few different schools and was already used to being teased for my wardrobe; when you don’t have much, you wear it a lot. The school’s concerned inquiry into my poor grooming and hygiene did not improve my life, but its free lunch did. Anyway around this age I was becoming increasingly aware of how my life compared with other’s and trying to understand why. I vividly recall a meal at friend’s house. His Mexican parents spoke little English. They were poor, but working; illegals maybe, I didn’t know about such things at the time. On the outside his home was no more impressive than where I lived and it was no better furnished with material things. But inside it felt different. The meal I remember so vividly was fresh cooked beans with a little meat of some kind rolled up in tortillas. It was delicious (this was early 70’s and my mouth waters thinking about it today). But it wasn’t just the food that made an impression on me. The house was warm. I recall sitting in my friend’s kitchen and thinking how lucky he was to have such a life and how lucky I was to be a guest in his home at that moment. I remember wishing I could visit more often, but I was bussed in from afar and he lived closer to the school – and I moved again before long anyway. Even at that young age I was starting to realize that lack of money was just a symptom of the real poverty in my home.

It was unfortunate that I inherited poverty someone else earned. But don’t feel sorry for me; at 18 I inherited an incredible fortune that I hadn’t earned. People who would never know me had worked, sacrificed, and even died to ensure I would inherit it. I had actually already helped myself to some of it, having earlier effectively rejected parental authority and having taken my first regular job at 15, working nights and finishing High School in the day. But at 18 it became official. It was all mine; I was all mine. I inherited full adult citizenship in a country where I enjoyed far ranging rights as an individual and tremendous opportunity to better my situation (to include defining for myself what “better” means). I’ve done OK with it.

At 18, I already felt liberated from poverty. I got pre-qualified for the work I wanted to do and enlisted with a guaranteed contract to put me into that line of work if I could complete the required training (training that I not coincidentally later used to satisfy nearly two years worth of requirements for my undergraduate degree). When I left on the bus, all my material possessions fit in gym bag and a box. I could easily carry what I owned and I felt incredibly happy and optimistic, like I was already a success! Those were happy days and there have been many more since. As it turned out, being in the military was huge step up in quality of life for me. Today, most Americans would not consider me wealthy. But I’m a retirement eligible officer, with basic FI and optimism about ER.

 

[REWahoo]

"Hard times?", I'll tell you about hard times.

When I was a youngster, if I didn't wake up with an erectiion,
I had nothing to play with all day."

Rodney Dangerfield sometime in the 60's.

Yeah, it's raining again today.

So...what are you playing with today?

 

[Jay_Gatsby]

First I got rid of the fiancee who though $$$ grew on trees, and thought living way beyond one's means was normal. She gave back the ring, which I promptly sold to pay it off!

Funny how marriage can often bankrupt you as much as it can help you succeed financially. :

 

[lets-retire]

When I left on the bus, all my material possessions fit in gym bag and a box. I could easily carry what I owned and I felt incredibly happy and optimistic, like I was already a success! Those were happy days and there have been many more since. As it turned out, being in the military was huge step up in quality of life for me.

That's about what I owned when I left my father's house. Except we lived in the rich area of town. Looking around seeing what everyone else had, you know enough clothes to actually wear a different shirt and pair of pants each day of the week, while I only had enough clothes to wear clean stuff for two days, was a great motivator to do well. Fortunately my first job when I left was on the back of a garbage truck. You'd be surprised how many people throw away still usable items. I increased the amount of clothes I had simply by pulling out throw aways that were still in wearable condition.

 

[superdave]

When we were first married in our mid twenties, we were house poor after purchasing our first townhouse. We went on vacation for one week with family to Prince Edward Island, but only had maybe $100 to "enjoy" ourselves with. From this $100 . we had to pay for gas, campground fees and ferry costs. Ate a lot of Kraft dinner & beans.

We joke about it now, but the experiences stay with you.

 

[Nords]

As it turned out, being in the military was huge step up in quality of life for me. Today, most Americans would not consider me wealthy. But I’m a retirement eligible officer, with basic FI and optimism about ER.

Excellent words, Joe. Thanks.

 

[lazygood4nothinbum]

I never felt like I was in trouble and probably never was because a close knit family had my back. They didn't have a lot of money but I knew they wouldn't let me go down the crapper... Having a solid family behind you is a huge advantage in life -- more so than money.

either life has lead me similarly, or i've lead a similar life. as did my parents and as far as i know also my grandparents. in each generation the parents did at least well-enough, if not very well, and the children were sent off, well prepared, to make their way in the world. i spent lots of years with very little money and some of those were some of the best times of my life. though certainly i did not have the type of hardship described here early on (martha, you really are amazing), but later life found a way to hit me alongside the head.

a good friend of mine used to spend a lot of time thinking woe is she. she only makes $60k/year working for the president of a major corporation. she doesn't get to retire as early as me but she does get to go on trips on the corporate feadship. up until six months ago she used to think all her siblings (7 of them) had life so easy. they all made the type of money she couldn't command. they all had spouses and children she never acquired or produced. they all just last week came together to bury the funniest, the most loved, the best of them. 53 and dead of cancer. woe is she.

how wondrous to watch how we interaction with life. how you can be born in harlem yet raised a king, how you can be born with silver spoon yet die to a pauper's grave. how incredible are we that we are able to achieve such accomplishment without inflating the ego or sustain such hardship without deflating the spirit. and to reflect on such human lives it is not bragging to say "ain't we somethin'."

"our life is always deeper than we know, is always more divine than it seems, and hence we are able to survive degradations and despairs which otherwise must engulf us." ~~ william james 1842-1910

 

[semtex]

Maybe redefine the bottom in financial sense.
I have to say, when our net worth was neg, DW and I had some best times, young, full of energy. At that time, very cheap luxry would make us very happy. Not any more...