Saving too much?

[bssc]

I should add a disclaimer that I work for a credit card company. But I still think that it is a crazy idea.

 

[audreyh1]

Interesting article.

I like this warning Dodd issued to the credit card companies!:

But Dodd did issue a warning to credit card companies during the hearing: "If you currently engage in any business practice that you would be ashamed to discuss before this Committee, I would strongly encourage you to cease and desist that practice. Irrespective of the current legality of such practices, you should take a long, hard look at how you treat your customers."

Audrey

 

[Shawn]

Maybe we here at the early-retirement forum should look at this warning in a different light. The squandering of youth could be accomplished by working longer than is neccessary and the saving too much could be wanting too large a nest egg before pulling the trigger on retirement.

I look at it like the following ...

I can save and work hard and retire at 50.
I can save and work and retire at 55.
I can not save and work hard and retire at 65.
I can not save and work and retire at 70.

Personally, I want to retire at 50 in less than three years. The individuals quoted in the article can write all they want about how I squandered my youth. Meanwhile, in three years, I'll be squandering each day at the beach or backpacking in the mountains.

 

[Texas Proud]

My big concern is that people like this will cause people save even less so down the road, people will have less. Then some "consumer activist" will not consider this inequal income distribution fair and want taxes on it.

While this may seem far fetch, at the recent Senate hearings, someone called for annual fees on people pay off their balances in full because it wasn't "fair". See more here [

Yea.. that would be great... make us pay a fee and then in a year or less 'up' the fee that the others had been paying... more profit for them...

They make enough money from me.. not outrageous, but enough... and guess what, free markets are working aren't they When I got my first CC they all charged fees... then the fees started to go away. and then the benefits started to come... and now the benefits can be quite good... it is a cost of getting a customer...

BTW... they did raise the fees on us anyhow... if you go overseas, they charge 2% or 3% fee on the charges on top of a 1% fee from VISA or MC.. they also started to do this on money withdrawl...

 

[sallie4th]

Tell me when I'm going to die and I'll tell you whether I've saved too much.

First, thank you to all who have sent words of encouragement and welcome. I had to respond to this thread because it struck a chord. I drifted along for several years, not saving, rather spending pretty much everything and to quote ****" splurging on hubby, while he planned for the future". It was all work work work and giving up on dreams/needs/desires because that was my part of the "agreement". Now that I know when I'm "going", (can narrow it down, at least to year) I have what I call a "get out of jail free card"...it's now or never. Soooo...I work work work and then enjoy...I laugh more, love more, notice more and make different choices. I don't worry about yesterday, today or tomorrow....it's this moment that counts and it counts only to me...Oh I still plan for the future....I plan to be looking great....lying on a white sand beach somewhere in an over priced string bikini....with an enormous smile on my face....I'm saving for that and I'll save just enough, with enough left over for a nice fat tip for the cabana boy. My point.....don't get so involved in the future that you forget that there isn't that guarantee.

 

[sallie4th]

Ooh, this should be fun.

JG

Fun is a good thing. However, mundane and irrelevant are not on my list, sorry to dissapoint once again.
PS....shouldn't you be on your way to the Cliff Clavin convention?

 

[cute fuzzy bunny]

shouldn't you be on your way to the Cliff Clavin convention?

Oh dear, this is going to be far more fun than I thought.

When one becomes tired of eating popcorn, whats the traditional follow up?

 

[Cut-Throat]

 

[Texas Proud]

Oh dear, this is going to be far more fun than I thought.

When one becomes tired of eating popcorn, whats the traditional follow up?

Chocolate!!!

 

[cute fuzzy bunny]

I was hoping someone would say "BEER!".

But chocolate is okay.

 

[rmark]

Beer and pretzels

 

[cute fuzzy bunny]

THERE'S my man!

Mustard with the pretzels, right?

 

[Texas Proud]

I can go with that....

Now waiting for the show to begin