Too poor to retire; too young to die

[Big_Hitter]

unfortunately (my opinion is that) stories like these are just the tip of the iceberg - we will see the number of poor elderly accelerate as that generation ages

[Big_Hitter]

Quote:

Originally Posted by Ed_The_Gypsy As Marvin Zindler used to say on Houston TV, "It's Hell to be poor!" [...in America--my addition.]

I miss Marvin - grew up listening to him fight the good fight. I bet Houston misses him too.

[timo2]

Quote:

Originally Posted by Big_Hitter unfortunately (my opinion is that) stories like these are just the tip of the iceberg - we will see the number of poor elderly accelerate as that generation ages

+1 especially as people live longer and longer

[LARS]

Well, I think after 8 pages of debating the extravagance of a $21 meal from the perspective of a gaggle of ERs, I, for one, am glad there are people who spend, and spend often, because without them spending (and often above their means) the economy would grind to a halt and the stock market, where many on this board invest their $21 instead of eating it, would be in the toilet. 🤔

EDIT: And for those that are interested in spending more than $21 per meal may I suggest the following list compiled by the French of the world's top 1,000 restaurants to work your way through, and, oh yeah, I'll be the guy at the corner table enjoying myself. Nod if you see me...

http://www.nytimes.com/2015/12/12/di...ants.html?_r=1


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[kgtest]

one way to save money easily is to cook your own meals with your own groceries. One way to spend a lot of money is to never cook your own meals. I have friends who eat out 2-3x a day. They don't drive fancy cars, they don't own their own homes and in fact they have very hard and difficult lives because they cannot afford to eat out. I've tried to explain the cost savings one can experience by not eating out but they don't get it. I just watched 5 of them blow a combined $400 on one meal, and quite a few drinks. It's like they were on a quest to consume as much as possible as fast as possible and spend as much money as possible in the process. The karaoke and burger were less than entertaining to me. something tells me they may end up as nomads...well one already is at 37.

[FIREd_2015]

I believe there is a place in Southern California called Slab City that has a lot of these types of people. There's been several news articles over the years about the plight of those living at Slab City. This latest article is another reminder of the importance of planning for retirement.

[Hamlet]

Quote:

Originally Posted by marko The people in the story aren't asking for sympathy but it seems the author is trying to evoke some. I always wonder about the author's agenda on these stories. My first reaction is always that someone wants me to cough up more money either through taxes, contributions or other means by trying to make me feel guilty. I'm sort of fatigued out on that score.

I think the author's agenda is usually "How much per column-inch do I get paid again?"

[Music Lover]

Quote:

Originally Posted by tmm99 I think they have a different mentality all together. Are they just foolishly optimistic or it is some kind of pleasure principal at play here? What I've noticed about some of my friends who are just getting by - if they have extra cash, they don't think about saving it first . They think about what extra fun they could have with it like getting a watch they had been wanting for a while - an Apple Watch. Or they get laid off and take the long vacation they always wanted to take but couldn't because they were working and had no time to. Money? Oh they got severance and would be getting unemployment, plus they could dip into savings if they had to. (That's what they (my friends) would say.) They always seem to come out of the other end fine somehow, which kind of amazes me every time.

It is a different mentality.

My friend recently sold his house...he built too big of a house and ended up house poor barely making ends meet with his modest income. This went on for almost 10 years, living cheque to cheque and never being able to take a vacation, etc. Yet, he still went out for lunch 3x a week dropping $20 each time, and was always buying things he really didn't need.

Then, out of the blue a real estate agent knocked on his door saying she had a buyer for his house if he was looking to sell. He ended up selling for a very nice profit, paid off all his debt, and was left with about $150,000 in the bank. Rather than invest the money, so far he has spent about $10k on golf clubs, a new TV, new furniture, etc., and will soon be dropping $50k on a new vehicle to replace a perfectly good Toyota Rav with just 100,000 kms (62,000 miles) on it.

He moved to an apartment, but rather than get a decent unit for $900 - $1000, he's renting a 3 bedroom (he's single) unit for $1500 a month. He learned absolutely nothing from being broke for 10 years, and I expect that the $150,000 will all be gone in 2 years.

[LARS]

Quote:

Originally Posted by Music Lover He learned absolutely nothing from being broke for 10 years, and I expect that the $150,000 will all be gone in 2 years.

Well to play devils advocate you could say your friend learned his approach worked. He had a $150,000 windfall; and, so figures it will somehow work out just fine again.


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[Danmar]

Quote:

Originally Posted by Corporateburnout But if someone finds enjoyment in it and can afford it why not? We only live once and can't take it with us.

Agree. We spend a lot on eating out. More entertainment than anything else. Quality of food is importance but ambiance is as well since it helps us relax (along with the wine) and enjoy each others' company more during the meal. If I remember right, eating out represents about 4% of our budget. We often pay the whole tab when relatives are with us, as most of them couldn't afford it.

[timo2]

Quote:

Originally Posted by LARS Well to play devils advocate you could say your friend learned his approach worked. He had a $150,000 windfall; and, so figures it will somehow work out just fine again. Sent from my iPad using Early Retirement Forum

as my now deceased FIL used to say when pressed on similar issues: "someone will take care of me"

[Music Lover]

Quote:

Originally Posted by LARS Well to play devils advocate you could say your friend learned his approach worked. He had a $150,000 windfall; and, so figures it will somehow work out just fine again.

I expect that's exactly how he thinks.

Obviously, I understand it's his money and he can do what he wants with it. But, I did think that being broke for so long might finally be enough of a wake up call to prompt him to exercise a little bit of caution to prevent a future occurrence.

[Danmar]

Quote:

Originally Posted by LARS;1691335) EDIT: And for those that are interested in spending more than $21 per meal may I suggest the following list compiled by the French of the world's top 1,000 restaurants to work your way through, and, oh yeah, I'll be the guy at the corner table enjoying myself. Nod if you see me... [url http://www.nytimes.com/2015/12/12/dining/la-liste-france-worlds-50-best-restaurants.html?_r=1[/url] Sent from my iPad using Early Retirement Forum

I'm with you on this. $21? Well maybe for one with no alcohol. But that would never be me. Lunch for 2 in Scottsdale with wine/beer generally runs about $100, generous tip included. This is not representative I know, but then neither am I. I say "To each their own (as long as they can afford it)".

[M Paquette]

Be careful what you wish for...

https://www.youtube.com/watch?v=9m2FxgyADpQ

You wouldn't want to be a drag on the state...

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[Nemo2]

Quote:

Originally Posted by timo2 as my now deceased FIL used to say when pressed on similar issues: "someone will take care of me"

Blanche DuBois: "I have always depended on the kindness of strangers."

[Corporateburnout]

Quote:

Originally Posted by Danmar Quality of food is importance but ambiance is as well since it helps us relax (along with the wine) and enjoy each others' company more during the meal.

+1.

The ambiance is as important to us as the food.

[samclem]

Quote:

Originally Posted by Corporateburnout +1. The ambiance is as important to us as the food.

Agreed. I find the decor at Hardees to be too utilitarian and industrial--it fairly screams "proletariat". But, the new Taco Bell locations have a hip feel and reserved appointments that soothe while they subtly excite--I know I've arrived as I dine there and allow it all to wash over me. The smart (saucy?) and ironic musings printed on the salsa packets aren't fully appreciated by the hoi polloi, but they speak to my very soul.

A woody Merlot goes well with the Dorito Taco.

[Nemo2]

Quote:

Originally Posted by samclem Agreed. I find the decor at Hardees to be too utilitarian and industrial, while the new Taco Bell locations have a hip feel and reserved appointments that soothe while they subtly excite--I know I've arrived as I dine there and allow it all to wash over me. The smart (saucy?) and ironic musings printed on the salsa packets aren't fully appreciated by the hoi polloi, but they speak to my very soul. A woody Merlot goes well with the Dorito Taco.

[harley]

Quote:

Originally Posted by samclem Agreed. I find the decor at Hardees to be too utilitarian and industrial--it fairly screams "proletariat". But, the new Taco Bell locations have a hip feel and reserved appointments that soothe while they subtly excite--I know I've arrived as I dine there and allow it all to wash over me. The smart (saucy?) and ironic musings printed on the salsa packets aren't fully appreciated by the hoi polloi, but they speak to my very soul. A woody Merlot goes well with the Dorito Taco.

And despite the fact that Taco Hell quit putting the FIRE sauce out with the other sauces, you can still get it if you ask for it. I think they're trying to keep FIRE secret.

Many years ago I sent in a suggestion to McDonald's hoping that they would start selling Michelob. I personally hate the stuff, but thought the concept of ordering a McMick would work out well. I suspect they're waiting for enough time to pass that they don't have to pay me for the idea before they implement it.

[Nemo2]

Quote:

Originally Posted by Gumby It is incumbent upon we oligoi to be fastidious about these things.

Are there many of you?