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Baby Boomers Going Bankrupt at Record Levels

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posted on Aug, 12 2018 @ 11:48 AM
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a reply to: toysforadults

I am going to stop wasting my time.
edit on 12-8-2018 by mamabeth because: (no reason given)




posted on Aug, 12 2018 @ 12:09 PM
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Its all about how you manage your money. Its not how much you make, but how much you have left over after your bills are paid that truly make wealth. Im 38 years old, have a house paid for in cash.life is great for me. I owned my own house in my 20s, had a good job and a mortgage. Then the fallout of 2008 came and i lost everything. I had some ruff years, but i learned from my mistakes. I told myself i was luckily young enough to start over and do it my way as opposed to society/the banks way. I made it a goal to get a paid for house so when the next fall out comes i wont be losing anything. I saved my money, researched foreclosure auctions, went to them to get a feel for everything while i researched upcoming properties. I put my time in and did my homework. I finally landed my house, i wanted to gut it and remodel the whole place to fit my needs. It was alot of work but i did it and now have the kind of security I've never had in life. With the minimal amount of bills i have, i just stash money away for the next fallout that will without a doubt come. It might not be soon, but within 10 years another one will happen without a doubt. When it does I'll be just fine. I had plenty of people tell me i couldn't do it along the way, but i know myself and when make a plan i find away to make it happen. You have to sacrifice in the short term, to get where you want to be in the long term. And learn from your mistakes. We all make them, learning from them is what separates success from failure.



posted on Aug, 12 2018 @ 12:12 PM
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a reply to: Traveler101

There is a lot of buying opporrunity in poorer areas to get real estate at nothing cost in cash and rent them out



posted on Aug, 12 2018 @ 12:34 PM
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originally posted by: Traveler101
I had plenty of people tell me i couldn't do it along the way, but i know myself and when make a plan i find away to make it happen.

"Small minds will always tell you that your ideas are too big."



posted on Aug, 12 2018 @ 02:13 PM
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originally posted by: JBurns
a reply to: toysforadults

Yes, it seems a good solution is abolishing the Fed (before our money became disgustingly devalued). Abolishing the 16th amendment would be another good step. And re-instituting a gold standard (one based on intrinsic value, not the "Good faith" of any government)

Most of all, lowering the remaining existing taxes (just not unapportioned taxes on income, something clearly barred by the Constitution)


www.poconorecord.com...

this happened somewhere around us, I was actually working in the area at the time this happened, pretty sad story



posted on Aug, 12 2018 @ 02:29 PM
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originally posted by: toysforadults
a reply to: Traveler101

There is a lot of buying opporrunity in poorer areas to get real estate at nothing cost in cash and rent them out


Im in resave mode now. But my plan is to grab another one in a couple years to flip and take that money and get one for a rental.



posted on Aug, 12 2018 @ 02:34 PM
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originally posted by: Bone75

originally posted by: Traveler101
I had plenty of people tell me i couldn't do it along the way, but i know myself and when make a plan i find away to make it happen.

"Small minds will always tell you that your
ideas are too big."


I live about 40 minutes nort of tampa and the real estate market has went up alot in the last year or 2. Thats what got me researching the foreclosure auctions. You cant touch a block home for under 100 grand right now on the open market. I got my place for 58 and its worth around 150 now. You just have to have the cash.



posted on Aug, 12 2018 @ 02:46 PM
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originally posted by: Throes
Imagine if they could have kept their SS earnings and invested them. They’d have a bigger nest egg for retirement that they owned. Not some government income that does not equate to your own worth and does not give proper returns.



Very true. SS is a tax, and if someone is seriously thinking they will live on it then they are in a world of hurt. I see it as beer money, nothing more.



posted on Aug, 12 2018 @ 03:28 PM
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a reply to: Traveler101

my buddy is getting his real estate license so we can get in on cash buys for anything in the 20k range and I am in construction so me and my brother will fix them up and rent them out, I won't need to get paid and I can work after work.



posted on Aug, 12 2018 @ 03:32 PM
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a reply to: Xtrozero

The average person pays ~300k into social securtiy. It pays out an average of ~277k. That's a rate of return of -7% over the life time of the investment.

If one were able to keep that 300k and invested it conservatively, receiving only a 5% return (S&P500 averages 9.8%), they would end up with around a million dollars. If they happened to track with the S&P that would make it over 3 million dollars.

In that light social security tax has an opportunity cost of 2.86 million dollars. Is the peace of mind of social security really worth 2.86 million dollars to anyone?

IMO, we should have a system like Australia's where you either pay social security or you self fund your retirement. If you choose to self fund then you have to prove yearly that you are setting money aside.



posted on Aug, 12 2018 @ 03:35 PM
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a reply to: Dfairlite

the government nanny state is never the option

personal autonomy and the government putting the money back into our hands has ALWAYS been the option



posted on Aug, 12 2018 @ 03:43 PM
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originally posted by: Dfairlite
a reply to: Xtrozero

The average person pays ~300k into social securtiy. It pays out an average of ~277k. That's a rate of return of -7% over the life time of the investment.

If one were able to keep that 300k and invested it conservatively, receiving only a 5% return (S&P500 averages 9.8%), they would end up with around a million dollars. If they happened to track with the S&P that would make it over 3 million dollars.

In that light social security tax has an opportunity cost of 2.86 million dollars. Is the peace of mind of social security really worth 2.86 million dollars to anyone?

IMO, we should have a system like Australia's where you either pay social security or you self fund your retirement. If you choose to self fund then you have to prove yearly that you are setting money aside.


What people do not understand is when the Government take over something it sucks in the end. People are screaming for full social entitlement and in the end you can get that, but don't be surprised it is a 400sf box, eating some very basic foods that makes a school cafeteria look like 5 star restaurant.

enjoy...lol



posted on Aug, 12 2018 @ 10:40 PM
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originally posted by: toysforadults
a reply to: Traveler101

my buddy is getting his real estate license so we can get in on cash buys for anything in the 20k range and I am in construction so me and my brother will fix them up and rent them out, I won't need to get paid and I can work after work.


You don't even need a real estate license. Go to your court house and find out when they have their foreclosure auctions, and find out the details on how they run their purchase process.



posted on Aug, 13 2018 @ 04:25 AM
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a reply to: Traveler101

Yeah there is other reasons he is doing it too but I'm just saving money waiting for him to finish



posted on Aug, 13 2018 @ 09:02 AM
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The real crime on the American people is the stagnation of earnings since President Ronald Reagan took office and set us on a downward spiral. Earnings for the average family have stayed fairly constant over the past 40 years while so many goods and services cost more, many substantially. This is not sustainable. It was first met by going having all adults in a home working to meet family needs. Next came rising debt of various kinds to meet family needs. And now, there is little blood left to squeeze out of the people. But even then, Republicans are still at it with actions like their faux tax reform bill that simply transferred yet more wealth from the middle class to the upper class. The saddest aspect of this, IMHO, is how many people still buy into the American dream, a fantasy, and defend this. Even though they struggle from week to week, a majority of which cannot afford even a $1000 emergency. These are not good times for the American people. Not the worst of times. But certainly not the best of times. Not even close. That anyone would go bankrupt, Boomers, Millennials, whoever, is not a laughing matter at all. It can happen to anyone, anytime. There are ample scenarios in life that can lead to bankruptcy, many of which are beyond the control of a person.



posted on Aug, 13 2018 @ 09:07 AM
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a reply to: tabularosa

Its not just a Reagan issue there is no singular point of responsibility.

We have the government controlling EVERY aspect of daily life and business in America. We have been under an incremental tyranny that is contueing down the same path.



posted on Aug, 13 2018 @ 01:16 PM
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originally posted by: toysforadults
So I found this pretty funny article in the news recently and on one of my favorite Youtube channels. I tried not to laugh and feel bad but I couldn't help myself.




HA HA HA HA.

An entire generation of older Americans that worked their whole life hoping to retire forced to work until they drop dead on the job just so they can afford their medication and food.

HILLARIOUS..

[end sarcasm]

WTF is wrong with you?



I find it funny because my age group (the really lazy loser socialist generation, the Millennial's) have been trying to point out how broken the market place is with inflation and stagnant wages only to be met with vitriol and condescension.


It is Democrats that have been pointing out the growing income gap due to wage stagnation and ridiculous tax breaks given to the 2% at the expense of the rest of the country.

The GOP have examined the problem and determined the solution is to:
A) Give tax breaks to millionaires
B) Slash or eliminate social security and Medicare
C) Keep Healthcare Costs for the elderly in the USA the highest on planet earth.



edit on 13-8-2018 by soberbacchus because: (no reason given)

edit on 13-8-2018 by soberbacchus because: (no reason given)



posted on Aug, 13 2018 @ 01:27 PM
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originally posted by: toysforadults

This may be part of the problem but the real problem is increased property taxes and inflation pricing people out of the market.


Property taxes can be frozen for those over a certain age.




Cell phones. They have expensive cell phones that cost them to much money. Lose the cellphones guys, go back to landlines.


You can get basic cell phones and service for less than land lines these days.
Nothing fancy, but land lines are becoming more expensive than cell.




Useless college degrees or no degree. Most Boomer didn't have to go to college for higher paying jobs so they obviously don't want to work.






3. No longer physically capable of working a real hard trade job for good pay. That's right, you're lazy. Get off your rocking chair and throw that damn back brace on and get out in the trenches and work.

4. Incapable of managing their finances. They obviously spend more than they make because they go to movies and drink to much on the weekends. Wine and cigars are expensive people.

5. Living outside of their means. Yup. Get a tiny home and sell your home. Get rid of your internet and cable and start using your library card to read books and you will have better finances.

Enjoy a taste of your own medicine for once.


Weird.

Apart from the illogic structure of your accusations, you seem to be angry at elderly people?

Not sure what you got going on. But the thread is illogical.



posted on Aug, 13 2018 @ 01:34 PM
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originally posted by: tadaman
a reply to: seeker1963

Eat the old! Solve world hunger and overpopulation all at once. Everything tastes like chicken in the matrix anyways.

Seriously though, the system has been "crashing" for a while. Everyone not in the path of its collapse was content to shimmy to the side and keep on keeping.

Problem is, if the young are sounding the alarm about not being able to work or earn enough, and no one listens and nothing is done...then no one will be financing the retirement of the generation before them. So everyone fails together.

Eat the old? Tough, chewy, tasteless old people? As an old person my self I've learned that younger animals are tenderer and tastier. Maybe we baby-boomers should eat the young...sure would stretch my grocery budget.



posted on Aug, 13 2018 @ 03:15 PM
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a reply to: soberbacchus


A very true statement here as I also believe the op has anger issues
with the elderly.
He could also be jerking our chains to see what kind of reaction he
can get.Our responses could be fueling his ego or his amusement.




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