Baby Boomers Going Bankrupt at Record Levels

a reply to: Phage

No, I was not self-employed.
I was retired, and my former employer threw all the retirees under the bus to save money.

originally posted by: opethPA
Threads like this really speak to the need to have a career in a field that provides good benefits.

I'm so used to the $100 - $150 that has come out of my check every 2 weeks over the past 22 years that I forget for those with a career or job not in an industry that provides benefits what a burden that becomes.

that's actually a lot of money for a factory worker who's making $20 an hour, and it's a lot higher because manufacturing costs are higher and their profit margins are lower, so it's actually 250+ when your paycheck is only 800, that's a lot more money

If we eliminated 'derivatives' and short selling out of the Stock Market we would be left with "true value" (something the market cannot stand in it's current state...they prefer illusion of value). Bad debt being packaged with good debt, for a less than marginal income is wrong. Seriously, people need to understand these dynamics. If you unraveled he bad debt, you'd have a much better investment, but YOU don't have that option. No, YOU, as an investor, are burdened by the market and the way they package the debts. It's wrong, and it's felonious!

If you wanted to buy a horse, and someone had a horse to sell...you would buy that horse for the market value of the horse, right? That's not how it works in the Stock Market.

If you want to buy that same horse in the Stock Market, you have to buy 500 horses (not just one). 450 of those horses are 30 years old and crippled (which no one will talk about), and three of them are good horses. In order to buy the three (3) good horses you have to buy the 450 bad ones. The "debt load" of the bad horses far outweighs the good horses, but that's what you get in your 401k program. Then YOU, as the investor, get to bear the burden of disposing of all those bad horses before you ever even get to see your (3) good horses.

I'm shocked people don't understand this math. It's so very simple. It's skeery, and most want to ignore it (like getting probed in the anus), but it's REAL.

WAKE UP, PEOPLE!!!!

a reply to: Phage

And if you worked for 40 years, do you find anything wrong with sitting at a computer on a Saturday afternoon????

originally posted by: toysforadults

originally posted by: opethPA
Threads like this really speak to the need to have a career in a field that provides good benefits.

I'm so used to the $100 - $150 that has come out of my check every 2 weeks over the past 22 years that I forget for those with a career or job not in an industry that provides benefits what a burden that becomes.

that's actually a lot of money for a factory worker who's making $20 an hour, and it's a lot higher because manufacturing costs are higher and their profit margins are lower, so it's actually 250+ when your paycheck is only 800, that's a lot more money

Like I said for those with a job or career that doesnt give good benefits then its easy to see what a burden it is.

a reply to: DontTreadOnMe

Well that falls in line with the OP. You got screwed.

But the closest I ever got to any sort of "guarantee" was when I worked for BNAF (Burlington Northern Air Freight, defunct). As an (ostensible) railroad employee I had really good medical coverage and supposedly a retirement thingy. That retirement thing never panned out because I left the job.

a reply to: toysforadults

Life is tough.

It was tough on my parents.

It was tough for me.

It's tough for my sons. The oldest, probably your age.

It'll be tough for your kids or my grandkids.


But it's doable. It's not impossible. It takes hard work.


We're just a tiny little slice of life that spans hundreds of thousands of years.


The only thing we can do is make it bearable for us and our loved ones. And then we move on, get recycled, join the cosmic tree or whatever you believe.

a reply to: toysforadults

Hmmmm....

Here's a thought: Maybe baby boomers are going bankrupt because they are now supporting their grown children and grandchildren? And maybe that's because their children have been living far beyond their means for too long so that when hard times hit they had no nest egg to fall back on? And maybe that happened because instead of listening to those old baby boomer parents they bought into the media induced frenzy of taking on too much debt because Lord forbid they live in anything less than a $250K house and drive $60K cars and use $1K phones, etc., etc. ?

My parents were early baby boomers, I was a tail end baby boomer. I listened and learned and so did my kids. Live within your means and be self reliant. Pretty simple if you ask me!

originally posted by: DontTreadOnMe
a reply to: Phage

And if you worked for 40 years, do you find anything wrong with sitting at a computer on a Saturday afternoon????

Heh, sitting at a computer has been my job for quite a while. But not on Saturdays.

a reply to: Flyingclaydisk

that's why you should buy an asset that creates a value and not invest into markets, or an asset that holds a value

a reply to: DBCowboy

so what's that have to do with the price of tea in China?

seriously some of the looming economic problems will turn out country into Syria if we continue to head in the same direction and that's worse than tough

originally posted by: Phage
a reply to: angeldoll

$1,600/month for two is typical. The cited deductible is not, for a group plan.

Then I have a group plan, which I guess is less, and I have no idea how much they take. My check is direct deposit and I never see it other than numbers on a computer screen. So I don't know how much in taxes they take, SS, health care premiums, or anything else. Sometimes I get a notice in the mail that says "there has been a change in your deductions", and I throw it away.

I don't care because I can't do anything about it. Whatchagonna do it about it? They take what they take. End of story.

I am starting to get that feeling we should throw something light
about now.
Phage,are your blackberries in yet? I am behind on my canning this
year.I have only made apple butter and strawberry jam so far.

originally posted by: opethPA

originally posted by: toysforadults

originally posted by: opethPA
Threads like this really speak to the need to have a career in a field that provides good benefits.

I'm so used to the $100 - $150 that has come out of my check every 2 weeks over the past 22 years that I forget for those with a career or job not in an industry that provides benefits what a burden that becomes.

that's actually a lot of money for a factory worker who's making $20 an hour, and it's a lot higher because manufacturing costs are higher and their profit margins are lower, so it's actually 250+ when your paycheck is only 800, that's a lot more money

Like I said for those with a job or career that doesnt give good benefits then its easy to see what a burden it is.

I have a trade job and the union guys pay a lot of money for their good benefits and they don't work for months at a clip at times, although the last 2 years have been good

I just don't get it, don't need it and I am working on moving into your career field, it's not easy but it'll sure as hell be worth it

you can get into the trades and make a living like I do but damn I'm tired of it, I grew up on job sites, my father was a general contractor and he didn't believe in handouts, I've worked with my hands every summer of my life since I was able to walk

Bankruptcy is so much easier than it used to be. My neighbor is a good bankruptcy lawyer he says most of the time theres no pushback from the creditors. Just get it over. He charges about $2000 and 25% of what he gets back. 10 cases a week he's doing pretty good.r

Bankruptcy is so much easier than it used to be. My neighbor is a good bankruptcy lawyer he says most of the time theres no pushback from the creditors. Just get it over. He charges about $2000 and 25% of what he gets back. 10 cases a week he's doing pretty good.r

originally posted by: Phage

originally posted by: DontTreadOnMe
a reply to: Phage

And if you worked for 40 years, do you find anything wrong with sitting at a computer on a Saturday afternoon????

Heh, sitting at a computer has been my job for quite a while. But not on Saturdays.

some states have small business collectives for them to pool resources together for better plans

originally posted by: DBCowboy
a reply to: toysforadults

It'll be tough for your kids or my grandkids.

No it won't. A little birdy told me so.

a reply to: mamabeth

Blackberries are red when they're green. But they don't do well in the tropics unless you're high enough. High, meaning about 4,000' or so. They like the Volcano area and I made jam with my Mom when I was a kid. I prefer poha though.
www.hawaiibusiness.com...

Keeping it light.

originally posted by: toysforadults
a reply to: DBCowboy

so what's that have to do with the price of tea in China?

seriously some of the looming economic problems will turn out country into Syria if we continue to head in the same direction and that's worse than tough

Only if you let it.