Random
Footballguy
Its not for everyone. And took me a while to be able to swallow it as well. It (sadly) really doesn't even phase me anymore.
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PBS Frontline : The Retirement Gamble, sorta Must See (3 Viewers)
- Thread starter Smack Tripper
- Start date
lod01
Footballguy
Dentist
***Official FBG Dentist***
I think if you put a single row of bricks and asked people to step over it to get somewhere it would be too much for some people
Dentist
***Official FBG Dentist***
I wish i could get into that mindset. I get hacked off every time I get a bankruptcy notice in the mail or when someone asks if I can take a post-dated check on a $50 deductible... I'll admit it.. it's pretty tough for me to have sympathy on a lot of these 47%ers
kutta
Footballguy
I was one of those who didn't have $400 for an emergency - and that was for quite a few years. I got married young, had 3 kids young, started college late, bartended to make it through, and took out massive student loans (over $120K when it was all said and done). Even when I graduated and got a "real" job as an engineer, we had dug such a huge hole with me trying to get through school that we could barely pay our bills (house, car, credit cars, student loans, 3 kids, etc.), and that was on the good months. My wife never worked once the kids came, and that was a decision that probably wasn't the smartest but we never regretted it.
Yes, we were pretty dumb. But that's just the way it worked out.
We made it out though.
Yes, we were pretty dumb. But that's just the way it worked out.
We made it out though.
You guys want to get frustrated really quick - read this: http://www.topix.com/forum/city/clearfield-pa/TNLBAEC3V6KKMJACH
I think I convinced myself to start investing a few hundred each month into Aaron's & RAC. Need to do a little more research first.
I think I convinced myself to start investing a few hundred each month into Aaron's & RAC. Need to do a little more research first.
Cliff Clavin
Footballguy
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Dentist
***Official FBG Dentist***
Man, it must really suck to be stupid, undisciplined, and bad at math.
Corps like the payday loan people and Aaron's have their systems down to a science to deliver exactly what these people want whilst completely screwing them in the process, yet meanwhile many are thankful for the service.
On one hand companies like that are predatory and probably shouldn't exist.
On the other hand... hey a fool and his money are soon parted and you might as well get in on the action. It's no different than identifying a fish at the poker table and teeing off on him. The terms are there for the people.. the information on why you shouldn't use services like payday loans and furniture rentals are out there... if you don't seek it, isn't that on you?
Corps like the payday loan people and Aaron's have their systems down to a science to deliver exactly what these people want whilst completely screwing them in the process, yet meanwhile many are thankful for the service.
On one hand companies like that are predatory and probably shouldn't exist.
On the other hand... hey a fool and his money are soon parted and you might as well get in on the action. It's no different than identifying a fish at the poker table and teeing off on him. The terms are there for the people.. the information on why you shouldn't use services like payday loans and furniture rentals are out there... if you don't seek it, isn't that on you?
rick6668
Footballguy
Doctor Detroit
Please remove your headgear
Lololololol
Grahamburn
Footballguy
#1 Arons Fan
mquinnjr
Footballguy
Dentist
***Official FBG Dentist***
The comments on that Aaron's page were just too much.. LOL.
Here's the thing. Some of them seemed very studs and duds-ish.. to say they seemed too misspelled with crazy enough grammar and dictation to be real.
If you type some of those posts out on any browser even mobile, the entire thing is going to be highlighted in red as a gross misspelling.
I think there is some trolling there.... albeit good trolling
Here's the thing. Some of them seemed very studs and duds-ish.. to say they seemed too misspelled with crazy enough grammar and dictation to be real.
If you type some of those posts out on any browser even mobile, the entire thing is going to be highlighted in red as a gross misspelling.
I think there is some trolling there.... albeit good trolling
Random
Footballguy
You'd be surprised. I just recently had someone put on a rental application that they had a "####-zue" (shih tzu). There have been many many others where I had to ask my wife (teacher) wtf someone was trying write on an app.
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Seeking Alpha report on Aarons vs. RAC - http://seekingalpha.com/article/2738035-aarons-vs-rent-a-center-whom-to-own-in-rent-to-ownTiger Fan said:
I will be investing in Aarons - GB stupid Americans :mansion:
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Gawain
Footballguy
There's a line in the Millionaire Next Door that states, "Small expenses become big expenses over time."
The failure to realize this statement keeps Aarons and RAC in business.
It's true of a lot of stuff though. My wife and I were both kind of amazed when we budgeted and realized our yearly lunch budget would have to be $7,000 if we kept our habits up.
Dentist
***Official FBG Dentist***
in the past 2 days I've had the following interactions with patients:
1) person excited to be retiring from job next month... states they are going to be so happy to have the stress removed from their life. Goes on to say they aren't sure how they are going to be able to afford even to eat, but that it will be good to get away from the job. Really stressed to me during her exam if there was any dental work she needed I'd better do it now because she'll be uninsured and unable to afford anything "expensive" ever again.
What? Either this person uses the word retirement as "retiring from this job to just move to another job" or they are yet another one of the many seniors I see that basically retire into poverty.. fully ok with being supported by the medicare/SS complex.
2) Person who had already retired. Recommended a procedure to her. Her portion was maybe like $500 or something. She really really wanted it done, not a fear issue or anything.. but said there was no way she could come up with $500 now or anytime soon because social security was so little that she was back to being paycheck to paycheck "like in her 30's".
I have a good enough relationship with this person that I actually bluntly asked: "Why did you retire, then?" Her answer: "Because I was 'eligible' to"
So heck, I guess with a lot of people it's not even about getting to their retirement number... they never had one, they just retire when the government says its ok to, and just live on the check they get... "golden" years be damned.
This is a person who had a fairly good job, was married to someone with a decent job, and didn't have any particular life "bad beats" to set them back. They just never gave a crap about personal finance, spent it all, and moved on.
Enjoy your poverty laden craptirement, lady.
1) person excited to be retiring from job next month... states they are going to be so happy to have the stress removed from their life. Goes on to say they aren't sure how they are going to be able to afford even to eat, but that it will be good to get away from the job. Really stressed to me during her exam if there was any dental work she needed I'd better do it now because she'll be uninsured and unable to afford anything "expensive" ever again.
What? Either this person uses the word retirement as "retiring from this job to just move to another job" or they are yet another one of the many seniors I see that basically retire into poverty.. fully ok with being supported by the medicare/SS complex.
2) Person who had already retired. Recommended a procedure to her. Her portion was maybe like $500 or something. She really really wanted it done, not a fear issue or anything.. but said there was no way she could come up with $500 now or anytime soon because social security was so little that she was back to being paycheck to paycheck "like in her 30's".
I have a good enough relationship with this person that I actually bluntly asked: "Why did you retire, then?" Her answer: "Because I was 'eligible' to"
So heck, I guess with a lot of people it's not even about getting to their retirement number... they never had one, they just retire when the government says its ok to, and just live on the check they get... "golden" years be damned.
This is a person who had a fairly good job, was married to someone with a decent job, and didn't have any particular life "bad beats" to set them back. They just never gave a crap about personal finance, spent it all, and moved on.
Enjoy your poverty laden craptirement, lady.
FUBAR
Footballguy
Dentist
***Official FBG Dentist***
meaning eligible to get full social security at 65 or whatever.aren't we all "eligible" to retire now?
Again, I realize I'm an incredibly fortunate individual... but even if I weren't, I just don't understand the mindset of being ok with not having a fairly deep reserve of savings. If I was put in that situation I would do whatever I could to rebuild the savings... cutting wherever I could cut to get new savings reserves.. but I guess people don't think like that or care.
FUBAR
Footballguy
understood.meaning eligible to get full social security at 65 or whatever.
Again, I realize I'm an incredibly fortunate individual... but even if I weren't, I just don't understand the mindset of being ok with not having a fairly deep reserve of savings. If I was put in that situation I would do whatever I could to rebuild the savings... cutting wherever I could cut to get new savings reserves.. but I guess people don't think like that or care.
My parents retired a while ago. Mom retired because she became legally blind, and eligible for SS. Dad retired when his health forced him to. They don't have near what they wanted, but at least he gets a decent pension as a teacher in Michigan with over 30 years, and they had some savings. (don't know how much but when we've talked about it they said they wanted to build more)
"Well, you don't need a million dollars to do nothing, man. Take a look at my cousin: he's broke, don't do ####."
Dentist
***Official FBG Dentist***
sorry about your mom, that's rough.
But you see this is another thing.. you see all these people say "well i'll just never retire" instead of saving for retirement.
But for every person still thriving in the work force in their late 60's to 70's there is probably 8-10 other people who's health or some other type of situation brings them down and they can't.. and now they have no savings and they are effed.
Then again, maybe with the people who's health takes them out.. maybe they were going to have a craptirement even if they did have the money because health >> money anyway
Sand
Footballguy
slackjawedyokel
Footballguy
Hey all, need some wisdom imparted on me. I recently accepted a new job and will be starting July 1st. I have a SEP IRA (small American Funds account, about 5k in it) with my current employer. New employer does not yet offer a retirement account and I want to be sure to follow proper timing and limit unnecessary expenses in this transition. Any recommendations or pitfalls to avoid? I'm thinking of just opening a low-cost fund with Vanguard and rolling it over... just looking for some insight here. I currently have a Vanguard index fund that I've been pumping funds into but it's not a retirement account. Thanks.
slackjawedyokel
Footballguy
Pretty sure best way would be to do a custodian to custodian transfer from your employers account to your Vanguard account. IIRC, you should be able to call Vanguard and they can walk you through the steps so you would avoid any unwanted taxations/fees for early withdrawal.
Doctor Detroit
Please remove your headgear
People that are under 50 really need to stop checking their 401k (or equivilant) balances so much. Makes them completely over-reactive imo.
I might check once a month if markets are up, once a quarter for rebalancing considerations otherwise. During that last tough beat market, twice a year.
I might check once a month if markets are up, once a quarter for rebalancing considerations otherwise. During that last tough beat market, twice a year.
I check the balance a lot, but I don't do anything with it. Just like to track things...
mquinnjr
Footballguy
I do a monthly set of personal financial statements to keep myself in check on a budget basis, and track my net assets ($0 debt, except my underwater condo
). I probably update weekly, but it takes maybe 5-10 minutes tops since I set it up like 6 or 7 years ago. Not feeling bad about checking it that much, and I have never bought or sold in the market out of pattern over that time based on market movements.
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Doctor Detroit
Please remove your headgear
moleculo
Footballguy
several years ago (and several companies ago), my employer let us put up to 100% of our 401(k) in company stock. my boss would day-trade in and out of our stock based on rumors, inuendo, etc. He wasn't high enough up the ladder to have any for real insider info, it really wasn't insider trading. Anyways, the stock was sucking and he was out...completely in bonds or whatever. He probably lost quite a bit on the way down. Then, the CEO was fired and the stock almost doubled in one day.I do a monthly set of personal financial statements to keep myself in check on a budget basis, and track my net assets ($0 debt, except my underwater condo
This is how I learned about diversification and dollar-cost-averaging.
mquinnjr
Footballguy
mquinnjr
Footballguy
several years ago (and several companies ago), my employer let us put up to 100% of our 401(k) in company stock. my boss would day-trade in and out of our stock based on rumors, inuendo, etc. He wasn't high enough up the ladder to have any for real insider info, it really wasn't insider trading. Anyways, the stock was sucking and he was out...completely in bonds or whatever. He probably lost quite a bit on the way down. Then, the CEO was fired and the stock almost doubled in one day.I do a monthly set of personal financial statements to keep myself in check on a budget basis, and track my net assets ($0 debt, except my underwater condo
This is how I learned about diversification and dollar-cost-averaging.
Yeah, wow. I just check the balances, I even have re-balancing done automatically for me so I don't even have to initiate it in my 401k.
That's a nightmare scenario. You're on a blacklist from trading outside of your pay stub contribution patterns if you even hear something that is considered insider information, I imagine it's similar at your work. Shame, this guy was clearly in over his head.
FUBAR
Footballguy
I'll check on my accounts a few times a week, update my spreadsheet monthly (roughly) but don't do anything about it except every few months I'll have extra cash to add to either my wife's Roth or an educational IRA, and I'll put it in whatever puts my balance closest to where I want it.
cstu
Footballguy
That's my thinking - if health takes me out that #### it, who cares how much money I have in the bank. I have a relatively easy job (appraising) so as long as I can walk, drive, and type on a computer I can make a living.
Buck Bradcanon
Footballguy
Speaking of, does anyone use LifeLock or an equivalent? I am sure there's a thread for this somewhere.
eta: NM I guess.. this thread says Lifelock is a joke
eta: NM I guess.. this thread says Lifelock is a joke
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wilked
Footballguy
Doctor Detroit
Please remove your headgear
Can you unpack this?
xulf
Footballguy
I will need to verify current limits, but when I took the CPA exam (2009), one of the four tests is on regulation. There is, I believe, a 90 day window for false credit card transactions, 60 days to notify the bank of illegal bank account withdrawals, and the 401k was 30 days. Since many people have much of their wealth in their retirement, it is a good idea to at least keep an eye on it.
Dentist
***Official FBG Dentist***
Never go a day without checking it.Haven't made anything but a rebalancing change in years
Doctor Detroit
Please remove your headgear
All companies will have fidelity bonded 401k plans to cover fraud, abuse, loss. Every company will have different periods to report possible fraud and theft, I don't think there is a set period by law since this is an issue between the financial provider, the company, and the employee.xulf said:
Additionally 401k fraud is extremely difficult to pull off because it should require employees to submit the proper documentation for withdrawal schedules. If someone is wanting to loot your 401k account and you aren't 59.5, it would be pretty damn hard to do IMO. Not saying it is impossible and I've read a few cases, but it's rare.
I can't even change my email address until I submit a request through my employer, the email address is verified, and at least one of the two email accounts is a company account. To change an address you have to change that data in person at HR. Secondly, if I try to re-balance my portfolio it initiates a bunch of notifications. Two separate email notifications from the provider, a hard copy mailer, and then an HR generated message a few days after. I would hope that others have mechanisms in place to avoid 401k fraud, but this isn't like getting a credit card or bike stolen. There should be layers and layers of security in place to prevent such a thing, and for now...401k fraud is somewhat rare.
So I'm not sure your statement is necessarily true or justified, but you can check your balance all you want. Dentist
