Wants vs. Needs and Deep in Debt

[Wewild]

There are alot of folks that have lost hard earned money in their retirement funds. 401K aggressive funds have tanked. They are sitting at 60 percent value. I don't have to do the math for you. Most of these folks have tried to save not counting on the gov't to help them on down the road and there ain't nothing wrong with them having all that money to set aside for their retirement.

I know good folks that are having to reconsider when they might be able to retire. I'm still at 10 more years. I don't make what they make and I ain't near as smart as them. I hate that for them.

I lost my 40 percent as well. Oh well ... it was a ton of money to me.

Mother said I was the hardest to buy for at Christmas cause I don't have any wants and she don't like to buy things for that time that folks need. I would have thought she would have got use to it by now.

Life will go on.

 

[skyline]

Wewild, I am in your shoes as well. Have lost about half of my 401k over the last few months. Money that I worked my rear off to make and save. But I still have a lot of time before retirement. My heart goes out to those that were near retirement or have actually retired but had not moved their money to safe ground like fixed interest accounts. Those are the folks that are most affected by this mess.

Was talking to the guy that loads trucks at the feedstore on Saturday. Very nice middle aged feller. Rarely serious and always is laughing and cutting up. He asked me how I was doing and I told him I was blessed far beyond what I deserved. He was telling me about all the folks that are coming in and complaining about their losses in their retirement accounts. We had a real neat discussion about wants and needs and having a thankful heart. He was a real encouragment to me.

 

[1982vett]

Say you tug that thing out of the garage, close the garage door, and then crank it up. Wonder what the jet blast does to your garage door?

Jet blast is going to do to the door about the same as the door jam is going to do to the wings of the jet. :???:

 

[Caustic Burno]

Wewild, I am in your shoes as well. Have lost about half of my 401k over the last few months. Money that I worked my rear off to make and save. But I still have a lot of time before retirement. My heart goes out to those that were near retirement or have actually retired but had not moved their money to safe ground like fixed interest accounts. Those are the folks that are most affected by this mess.

Was talking to the guy that loads trucks at the feedstore on Saturday. Very nice middle aged feller. Rarely serious and always is laughing and cutting up. He asked me how I was doing and I told him I was blessed far beyond what I deserved. He was telling me about all the folks that are coming in and complaining about their losses in their retirement accounts. We had a real neat discussion about wants and needs and having a thankful heart. He was a real encouragment to me.

All our portfolios are down
You haven't lost anything unless you have sold, now is the time to buy like crazy.

 

[Jogeephus]

All our portfolios are down
You haven't lost anything unless you have sold, now is the time to buy like crazy.

You are probably right. But I'm a duffus and if its sold to me buy a fella wearing a suit and drives a BMW, I ain't buying it. If I can't touch it, feel it, see it - I ain't buying it. They got all the money they are going to get from me for quite some time. I'm tired of these SOB's pushing paper making a mint off my sweat and leaving us strapped into a burning plane while they float gently to earth with their golden parachutes.

 

[skyline]

All our portfolios are down
You haven't lost anything unless you have sold, now is the time to buy like crazy.

Guy at work told me the other day that he moved all of his 401k to fixed interest accounts last Fall. I asked him why, cause I don't know of many folks that saw this coming. Said he has learned in election years (Presidential) to pull his money out - especially when the President is not up for reelection or not expected to win. He's the only person that I've talked to that has come out ok.

I've just quit looking at my accounts. Hanging on for the ride...

 

[HerefordSire]

All our portfolios are down
You haven't lost anything unless you have sold, now is the time to buy like crazy.

You are probably right. But I'm a duffus and if its sold to me buy a fella wearing a suit and drives a BMW, I ain't buying it. If I can't touch it, feel it, see it - I ain't buying it. They got all the money they are going to get from me for quite some time. I'm tired of these SOB's pushing paper making a mint off my sweat and leaving us strapped into a burning plane while they float gently to earth with their golden parachutes.

In my opinion, there are two types of work (income)....intellectual and non-intellectual. During the Industrial age, the majority of our labor was used in producing items and were exported all over the world to a high degree of success. This catapulted the USA over all nations. Late in this revolution, we began to experience a transfer of labor through a service sector boom related to the information revolution. Our industrial jobs were generally converted to service jobs as the employment rate is generally the same (so we are told). Many think this is terrible. However, what is happening is we are trying to establish selling brain power, through patents, instead of commodities which can be shopped around for the best prices, which in turn is very hard to hold profit margins. On the other hand, you cannot shop for the best price of a valid existing intellectual patent.

Case in point: IBM used to manufacture computing devices. They were the world's leader in the manufacture of server mainframes. Do you know where their principal income is derived from now? Patent royalties. Instead of running up and down the coveyer belt trying to stamp or bag a part, all I have to do it think. Pretty sweet if you want to think in the heat and air conditioning.

 

[Jogeephus]

I agree about it offering sweet working conditions but our society as a whole is not all capable of drawing a big check in a Think Tank or a research lab so this leaves many people without jobs which subsequently - I assume - leaves a bigger tax burden on those who do have jobs. This touches on one of my pet peeves which is government regulations which stymies the creation or growth of industries that actually produce something tangible. Years ago, a farmer could save the seed that he grew. Now he can't do this cause it is illegal and he will face huge fines if he does this. Now, a farmer has to pay a huge "technology fee" for the privilege of planting certain varieties or be faced with huge fines or imprisonment. Most of this seed is now produced by one or two companies as they have now bought up all the copetition. Monopoly? Though I love the board game I don't like it in real life. Laws protecting us against monopolies? I love jokes too, but when you take Monsanto attorneys and stick them in the right spots in government including the supreme court you just gotta scratch your head and wonder where all this is heading. But I guess along with a fiat currency we might as well have fiat jobs to go along with the house of cards everyone is so intent on building.

 

[Caustic Burno]

I agree about it offering sweet working conditions but our society as a whole is not all capable of drawing a big check in a Think Tank or a research lab so this leaves many people without jobs which subsequently - I assume - leaves a bigger tax burden on those who do have jobs. This touches on one of my pet peeves which is government regulations which stymies the creation or growth of industries that actually produce something tangible. Years ago, a farmer could save the seed that he grew. Now he can't do this cause it is illegal and he will face huge fines if he does this. Now, a farmer has to pay a huge "technology fee" for the privilege of planting certain varieties or be faced with huge fines or imprisonment. Most of this seed is now produced by one or two companies as they have now bought up all the copetition. Monopoly? Though I love the board game I don't like it in real life. Laws protecting us against monopolies? I love jokes too, but when you take Monsanto attorneys and stick them in the right spots in government including the supreme court you just gotta scratch your head and wonder where all this is heading. But I guess along with a fiat currency we might as well have fiat jobs to go along with the house of cards everyone is so intent on building.

I have never seen the government stick their nose in anything get better. We have become a country that produces nothing we have steadily shipped our heavy industry overseas. We think an oil embargo would be bad imagine a food embargo. To top this off yesterday I seen a Salvation Army Bucket with a credit card swiper on it.

 

[Jogeephus]

To top this off yesterday I seen a Salvation Army Bucket with a credit card swiper on it.

Wow! But I tell you, if I was going to swipe my card in anything I would much rather it be a Salvation Army Bucket. That is one fine organization. Their motives are true and sincere. After seeing them in action, everything I toss in the bucket can be folded.

 

[HerefordSire]

I agree about it offering sweet working conditions but our society as a whole is not all capable of drawing a big check in a Think Tank or a research lab so this leaves many people without jobs which subsequently - I assume - leaves a bigger tax burden on those who do have jobs. This touches on one of my pet peeves which is government regulations which stymies the creation or growth of industries that actually produce something tangible. Years ago, a farmer could save the seed that he grew. Now he can't do this cause it is illegal and he will face huge fines if he does this. Now, a farmer has to pay a huge "technology fee" for the privilege of planting certain varieties or be faced with huge fines or imprisonment. Most of this seed is now produced by one or two companies as they have now bought up all the copetition. Monopoly? Though I love the board game I don't like it in real life. Laws protecting us against monopolies? I love jokes too, but when you take Monsanto attorneys and stick them in the right spots in government including the supreme court you just gotta scratch your head and wonder where all this is heading. But I guess along with a fiat currency we might as well have fiat jobs to go along with the house of cards everyone is so intent on building.

In reference to the think tank comment....we were, and are, being forced to go back to school when factories shut down. Is this bad or good? I learned computer programming which qualifies as intellectual employment. It was not always this way. I have worked at a variety of hard labor jobs just like most of us have including operating a jackhammer. In my younger days, I was generally faced with going to jail for the inability to pay child support or go back to school with all the youngsters so I could pay child support and eat at the same time (multitasking). When you think about it, anyone that knows a trade in high demand usually has a high standard of living if they are responsible. By the way, the government pays for education if you change careers. If you wanted to be part of the intellectual team, instead of the alternative, our government (us tax payers) will pay your way if you cannot afford it, because they (we) know they (we) will get their (our) money back through the form of increased income tax revenue over a lifetime not to mention the inheritance tax when we pass away.

 

[Brandonm22]

I agree about it offering sweet working conditions but our society as a whole is not all capable of drawing a big check in a Think Tank or a research lab so this leaves many people without jobs which subsequently - I assume - leaves a bigger tax burden on those who do have jobs.

Exactly! We have set up this wonderful lifestyle where everybody has cars, TV, electricity, indoor plumbing, a comfortable home, air conditioning, fancy clothes, etc and it is an expensive lifestyle (compared to how the rest of humanity historically gets by) and not everybody makes enough money to live like that so Uncle Sam has tried to create this illusion that we all can thru earned income tax credits, rent subsidies, Food Stamps, Social Security, Medicare, Medicaid, subsidized mortgages, unemployment insurance, mortgage guarantees, guaranteed student loans, grants, bank bailouts, etc. We are reaching a point where raising more taxes on individuals leads to more needy family and where raising more taxes on businesses costs us jobs and industries. Now we have a Congress and a new President that have promised free health care bennies, 2.5 million new jobs, stiffer environmental regs, etc and I don't know how we pay for any of this.

 

[skyline]

I agree about it offering sweet working conditions but our society as a whole is not all capable of drawing a big check in a Think Tank or a research lab so this leaves many people without jobs which subsequently - I assume - leaves a bigger tax burden on those who do have jobs. This touches on one of my pet peeves which is government regulations which stymies the creation or growth of industries that actually produce something tangible. Years ago, a farmer could save the seed that he grew. Now he can't do this cause it is illegal and he will face huge fines if he does this. Now, a farmer has to pay a huge "technology fee" for the privilege of planting certain varieties or be faced with huge fines or imprisonment. Most of this seed is now produced by one or two companies as they have now bought up all the copetition. Monopoly? Though I love the board game I don't like it in real life. Laws protecting us against monopolies? I love jokes too, but when you take Monsanto attorneys and stick them in the right spots in government including the supreme court you just gotta scratch your head and wonder where all this is heading. But I guess along with a fiat currency we might as well have fiat jobs to go along with the house of cards everyone is so intent on building.

In reference to the think tank comment....we were, and are, being forced to go back to school when factories shut down. Is this bad or good? I learned computer programming which qualifies as intellectual employment. It was not always this way. I have worked at a variety of hard labor jobs just like most of us have including operating a jackhammer. In my younger days, I was generally faced with going to jail for the inability to pay child support or go back to school with all the youngsters so I could pay child support and eat at the same time (multitasking). When you think about it, anyone that knows a trade in high demand usually has a high standard of living if they are responsible. By the way, the government pays for education if you change careers. If you wanted to be part of the intellectual team, instead of the alternative, our government (us tax payers) will pay your way if you cannot afford it, because they (we) know they (we) will get their (our) money back through the form of increased income tax revenue over a lifetime not to mention the inheritance tax when we pass away.

HS, I defer to your wisdom, but in this case, I think you give our government too much credit. I think they'll pay for your education because they think you will continue to vote for them... I don't think anyone in Washington is thinking about return on investment of tax dollars.

 

[john250]

our society as a whole is not all capable of drawing a big check in a Think Tank

If someone would just offer me the job, I'm confident my thinking could tank as well an any.

 

[Brute 23]

I wouldn't buy yet, don't think we have hit the bottom. As long as our gov. doesn't let the junk fall out of the market there are going to be problems.


Did yall hear Obama say some thing to the effect that Paulson was surprised that the bailout hadn't had more effect and there was no way he or any one else could know that. That's funny because %85 of Americans knew it. :x Obama is no different than any other politician right now, just talks a better game.

 

[HerefordSire]

HS, I defer to your wisdom, but in this case, I think you give our government too much credit. I think they'll pay for your education because they think you will continue to vote for them... I don't think anyone in Washington is thinking about return on investment of tax dollars.

Good Point! I am not sure what to think now that you bring up potential motives. You are making me think, again, that every elected official should be an economist. When the senate votes of these billion dollars deals, it sure does seem to me they could be underqualified.

 

[HerefordSire]

our society as a whole is not all capable of drawing a big check in a Think Tank

If someone would just offer me the job, I'm confident my thinking could tank as well an any.

How would you kill an elephant?

 

[skyline]

HS, I defer to your wisdom, but in this case, I think you give our government too much credit. I think they'll pay for your education because they think you will continue to vote for them... I don't think anyone in Washington is thinking about return on investment of tax dollars.

Good Point! I am not sure what to think now that you bring up potential motives. You are making me think, again, that every elected official should be an economist. When the senate votes of these billion dollars deals, it sure does seem to me they could be underqualified.

I'd be happy if there was just one good free market thinker up there that folks would listen to. Seems to me that we are expanding the role, scope, size, and weight of the federal government at light speed. I'm not brilliant by a far stretch, but that doesn't seem like a good thing to me.

 

[Jogeephus]

our society as a whole is not all capable of drawing a big check in a Think Tank

If someone would just offer me the job, I'm confident my thinking could tank as well an any.

John, I think I got the ideal job for you and me. Maybe we could get one of those jobs in one of those secret government installations where you have to pass through about seven security levels to get to your office. Then after a thumbprint, voice analysis and a retinal scan we are admitted to our office with the door guarded by two rifle toting marines. I figure once inside, we could play Doom or some other neat computer games all day and mess with people on Cattle Today. If someone asked what we did all day we could just say, "its classified". ;-)

 

[hurleyjd]

All our portfolios are down
You haven't lost anything unless you have sold, now is the time to buy like crazy.

Guy at work told me the other day that he moved all of his 401k to fixed interest accounts last Fall. I asked him why, cause I don't know of many folks that saw this coming. Said he has learned in election years (Presidential) to pull his money out - especially when the President is not up for reelection or not expected to win. He's the only person that I've talked to that has come out ok.

I've just quit looking at my accounts. Hanging on for the ride...

There is some good stocks out there that are paying 6.6 to 7 dividends. I think they can keep them up. With these stocks you can get a good return and maybe some appreciation.