Wiped Out

[BraggSurvivor]

We had some friends over for lunch today while passing through.

Mid 40s, retired, from Boston. Last year at this time they had $2 million in the market and several investment properties worth about $3M a couple years ago.

They've lost the properties, are barely hanging on to their heavily mortgaged home and the $2M is now at about $300K.

From comfortable, to the spectre of dog food.
Two lifetimes of hard work down the drain.

They both look like hell.
I don't think they will live much longer.
Death will be a blessing.

[Sourdough]

I have been there, but then I found "The Book", I saw the light, and discovered a life worth living. Your friend's might enjoy, "Burning Daylight", by Jack London. There is more to life than money.

[ledzeppie]

They both look like hell.
I don't think they will live much longer.
Death will be a blessing.

I highly doubt that they wont live much longer and they seam pretty snobbish considering over 1 billion people live on less than 1 dollar a day...

[Rick]

And if my friends start thinking I would be better off dead I think I'll find new friends.

[RobertRogers]

They gambled (investing in homes, stocks, etc is a form of gambling since, of course, nothing is certain) and they lost.

However, they are likely to be reasonably intelligent and have resources (other than money perhaps) that are very valuable and can if they choose rebuild what is important to them.

I suggest they choose to cause money not to be their main criteria for happiness. That is their choice, of course, but relying on accounting numbers for happiness is not a long lasting road to life fulfillment IMHO.

[bulrush]

I have been there, but then I found "The Book", I saw the light, and discovered a life worth living. Your friend's might enjoy, "Burning Daylight", by Jack London. There is more to life than money.

I agree. But money is convenient for buying luxuries like food and shelter.

When money is your god, you will never find happiness.

[bulrush]

I highly doubt that they wont live much longer and they seam pretty snobbish considering over 1 billion people live on less than 1 dollar a day...

Over 1 billion SURVIVE on $1 per day. They certainly do not live in any sense of the word.

[Dennis K.]

sheesh....

300K? - If I were to cash that in, I could live VERY well for the next decade. They might be mortgaged to the teeth, but let 'em sell, take the losses, take their lumps, and live within their means.

no sympathy here.

as "far as death being a blessing" - what a bunch of screwed up priorities.

[crashdive123]

I tried to reply to this thread earlier, but my computer locked up.......must be a conspiracy.:rolleyes: Anyway....Bragg - now I see where all of your doom and gloom comes from. You hang out with people that are such poor investors that they lose 94% of their financial holdings. You really need to hang with a smarter/less greedy crowd.:D:D

[bulrush]

The people Bragg mentioned above probably just did what their financial advisor (FA) told them to do. When you pay someone else for advice, that means you have an extra hour to vacation in the Bahamas. And it's all worth it.

Their lack of attention to their investments only cost them several million dollars. But they did get that extra hour of beach time!

[BraggSurvivor]

I don't feel sorry for them.

I think it might be something we will all end up getting used to.

The ironic part is that the ones that have never been through loss before are the ones that will be hit the hardest.

If a man loses 3 mil and his life savings in the market, it is a hell of a lot harder to take that to the folks that have their Pacer wagon repoed.

My friends are 300k better off than most and just maybe will have to un-retire and work for a living.

It is my opinion that the concept of retirement is obsolete from now on. A 1950's household and career path simply doesnt exist in this day and age.

We must work and earn money, then manage our assets, and that is what retirement can be. But counting on a check from profit sharing or a 401k is nuts.

[Dennis K.]

agreed - for too long, the US economy has prospered from the buying and selling of others while the actual production of "stuff" has been viewed as a liability rather than a commodity.
That's why I'm ready to bag my day job (sales) and find a job where I actually make something.

[Ole WV Coot]

Champagne appetite on a beer budget won't float your boat. You only go around once and I enjoy it. I lost and still losing in the market but I do OK. Down too much to sell so I will ride it out. I retired at 52, have no debt nor expensive habits. Don't have to impress anyone either. Your friends best get into the real world where you learn to win, lose or draw and still live . I like wood heat, furnace & AC and keep a couple of generators. Wood is nice to back up to for a quick warm and have an average size house. If you want the BIG dog house & impress the Jones bunch guess it's gonna be a long, rough road and most funeral homes give a 20% discount for "walk-ins".

[trax]

Mid 40s, retired, .......
and the $2M is now at about $300K. ....

From comfortable, to the spectre of dog food.
.I don't think they will live much longer.
Death will be a blessing.

Yo! Miss Drama Queen, spectre of dog food with 300K and they're only in their mid-40's? Give your head a shake. They're a long f***ing way from the spectre of anything Tell buddy to go pump gas somewhere and tell Mrs. Buddy to practice saying "welcome to Tim Horton's can I take your order?" and she's hired.

[crashdive123]

Yo! Miss Drama Queen, spectre of dog food with 300K and they're only in their mid-40's? Give your head a shake. They're a long f***ing way from the spectre of anything Tell buddy to go pump gas somewhere and tell Mrs. Buddy to practice saying "welcome to Tim Horton's can I take your order?" and she's hired.

Couldn't have said it any better than that.

[wildWoman]

Well, now they know how all the rest of the people feel who aren't filthy rich. The nice thing is when you're "poor" (financially speaking), you don't have money to lose and have the wherewithall to get by without it. They should consider themselves lucky to embark on a whole new learning experience.

[Chris]

With the market down around 40%, it takes a rare talent to be down 85%. They were probably overleveraged on the real estate, like so many others.

[DOGMAN]

retired in their mid 40's? Wow...why? Vacationing to Alberta when they are losing their arses financially? Wow...why? Being retired in Boston (the second most expensive city to live in the USA) wow...why? Sounds like your friends are just plain ding dongs.

Lastly, I'd say being in your 40's is hardly "a lifetime of hard work".

[Dennis K.]

*ahem*

300K in portfolio is not actual cash until sold.
300K in investment stocks does not include debt - which they probably have a lot of in the form of property mortgages which may now be upside-down.

In all likelihood, they ain't rolling in the money, and may be facing some real issues from being overextended.
But the "retired at 40" part.... bet they're more than able to work...

[trax]

We-he-helll, given the perspective of most of the responses here--- ya just might want to find a different case study for Social Economics 101 in wilderness survival there, pumpkin

[scabbyota]

Guess they maybe should find a job and go to work.

[wareagle69]

sad so very sad, not your friends, you are. glad you are showing youre true colors here

[wareagle69]

i was going to let this go but.. how sad you are that you think that the privilegded loosing their wealth is more devastating that someone getting their second hand car repeod just goes to show how out of touch with reality you are i used to dislike you now i just feel sorry for you you are pathetic. you are a small little little man. most folks here are too polite to say it but it is my personality to confront bullies and bs (both acronyms for bs will fit ) you are now officially on my ignore list so long jerk

[BraggSurvivor]

Hey WE, can you name this tree by it's bark?

http://i298.photobucket.com/albums/mm259/bructer1/environreplies.jpg

[ledzeppie]

i was going to let this go but.. how sad you are that you think that the privilegded loosing their wealth is more devastating that someone getting their second hand car repeod just goes to show how out of touch with reality you are i used to dislike you now i just feel sorry for you you are pathetic. you are a small little little man. most folks here are too polite to say it but it is my personality to confront bullies and bs (both acronyms for bs will fit ) you are now officially on my ignore list so long jerk

He's got a point...

[BraggSurvivor]

That's not what I meant. I said, try telling someone who has lost a simple car (and are also going through tough times) if they really care about someone who has just lost millions. They wouldn't care is the point. It's just a car and they will get though it.

Where someone who has lost millions in their 40's are ready to jump off a bridge. Priorities are screwed up and they feel like life is over. I was trying to show a difference in attitude towards life.

I also did not wish them death. Their attitude towards losing their money is backwards. The loss is consuming them and they are neglecting what is the most important things in life.... their children. Death would be a blessing based on the hurt they are causing people around them over money. Wildwoman hit the nail on the head.


OR maybe WE drives a Pacer.

[Tony uk]

Mid 40's and retired :eek:

The age of retirement up here is well in the 60's and i think it wil be increseing soon. Thy arent exactly 'poor' and i guess that they are healthy ? If they where making that ammount then they musthave been able to afford health care.

I would teel them to get a job. End of. If they are sufferin from haveing little money then they should do something about it.

[Dennis K.]

What's wrong with driving a pacer? My first car was a Pacer. What a babe magnet!

[Tony uk]

What's wrong with driving a pacer? My first car was a Pacer. What a babe magnet!

Soooo many things Dennis

http://allworldcars.com/wordpress/wp-content/uploads/2007/09/01-1975-amc-pacer-x.jpg


The colour for starters.

[BraggSurvivor]

What's wrong with driving a pacer? My first car was a Pacer. What a babe magnet!

Nothing wrong with the Pacer, I had the AMC Hornet. First car I owner where the seat folded all the way back. :D

[BraggSurvivor]

Getting back to my friends, if they are smart and adaptable, they can find a great deal of pleasure in learning new things and finding creative ways of dealing with their new life.

They have each other, as many don't.

When I lost it all a couple times, it was not fun but looked at it as a life challenge. First thing I did was shore up my marriage and relationship with my kids. With that complete, I put my elbow to the grindstone and got back to work.

These folks were leveraged up to their necks in their real estate. During the real estate boom, many speculators were buying house after house with little if anything down. They'd take out these outrageous interest only ARM mortgages and lived on the idea that real estate would rise forever. Not!!! Once prices collapsed everyone who had a lot of leverage in real estate was killed. End of story.

[Dennis K.]

yep - the seats folded all the way back - kinda like driving a recliner.
And the electrical system in mine was... errrrr ...creative.
One night on the way home, my dash lights went out. kinda disorienting. So I hit the brakes. They came back on. went off again as soon as I let off the brakes.
That car reminds me of Meatloaf. not the singer. the color. I drove a meatloaf brown Pacer w/ no dash lights. and it was a babe magnet - at least in my mind. Strange meaning to Paradise by the Dashboard Lights - also by meatloaf. the singer. not the food. That would be Rocky Horror.

[Rick]

Frankly, retired in your 40's isn't a tough do. I retired at 49. You just have to watch what you're doing and make certain your don't put yourself in debt for the wrong reasons and you can manage the debt you do decide to take on. Anything is achievable, even in the current economy, if you set up realistic plans and follow through. Pay yourself first is the most important rule.

[Tony uk]

Frankly, retired in your 40's isn't a tough do. I retired at 49. You just have to watch what you're doing and make certain your don't put yourself in debt for the wrong reasons and you can manage the debt you do decide to take on. Anything is achievable, even in the current economy, if you set up realistic plans and follow through. Pay yourself first is the most important rule.

49 Rick, Hmmmmmm. Thats at the back end of the 40's. Its closer to the 50's if you ask me

[Rick]

Well, (looking back through post) no one asked you. So there!

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