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Old 02-16-2020, 09:26 PM
basketweave basketweave is offline
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Originally Posted by leadcounsel View Post
...The markets are all fictional and shell games where the rich generally take from the poor thru sophisticated trading models and favoritism and insider information. I've seen them collapse in 2001 and again in 2008. Halted trading with trillions of dollars whipped out and decade(s) to recover. Entire industries crushed, millions out of work, etc...
A number of well paying jobs permanently disappeared. They never came back as we write this. I don't know if it is some, a good number, or a large number of those well paying jobs.
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Old 02-16-2020, 10:18 PM
DG23 DG23 is offline
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Originally Posted by OldDesertrat View Post
Low interest rates of central banks are due to fragile economies, where normal-rate interest would make debt service uber-difficult.

The fact that 60% of the US households can't come up with a thousand bucks in an emergency doesn't say, "Good times!" to me.

Another view of CPI: https://chapwoodindex.com/
And out of that broke 60% how many have an $800 phone in their pocket???

And they wonder WHY they have no money?
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Old 02-17-2020, 08:58 AM
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And out of that broke 60% how many have an $800 phone in their pocket???

And they wonder WHY they have no money?
I'd say most, although a one time purchase of a device that should be good for 3 years and has become almost essential in every day life probably isn't a great example of wasteful spending.

Eating out and picking up Starbucks is a great example of blowing money, and that totals a few hundred a month at minimum for most of the "broke" people I know.

Vacations are another one I can't wrap my head around. One of my techs is a good 100k in debt between school loans and IVF and now needs a car because his is old, run down and not worth paying someone to fix. He set his budget at 5k, which to me is a bit low, but he should still be able to find something suitable. His wife insists on him buying a VW (horrible cars) and he can't find anything that isn't a broken down pos within his budget.

I told him to bump his budget to 7.5k and start looking to Toyota/Honda/Hyundai commuters but he claims he's broke and that he can't convince his wife to look at something other than a VW. He took work off on Thurs/Fri and today and shoots some of of our coworkers pictures of him, his wife and 1yo at Disneyland.

I know of many such examples of people who are broke and in debt up to their eyeballs taking expensive vacations (sometimes several times a year) and it blows my mind. My wife and I haven't had a real vacation, we're talking more than one day of R&R, for eight years. I realize we're probably on the extreme other side of things, but come on people, if you're broke, take responsibility for your lives and situations and do something about it.
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Old 02-17-2020, 09:03 AM
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ForgedInTheFlame ForgedInTheFlame is offline
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Originally Posted by evilwhitey View Post
I'd say most, although a one time purchase of a device that should be good for 3 years and has become almost essential in every day life probably isn't a great example of wasteful spending.



Eating out and picking up Starbucks is a great example of blowing money, and that totals a few hundred a month at minimum for most of the "broke" people I know.



Vacations are another one I can't wrap my head around. One of my techs is a good 100k in debt between school loans and IVF and now needs a car because his is old, run down and not worth paying someone to fix. He set his budget at 5k, which to me is a bit low, but he should still be able to find something suitable. His wife insists on him buying a VW (horrible cars) and he can't find anything that isn't a broken down pos within his budget.



I told him to bump his budget to 7.5k and start looking to Toyota/Honda/Hyundai commuters but he claims he's broke and that he can't convince his wife to look at something other than a VW. He took work off on Thurs/Fri and today and shoots some of of our coworkers pictures of him, his wife and 1yo at Disneyland.



I know of many such examples of people who are broke and in debt up to their eyeballs taking expensive vacations (sometimes several times a year) and it blows my mind. My wife and I haven't had a real vacation, we're talking more than one day of R&R, for eight years. I realize we're probably on the extreme other side of things, but come on people, if you're broke, take responsibility for your lives and situations and do something about it.
I haven't been able to afford one vacation since I left the army.

I try not to be depressed about it because the stress alone will affect my health and life, but i really wanted to experience stuff like going to a resort with a girlfriend, looks cool in movies. Don't have the money or the girl, and wanted these experiences in my prime, or youth, not someday when I retire, if.

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Old 02-17-2020, 11:25 AM
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It also doesn't count those who have used up all their benefits. In my home state, they made it almost impossible to get unemployment benefits and now talk about how great it's economy is. You can't trust the numbers that come from the government or media. The economy is in the tank.

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I only read the original post. "Unemployment" does not include those who are not looking for work. It also does not include underemployment.
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Old 02-17-2020, 07:48 PM
DG23 DG23 is offline
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I'd say most, although a one time purchase of a device that should be good for 3 years and has become almost essential in every day life probably isn't a great example of wasteful spending.
For 95% of people - Yes it is wasteful spending. How many do you suppose need that much phone for their job when a hundred dollar phone would suffice? Heck, How many 'need' anything like that for their job?

How many of the idiots with those high dollar phones cant even pay for them up front and have to roll the cost of the phone rolled into their monthly cellular plans???


Stopped at a store on the way home tonight and a lady I know that works there was making fun of how small my phone was when I took it out to show her a picture. (Iphone 5s)

I 'could' have had a lot of fun making fun of how broke her dumb ass was but kept quiet instead. Can guarantee that she is one of those Americans that would be in a major bind if a 1k 'problem' came their way. But... She has a really nice phone and should be able to take really nice pictures of it all when that crap does eventually hit her fan! LOL!

I would bet money that my DOGS have a bigger emergency fund built up for them than she does for herself...
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Old 02-18-2020, 08:36 AM
SamSnead SamSnead is offline
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Originally Posted by sierra skier View Post
Folks will continue to struggle because of their need for instant gratification and keeping up with the Jones's. Commercial advertising is also a primary cause of this as folks are brainwashed into needing the myriad of useless devices and styles promoted.

Those who live within their means and save during good times will always come out ahead. You are fortunate to be one of the few who use their common sense and live and invest within your means.
Excellent post. There is something to still be said about saving up for a want, rather that charging it for the that instant gratification that seems hard to fight for so many.
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