true life - Jezebel

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victoriasauce
10/20/09

In reply to Recession Horror Stories Featured On MTV
Yeah. Put me with the "don't feel sorry for them" group.

It's a shame that MTV isn't showing the people who are actually responsible and suffering because of shitty circumstances they didn't create themselves.

My family is struggling horribly right now and it's because the VA unfairly (and suddenly!) lowered my disabled hubby's benefits. Which means we're now paying for medications out-of-pocket and traveling over and hour on a regular basis for appeals appointments. It's completely turned our life upside down and I wish people knew about this more than people with designer handbag obsessions.
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Edited by victoriasauce at 10/20/09 7:35 PM victoriasauce was starred victoriasauce was unstarred

Diziet_Sma
10/20/09

@victoriasauce: That sucks. My heart goes out to you and your family. I hope you win your appeal - they should not be taking any money away from Vets; we all owe you so much. #truelifeicannolongeraffordmylifestyle...
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BetteD
10/20/09

In reply to Recession Horror Stories Featured On MTV
"Where were you when I needed you?" Uh, is that really the thing she wants to say to her young son whose life has been turned upside down? Seriously? I know it must've been hard for her to downgrade her lifestyle and feel insecure in her financial future, especially as a young single mom. But do you know what financial turmoil does to children? They totally absorb the brunt of that instability, frequently developing anxiety disorders as a result.

I personally went through a period as a child where my family was essentially homeless, and I remember being acutely aware of how shaky things were. It was probably the beginning of me being an overly serious young person, as well as a tightwad. I still sometimes wake up in cold sweats worrying about money, even though I save a good percentage of my income, have paid of my credit cards, and work my ass off.

Also, on a lighter note--I am seriously considering changing my avatar to that last image of the kid swilling St. Ides. What a recessionisto! #truelifeicannolongeraffordmylifestyle...
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I_can_still_pitch
10/20/09

In reply to Recession Horror Stories Featured On MTV
Here is one of my tricks: I generally do not carry cash and use a debit card for almost everything. Of course I save the receipts to total up and deduct from my checkbook register. I round every receipt up to the nearest dollar, even if it is .01 over said dollar. I do this for all card transactions, including on-line purchases and bill-pay (card is combo debit/credit). After two years of doing this, I have an invisible buffer of over $2000! in my checking, from change. #truelifeicannolongeraffordmylifestyle...
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BetteD
10/20/09

@I_can_still_pitch: That's a good tip for a lot of people, but there are also some who tend to overspend when using a card, because they can't see the money they're spending. I like to take out a certain sum at the beginning of the week in cash, then ration it out each day. I could probably press a button to spend eighty bucks a lot more easily than I would fork over four twenty dollar bills, especially when I don't have that much in my pocket (I know this from internet shopping!).

Everyone is different though, and the cash back on some cards is a great perk. #truelifeicannolongeraffordmylifestyle...
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CissyPants
10/20/09

@I_can_still_pitch: I do the opposite. I pay all my bills, then take out a set amount of cash for groceries, entertainment, stuff like that.

Once the cash is gone, no more buying. #truelifeicannolongeraffordmylifestyle...
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BytheSea
10/20/09

@I_can_still_pitch: I do what they say not to, which is use a credit card for everything. I dont' have debt except my school loans and I pay it off each month. I know what I can spend and I don't just go shopping for fun, mostly b/c I don't think shopping is fun. So, i think there's no one way to do it. There's a frugal mindset and there's arming yourself with knowledge, and whatever tools you use are up to you. #truelifeicannolongeraffordmylifestyle...
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Cerridwen
10/20/09

@CissyPants: I do this, too. This is how I managed to go to Europe for four months on a 30 euro a day budget and come home with $2,000 in the bank. I get charged for debit purchases over a certain amount per month, so I take out cash once or maybe twice a month, after rent and bills etc are paid and parcel it out to myself over the course of the month. If I spend it all within the first week, tough titty. If any is left over at the end of the month, it rolls over into the next. If I know of any big purchases I'm going to make that month, they usually go on my credit card and I subtract accordingly from my cash. #truelifeicannolongeraffordmylifestyle...
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CissyPants
10/20/09

@Cerridwen: It really works and makes me think twice when I'm about to spend money on something stupid. Once you've run out of money for groceries because you ate out early in the pay period, you start to realize what things are more important. (Though I do allow for some splurging/eating out.) #truelifeicannolongeraffordmylifestyle...
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andromache
10/20/09

@I_can_still_pitch: I actually have a savings account that's fed by my check card transactions: every time I use my bank card as a credit card, it deposits $1 into this high-interest savings account, which also counts as (free) overdraft protection. pretty freaking awesome, and it comes in very handy since I'm still learning how to deal with getting paid only once a month. a few days before payday, I ran lower than expected, but my nice little cushion was there to save me. it's tough to save money on a teeny tiny stipend, but I'm trying my best! #truelifeicannolongeraffordmylifestyle...
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emfish55
10/20/09

In reply to Recession Horror Stories Featured On MTV
I didn't see the full episode, but I give Caitlin serious props for taking on three jobs. Sure, she says she misses being the customer instead of the girl wiping off menus. Who wouldn't? But the fact that she's willing to wait tables and clean hotel rooms to make ends while she figures out what to do with her life means that she's not some entitled princess. Plus, she's only 25. She basically lucked into a ridiculous job out of college and then lucked right back out of it. She'll be fine.

I'm slightly more concerned about the other two. #truelifeicannolongeraffordmylifestyle...
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Ultraprison!
10/20/09

@emfish55: I agree. I hope if I lose my job I have the humility to work as much as I need to in order to pay the bills. #truelifeicannolongeraffordmylifestyle...
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Casquivana
10/20/09

In reply to Recession Horror Stories Featured On MTV
The person who taught me all about saving was a friend of mine. Not because he saved, but because he didn't. He had a really good job, and a really hefty salary. He's also very spoiled and all he cares about is instant gratification. He spent everything in designer clothes, designer kitchenware, furniture, travels, going out, etc. Which is great, but he never saved a dime. And then, of course he lost his job. And the moment he lost his income, he was left with nothing at all. No cash, no savings account (he never had one), no money to pay the rent, the bills or anything at all. All he had was credit card debts and lots of expensive things. He had to ask his family for financial support. And by support, I mean that they had to pay for absolutely everything, because he didn't have spare change for a soda. I lived the whole process with him, and it affected me greatly. My efforts to control myself (I have really poor impulse control, and that can be a struggle) stem directly from the fact that what happened to him was absolutely traumatizing for me and so difficult to watch and understand, simply because this was someone who earned the kind of income I can only dream of, but because of neglect and entitlement, had to go back to being a teenager, under the control of the relatives who support him. Which, he'll be the first to tell you, is a really terrible thing. To call it a humbling experience would be an understatement. #truelifeicannolongeraffordmylifestyle...
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suck_it_monkeys
10/20/09

@Casquivana: Wow, that is a powerful story. Did he learn from his mistakes? #truelifeicannolongeraffordmylifestyle...
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Casquivana
10/20/09

@suck_it_monkeys: Kind of. I mean, he did; he can see that made a lot of questionable choices and showed really poor judgment. But at the same time, he's the kind of person who likes to wallow in self-pity. And that can be a huge obstacle in getting your shit back together. Because even though he sees that he fucked up, he also has the impulse to see himself as the victim. And the truth is, he really hasn't recovered from that blow. #truelifeicannolongeraffordmylifestyle...
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BetteD
10/20/09

@Casquivana: A similar situation happened with my bf's brother. He was a highly successful venture capitalist, got married and had a kid. He made a lot of money. But he also spent all of it...and more.

The low point came when he "borrowed" his mother's retirement savings to invest in a business opportunity. You can guess how that ended--and why their mother had to work until she was 72 before retiring.

My bf's brother passed away several years ago, and sadly left his wife and daughter with little more than his life insurance.

I know it sounds like some stern commercial, but I don't mean to say that his brother was some awful person. He just made poor financial decisions, and it left behind a stinging set of consequences for his whole family. As a result, my bf is almost as super-conservative about money as I am. #truelifeicannolongeraffordmylifestyle...
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BytheSea
10/20/09

@Casquivana: Wait, you say you have poor impulse control, but you say it was only him that caused you to have a difficult time? I think you're missing half the lesson. #truelifeicannolongeraffordmylifestyle...
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Casquivana
10/20/09

@BytheSea: No, I didn't say that. Simply that it helped me realize that I needed to take responsability for my actions (and expenses) and do an effort, instead of merely giving in to my impulses. It prompted me to seek help and clean my finances because I saw what it did to him. And it was difficult because it is terrible to see how someone you're close to goes from having it all to having nothing, in one single week. #truelifeicannolongeraffordmylifestyle...
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Sputnik_Sweetheart
10/20/09

In reply to Recession Horror Stories Featured On MTV
I am constantly amazed when I meet people who don't have savings accounts. It is one thing if you have a relatively low-paying job and live in an area with a high cost of living (why hello there Boston!) and basically have to live paycheck to paycheck. It is another if you have the means and blow it on unnecessary things. Seriously, get a savings account and put in $50 from every paycheck. If you are a compulsive spender, then open a CD and enroll in your company's 401(k) plan. #truelifeicannolongeraffordmylifestyle...
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GlitteryUnicorn
10/20/09

@Sputnik_Sweetheart:

As a person who lives in Boston thanks for describing my life! I don't own anything fancy, nor do I have a credit card or ever had one, or even a savings account. I live paycheck to paycheck, anything left over stay's in the checking account. Now once my student loan is paid off, then we can talk about savings accounts. #truelifeicannolongeraffordmylifestyle...
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Sputnik_Sweetheart
10/20/09

@GlitteryUnicorn: Hey, I hear you. I live with my parents because my salary won't fully cover the high cost of living in Boston. Beats going deep into debt, I guess. Sigh. #truelifeicannolongeraffordmylifestyle...
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GlitteryUnicorn
10/20/09

@Sputnik_Sweetheart:
Yeah or you can live with 5 different people you find on craigslist :( even during a recession housing prices have still gone up. #truelifeicannolongeraffordmylifestyle...
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Laines
10/20/09

In reply to Recession Horror Stories Featured On MTV
For a short time a few years ago I had to make use of the government help programs. WIC was the only one that kept their promises. Bring us "XYZ" of information / identification and we'll give you coupons for food. Did and done and I walked out the same day I applied with coupons for food for my family. Compare that to the months I spent having to resubmit the same damn info to the health insurance people because they kept losing my paperwork / and or switching my caseworker.

The only problem I ever had with the WIC was when the manufacturers kept shrinking their product sizes. Try getting 12 ozs of something when they only come in 5.5 oz or 9 oz containers.

Sorry, but my inner Kanye gets all riled up when people talk trash on WIC. In my experience they were the one agency that actually fulfilled their purpose. #truelifeicannolongeraffordmylifestyle...
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pantsless economist...access RESTORED
10/20/09

In reply to Recession Horror Stories Featured On MTV
I blame the system. I wholeheartedly believe schools should be required to teach basic classes (starting really early--elementary school--and continuing through high school) in money management--stuff like why it's important to save, what interest compounding will do, stuff like that. #truelifeicannolongeraffordmylifestyle...
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Tippi Hedren
10/20/09

@pantsless economist...access RESTORED: Instead of geometry, I would have loved to have been taught things like checkbook balancing and paying your bills on time. #truelifeicannolongeraffordmylifestyle...
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WaltzingMatilda
10/20/09

@pantsless economist...access RESTORED: My mom teaches money management in her junior high home ec classes. Kids draw jobs, they have to find a place to live, they learn why they can't have a fancy car or go out to dinner all the time. They learn that they have to go to college if they want a particular job. I was lucky - she taught me all of this stuff at home.

Fun fact - the school district will probably cut those classes (and my mom's job) because they have run out of money themselves. And the cycle continues. #truelifeicannolongeraffordmylifestyle...
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lilyHaze
10/20/09

@WaltzingMatilda: I never took the "money management"/checkbook writing class because I was too busy taking the honors economics class in HS. #truelifeicannolongeraffordmylifestyle...
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Penny
10/20/09

@pantsless economist...access RESTORED: SO agreed. #truelifeicannolongeraffordmylifestyle...
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mepo - Robert Cornhole invented it
10/20/09

@pantsless economist...access RESTORED: Parents need to step up - lets not leave everything to the school system. #truelifeicannolongeraffordmylifestyle...
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WaltzingMatilda
10/20/09

@lilyHaze: I don't know quite how to take your comment, to be honest. #truelifeicannolongeraffordmylifestyle...
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lilyHaze
10/20/09

@WaltzingMatilda: Basically, there were two choices when you had to take the semester-long economics course. The college-bound students took the economics course (a micro approach), while everyone else took the other course where you dealt with money management.

While I'm very aware of budgets and money management, school didn't teach me that. #truelifeicannolongeraffordmylifestyle...
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BetteD
10/20/09

@pantsless economist...access RESTORED: Hearted and I agree 1,000 percent. I wish I had known what I know now when I entered college and started taking out loans (or hell, when I got out and had to start paying them). I think that would solve a sizeable chunk of the problems related to passing on generational debt and poverty. Many kids never receive guidance from their parents on finances, and when they do, it's frequently the wrong advice.

If we could educate the next generation on staying in the black, it could not only change rates of poverty and financial industry malfeasance, it could probably cut crime rates by proxy. #truelifeicannolongeraffordmylifestyle...
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BetteD
10/20/09

@mepo - Robert Cornhole invented it: I agree with you that parents should definitely play a role in imparting financial wisdom, but not all of them have that wisdom to impart. This is one of the many reasons why poverty is cyclical in our country. #truelifeicannolongeraffordmylifestyle......
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Edited by BetteD at 10/20/09 3:45 PM BetteD was starred BetteD was unstarred

bluetrain84
10/20/09

@WaltzingMatilda: Yeah really, I am uncertain if you are slamming a money management class or are making a joke.

Edit: Just read your comment below (thanks, slow-loading work internet) #truelifeicannolongeraffordmylifestyle......
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queen_caribbean
10/20/09

@pantsless economist...access RESTORED: Sorry, managing your personal finances is a question of lifestyle and, therefore, is the responsibility of parents, not teachers. For me, that would be like expecting teachers to teach kids how to keep their rooms clean. Sure, it's practical and will be a valuable lesson, but the parents are in a position to have first-hand, daily knowledge to see how the kids are applying the knowledge gained, not teachers. #truelifeicannolongeraffordmylifestyle...
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WaltzingMatilda
10/20/09

@lilyHaze: Yeah, I took AP Macro - no household budgeting for me. I understand that your school didn't have that, mine didn't either - which is kind of what my comment was talking about. My mom teaches (a mandatory) Home Ec class to 13-15 year olds. She included a money management section on her own. And it is about to get eliminated. Makes me sad. #truelifeicannolongeraffordmylifestyle...
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Maritsa
10/20/09

@queen_caribbean: Schools teach home ec, shop, and sex ed, and those all relate to "lifestyle." #truelifeicannolongeraffordmylifestyle...
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TurtleWexlerKickedMe
10/20/09

@queen_caribbean: Meh. Whether a kid keeps her room clean doesn't affect the national economy, though. Whether she understands the $10K loan she's forced to take out for college DOES.

Coming from a family who struggled financially and didn't pass on any sound financial planning tips to us kids, I would wholeheartedly support a mandatory finance class in high school. #truelifeicannolongeraffordmylifestyle...
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BetteD
10/20/09

@lilyHaze: Still not sure what the gist of your original comment was. I could just be oversensitive, but it reads a little privledge-y. I think it might be the "I was too busy" part. Reminds me of a bumper sticker I once saw: "I'm too busy being awesome to pay attention." There's something snarky about the wording. Correct me if I'm wrong! #truelifeicannolongeraffordmylifestyle...
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DramaClub
10/20/09

@queen_caribbean: But when their parents are the ones drowning in credit card debt and walking away from their upside-down mortgages, are they the best qualified to teach their kids anything at all about personal finance other that being a perfect example of what not to do?

Yes, it should be taught at home but in many cases it isn't. I see it as similar to sex ed. Ideally your parents will hook you up with the right info but if they don't, your lack of knowledge creates a public health crisis. Similarly, a lack of financial know-how can create a public financial crisis. If more people were really up-to-speed on finances, there would have been fewer suckers for subprime lenders to prey upon. #truelifeicannolongeraffordmylifestyle...
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WaltzingMatilda
10/20/09

@BetteD: I agree. I didn't want to react sharply without a basis, so I re-volleyed. #truelifeicannolongeraffordmylifestyle...
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queen_caribbean
10/20/09

@Maritsa: That's true, but a parent can show a child how to manage their finances in a pratical way rather than just theoretically. For example, a parent can take a child to a bank, open up a savings account for him/her and then continue to accompany the child everytime a deposit or withdrawal is made. This physically shows a child how much he/she is putting in/taking out and how this affects the balance both in the present and over time. It's a practical lesson that can't be done by a teacher because he/she wouldn't and shouldn't have access to the child's personal account. Since it only takes about $5 to start a savings account, it's the best possible way to learn. #truelifeicannolongeraffordmylifestyle...
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BetteD
10/20/09

@WaltzingMatilda: I appreciate that you did so--and that Lily responded. But the response still didn't explain the tone of the comment to me. I am not judging the comment until I hear a response, but my initial reaction was, "What?" #truelifeicannolongeraffordmylifestyle...
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alula
10/20/09

@BetteD: Obviously I can't answer for the original poster, but I had the same reaction--in my heavily-tracked, academically-competitive high school, you could essentially be penalized, GPA-wise, by going off the honors track. So there was definitely sort of a hierarchy or snobbishness developed about "practical" courses, which weren't eligible for honors grading. Even then I thought it was an awful system, since it basically discouraged honors track kids from taking electives and kept us relatively isolated (I only ever had class with about 80-90 people of my class of 500, and I did take some electives, since newspaper was going to screw me over anyway.) But there was definitely an attitude that the money-management class was second-tier and not for the brightest students (although AP Micro was one of the bigger time-wasters of my high school career.) In my high school, I would say this was pretty symptomatic of some creepy privilege issues about class. #truelifeicannolongeraffordmylifestyle...
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BytheSea
10/20/09

@#c16150399: We did a bit of that in "life skills" in 11th grade, but it really should be taught every year. Kids learn money in 2nd grade but not how to use it responsibly until 10 years later?

The best money class I took was in college, I failed out of algebra so they put me in sped math just so I could graduate with a math credit. (English major) We had to real life math, banking, mortgages - with no calculator. When you do all that by hand, you realize how important every single dollar and cent is.
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Edited by BytheSea at 10/20/09 5:44 PM BytheSea was starred BytheSea was unstarred

limber
10/20/09

@BetteD: I read lilyHaze's comment as rueful? Like, the very people who could've done with the money management skills were instead being taught about supply side econ. That could just be me, though.

I was raised in a house where the only religion was "credit cards are the Devil", applied with an evangelical fervor. It's come in quite handy. #truelifeicannolongeraffordmylifestyle...
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morninggloria
10/20/09

In reply to Recession Horror Stories Featured On MTV
To everyone: If you have the capacity to set up 401(K) or 403(b) contributions to be automatically deducted from your paycheck: do it. I'm bad with my own money in that if I have it in hand, I will spend all of it, but if I never see it, I forget about it until I look at my quarterly statement in my invested super conservatively retirement account and smile with a sense of accomplishment.

It is extremely important for people in our generation to start putting money away early. Even if it's only like $20 a week. The money that is there to support our grandparents and parents in their old age will not be there to support us in ours.

(Also, Caitlin, if you think that the mortgage crisis began a year ago, then you are dumb. This has been in solidly in motion for two and a half years. I work nowhere near the subprime mortgage division of my company and even I know that.)

//bitchy mcknowitall #truelifeicannolongeraffordmylifestyle...
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bluebears
10/20/09

@morninggloria: she didn't seem like the sharpest knife in the drawer to begin with. Having worked with mortgage people (briefly) there were many young women (and men) just like her, getting loaded and spending it all just as fast.

eta: I also do the 401k thing. why not right?
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Penny
10/20/09

@morninggloria: Yep, it's free money, really, even if it's not matched, because it's pre-tax. I am poo with money but I do contribute at least a little to my 401K. #truelifeicannolongeraffordmylifestyle...
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morninggloria
10/20/09

@Penny: If your company has a Roth option and you plan on being in a higher tax bracket when you retire than you are currently, it makes more sense to opt for the Roth option rather than pay a higher rate of taxes when you withdraw the money post retirement and post appreciation. Better to pay, say, 28% now or whatever than the potential 35% or higher when you access the funds. #truelifeicannolongeraffordmylifestyle...
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otherginger
10/20/09

@morninggloria: Plus, a lot of employers match you (e.g., $0.25 per $1.00 you put in) - if you don't take advantage, you leave "free money" on the table.

I wish I could afford to put the max in my 401(k), particularly now that the market (if nothing else) is recovering. #truelifeicannolongeraffordmylifestyle...
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morninggloria
10/20/09

@otherginger: Most employers match up to 3 or 4% at the absolute highest. I've come across people with a 5% match, but that's pretty rare. Definitely not 25%. #truelifeicannolongeraffordmylifestyle...
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otherginger
10/20/09

@morninggloria: My employer puts in $0.25 on the dollar, up to 6% of my income. Guess I need to be nice to my boss today, huh? #truelifeicannolongeraffordmylifestyle...
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agirlnamedstewart
10/20/09

@morninggloria: I LOVE Jezebel's financial posts b/c I know MorningGloria's gonna come in and school us all. :)
Husband and I both have jobs with nice salaries but are contractors with no benefits at all. We recently sold our house and maxed out our Roth IRAs. We have enough house money in our savings account to hopefully do that for both of us for the next 2 years. I have no clue why women in their 20s wouldn't do take advantage of any retirement plan possible. If employers don't offer them, you can research and sign up for them online. Even if you're eating ramen and dollar store cereal, storing a few hundred tax-free dollars away a year will pay off in spades come retirement. #truelifeicannolongeraffordmylifestyle...
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morninggloria
10/20/09

@otherginger: Ah, I see what you were saying now.

Yes, that's a very good match. Give your CEO a hug, but not too long a hug, because you don't want to be accused of sexually harassing the CEO. #truelifeicannolongeraffordmylifestyle...
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TheGuvnah
10/20/09

@morninggloria: Time mag just had an article though about the myth of the 401(k) - it's not really all it's cracked up to be. I am not a financial guru so took it with a grain of salt, and I am an avid contributor to my 401k but I'm not convinced it will really help me with retirement.

My employer just stopped matching 4% which SUCKS. #truelifeicannolongeraffordmylifestyle...
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otherginger
10/20/09

@morninggloria: Plus I work for....LAWYERS. So yeah, no inappropriate actionable workplace displays of affection. #truelifeicannolongeraffordmylifestyle...
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morninggloria
10/20/09

@TheGuvnah: The 401(K) is just a type of account that you can invest in that garners favorable long term tax treatment. Within the vehicle, there are choices that can render it a good or bad investment. Many people's 401(k)'s lost a shitton of money because they were invested too aggressively or the only things available within the 401(K) were crap funds. For example, in mine, I can choose to invest in mostly aggressive stock funds, moderate stock/bond mix funds, international funcs, blue chip funds, or entirely fixed income funds. You still have to know a little bit of what you're doing when you determine how your 401(k) is going to be allocated, and you can easily lose money if you make bad calls about where to invest. If all your employer offers is mostly shitty 401(k) options (bad fund managers, fund managers with no longevity with that particular fund, you really are itching to invest in one particular thing and your 401(k) doesn't offer it as an option), then you can just open an IRA or a Roth IRA and experience favorable tax treatment without the employer match. And if you quit a job and leave a balance in that company's 401(k) plan, roll it into an IRA to retain control of it.

I'm not sure how one could write an article about how 401(k)'s are "bad" investments. It would be like writing an article saying that savings accounts or brokerage accounts or IRA's are "bad." A 401(k) is just the name of a certain type of account. #truelifeicannolongeraffordmylifestyle...
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BytheSea
10/20/09

@TheGuvnah: Time magazine is written by a bunch of paranoid, fear-mongering Republicans. It's like t hey have a bullitin board of "established institutions to discredit" and they throw a dart every week. #truelifeicannolongeraffordmylifestyle...
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la.donna.pietra
10/20/09

@morninggloria: I simply don't trust any major U.S. investment system right now. There's so little oversight and even less enforcement. My parents spent years nagging me to put money into an IRA (I've rarely worked at places that offered optional investment benefits; I'm forced to pay into state retirement systems whether I like it or not). I resisted, mostly because I knew how poorly the SEC was regulating all kinds of businesses. (See: Enron.) My parents stopped bugging me about a year ago--after they lost more money in investments than they'd paid to put me through college.

When the government 1) actually pays attention to what investment companies are doing and 2) puts some real teeth into enforcing penalties, I will tentatively consider putting my money into a very conservative Roth IRA. Not before. I'd rather never "make" that money than make it on paper and then lose it, which seems to be what everyone I've known has done.

As far as I'm concerned, the entire investment industry is a giant boondoggle bent on convincing people that they'll die starving in a ditch if they don't hand their money over to people who know better. There's a lot of fear and manipulation and not nearly enough oversight. #truelifeicannolongeraffordmylifestyle...
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morninggloria
10/20/09

@la.donna.pietra: An IRA is another kind of account into which you can invest ANYTHING. IRA's themselves don't have their own inherent rate of return; it's the name of a type of account. You can put CD's, cash, stocks, bonds, almost anything in an IRA. True that a lot of people lost a lot of money in the stock market last year, but rebalancing a portfolio based on risk tolerance (putting all of your money in Treasuries, for example, which are backed by the government and are guaranteed not to lose principle if you hold the investment to maturity, is considered a very conservative move) is something that can be done to mitigate risk to an extent. If you're extremely gun shy, you can even leave your money in cash in an IRA.

I realize that the industry needs to be regulated, but it's important to understand the difference between a type of account that can hold investments (an IRA, a Roth IRA, a 401(k) plan) and an actual investment (stocks, bonds, treasuries, cash, etc). They are different entities completely.

Also, Enron was an accounting issue and what happened in that company isn't under the jurisdiction of the SEC. The SEC dropped the ball on a lot of things, but let's leave Enron out of this.

Furthermore, no one can to force you to do anything with your money. If you open an IRA at a bank or investment house, a financial professional absolutely has no right to fuck with your account without your permission.

It's important to be wary, but it's also important to understand that this is just the way that things are set up. Unfortunately, the only way to make money off of money that you already have is to invest it with a financial institution. #truelifeicannolongeraffordmylifestyle...
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la.donna.pietra
10/21/09

@morninggloria: Unfortunately, the only way to make money off of money that you already have is to invest it with a financial institution.

Not true. I am currently making decent (if not great) money renting out a house that I own. While the real estate market is sketchy as hell at the moment, there's a lot to be said for a straightforward rental transaction. I bought a house; people pay me to live there. It's an investment. (It's also in a university town. There will be renters there until the end of time.)

And yes, people can force you to do shit with your money. The state of Idaho forced me to give up a portion of my salary to their retirement program when I worked for the University of Idaho. They invest my money however they see fit. In the past couple of years, they were apparently blind.

Likewise, the SEC has a ton to do with Enron. Plenty of people bought stock in Enron with the expectation that their earnings statements meant something. The SEC had an obligation to ensure that people had accurate information. They didn't.
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Edited by la.donna.pietra at 10/21/09 9:51 AM la.donna.pietra was starred la.donna.pietra was unstarred

Bunsen Honeydew
10/20/09

In reply to Recession Horror Stories Featured On MTV
Gee, Caitlin's life is just like mine ... except I was never rich. Damn she's gotta go be like us plebeians now. #truelifeicannolongeraffordmylifestyle...
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AvgElitist
10/20/09

@Bunsen Honeydew: I'm surprised this wasn't mentioned, but she ends up quitting all three jobs to move to Hawaii to be with a boy who pays for all her shit. And while I don't think that move alone is awful (like if your soul mate supports you and happens to live in paradise, so be it), she was BEGGING for it. She got so upset that he didn't ask her sooner to move and kept trying to show off her homemaking skills when he was around.

So her life is not like yours (ours) anymore. #truelifeicannolongeraffordmylifestyle...
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Bunsen Honeydew
10/20/09

@AvgElitist: Damn. It's a shame I chose my boyfriend for love rather than money. #truelifeicannolongeraffordmylifestyle...
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Tchotchke
10/20/09

In reply to Recession Horror Stories Featured On MTV
I have a hard time sympathizing with the people, because in many respects, they remind me of my friends. I was very fortunate to grow up in an affluent area and have nice things, but twice in my childhood, my father lost his job. My parents have always been of the "save every penny and live below your means because you never know what will happen" mentality, so we had a lot of money saved.

However, if you are out of a job for say, 6 months, you don't lose 6 months worth of savings, it's more like a year's worth. Because of these occurrences, a sense of fear of financial ruin was instilled in me at a young age. As a little kid, I could see the stress and anxiety that unemployment had on my parents, even if I was too young to fully appreciate the circumstances. My friends, in contrast, never experienced what it is like to be jobless and without benefits. They spend far beyond their means, take their jobs for granted, expect to be instantly gratified whenever they want something and have their parents buy million dollar apartments for them. (Which my parents would never do even if they could.)

I don't mean to assert that I am always financially responsible (I've never met an overpriced latte that I didn't like), but by the same token, I take responsibility for my spending and appreciate every penny that I earn. #truelifeicannolongeraffordmylifestyle...
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annebreal
10/20/09

In reply to Recession Horror Stories Featured On MTV
No one's ever going to be happy with gov't sponsored food programs. Food stamps/EBT, the cliche is, allow kids to buy candy bars instead of dinners, and WIC is pretty damn strict. The funny thing is, all the mothers I know that have ever been on the WIC program miss being able to get the good name-brand cheeses. In my opinion it's not worth complaining about when many other people in her situation would have to get the scary store-brand pasteurized cheese product that tastes like yellow glue. Overall, I sympathized with her the most, but this segment irritated me. WIC's entire focus is on nutrition and health for women, infants, and children, of course their food program is going to restrict some things. I don't think it's odd at all.
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Maritsa promoted this comment Edited by annebreal at 10/20/09 2:41 PM annebreal was starred annebreal was unstarred

BytheSea
10/20/09

@annebreal: I have EBT and I like it fine.

I don't like the condescension of WIC. Who are they to tell her what to buy and feed her kids? It's patronizing and controlling - "if you fucked up your life, I'll help you fix it, but only if you do exactly what I tell you." It's like help from a judgmental parent who has one hand out to help and the other raised to slap. It's putting women who are at a low point in their lives in the position of being insulted by the people who are supposed to help them. #truelifeicannolongeraffordmylifestyle...
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boobookitteh
10/20/09

In reply to Recession Horror Stories Featured On MTV
Growing up my mother could squeeze 5 quarters out of dollar bill. She would literally write down in a notebook everything she spent money on and develop budgets for the family months in advance and save every penny and piece of string she could find.

At the time i thought it was ridiculous and irritating, later i was appalled to realize i had inherited some (sadly not all) of these tendencies. Now i'm forever grateful for the life and money skills she taught me. #truelifeicannolongeraffordmylifestyle...
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bluebears
10/20/09

@boobookitteh: My BF meticulously works out a budget every month. He even has a fancy computer program for it. It helps that he's a trifle anal retentive. #truelifeicannolongeraffordmylifestyle...
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boobookitteh
10/20/09

@bluebears: I wish i could do that. i'm definitely a saver but the whole budget thing is beyond me. My mother used to track our car mileage to estimate gas spending. that's borderline crazy. (she hasn't been like that since we all moved out though). #truelifeicannolongeraffordmylifestyle...
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bluebears
10/20/09

@boobookitteh: :) BF makes a little note in his bb whenever he fills up, noting the price and mileage. #truelifeicannolongeraffordmylifestyle...
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morninggloria
10/20/09

@bluebears: So does my boyfriend. He's more disciplined about his budget than he is about a lot of things. When he runs out of money, he just... doesn't buy anything. It's amazing. #truelifeicannolongeraffordmylifestyle...
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CissyPants
10/20/09

@bluebears: I am a slave to Quicken. I also do my budgets quarterly. I don't make a lot of money, but I sure make it go far by planning ahead so I have very few financial surprises. I also save up for really big things so I can pay cash.

It took a long time for me to get here, but now I can't imagine living any other way. #truelifeicannolongeraffordmylifestyle...
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bluebears
10/20/09

@morninggloria: whereas when I worry I'm getting low on money I don't pay my cable bill...which is a bad idea and leads to my boyfriend silently pulling his hair out. #truelifeicannolongeraffordmylifestyle...
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TheFormerJuneBronson
10/20/09

@boobookitteh: Isn't it interesting how these things get passed down? I'm not a strict budgeter like my mother was, but I know how to stretch food like nobody's business, and I hate to throw away anything with more than half a cent of value. I swear, it's practically genetic. When we had our first small apartment, I used to save the rubber bands that the mailman put around our mail (they are good for holding chip/frozen food bags closed), and I'd loop them around the door knobs so I could always find them. My mother said that her mother always did the same thing, and she automatically looks for them there whenever she needs one. We also have cups of pens in every room, just like my grandparents did. My freezer's always full, I'm a fiend for tax deductions, we save all of our change, and I reuse or repurpose every shred of clothing that's too worn to give to Goodwill. #truelifeicannolongeraffordmylifestyle...
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bluebears
10/20/09

@CissyPants: I'm trying to do better. Honestly, I solve my bad budgeting skills by being the cheapest mccpheaperson pants that ever lived. Then I look at my checking account and "discover" I have horded like 2 grand.
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Edited by bluebears at 10/20/09 3:03 PM bluebears was starred bluebears was unstarred

boobookitteh
10/20/09

@TheFormerJuneBronson: The neighborhood joke when i was growing up was that in case of nuclear war or other disaster everyone would come to our house because my mom had a basement full of canned goods she had bought in bulk and on sale- way before BJs and costco made it fashionable. #truelifeicannolongeraffordmylifestyle...
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BytheSea
10/20/09

@boobookitteh: Hah, that was you in the other room. My friends called our laundry room the bomb shelter. #truelifeicannolongeraffordmylifestyle...
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gherkinfiend
10/20/09

In reply to Recession Horror Stories Featured On MTV
I live on sickness benefits and I manage to save even a little bit, mainly £10 or £15 a month toward Christmas and people's birthdays, but I feel it's a good habit to have for when I get back to work one day. #truelifeicannolongeraffordmylifestyle...
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rednrowdy
10/20/09

In reply to Recession Horror Stories Featured On MTV
oh, and caitlin gets not a single ounce of sympathy from me. she's lucky she has three jobs to keep her afloat - lots of people can't even find one part time job. fail! #truelifeicannolongeraffordmylifestyle...
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Wonder4A
10/20/09

@rednrowdy: yes exactly this. sorry you miss being "served", some people miss having regular meals. #truelifeicannolongeraffordmylifestyle...
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colormeroutine
10/20/09

@rednrowdy: Agreed. I have very little sympathy for people who go "boohoo! I can't go out to expensive restaurants anymore!" Bish please, I HAVE a full-time job and I live on off brand mac and cheese and canned tuna. If I go out it's for pizza. This is called "ordinary life" not something to complain about #truelifeicannolongeraffordmylifestyle...
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