8. You might be caught in the bind I am in: can't pay off the house because it was suck up every dime
I have in annuities and what is left in money invested for growth. Plus, my house is right next door to a bank owned foreclosure that is trying to sell it below what I currently owe on mine --- an unbelievable drop from just last year.
With no investment in growth, how can my current earnings be sufficient down the line? Costs will continue to rise; my income will remain the same, even if I were totally undebted, which except for our mortgage (not a big one)is nothing (no car, credit card, etc debt).
9. Last year there were SEVEN foreclosed houses on our block
and of course the one right next door to us was the vandalized one
People will have to start renting out rooms to help pay the costs, or walks away & rent if they are seriously underwater. It makes no sense to pour what limited funds are available, into a losing proposition..
and once you get older, the almighty credit rating is not as big of a deal..
Ours is hovering near 800, and we don't buy anything on credit..and don;t plan to.. We keep our Discover for when we travel, but no others except of Sears, since we have had that account since 1969, and my husband is a tool-addict
2. If you are 20-something, you better save like you never saved before
and be prepared to have your parents & inlaws living with you for a long time as they age.. If your parents are 40- 50 now, they are likely to be the "tip of the spear" for all the shenanigans that will come along. They will likely be the first to feel the pain, and they may be needing to rely on YOU.
What I see is a tremendous amount of MISINFORMATION AND PROPAGANDA about the health of SS.
It's my understanding that SS will need to be tweaked in 25 years or so. It is one of the healthiest government programs that ever existed.
But, for example, my wife's MIT grad cousin is convinced SS won't be there in 13 years when she retires.
We Dems are amazing that we can be losing when ironclad facts, logic, reason and even science are on our side.
It is a concern, but it seems like we have 25 years before we even have to lift a finger to fix? Don't we have problems that are NEXT DAY URGENT compared to the decades away SS "problem".
I don't understand the arguments that the govt pooled the SS money into the general fund and some conservative pols are going; "Yup, we spent it. Tough luck. It's all gone. Now you working people will have to get more SS taken from you that you paid into because we got our hands on it and spent it!" that argument wouldn't fly with a pair of eight year olds, yet...
I apologies to young people over the damage my generation has wrought upon their lives.
It's been wrought on me personally lately also!
What my generation has done to the future is the work of greedy self absorbed unhappy pricks! Like the guys that run my former employer who decided two weeks ago to cease manufacturing operations in Connecticut entirely and outsource the entire product line! 17 months out of work. Finally got another job, Made a go of it for 7 months and actually enjoyed it a lot. I love working on CNC Machines!
Now off to unemployment and see where I stand with COBRA.
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