Overheard conversation!!!!

[Slowpoke Slim]

I sold my Silverado back in August. I致e drove my dump truck since then. I致e been looking for a 3/4 ton Chevy, but I haven稚 found one. The dump truck is already paid for and still goes down the road so I haven稚 looked very hard.

I'll bet you can unload your groceries really fast!

"Honey, open the kitchen window for a minute."

:laughing:

 

[Larry Caldwell]

I have a 55 year old friend. He's married to a doctor. They live in a large 4000ish square foot house on 5 acres in a gate community. They have 5-6 large TVs, drive used BMWs (he's a luxury used car salesman), have 5-6 Italian hounds, eat out all the time, toys, vacations, etc.... he's $600K in debt. Doesn't care. His reasoning? He doesn't have kids, no one to leave anything to, so he's basically renting all these toys and making minimum payments. When he tires of them, he just returns them.

He better have a good life insurance policy, or the doctor will end up eating a lot of beans.

 

[4570Man]

I'll bet you can unload your groceries really fast!

"Honey, open the kitchen window for a minute."

:laughing:

I haul groceries in the cab, but those of you that have to get out of the truck at the dump or unload your firewood in the garage must have it rough.

 

[Slowpoke Slim]

As Larry The Cable Guy used to say, "Sometimes you have to wreck the truck to get the insurance money to make the truck payment."

 

[RoyJackson]

I think the younger generation definitely has different priorities than I do, but that's OK. Buying a house just doesn't appeal to them, and that's OK too. If they want to live in an apartment and drive a $60k car, I'm OK with that.

I agree...there's a lot of folks...my wife included, who would be perfectly happy without the hassles and expense of home ownership.

 

[DrRod]

As Larry The Cable Guy used to say, "Sometimes you have to wreck the truck to get the insurance money to make the truck payment."

Makes me think of XM Radio. I asked if I could cancel if I sold my car. They said the only way out was to total your car. Man, that's a lot to ask just to get out of a radio contract.

 

[RSKY]

Oldest daughter is a teacher. Last year the people from the state came around talking to each school's staff about retirement planning and 401Ks. Said the little guy got her in the office and got her numbers while going thru his sales pitch. As her information came up he stopped and said something like 'Holy Smokes'. He sat there and looked at her information a little more then asked her, 'Most people your age have no savings at all and yet you have invested enough that you will have a great retirement even without your pension. How come you started saving for retirement as soon as you started work?' My 35-year old daughter said she didn't miss a beat and told him, "My Daddy made me!"

One of my prouder moments.

I preached to my daughters about the miracle or compounding interest and saving as soon as they were old enough to understand anything about money. I have a set speech that I gave to all their friends thru high school and college. I still give it to some of the kids at church when I can. Simple, if a 401K is available get in it. If your employer matches any of it max it out. If not put in at least 6%. If no 401K available put 4-6% yearly in an IRA in growth mutual funds. Do this and you can retire before 60. Don't do this and you may never retire.

RSKY

 

[Tractor Seabee]

We have a dynamite train on a downgrade again, with over $1 trillion in credit card debt and $1.3 trillion in student loan debt. The boom has been fed with plastic, and the next crash is going to be just as ugly as the last. A lot of those young people won't even be able to live in their $60k luxury car, because the repo company will take it.

Problem is they take the rest of us down with them.

Ron

 

[goeduck]

Two of the younger generation:
If I miss a payment on the car and the boat I'll have enough for a deposit on a jetski.
Ye Gods, what is the world coming to?

And we are counting on these people to fund SS and Medicare going forward. I guess it is good there is a federal income tax to tap their money before it is gone. I do not need either to retire but I will be danged if I paid in all those years and not take them when I am of age.

 

[ustmd]

As much as I enjoy bashing "the younger generation", some the heat they get is undeserved. Some of the recent financial data and surveys that have come out in the last year is showing that they are saving at better rates than other generations at the same point in their lives and are financial sophisticated"

Study: 3 Money Things Millennials Understand Better Than Their Parents | Observer

Some millennials are saving for retirement - Business Insider

Millennials: The Cautious Generation | Bankrate.com