Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs.

   / Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs. #122  
True John. I just did not expect the needs of audit children and grand-kids that I would need to assist with. Love them a great deal, so we help as we can and just keep hanging around until they are on their feet. They work hard and are moving forward.

Interesting you and Newbury brought this up.

When I left work yesterday, I ran into someone I worked with many years ago. He is looking to retire next year once his kid is out of grad school. He would have stopped working a while ago but he has been helping the kid through school and paying for his wife's health care insurance.

On the radio show I listen too, there was a caller this morning complaining about the Millennial Generation. She laid out what her 22 year old was doing and not doing, as well as how much help she and her husband were giving the kid. The parents decided to sell the kid a car for $1,000 so he would have his own car. He would only have to pay $25 a month to pay off the loan. When they told him this, he had a cow and said this was a way for them to control him. So they said fine, if you don't want us to "control" you we will just let you live your own life. Guess know he will see how hard it really is...

She was up front in saying that part of the kids problem is her own doing. But I don't think helping out a child automatically spoils them and make them ungrateful. This kid surely was spoiled, lazy, and ungrateful and needed a kick in the fanny. On the other hand, with today's piss poor economy many families are having to move back under one roof because of the lack of jobs and/or full time work. I just saw someone renting two single wide mobile homes way out in the county for $450 a month. Those homes are a good 30-45 minutes from me and I have to drive 45 minutes to work. There just is not any decent paying work out where those homes are located. I would think people would have to drive at least an hour to get to a place that had any jobs much less something decent.

It sure is tough out there right now...

Later,
Dan
 
   / Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs. #123  
I have been on the receiving end of two of those family loans. When I was farming with the seed man in Blountstown, I bought a Ford Courier, the Rice-A-Roni {Henry Ford said he would never sell cars made in Japan. Ha} at auction for $450. It was on it's last leg and a few months later I had to buy a wrecked Courier, the Wrecked Rice, for the motor. It was $650, so the Wrecked Rice cost more than the original Rice-A-Roni. My parents loaned me the money for the Wrecked Rice. I quickly paid the money back, so I didn't pay them any interest.

Ten years later when we were building the house, we had saved $60K on a $120K house. Mama loaned us the other $60K @ 3.2%. Two and a half years ago we had it paid down to $20K. Mama forgave the rest of the loan. Very good Christmas present.

As long as the kids know it is a loan, and they make a real effort to pay it back, I don't think it hurts them. But to just give them money when they are not watching their spending sends the wrong signal. Life in the real world is tough. If you don't watch your money, someone else will end up with it.
 
   / Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs. #124  
Just ran across this headline somewhere, "Study: Record Number 21 Million Young Adults Living With Parents" Study: Record Number 21 Million Young Adults Living With Parents ォ CBS DC

A new study from Pew Research finds that 36 percent of Millennials young adults ages 18 to 31 are living at their parents homes, the highest number in four decades. A record 21.6 million young adults were still living at home last year.

...

The number rose from 32 percent at the beginning of the Great Recession in 2007 and 34 percent in 2009.

Declining employment led more young adults to stay with their parents. Sixty-three percent of Millennials had jobs in 2012, down from 70 percent in 2007.

Later,
Dan
 
   / Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs.
  • Thread Starter
#125  
My Father believed in taking care of us, but he wanted to see result. For a while each of us olde kids had so many cattle to care for, so many fields to mow, etc. One night Dad arrived home and asked about a cow who was due to calf. I did not know. He sent me out and I found the cow deep in woods (deep for a young kid, but probably outback yet sounds better to say deep) with a new calf. I told Dad and we both went out to bring back the calf and Mom.
Another time I had the wrong answer when he asked if I had mowed a field. I was soon mowing that field in the dark, or least my mood was! My Dad would teach me to repair by taaking a piece apart that was not working and lie each up as he took them out. He showed me the one that was bad, replaced it and put it back in order. I hated every teaching, yet I am now 64 and treasure every thought! You are right about being on the receiving iend and it is good if taken as it should. Jim
 
   / Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs. #126  
As long as the kids know it is a loan, and they make a real effort to pay it back, I don't think it hurts them. But to just give them money when they are not watching their spending sends the wrong signal. Life in the real world is tough. If you don't watch your money, someone else will end up with it.

I agree. Our FLS traditionally charges what the banks are paying for interest on savings account. Right now it's 0.25%. This is compared to 3% or more for a mortgage. We adjust it every 6 months or so.

Early payoff may earn the borrower a dinner out.

It's been that way for at least two generations.
 
   / Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs. #127  
Never had a family loan till later in life...

After Dad passed, I noticed Mom was getting very little for her life savings.

My brothers and I had a loan we were going to refi at 5%.

I mentioned it to Mom and she said it made sense... said if she couldn't trust her kids it was on her.

To this day, the 5% loan check is delivered on the first day of the month if not sooner.

Could have refied lower later and we agreed not to... When Mom hear her friends talk about dismal CD rates, her reply is I have the boys take care of that and I get 5%... a win/win as I see it.
 
   / Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs. #128  
Do retire and enjoy every day.

I remember my thoughts in the back of the ambulance heading to the heart hospital with severe chest pains: Well at least I had 5 good years of retirement......


PS: Now I've added 2.5 more after surviving!
 
   / Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs. #129  
Do retire and enjoy every day.

I remember my thoughts in the back of the ambulance heading to the heart hospital with severe chest pains: Well at least I had 5 good years of retirement......


PS: Now I've added 2.5 more after surviving!

My health was getting shakey before I retired. I've lost 50 lbs, and feel much better. Life is short.
 
   / Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs.
  • Thread Starter
#130  
I remember the same Don and glad to see you! Jim

Do retire and enjoy every day.

I remember my thoughts in the back of the ambulance heading to the heart hospital with severe chest pains: Well at least I had 5 good years of retirement......


PS: Now I've added 2.5 more after surviving!
 

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