This is what happened when I drove my Mercedes to pick up food stamps

[Zebo]

It says right there in the article. The car was a 2003 Kompressor. That car started under $26K. While still expensive for what you got, that was the cheapest Mercedes you could buy, hardly a luxury car you're trying to make it. And if you failed to read the rest of the article, that car was fully paid off before they even met. This is not the case of some dude being a show off taking a loan on a car he can hardly afford. The guy wanted a nicer car, and he got it because he could afford it. It was paid off. Ironically, the reason she had to use the Mercedes is because their or-so-reliable Honda broke.

Similarly, their house/mortgage was only 240K on a 120K combined income. That is only twice their income, well below 3x income guideline.

These guys did almost everything right. Their cars were paid off and they didn't buy too much of a house. Their only fault was not having more of emergency savings (however according to the article her husband was out of job for years, hardly anybody has several years of emergency savings stashed away). That and they were in the wrong place at the wrong time losing their jobs and having twins right on the eve of the crash.

If you're making 120K thats about 7K a month after tax. House payment was 1.5K where is the other 5.5K? They had no saving because lets be honest these ppl were spend thrifts.

Did "everything right" according to whom? Mortgage brokers who advertise you can afford a 250K house? Or guys like warren buffet or sam walden who lived in a 150K house? I know who I'd rather listen to.

And as far as being out of work for years. Common. illegals with no english can get work everyday. He chose to be out of work. Educated, speaks English, but thought all work was beneath him less than a man. But driving that bitches car told me that already. But with kids and wife refusing work is low down scum.

 

[BoberFett]

The only thing worse than putting people on ignore is paying attention to people you have on ignore by posting about how you have them on ignore.

I may disagree with most of what you say dank, but at least you say something. That idiot I have on ignore posts nothing of value, and is the only person I have on ignore. I'm guessing he quoted something I posted and added one of his typical "DERPY DERPY CONSERVATIVE BOOTSTRAPPY" comments, because that's just his style, and that's is the only reason I even bothered to mention I was ignoring him.

 

[smackababy]

BAS is only for you the servicemember not for your family, get deployed and that entitlement is yanked. same with BAH, and if you live on base family housing you don't get that pay.

No, you continue to draw BAH and BAS changes. You also receive Family Separation Pay (which was $250 a month) plus any additional hazard pays. Base housing in most cases is only the cost of your BAH. Quite a few people actually end up making a lot more money while deployed (and it helps they don't have many ways to spend it while gone).

Not to mention, your family is hardly going to go without. The rest of your unit will make sure of that.

 

[PricklyPete]

If they were fairly new, don't you think that they should have been more moderate for a while until they had established themselves? It's been preached for years to build at least a 6 month FULL emergency fund and lately, even more (a year). I think it's poor planing but that's just me.

It's not just you... I fully agree. People run on credit these days and wouldn't understand the concept of financial security if you made a illustrated children's book out of it.

 

[OutHouse]

No, you continue to draw BAH and BAS changes. You also receive Family Separation Pay (which was $250 a month) plus any additional hazard pays. Base housing in most cases is only the cost of your BAH. Quite a few people actually end up making a lot more money while deployed (and it helps they don't have many ways to spend it while gone).

Not to mention, your family is hardly going to go without. The rest of your unit will make sure of that.

interesting, is that new? when i got deployed and TDY the air force yanked my BAH and BAS because they were feeding me at the chow hall (with a 144% surcharge)or by MRE and gave me billeting or a tent to sleep in.

The family sep pay when i was in was $75.00. even in 92 that was a big lol

 

[Zebo]

It's not just you... I fully agree. People run on credit these days and wouldn't understand the concept of financial security if you made a illustrated children's book out of it.

"Millionaire next door" should be a senior class in HS. Getting rich (ie a couple million in assets) is relatively easy can be done on avg wages takes sacrifice and discipline but those are qualities that are positively discouraged by our high-consumption society. Thats thier whole problem.

 

[theeedude]

Over sensationalize much?

No one is kicking them while they are down. Anyone should be ashamed for themselves to be on food stamps or welfare. We often times have to do things that we don't want to but the important thing is to learn from that and make choices that prevent you from having to do those things again. But then again, there are many people on the public dole who don't see a problem with it. That is the root cause of this problem. So if they don't feel shame, then its up to society to educate them on why they should.

Many people pay many taxes. Not many people see payback on those taxes. I pay property tax, most of which goes to schools. I have no children so I see no direct payback on that money. Sure, I might benefit from educated children but that's debatable (the extent I benefit that is) and its indirect anyways.

If the attitude is going to be, well they paid for those services then they should get them. And then everyone carries that attitude, the system breaks completely. The system is setup so that only a fraction of those who pay for it, draw from it. Plus, the majority of people who draw from it, likely use more than they put in to begin with, so they aren't paying their way or using only their share. Again, this should not be something they are ever comfortable with.

You want to make them comfortable with consuming public resources that they didn't completely pay for. I do not. Its okay to use them when the need arises but becoming comfortable with it creates a bigger issue.

You are wrong on every count, as usual. When you fall on hard times, you take advantage of the safety net your taxes pay for when you are working. It's not rocket surgery, and there is no shame in it what so ever.
Again, it's a fundamental difference in opinion. Republicans think that poverty is an incentive problem, that there are poor people because poverty is not miserable enough or not stigmatized enough for them to want to pull themselves out by the bootstraps. I think that's a bunch of BS like supply side economics and trickle down, discredited time and again.

 

[nehalem256]

You are wrong on every count, as usual. When you fall on hard times, you take advantage of the safety net your taxes pay for when you are working. It's not rocket surgery, and there is no shame in it what so ever.
Again, it's a fundamental difference in opinion. Republicans think that poverty is an incentive problem, that there are poor people because poverty is not miserable enough or not stigmatized enough for them to want to pull themselves out by the bootstraps. I think that's a bunch of BS like supply side economics and trickle down, discredited time and again.

Having kids with 3 different fathers (2 of whom are in prison) isn't "falling on hard times". Its willfully jumping into them.

 

[theeedude]

No. Most people pay taxes all their life to pay for other people to have food stamps.

Paying taxes isn't food insurance.

I see nothing wrong by the way with the person in the article having used them. It's just not anything all that remarkable (which clearly even the author didn't think so either, or she wouldnt have had to trot out the ONE DAY Mercedes tale and make that the centerpiece... which clearly people who fall for obvious emotional drek fell hard for).

Her use of food stamps temporarily (despite which car she used to sign up for them) didn't make her poor. And I'd bet most of her tales of other people's reactions were largely in her own imagination. Not sure why a person who gave up a decent job (ah see, another detail of the tale of woe were not supposed to notice) should exactly feel proud of using food stamps anyway.

Sure, you're no longer the poster of middle class and "failure being harder than success" but a long freaking way from impoverished.

Paying taxes pays for social safety net, which is insurance, because it shares the risk pool. If your intent is to always be poor, then it's a problem, but if you use it because you fall on hard times, that's what it's there for. If you want to waste your time feeling ashamed because some Republican idiots don't like it, be my guest, but it's stupid.
For sh!ts and giggles she should have tried the Republican idea of administering social programs and gone to a church and asked for food. Would be interesting if she got enough food to offset the cost of gas getting there.

 

[xBiffx]

You are wrong on every count, as usual. When you fall on hard times, you take advantage of the safety net your taxes pay for when you are working. It's not rocket surgery, and there is no shame in it what so ever.
Again, it's a fundamental difference in opinion. Republicans think that poverty is an incentive problem, that there are poor people because poverty is not miserable enough or not stigmatized enough for them to want to pull themselves out by the bootstraps. I think that's a bunch of BS like supply side economics and trickle down, discredited time and again.

You're a dick, as usual. I never said to not use these, I said when you do, you should be ashamed of it. That shame should steer you towards not using them for long. People with the mentality that you should feel comfortable using them is a very bad thing. No one should be comfortable getting public assistance.

I'm not a republican so I give a shit what they think, or what you think about republicans.

 

[theeedude]

Having kids with 3 different fathers (2 of whom are in prison) isn't "falling on hard times". Its willfully jumping into them.

Yep, should have had 3 abortions. :thumbsup:

 

[smackababy]

interesting, is that new? when i got deployed and TDY the air force yanked my BAH and BAS because they were feeding me at the chow hall (with a 144% surcharge)or by MRE and gave me billeting or a tent to sleep in.

Not particularly new. I've been out about 2 years now, but that was the norm. It might also be effected by where you're deployed though. TDYs have a different set of rules, but generally aren't long enough to include a lot of paperwork changes.

 

[nehalem256]

Yep, should have had 3 abortions. :thumbsup:

Somehow I don't think most liberals are going to get behind your views.:sneaky:

 

[theeedude]

You're a dick, as usual. I never said to not use these, I said when you do, you should be ashamed of it. That shame should steer you towards not using them for long. People with the mentality that you should feel comfortable using them is a very bad thing. No one should be comfortable getting public assistance.

I'm not a republican so I give a shit what they think, or what you think about republicans.

You should feel comfortable using the social safety net as intended. There is no shame in it. That's what it's there for. Feeling ashamed for using it is like feeling ashamed that you got sick and had to use your insurance.

 

[theeedude]

Somehow I don't think most liberals are going to get behind your views.:sneaky:

3 abortions a day keeps the food stamps away

 

[HomerJS]

"Millionaire next door" should be a senior class in HS. Getting rich (ie a couple million in assets) is relatively easy can be done on avg wages takes sacrifice and discipline but those are qualities that are positively discouraged by our high-consumption society. Thats thier whole problem.

Given average salaries

Men - 45K
Women 37K

Meet in the middle 41.5K

I would love to see how long and how to build up 2 million dollars in assets

Subtract out 10-15% in tax

If you didn't spend a dime after 50 years you would be short of the $2 mil target.

 

[Zaap]

For sh!ts and giggles she should have tried the Republican idea of administering social programs and gone to a church and asked for food. Would be interesting if she got enough food to offset the cost of gas getting there.

http://www.youtube.com/watch?v=CIQdaDoqXsE

The cost of gas? She could have just done the ultimate greedy lefty-loon idea and sold the church food for profit, gone back, got more, sold that, gone back got more, sold that...

Gas, hell, given enough lib-loon greed she could probably have used the proceeds to buy *another* Merc.

 

[Zebo]

Given average salaries

Men - 45K
Women 37K

Meet in the middle 41.5K

I would love to see how long and how to build up 2 million dollars in assets

Subtract out 10-15% in tax

If you didn't spend a dime after 50 years you would be short of the $2 mil target.

Sure if you only put money under a mattress. Who does that? No you invest in appreciating assets plus compounding gets you there. Read the book. They have examples of janitors that do it.

You don't have to be that extreme - lord know I am not - but these folks pissed away at least $4500 a month - really would have done them good to read it.

 

[BoberFett]

Given average salaries

Men - 45K
Women 37K

Meet in the middle 41.5K

I would love to see how long and how to build up 2 million dollars in assets

Subtract out 10-15% in tax

If you didn't spend a dime after 50 years you would be short of the $2 mil target.

$500/mo in savings will get you over $1M in 50 years. Are you saying that a couple grossing $7,000/mo can't save $500/mo?

The point of the post you were responding to is that people spend every dime they make. Frequently to buy shit they don't need made overseas and sold at a hefty markup to make shareholders and CEOs wealthy.

American consumers are their own worst enemy.

 

[Zaap]

Sure if you only put money under a mattress. Who does that? No you invest in appreciating assets plus compounding gets you there. Read the book. They have examples of janitors that do it.

^ Like most leftwing morons, he thinks only rich people can do that.

 

[Zaap]

...to make shareholders and CEOs wealthy.

American consumers are their own worst enemy.

That's the big irony to me... people LOVE to bitch about shareholders getting rich... when what we're talking about here is... shareholders getting rich!

I mean seriously, if it's so easy for shareholders to get rich... BE a fucking shareholder!

It reminds me of the old joke about the guy who prayed to god to win the lottery. He waited around for 50 years, and got mad at god because he hadn't won the lottery. The sky thundered and a loud voice boomed "BUY A FUCKING LOTTERY TICKET!"

 

[Exterous]

Given average salaries

Men - 45K
Women 37K

Meet in the middle 41.5K

I would love to see how long and how to build up 2 million dollars in assets

Subtract out 10-15% in tax

If you didn't spend a dime after 50 years you would be short of the $2 mil target.

First off the average salary is $51k according to the census bureau. Second there are many tax advantaged options that can reduce your tax burden.

Assuming a 7% ROI if you saved $5k a year for 50 years you'd get to the $2M goal. If you wanted to take some of that $2600/yr the average middle income earner spends on eating out, the $2500/yr on entertainment, or the $800/yr spent on alcohol and tobacco you might get there a bit faster. You can also consider the average household with one income earner has 1.9 cars while the average 2 income earner has 2.4 cars so maybe they could cut back on the cars too - although we can clearly see from this article that thats impossible because people want to 'hang on to something that causes comfort'.

http://www.bls.gov/cex/csxann12.pdf

 

[Zebo]

dp

 

[Zebo]

$500/mo in savings will get you over $1M in 50 years. Are you saying that a couple grossing $7,000/mo can't save $500/mo?

The point of the post you were responding to is that people spend every dime they make. Frequently to buy shit they don't need made overseas and sold at a hefty markup to make shareholders and CEOs wealthy.

American consumers are their own worst enemy.

It's culture we live in. Peer pressure, keeping up with jones' etc make it all but impossible unless really disciplined. I don't know if you ever seen my posts from way back arguing to buy cheapest amd chips and OC them or what a waste scsi was, and other value judgments with strong opinions. People called me poor, cheap, etc - it's a culture of high-consumption and high end - consumption rather than savings one has to overcome to have security.

I'm not perfect by any means. Have a $1000 weber grill when a $100 one is just fine. Have higher end boat than i need. Drive a 2009 truck instead of 1969 like Sam Walden when he died worth 40b. But I try to meet that book half way.

These folks literally made top 1-5% earnings and pissed it all away. Don't feel bad. Especially when guy refuses to work for years.

He abdicated both inputs to wealth. Earnings and savings. With a young family. For shame.

 

[bshole]

Given average salaries

Men - 45K
Women 37K

Meet in the middle 41.5K

I would love to see how long and how to build up 2 million dollars in assets

Subtract out 10-15% in tax

If you didn't spend a dime after 50 years you would be short of the $2 mil target.

I have total assets of about 1.25 million and I got there on an two average salaries. It really is not that difficult. In 20 years I figure I will have north of $3 or 4 million. We could qualify for financing on a $600K home but we would never consider a home over $250K. We drive reliable Toyotas. My wife is driving a 98 Camry and I'm driving 09 Corolla. The secret is no secret. Live within your means, don't carry non-home debt and max out all your retirement contributions. It sure ain't rocket science.
Home - $150K
Land - $120K
401ks - $750K
Roth Iras - $250K