New cars and No Food

Don M.

Don M.

SF VIP
Location
central Missouri
It seems to me that a lot of younger people have their priorities wrong. They have expensive cars, and little or no savings, and having lost their jobs due to this CoronaVirus, they are now having to scrounge for their food. They have gobs of credit card debt, and the latest cell phone, but seem to think that saving for the future is of little importance. I wonder what some of these people are going to do when it comes time to retire....live off Social Security???...if that still exists in another 20+ years. Their "excesses" today will only put them in a state of near poverty at age 65 if they don't wise up.

https://news.yahoo.com/minivans-food-pantry-meet-americas-120855868.html
 

My son was just telling me about his friend who had $85,000.00 in his 401(k) plan. His son needed money to pay off his bills and he also needed another car because he accepted a new job out of town, plus he was behind on his mortgage payments. All together, he needed $80,000.00, which my son’s friend took out of his 401(k) plan to ‘help’ his son.

My son advised him against doing this, but he told my son, “He’ll pay me back.” I told my son that I’m doubtful that he’ll ever see a dime of that money because it appears to me that this guy’s son has no sense when it comes to handling money.
 
911 said:
My son was just telling me about his friend who had $85,000.00 in his 401(k) plan. His son needed money to pay off his bills and he also needed another car because he accepted a new job out of town, plus he was behind on his mortgage payments. All together, he needed $80,000.00, which my son’s friend took out of his 401(k) plan to ‘help’ his son.

My son advised him against doing this, but he told my son, “He’ll pay me back.” I told my son that I’m doubtful that he’ll ever see a dime of that money because it appears to me that this guy’s son has no sense when it comes to handling money.
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I agree.

Always help yourself before helping the person in the seat next to you.

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I'm willing to bet that those who've been reduced to getting food from the food pantries, having to sign up for the eviction moratorium, getting help wherever they can...they'll be a whole heckuva lot more cautious in the spending/saving department when (if!) our economy stabilizes again. And I have a feeling that the white-collar jobs are going to start seeing the layoffs and furloughs in a much bigger way real soon.
 
We were just commenting about a nearby subsidized living community. The cars in the driveways are new, some are even fancy. Their priorities are out of whack, IMO.
 
It shocks me how little many younger people know about establishing and maintaining good credit. My friend's daughter was trying to figure out if she could get a car loan. I asked what her FICO score is, and she said, "What's that?" She has no idea how much debt she actually has. I've always been careful to monitor my credit and try to maintain a good balance, but it seems to be a skill that no one learns anymore.
 
I'm one of those people who heartily believes in taking good care of a car and driving it until the wheels fall off! Mine was 16 years old, and I gave it away a couple of weeks ago. A Subaru so it'll probably still be around long after I'm gone:)
 
GeorgiaXplant said:
I'm one of those people who heartily believes in taking good care of a car and driving it until the wheels fall off! Mine was 16 years old, and I gave it away a couple of weeks ago. A Subaru so it'll probably still be around long after I'm gone:)
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The cars my husband and I own are 2002 and 2004. His has nearly 97,000 miles on it and mine has about 51,000. We bought them used. My husband is a tall man and does not fit into smaller cars. So these are a Lincoln Town Car and a Buick La Sabre. The Buick is could be a little larger for his comfort. We go almost no where. I had a Subaru when I met him, but he fit very poorly, had to scrunch up. He could not sit up straight and didn't have enough room for his legs.

I thought it riduculous that I was offered a credit card when I was in college. I had a work study job and had very little income. I've been dirt poor. It taught me some good lessons. My parents never bailed me out. They couldn't afford to.
 
I know someone who let her 20 something grandson move in with her after his gf kicked him to the curb. He quit his grocery store job, sleeps late, watches TV and plays video games.

But wait, there's more: he wrecked his car. So grandma lets him use her car and gives him spending money from her pension and SS. Of course he lives rent free. Why? Because he's faaaaamily. It goes on and on to the point where I can't even listen anymore. 🙄
 
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This thread reminds me of a thing I put together

It's poorly constructed, but I had fun with the wording of the moral

DCOQO2W.jpg
 
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