Sunday, October 3, 2010

My bad advice of the day

Don't listen to these financial people, just buy a ski mask and revolver and hit up 1 convenient store a week for a little extra scratch. BOOM! Mortgage payment taken care of.
Traditionally people have accumulated wealth over their lifetime, becoming richer over time as they saved, invested, paid down debt — growing their nest eggs, acquiring full ownership of their homes, and securing the years of service needed for a nice monthly pension. From a financial perspective, life got better with age.

For most Gen Xers however, this trend has been temporarily reversed, where their finances have likely gotten worse over the last 10 years due to the mortgage crisis, a stock market that has shown no growth, companies terminating pensions and passing on more health care costs to employees, job losses, furloughs, and pay cuts, not to mention increasing costs of college tuition for their children. Many Gen Xers are actually financially worse off than when they graduated college, something that was almost unheard of in previous generations.


Bag Blog said...

My husband went on a rant this last weekend saying there should be some Wall St. people in prison for what they have done – basically robbed the public. I don’t normally talk finance, but I did watch “Fun with Dick and Jane,” and I say the ski mask might not be a bad idea.

Wek said...

Hubby is right about the Wall St. scum. They should be pulled out of their offices in handcuffs and raincoats over there heads.