Wow, this economic crisis nailed my family
HailHailVitalogy
Posts: 5,430
I came home for the first time since August last night...and....its bad. My mom lost all my college savings, lost all her assets, they cant afford anything right now, they are thinkin about selling my moms car to make rent for the next few months so they can save up....My grandma lost 400,000$, and she just retired a year ago and shes supporting my uncle
Now the next step is looking into a college loan which is the LAST thing we need to do in this time
Now the next step is looking into a college loan which is the LAST thing we need to do in this time
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Do you all drive BMWs?
Verona??? it's all surmountable
Dublin 23.08.06 "The beauty of Ireland, right there!"
Wembley? We all believe!
Copenhagen?? your light made us stars
Chicago 07? And love
What a different life
Had I not found this love with you
My brother is going to college next year, and with the rising costs of college tuition and the horrible economy, my parents can only offer him the same amount towards college as they did for me, but that is only going to cover maybe half of the cost for him, where as it covered all of it for me. It's a little unnerving to think about how with the rising costs of education, students have to seriously consider the major they pick if they have student loans. Hard to pay off a 100k student loan if you're going into education, for example. There was an interesting article in Money magazine last month on that.
I certainly don't envy people entering college these days. Not that I am too far removed, but it seems like I got in at the tail end of college being reasonably affordable. I consider myself lucky because I am able to go to graduate school on full loans because I don't have previous loans. However, if I had racked up 50k in undergrad and then wanted to go get a masters for another 30-50k, I would never be able to pay that off in education.
Ugh. makes me sad. I feel bad for everyone at these times.. it seems it will get better before it gets worse.
Grandma must be rich. If she just lost 400,000 and the stock market only crashed 40 percent (being liberal here), she still has 600,000 to go...
Boo hoo...
What kind of college savings? Did she invest all in stocks?? Whoopss... I hear yea.. I did the same but did luckily buy bonds as well. Thats why you have to diversify. I wish you luck! The stocks will rebound slowly, but they will..
I know what you're saying, but a $Million for retirement isn't that much in these times. If you have that much when you retire, you can't exactly just live however you want to nowadays.
The bigger issue to me is why was Grandma's money not in something "safe" like a money market account. If it lost that much, it was in risky stocks and that's a bad thing if you're counting on it to live even when the economy is stable or doing well.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
It will get worse if you vote for Obama. Opps! Wrong room
Sweep the Leg Johnny.
that is a drag, a real drag.
i always thought putting money into the hands of big business would not always be a good idea.
personally i'd trust a dope dealer (some life long friends) with my $400,000 before some bullshit legit bunk ass business.
$400,000 would buy an awful lot of marijuana.
that's just my two cents worth.
where did your mom & grandma invest their money?
btw, you can still attend college without your mom's college savings, but you already know that.
that is unless you are planning on attending Harvard, Yale, Princeton, or some wildly expensive fuckin school like that.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
Anyway.....I have one son in college now and another will be next year so yeah...it's gonna be real fun!
Where I'm not ugly and you're lookin' at me
Easy greed and pushy 401k agents. You know, the ones that come by at work and give you a free pen and tell you to put it in their investment groups. Grandma probably thought she couldnt lose in a stock market that was rebounding from 9/11 and could will all her children tons of cash. 600 thousand is still alot of cash to live on. If she has a house thats already paid for. Think about it: 20 years on 30 thousand, + SS + any pensions/investments. She will do allright...
i am sorry your grandma lost 400 grand, thats a tough thing to take but
i feel more compassion for the grandma out there that has no gd food or medication that she needs.
maybe these grandmas will freeze to death this winter because they can't afford to turn the heater on.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
1. Raise taxes on corporations
2. Raise taxes on small businesses
...that will help keep business afloat!
My parents are in cash now that they are retired. Don't gamble with your nest egg if you don't have time to make it back.
so what ! a million aint shit anymore. lets not forget, she probably worked all her life to get that.
what a shitty thing to say.
"To question your government is not unpatriotic --
to not question your government is unpatriotic."
-- Sen. Chuck Hagel
dude i cant believe you are saying this. its not a contest to see who is fucked the hardest.
she and or her husband worked their entier lives probably to have that, you cant say oh well, just because someone down the street was less fortunate.
i think all the comments about boo hoo, and what about this person are sad.
"To question your government is not unpatriotic --
to not question your government is unpatriotic."
-- Sen. Chuck Hagel
Read Chadwick's post:
=========================
what about the grandma down the street from all of us who doesn't have any food in the house?
i am sorry your grandma lost 400 grand, thats a tough thing to take but
i feel more compassion for the grandma out there that has no gd food or medication that she needs.
maybe these grandmas will freeze to death this winter because they can't afford to turn the heater on.
===========================
Some people are really going to hurt this winter. With less money around, people will give less to those who need it the most.
+1
Are these people kidding? If this ever happens to you when you have worked all your life I hope you find a more sympathetic ear.
i did read his post. go back and read my response. look i dont know many well off people. and im broke as fuck, but i cant hate on people losing their retirement, just because they had more to lose than others.
thats just fucking stupid.
"To question your government is not unpatriotic --
to not question your government is unpatriotic."
-- Sen. Chuck Hagel
over in Iraq on that gd stupid fucking religious/oil war?
how about "fuck you the u.s. government."
i truly dislike them thieving cock-smokers in DC.
i can promise you all one thing
dickless cheney's and gw's parents and grandparents won't be suffering.
their grandparents are all long gone i am sure.
but you get the drift.
i wanna see cheney and gw eating and living on scraps.
when they need a piece of fruit they will be denied.
medications need refilled but the insurance is fucked
and all of a sudden you are penniless, good luck dickheads,
you fuckers been fuckin all of us for years.
do you folks buy the medications you need or the food you need?
do you pay the heat bill or the electric bill?
i wanna see cheney and gw living in a ford pinto, homeless
and on the mean streets of east L.A.
or the projects in Queens or some shit..
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
Bring back communism,... that will solve everything!
their is always a smart ass in the bunch.
nice work.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
thank you
im not trying to make people feel bad for me or my family i just want to make people aware....most of the money was in a "safe" place but the remaining money thats left isn't going to get my grandma through 3-4 years from now, and now I have to take out a student loan that I wasn't planning on taking at all which is going to be about 500 a month once I graduate...my moms remaining money has to get her through the next few years because my step dad lost his job so shes the main provider...do you have any idea how hard it is to get a job these days?
for you people saying "boohoo"...try working your WHOLE life, losing your significant other while raising 2 kids, traveling 2 hours each way to the city until your 67...just so you can be comfortable when you retire, and then a year into retirement, all of that was for nothing
What does that have to do with anything? That was pretty rude.
8/7/08, 6/9/09
which is why i said
"fuck you u.s. government"
i really do feel for your grandma
the exact same thing is happening to many people right now
frickin horrible, just horrible.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
Did he not say they may have to sell his mother's car? I already know he drives a BMW.
It was a question, if you find it rude, it wasn't, deal with it.
Look, the OP Grandma took a big hit on the stock because she got greedy or recieved very bad advice on 401k. She still is not broke. I don't really sympathize with her because she took a risk. She should have known the risks that were involved before taking the plunge. I took a beating as well as the rest of America. Everything now is hindsight.
I can sympathize with the OP on his parents trying to pay for his/her college and not being able too because of the market crash. This was probably the only way they would have been able to afford college and had to take the risk. Talk about bad timing. I guess the best they can do is to take a loan out and hopefully the market will recover in 5-10 years to pay off the loans. All is not lost though.
I drive my DADs beamer every once in a while
Rygar good on you! .....you showed more backbone with that comment than any Hab since Roy!