This may sound a little insensitive and out of touch but...
Why can't people save up a little money so if they have a month or two without income, they can pay rent and buy groceries? It's amazing how many people appear to have zero savings.
(04-10-2020, 09:08 AM)The Real Marty Wrote: [ -> ]This may sound a little insensitive and out of touch but...
Why can't people save up a little money so if they have a month or two without income, they can pay rent and buy groceries? It's amazing how many people appear to have zero savings.
Because everything in this world is stacked against them and there's no way anyone can be successful in the horrible American Society without the help of Big Daddy Government.
(04-10-2020, 09:08 AM)The Real Marty Wrote: [ -> ]This may sound a little insensitive and out of touch but...
Why can't people save up a little money so if they have a month or two without income, they can pay rent and buy groceries? It's amazing how many people appear to have zero savings.
People can't control their spending. It affects all income levels.
(04-10-2020, 09:12 AM)flsprtsgod Wrote: [ -> ] (04-10-2020, 09:08 AM)The Real Marty Wrote: [ -> ]This may sound a little insensitive and out of touch but...
Why can't people save up a little money so if they have a month or two without income, they can pay rent and buy groceries? It's amazing how many people appear to have zero savings.
Because everything in this world is stacked against them and there's no way anyone can be successful in the horrible American Society without the help of Big Daddy Government.
I think some people are just irresponsible and undisciplined and cannot resist temptation, so if they have any credit left on that credit card, they are getting those shoes or whatever.
(04-10-2020, 09:31 AM)p_rushing Wrote: [ -> ] (04-10-2020, 09:08 AM)The Real Marty Wrote: [ -> ]This may sound a little insensitive and out of touch but...
Why can't people save up a little money so if they have a month or two without income, they can pay rent and buy groceries? It's amazing how many people appear to have zero savings.
People can't control their spending. It affects all income levels.
I watch the news and they show a lot of middle aged people lamenting the fact that since they have lost their job, they will not be able to pay their rent, and it strikes me, we have a huge wave of people heading toward retirement with zero savings.
Any one notice nobody has pressed the credit card companies to lower their interest rates during this crisis? It is of no coincidence that Joe Biden got into bed with the CC companies as well.
(04-10-2020, 11:00 AM)StroudCrowd1 Wrote: [ -> ]Any one notice nobody has pressed the credit card companies to lower their interest rates during this crisis? It is of no coincidence that Joe Biden got into bed with the CC companies as well.
What are you, a communist or something? Why would they lower their interest rates? They're going to have enough trouble with bad loans, why would they then shoot themselves in the foot by lowering interest rates?
(04-10-2020, 09:08 AM)The Real Marty Wrote: [ -> ]This may sound a little insensitive and out of touch but...
Why can't people save up a little money so if they have a month or two without income, they can pay rent and buy groceries? It's amazing how many people appear to have zero savings.
I have drilled that into the heads of my children for years. I have always told them to put part of their paycheck into a savings account and DON'T TOUCH IT unless absolutely needed, even if it's just $20 or whatever each payday. The other thing that I have taught them is to "over pay" debt. Just because your car loan payment is $500 pay more than that each time and get rid of the debt.
My wife and I could stop working and still get by for 6+ months with what we have saved, and that doesn't include retirement/investment accounts.
(04-10-2020, 11:00 AM)StroudCrowd1 Wrote: [ -> ]Any one notice nobody has pressed the credit card companies to lower their interest rates during this crisis? It is of no coincidence that Joe Biden got into bed with the CC companies as well.
Honestly I don't even know or care what the current interest rates are on the credit cards that I have. If/when I use them I pay the bill off at the end of the month and don't pay interest.
(04-10-2020, 09:31 AM)p_rushing Wrote: [ -> ] (04-10-2020, 09:08 AM)The Real Marty Wrote: [ -> ]This may sound a little insensitive and out of touch but...
Why can't people save up a little money so if they have a month or two without income, they can pay rent and buy groceries? It's amazing how many people appear to have zero savings.
People can't control their spending. It affects all income levels.
There are some who simply don't have the capacity to earn enough to do anything but live paycheck to paycheck. For those people, I am truly sorry.
At the other end of the spectrum, there are the pro athletes who made tremendous amounts of money, spent as if it was never ending, and ultimately ended up broke; Mike Tyson, Vince Young, Lenny Dykstra, Warren Sapp, Evander Holyfield, Lawrence Taylor.....
(04-10-2020, 06:39 PM)Sneakers Wrote: [ -> ] (04-10-2020, 09:31 AM)p_rushing Wrote: [ -> ]People can't control their spending. It affects all income levels.
There are some who simply don't have the capacity to earn enough to do anything but live paycheck to paycheck. For those people, I am truly sorry.
At the other end of the spectrum, there are the pro athletes who made tremendous amounts of money, spent as if it was never ending, and ultimately ended up broke; Mike Tyson, Vince Young, Lenny Dykstra, Warren Sapp, Evander Holyfield, Lawrence Taylor.....
Definitely there are people we should help who are working but don't have the capacity to do anything else.
The issue is the people who are not in the poverty range and live above their means. You shouldn't drive a nice new car, have expensive clothes, go out to eat all the time, etc if it doesn't fit in the budget. Doesn't matter if you are low, middle, or higher class, having a budget and staying in a budget are foreign to most people. People just don't want to see someone else doing something that they can't do. I guess we could go back to a cash system and stop some of it. Parents don't want to tell their kids no, so way too many never learn the value of money.
I kind of feel like all the stimulus was not necessary.
First of all, handing out money in this case is not stimulus. It's a relief program. And we need relief, don't get me wrong.
But I don't understand why, the government couldn't just decree that rent payments and loan payments are deferred while social distancing is in place. If you are a real owner of real equity, you should be in a position to absorb getting no return on your equity for a little while. But if you have used that equity as collateral on a bunch of loans, maybe not the best decision, but your payments would deferred. I don't understand who loses, or what the complication is of doing it that way...
(04-10-2020, 07:46 PM)mikesez Wrote: [ -> ]I kind of feel like all the stimulus was not necessary.
First of all, handing out money in this case is not stimulus. It's a relief program. And we need relief, don't get me wrong.
But I don't understand why, the government couldn't just decree that rent payments and loan payments are deferred while social distancing is in place. If you are a real owner of real equity, you should be in a position to absorb getting no return on your equity for a little while. But if you have used that equity as collateral on a bunch of loans, maybe not the best decision, but your payments would deferred. I don't understand who loses, or what the complication is of doing it that way...
1.) A lease agreement or a mortgage is a little bit different arrangement than just owning an equity portfolio expecting a dividend.
2.) Who are you to judge other people's cashflows? In the case of a lender or a landlord let's say you structure your business based on 5% non payment with a little bit of a cushion up to 10%. Now your supposed to absorb 0 cashflow from now on? That's not how ANY of this works!!!
3.) If the state orders a business to close because they are concerned with Faucis charts then it's their OBLIGATION to compensate the business owner for lost revenue.
(04-10-2020, 09:08 AM)The Real Marty Wrote: [ -> ]This may sound a little insensitive and out of touch but...
Why can't people save up a little money so if they have a month or two without income, they can pay rent and buy groceries? It's amazing how many people appear to have zero savings.
Look around. What about our current culture screams "delayed gratification?"
(04-11-2020, 01:48 AM)jj82284 Wrote: [ -> ] (04-10-2020, 09:08 AM)The Real Marty Wrote: [ -> ]This may sound a little insensitive and out of touch but...
Why can't people save up a little money so if they have a month or two without income, they can pay rent and buy groceries? It's amazing how many people appear to have zero savings.
Look around. What about our current culture screams "delayed gratification?"
It appears to be a generational tendency. Baby boomers grew up with a 'savings" mindset. The roughly 40's and under generation(s) now, seem to very much live for today.
(04-11-2020, 08:09 AM)Sneakers Wrote: [ -> ] (04-11-2020, 01:48 AM)jj82284 Wrote: [ -> ]Look around. What about our current culture screams "delayed gratification?"
It appears to be a generational tendency. Baby boomers grew up with a 'savings" mindset. The roughly 40's and under generation(s) now, seem to very much live for today.
The Boomers got blue collar jobs, long term careers, pensions, low cost college, cheap real estate...lots of things they've prevented the following generations from having.
(04-11-2020, 01:43 AM)jj82284 Wrote: [ -> ] (04-10-2020, 07:46 PM)mikesez Wrote: [ -> ]I kind of feel like all the stimulus was not necessary.
First of all, handing out money in this case is not stimulus. It's a relief program. And we need relief, don't get me wrong.
But I don't understand why, the government couldn't just decree that rent payments and loan payments are deferred while social distancing is in place. If you are a real owner of real equity, you should be in a position to absorb getting no return on your equity for a little while. But if you have used that equity as collateral on a bunch of loans, maybe not the best decision, but your payments would deferred. I don't understand who loses, or what the complication is of doing it that way...
1.) A lease agreement or a mortgage is a little bit different arrangement than just owning an equity portfolio expecting a dividend.
2.) Who are you to judge other people's cashflows? In the case of a lender or a landlord let's say you structure your business based on 5% non payment with a little bit of a cushion up to 10%. Now your supposed to absorb 0 cashflow from now on? That's not how ANY of this works!!!
3.) If the state orders a business to close because they are concerned with Faucis charts then it's their OBLIGATION to compensate the business owner for lost revenue.
2) if you are a landlord who needs the cash from your renters to service other debts, I am saying that those debts should also be deferred during this time. Property tax could also be deferred. Of course no landlord would have zero costs; there's still maintenance and security. But everyone else is having to differentiate between essential and non-essential costs - we could have done this a different way.
3) The state is never obligated to help any business. The state should do what it can to minimize the pain of emergency orders, but emergencies are times when there are more important things to consider than a private business' cash flow.
(04-11-2020, 08:17 AM)flsprtsgod Wrote: [ -> ] (04-11-2020, 08:09 AM)Sneakers Wrote: [ -> ]It appears to be a generational tendency. Baby boomers grew up with a 'savings" mindset. The roughly 40's and under generation(s) now, seem to very much live for today.
The Boomers got blue collar jobs, long term careers, pensions, low cost college, cheap real estate...lots of things they've prevented the following generations from having.
Yup.
(04-10-2020, 09:08 AM)The Real Marty Wrote: [ -> ]This may sound a little insensitive and out of touch but...
Why can't people save up a little money so if they have a month or two without income, they can pay rent and buy groceries? It's amazing how many people appear to have zero savings.
"Savings are destruction" -John Maynard Keynes
(04-11-2020, 08:24 AM)mikesez Wrote: [ -> ] (04-11-2020, 01:43 AM)jj82284 Wrote: [ -> ]1.) A lease agreement or a mortgage is a little bit different arrangement than just owning an equity portfolio expecting a dividend.
2.) Who are you to judge other people's cashflows? In the case of a lender or a landlord let's say you structure your business based on 5% non payment with a little bit of a cushion up to 10%. Now your supposed to absorb 0 cashflow from now on? That's not how ANY of this works!!!
3.) If the state orders a business to close because they are concerned with Faucis charts then it's their OBLIGATION to compensate the business owner for lost revenue.
2) if you are a landlord who needs the cash from your renters to service other debts, I am saying that those debts should also be deferred during this time. Property tax could also be deferred. Of course no landlord would have zero costs; there's still maintenance and security. But everyone else is having to differentiate between essential and non-essential costs - we could have done this a different way.
3) The state is never obligated to help any business. The state should do what it can to minimize the pain of emergency orders, but emergencies are times when there are more important things to consider than a private business' cash flow.
(04-11-2020, 08:17 AM)flsprtsgod Wrote: [ -> ]The Boomers got blue collar jobs, long term careers, pensions, low cost college, cheap real estate...lots of things they've prevented the following generations from having.
Yup.
Taking clause of the 5th amendment. If you deprive me of the right to have my business open then I should be compensated.
The idea that you can just call something an "emergency" and defacto nationalize it is asinine and contrary to the very founding of this nation.
Moreover, we still fall for the same trap time and time again that somehow bureaucrats 1k miles away are better @ makeing decisions
than individuals pursuing their own self interest free from coercion. This episode illustrates that's absurd. Why are we building 100k ventilators we dont need? Cause it ain't there money. Why did we build field hospitals and deploy two navy vessels we didnt need? Cause it ain't their money! Why did we shut down businesses across the southern part of the country in 80% daytime heat? Cause it ain't their money!!!!!
Here's what you do, you go invest millions of dollars to provide quality rental housing or a commercial development and show us all how you can juggle the books with zero money coming in for 6 months.