There’s more of us in this boat than were here last year

January 4, 2008 at 2:37 pm (General nonesense)

The Wall Street Journal is reporting that bankruptcy filings are up a whopping 40% from last year (no, that’s not a typo).

So if you’re wondering if anybody else is sharing your pain, you can rest assured that many are. And that number increased significantly as of last year.

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Take your finances seriously. Don’t be like this woman.

December 28, 2007 at 11:08 am (General nonesense)

82-Year-Old Woman Sues Chase To Recover Life Savings

From the article:

Chase is refusing to honor a cashiers check for $19.700.22, 82-year-old widow Willie Floyd’s life savings. Willie stored the check, originally drawn by her late-husband in 1985, in a $10 per year safe deposit box at the local bank. When she tried to shift the funds into a regular savings account last year, she was told that the check expired after five years, and that her life savings now belonged to the state.

“I didn’t even cook dinner last night,” she said recently. “I should have just buried that money in the backyard.”

Now for the really depressing fact.

Check my math, but as far as I can tell — if she had just put the money in an index fund and LEFT IT THERE for the last 22 years (say, in the S&P 500 index fund http://en.wikipedia.org/wiki/S%26P_500 ) and let’s be really cynical and assume an average return of only 12% or so (I actually think it’s much higher) …

She’d have close to $250,000 sitting in a bank account right now.

And the lesson she takes away from this is that “I should have just buried that money in the backyard.” ?!

This just about makes me want to cry.

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Feeling alone in this mess?

December 19, 2007 at 4:11 pm (General nonesense)

Feeling alone in this mess? Take solace in this fact:

There’s plenty of other people in the same boat.

Foreclosures are up 68% from last year. And last year’s foreclosures were up 68% from the previous year!

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Inspiration: Robert and Helena

December 5, 2007 at 5:13 am (Inspiration)

From this post at JosephSangl.com:

nonewdebt.jpg

Yep. That’s cut-up-credit-card-goodness.

Nuff said.

(Reminds me a bit of our approach to credit cards) 😉

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Inspiration: The Economides family

December 4, 2007 at 12:45 pm (Inspiration)

Sometimes, it’s important to remind yourself that you’re going to get through this.

You can do it.

How do I know? Because of people like the Economides family.

When you need some inspiration, just print out the article 8 Lessons I Learned From The Cheapest Family In The Nation and put it on your nightstand for repeated evening reading.

From the article:

  • The family paid off their house in 9 years even as their income averaged $33,000 a year. Of course, the ease of pulling this off would depend on the original cost of their home.
  • They spend $350 per month for food and disposable items covering paper goods, cleaning supplies and personal care items.
  • They never use credit cards. Ever. For anything.
  • Living this way means you need to plan, organize, shop wisely, communicate effectively (with the whole family), embrace teamwork, make sacrifices, prioritize frugality, and (perhaps most of all) stay determined.

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