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Topic : 10/09 Financial 911!

Number of Replies: 121
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Created on : Friday, October 03, 2008, 02:14:25 pm
Author : DrPhilBoard1
Has the current economic crisis left you frightened and confused? Do you know where your money is and if it is safe? With home foreclosures on the rise, stocks plummeting and job loss numbers growing, millions of Americans have questions about their money and the future of our country. Get the answers you need from Dr. Phil and his panel of experts. What do America’s money problems mean for you and your family? Are your retirement savings secure, or should you be doing something different? What about your credit card debt and your mortgage? Has the financial bailout left you worried about your personal finances? Get the advice you need to know before it’s too late! Plus, has the financial crisis affected you? Talk about it here.

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October 7, 2008, 9:24 am CDT

Credit Unions, Local Banks

Quote From: firstltsha

If everyone would stop paying their bills it would cause the financial institutions to readjust the way they do business. Everyone is in a world of hurt. Watch your credit card agreements in a few months everyones credit scores will be in the toilet. Foreclosures will not be helped by the bail out. Consumers need to grab the banks by their horns and make them make it fair for all by stopping making their payments. When the banks do not get their money from all of us it wakes them up. Read the fine print. Even if you are a honest bill paying person you will get punished financially. The sign of the times is consumer beware!!!! 
Better yet get your money out of the big banks, and put it into a credit union or local bank.   You still do need to ask them questions though and make sure you are getting a good deal.   If you have money in a large bank, you are helping to fund the bailout, because the big banks have lobbyists in Congress getting the reps to vote for anti-citizen legislation such as the bailout bill.   

I don't use credit cards.  I don't want to have to deal with bogus late fees and companies that lie to me about their rewards programs.  

I'm trying to boycott the companies in the Dow 30 as a result of the bailout bill.  I encourage others to do the same. 
 
October 7, 2008, 10:09 am CDT

Always had to be frugal

I was a divorced single mom who (stupidly) agreed to split marital debt even though I was the only consistent breadwinner and my spouse had run up about $20,000 in debt in 1969.  I received $100/month in child support.  I learned during that time how little I really needed to survive. After I overcame that debt and earned a Master's Degree and put my son through college (he had many scholarships, thank God) I finally had a little discretionary spending money.  ADVICE TO OTHERS;  one of the first things I did was to purchase a long term care insurance policy.  Ten years later I was diagnosed with MS.  I had to go into a senior living facility three years ago.  Because of this move I have learned all over again how little I actually need to survive.  Every material thing I own is contained in one small room.  I have some stocks and other investments and have strong beliefs that the economy will improve.  At age 61 I have learned that with hope, prayer, and optimism things do get better eventually.
 
October 7, 2008, 10:48 am CDT

I live in a small space and love it!

Quote From: copsmom

I was a divorced single mom who (stupidly) agreed to split marital debt even though I was the only consistent breadwinner and my spouse had run up about $20,000 in debt in 1969.  I received $100/month in child support.  I learned during that time how little I really needed to survive. After I overcame that debt and earned a Master's Degree and put my son through college (he had many scholarships, thank God) I finally had a little discretionary spending money.  ADVICE TO OTHERS;  one of the first things I did was to purchase a long term care insurance policy.  Ten years later I was diagnosed with MS.  I had to go into a senior living facility three years ago.  Because of this move I have learned all over again how little I actually need to survive.  Every material thing I own is contained in one small room.  I have some stocks and other investments and have strong beliefs that the economy will improve.  At age 61 I have learned that with hope, prayer, and optimism things do get better eventually.
Sorry to hear about your situation by the way.   Sounds like you did a smart thing. 

But when you mentioned everything in a small room, I thought I would share.  I will in a studio apartment that is a little over 400 square feet.  Even if I wanted to buy lots of junk, I can't because I would have no where to put it.   It is great-I can walk to several grocery stores and other shopping, the library, the park, there is a gym in my building, there are lots of bus stops within a one block or so range, and there is even a bus that runs directly to the metro which you can take to museums, events, etc..    I like the bus and the metro because I can get work done and it is fun actually talking to people in person and I meet a lot of cool people.   People who think they need a giant house in the suburbs to be happy are terribly mistaken.   Material things don't make you happy.   If you always want more than you will never be happy.   
 
October 7, 2008, 1:46 pm CDT

PEOPLE NEED TO PAY ATTENTION

Quote From: trigreen

Better yet get your money out of the big banks, and put it into a credit union or local bank.   You still do need to ask them questions though and make sure you are getting a good deal.   If you have money in a large bank, you are helping to fund the bailout, because the big banks have lobbyists in Congress getting the reps to vote for anti-citizen legislation such as the bailout bill.   

I don't use credit cards.  I don't want to have to deal with bogus late fees and companies that lie to me about their rewards programs.  

I'm trying to boycott the companies in the Dow 30 as a result of the bailout bill.  I encourage others to do the same. 

I would like to think this is the beginning of a POOR REVOLT and the end of RICH DOMINATION!

It is time for the rich to clean their own house, drive their own cars(whichever of the 15 they choose to drive on a given day) and cook their own meals.

By supporting financial institutions you are supporting our own economic terrorists.

The lies that are going to come out on the bank books will scare most people to death. The one reason the banks debts were so high is because they included the executives bonuses in the total before submitting for the bail out.

I want my bills bailed out. I want to charge irresponsibly and know that I will not have to pay. And while doing this get my 5 million dollar bonus a year even though my company is declaring significant losses.

 

For sure boycott anyone that is on the stock market of any kind. Buy local, trade local, keep the big businesses out of profits.

And when that fails as well.....

Stop paying your bills I say, the democratic government will bail us all out and keep us all rich!!!

 
October 7, 2008, 4:26 pm CDT

HELP==What shall I do?

I am so very freightened because I got an interest only mortgage loan and the interest only will run out in January.  I did this because I needed more cash flow to live within my means.  At today's market, my loan payment would more than double.

 

I am trying at this very moment to decide if I should refinance now?  And if so, into what type of a loan?

30-year mortgage, 15-year mortgage, or 10-year interest only?  15-year mortgage will give  me no spending money.  If I do the 30-year and pay bi-weekly, I think that takes off 9-years of your loan.  Wonder how much extra it would take off if I added another $100 bi-weekly toward principle?

 

I am 10-years away from retirement so my first thought was 15-year mortgage but then I would find it difficult making my car payments.

 

Any suggestions out there?

 
October 7, 2008, 6:07 pm CDT

Doctor Phil Show

Doctor Financial Nine One One Phil Trouble.  That is nothing new and matter of fact We are going through

crisis in United State of America. There are Financial wars and there is Financial Trouble. See you on Thu-

rsday October 09th, 2008. Sincerley Your. Russell Vlaanderen.-----------------------------------------------------------

 
October 7, 2008, 9:13 pm CDT

Financeial 911

I watch your show most days, except when I am out an about.  I found your financial advise facinating.  I answered all your questions, and it was "no" to all of them.  We do not over spend.  We are retired and on limited income.  We are not vying with other granparents for title of "Best Grandparent."

When I was growing up, I was given an allowance.  In the middle '50's I was in high school and received $.50 a week.  It cost $.60 to get into the dance unless I had a date.  In order to get the other $.10 my folks had me empty all the mouse traps around the house and barn.  They thought it would get me over my aversion to mice.  It did NOT.  I always begged for more allowance, but my dad's favorite answer was: "Two times nothing is still nothing."  There must have been an answer in there as I still remember it.

If these people gave themselves an allowance, and gave their child an allowance, he could buy the toys HE wanted, and he would take better care of them. When the allowance is gone; so is the spending until the next pay day.

They might even teach their kids to lie on their backs in the back yard and watch the clouds in the sky to see what they looked like.  I thought I once saw Lincoln in the clouds!  I was so excited.  Sitting as a family and watching the sun set is a miraculous thing to teach your child to enjoy.

We live far away from our children now, but every once in a while I get a phone call asking if our sunset was as grand as theirs!
 
October 8, 2008, 7:51 am CDT

Frighten seniors

Dr. Phil, I am very frighten with what is happening in the market today. My husband has worked hard all his life, like many other people in America. However, we have had a down word spiral over the last 8 years. For 28 years, my husband worked in sales and made good money. We invested into the market every month. Then, NAFTA was signed and his job went to Germany. Our income dropped from 150,000 a year to 60, 00 a years. We lost our great health insurance and ended up with a large deductible, and high co-pay, but we survived. Then 2 years ago, my husband became disabled has is not able to work. Our income dropped again and we started using part of our 401k each month. I am diabetic with high blood pressure, and over weight with arthritis in spin, shoulders, elbow, knees, and feet. I was lucky to stay home and raise my children and then my grandchildren for most of my life, but as my husband became disabled, I took on a job with an ambulance company, but was injured on the job. Now, we rely on our 401k to live. Our broker tells us to stay in the market because we will loose too much if we get out. He told us this on month ago, and again last week. we keep loosing money and I don't know if we will live long enough to see it come back. I fear that this depression will last for at least 5 years and then be slow to recover. My broker says this is a buying op. and we should hang in there. What is the right answer for people who are in there early 60's.

 
October 8, 2008, 10:22 am CDT

There is a great suggestion on the Angry Renter Webseit

Quote From: davisda

I am so very freightened because I got an interest only mortgage loan and the interest only will run out in January.  I did this because I needed more cash flow to live within my means.  At today's market, my loan payment would more than double.

 

I am trying at this very moment to decide if I should refinance now?  And if so, into what type of a loan?

30-year mortgage, 15-year mortgage, or 10-year interest only?  15-year mortgage will give  me no spending money.  If I do the 30-year and pay bi-weekly, I think that takes off 9-years of your loan.  Wonder how much extra it would take off if I added another $100 bi-weekly toward principle?

 

I am 10-years away from retirement so my first thought was 15-year mortgage but then I would find it difficult making my car payments.

 

Any suggestions out there?

Or to quote from angryrenter.com "So you bought an overpriced house or cashed out your home equity like an ATM? Here's an idea:Take responsibility for your actions".  


 
October 8, 2008, 10:33 am CDT

The Bailout Bill May Be the Beginning of a Revolt

Quote From: firstltsha

I would like to think this is the beginning of a POOR REVOLT and the end of RICH DOMINATION!

It is time for the rich to clean their own house, drive their own cars(whichever of the 15 they choose to drive on a given day) and cook their own meals.

By supporting financial institutions you are supporting our own economic terrorists.

The lies that are going to come out on the bank books will scare most people to death. The one reason the banks debts were so high is because they included the executives bonuses in the total before submitting for the bail out.

I want my bills bailed out. I want to charge irresponsibly and know that I will not have to pay. And while doing this get my 5 million dollar bonus a year even though my company is declaring significant losses.

 

For sure boycott anyone that is on the stock market of any kind. Buy local, trade local, keep the big businesses out of profits.

And when that fails as well.....

Stop paying your bills I say, the democratic government will bail us all out and keep us all rich!!!

Having paid attention for a while to what Congress is doing I have known for a long time that they do not represent "us".  The corrupt Congress is so used to being able to give there rich corporate friends everything and stealing from the American people.   They are so used to it that even when people started paying attention they just ignored the will of the people anyway.  Did you see the way Nancy Pelosi was talking down to the American people on tv, telling us how we don't know what is good for us?  Oh please lady we know exactly what is good and it certainly is not the theft of our money.   Unbelievable I hope every single one of these criminals who voted for the bill gets voted out of office.   I could care less about there political affiliations.   One more reason to vote green or for other third party candidates.

I agree buy local, freecycle stuff, have swap parties with your friends.   I like your use of the term economic terrorists. 




 
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