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Topic : 10/09 Financial 911!

Number of Replies: 121
New Messages This Week: 0
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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.

Find out what happened on the show.

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October 9, 2008, 2:21 pm CDT

Back to the Basics

I agree with a lot of the posts here.  People got houses, cars, and what ever else they wanted and could not afford.  What we all need to do now is get back to the basics.  My husband and I own and operate a dairy farm in Wisconsin and have had to make changes in our lives.  Not only have we been hit with the same price hikes as everyone else (gas, food ect.) but we also have the price hikes of diesel, feed for our cows and so on.  We took a look at what we were spending in groceries and other household items.  I spend wayyy to much at Walmart.  We have recently started making household products, yup just like our grandparents used to do.  We save so much now by making laundry soap, dish soap, dishwasher soap, toothpaste, ketchup, mayo and the list goes on and on.  We don't need to spend $3 on tooth paste when we can make it for $.50.  Or spend $13 on laundry soap when we can make it for less than $3.  It is just crazy what we have all gotten used to thinking we need.  We planted a garden and I am now canning food.  Thank goodness my grandmother is still around because let me tell you, the number of people that don't know how to do alot of these things is growing.  This country needs to get back to the basics and stop spending, spending and spending...
 
October 9, 2008, 2:38 pm CDT

Pensions

I am very disappointed that when the guest speaker mentioned pension he forgot to mention that pensions are protected more now than ever before due to the 2006 pension protection act which requires employers to fund their pension fund liability at 90%, in addition to that an annual premium must be paid to the PBGC.  For those who don;t know what the PBGC is, it is an insurnace that garuntees the pension liabillity due to participants.   I am sorely disappointed at the fact that not all the facts are being presented.  I am a retirement plans administrator of a large company.  I am an administer for the pension and 401K plans for our employees.  Although the 401K is known to follow the ups and downs of the market the Company provides education that empowers the employee to make the right decision involving their retirement.

 

 

 
October 9, 2008, 2:41 pm CDT

10/09 Financial 911!

Quote From: tigerlily1971

I watched your show today and no one addressed this concerned.  You mentioned about pension depletion.  Is the pension/Social Security funds in the pools of the "retired" in jeopardy?

And I agree and understand the economic ideas you suggested.

The pension plan is not in jepaordy.  The 2006 Pension Protection Act that the Federal government mandated has prevented further pension plans of being under funded.  This information is available for all to see on IRS.gov.  since I only work for a private comapny I cannot speak about Social Secuirty that is administered by the governement.
 
October 9, 2008, 2:43 pm CDT

Mortgage Bust

I  lost my job when this all started going south. Spent all of my savings just trying to live and like most people - took a loan w/ a low teaser rate that will adjust in Nov 09.   I became depressed, un-motivated and my credit score went from 710 to the 4-500 range. I cannot pay back debt that is owed and I owe my family over 15K plus back credit card debt of over 30K. If it wasnt for my family paying the mortgage payments I would be in foreclosure.  Im not blaming the Lending Institution because I was the one that signed the papers. Like most Americans I beleived that the housing would continue to rise and financially I would be in a better position in 5 years when it came time to adjust.  I am a single mother that is stuggling to survive. Im 42 yrs old w/ no marketable skills, no formal education and no job prospects. Its scary. I never thought I would be in this position.  I wonder every month how Im going to pay the bills.  

 

 
October 9, 2008, 2:45 pm CDT

10/09 Financial 911!

Quote From: jritter21

I am frustrated with hearing about all of this money crisis and how it affects people.  All I hear advice for are the upper and middle class citizens who have credit cards and savings and stocks and bonds and all of those things.  What if you are in the lower class region?  I am a 23 year old woman have been married for six years have no children no credit cards no stocks no savings no anything.  My husband and I are both full time college students with full time employment on top of that.  Our income barely gets us by I'm talking paycheck to a few days before paycheck.  It doesn't even stretch enough to make it to the next payday.  How do we cope with this financial crisis?  How do we survive?  What bills do you decide are the most important and pay the ones you can afford?  How do you go to bed hungry every night because groceries were the easiest thing to go without because I need utilities in my house.  I don't take vacations I don't use credit I don't have mortgage payments or car payments.  I don't go to the movies I don't have me time or nights out or pretty things or even get what I need for my person and I still can't make it.  I own a mobile home that needs repairs that will never get done.  I would love to hear someone explain how people in my situation are to get through this and survive it all.
There are agencies that are not for profit that you could use as consults to bill paying and restructuring incoming and outgoing money.  Start with the yellow pages of your phone book and if there aren't any, go on-line and search.  be sure to investigate any agency you may want to use to ensure that they are reputable.
 
October 9, 2008, 3:27 pm CDT

When even Bankruptcy can't save us?

Can we address the issues of the REAL people here please?  I have seen other messages here, people in the lower class who don't have all the nice things to lose in the first place, and we're still losing.  How are people who start with nothing supposed to survive now?
My husband and I just filed for bankruptcy.  What we're finding out is that our income no longer meets our needs.  Rob works full time and drives 1.5 hrs each way for work.  There are no buses or car pools, but his job is good, stable, secure even now at $40k/yr.  Because of medical problems and the cost of child care, I can only work part time.  The jobs for me just aren't anywhere around here.  My 20 yr old son just moved back home and has been working side jobs wherever he can find one.  We have cut everything, there is nothing "extra" for us.  Our family hasn't seen a vacation since my honeymoon 2.5 yrs ago (a wk long camping trip a few hours from home).  Groceries are at a minimum, I usually eat 1 meal/day and even the dog is on a strict diet.  We don't indulge in anything.  Family time is spent doing puzzles together, taking walks together, etc.  Our families have given us gifts of most material things we could need over the past year, but we don't have much.  We use blankets to cover our windows in the winter to save on heat.  We have limited shower times, laundry is worn twice if possible before it gets washed, and dishes are kept to a minimum and reused to save on soap and water.  We have cut every corner.  Our gas utility bill is $5.25 this month. 
Now, in spite of the cutting back everywhere and the Chapter 13 bankruptcy, our incomes still don't pay for the basics.  We are lucky enough to own a home, but mortgage and property taxes together are about the same as apartment rent so we see no point in trying to sell our house when the market is frozen.  We are current on our house payments, but that means less food for our family, and no extras of any kind.  With winter heating bills approaching, how is someone in our situation supposed to survive?

 
October 9, 2008, 3:37 pm CDT

WAAAAAAAAH!!!!!!!

Nice show, Dr. Phil, but all I'm hearing is a bunch of well off Americans crying about the 'things' they no longer have.  Awww, jeez.  I'm sorry you lost your THINGS.  You weren't paying attention to your expenses.  Awwww, jeez.  Most of us pay attention to our finances.  I, for one, am NOT SORRY that you are losing YOUR THINGS.  There's more to life than that big, huge house with a gardener.  It's time you and your children learned that lesson.  Be the gardener for once.  Grow good kids, instead of buy them. 
 
October 9, 2008, 3:50 pm CDT

INNER CITY

WHAT EVER HAPPEN TO PLAIN OLD COMMON SENSE IT SEEMS LIKE PEOPLE WITH MONEY DON'T KNOW WHAT TO DO WITH IT REMEMBER TOMMORROW MIGHT COME.  I CAN'T REALLY RELATE TO THIS PROBLEM BECAUSE YOU HAVE TO HAVE MONEY IN ORDER TO FEEL WHAT IS GOING ON RIGHT NOW .  IT CRAZY MY SONS DO EVICTION FOR THE  CITY AND SOME OF THE THINGS THAT HAVE TO GO INTO STORAGE BECAUSE YOU LOST YOUR HOUSE AND THE FURNITURE IS WORTH MILLIONS NUMBER ONE JUST NO ONE BUT YOUR SELF, DON'T TRY TO KEEP UP WITH THE JONES THEY DIED WHEN REGAN WAS PRESIDENT AND ALOT HHAS TO DO WITH COMMON SENSE ARE CHILDREN PLAY ALL THE SPORTS GO TO DANCE CLASSES AND ANYTHING ELSE THE PEOPLE WITH MONEY DO BUT WE WON'T INVEST IN CD,S BOND AND THINGS THAT CAN BE TAKEN FROM YOU AT ANY TIME WE ARE PLEASE BECAUSE THE CORNER STORE SELLS BREAD AT 4$ A LOAF SO YOU BUY IT OR NOT STOP TRYING TO LIVE THE AMERICAN DREAM SEE WHAT HAPPENS YOU WAKE UP FROM YOUR DREAM NOT PETTY IS IT BUT ALWAYS PAY YOUR INSURANCE EVEN BEFORE YOU BUY BREAD IF YOU NEED IT TIPS ON HOW TO SURVIVE OFF 600$ A MONTH IT CAN BE DONE AND YOU CAN STILL HAVE THOSE OVERPRICE ITEMS IF IT LOOKS LIKE A LEMON AND SMELLS LIKE A LEMON IT IS A LEMON THEY SEE YOU COMING

 
October 9, 2008, 3:50 pm CDT

Begin to live below your means

I understand where you all are coming from and over the years I learned to live below my means and if I wasn't making enough money in the position I was in, I would ask for additional responsibilities, worked smarter which lead to advancement within the company and when the time was right I moved onto another company, etc.  In approx 10 years I almost tripled my income.  I have also read Financial Peace by Dave Ramsey.  So I am a little surprised that Dr. Phil has not had him as a guest. 

 

However if I was in financial straits, I would get back to basics and begin to prioritize what gets paid first...credit cards very last and get a 2nd or 3rd job if needed or ask for more hours at work. 

 
October 9, 2008, 4:13 pm CDT

Welcome to the Ya'll so Poor

I have always been poor.  I have to chuckle that others finally have to live like us. 

 

Many wonder how they will deal with no vacation --  vacation to  me was my kid spending the weekend by neighbor kid's house.

 

Dining out is Mc'Donalds $1.00 menu

 

I have always been able to buy whatever I want.     I buy from yardsales,  flea markets,  thrift stores, and auctions. 

 

I don't hurt from the rising cost of living.  I budget instead. 

 

I have 0% interest credit cards.  I bought  an indoor wood stove to save on my heating costs. I also  bought a small Toyota car from auction for $500.00.  It gets 30 miles to the gallon.

 

Every purchase I made on credit card will pay for itself in time.  

 

Also  buy out-door solar lights.  Charge them outside by  day and use them as indoor night lights.   I light up my hallway and bathroom with the outdoor lights. 

 

  

 

 I am also on the "time of day"  service with my electric company.   I get a reduced rate for my off-peak electric usage. 

 
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