sammyk: It's not a competition. Experience will always win.
Sultan Of Herf: Im supporting a family of 4 on less than $14/hr. Sure we get food stamps but thats it,
sammyk: Low aptitude is going to limit experience in a Darwinian way for any career. IMHO, if someone has been doing something for 10 years or more they are most likely competent at it or they would have washed out by then. Sure there are exceptions, but they are rare.
Sergeant Grumbles: Fark just congratulated me on my 29th birthday....For retirement I have..... ah, -$62,000 dollars saved up.Student loans are fun. The rest of you who actually have money to spare for an IRA have it too easy.
Sum Dum Gai: sammyk: Low aptitude is going to limit experience in a Darwinian way for any career. IMHO, if someone has been doing something for 10 years or more they are most likely competent at it or they would have washed out by then. Sure there are exceptions, but they are rare.Oh, I think it's frighteningly common, at least from my perspective. I work in software development, and I've seen plenty of people with 10 years experience that really are mediocre developers who will never improve. Getting rid of a few of them was one of the best decisions I made - their replacements were fresh college grads, and the initial loss of experience was a challenge, but in the long run it actually didn't take as long as I feared for the new hires to reach and then surpass the abilities of the ones I let go.The really terrible people don't seem to make it (except, it seems, as consultants), but I've seen too many mediocre individuals who were able to stick around long enough to build just enough experience that their managers feared letting them go.
mayIFark: sammyk: It's not a competition. Experience will always win.After you turn on their computer for them.A 60 YO has no chance of being up to date on most of the demanding position these days.
clowncar on fire: Ran up ~$4K in loans back in the 80's during my 3 years of college. i owe it all to work study, two part time jobs while in school, working and saving all summer, used books, and keeping a cool head about spending. I wanted to go partying, I literally collected beer cans around for campus for an hour and cashed them in my first year, or jumped other people's cars during the winter as lots were cleared and cars were towed at the owner's expense. Being the chief investor into a neighbor's dormroom bar kept me in free alchohol for my last two years. Frat parties can be a moocher's best friend when you arrive politely late as well.
Droog8912: Easy way to build credit: get credit card, always pay off card every month. I had a FICO score around 810 as a result of that when I bought my house. I simply don't spend cash, and keep track of what I'm spending on my card. Have at least a 20% down payment ready for your house so you don't have to pay for PMI.
Harry_Seldon: 45-62Isn't that the cohort which is responsible for running the whole shebang?You do the youth thing. Discover yourself in your 20's. Hone your skills through your 30's. Step up to the decision making in your 40's. Senior management in 50's. Emeritus in your 60's. Retire, and know your turned things over in good shape. Early retirement is irresponsible.
Granny_Panties: I retired at age 39. Suck it haters./computers rule
theknuckler_33: 45 to 60 is the age people typically retire?
edmo: I was going to retire at 56.
Harry_Seldon: This is not true for many mortgage products. 80/10/10 loans are a good way to avoid PMI on a conventional loans. Banks will give you a HELOC for 10% down, and this is a nice line of credit you can pay down. However the rate on this 10% is higher, and can be variable.I have seen fixed conventional loans recently as high as 95/5 with no PMI. Basically, you pay a slightly higher interest rate instead of PMI.
unlikely: What percentage of 45 year olds were retiring 20 years ago?
Droog8912: a) consumer-driven culture: most people are too stupid to plan for retirement accordingly, as they need the iPhone 5, iPad2, or 65" LED TV because the previous model doesn't have the feature they wantb) many people are still screwed by the housing bubblec) housing prices will continue to stagnate as boomers try to "cash out" on the massive houses they purchased but have a reduced demand for such housingd) recessions delay retirementse) medical technology means longer lifespans, lower infant mortality rate for those with crippling birth defects, illness, etc. leading to higher medical costsf) longer lifespans mean medical expenses skyrocket, high cost of livingg) higher costs of living mean less consumable income (and conspicuous consumption will have to drop)h) overly generous benefits/pensions and poor planning to pay for them, particularly of state/local government unfunded liabilities, will weigh heavily upon he economy in the futurei) excessive executive compensationResult: job market changes, everyone will have to work longer and for less. Once again, the problems of past generations are kicked down the road to the next./yes, I am an economist
Notabunny: "The average monthly Social Security benefit for a retired worker was about $1,230 at the beginning of 2012." That's $300 per week.
Lawnchair: Remember, you're on Medicare at this point.
alwaysjaded: Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.
Zoomaster: alwaysjaded: Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.====================When my kids were in high school, and they wanted to buy a new snowboard, iPod, etc. I would have the take out a 90 day note (of course I would have to cosign), then after about a month they would pay it off and I would cover the $5.00 or so in interest.I also got them gas credit cards that they had to pay off monthly.When they graduated high school they both had credit scores over 800 and still do.Now they are also maxing out their Roth IRA's and contributing 20% of their gross to a 403b or TSP.At the age of 24 and 26 they both have about $50,000 in their retirement accounts.They both have multiple credit cards now and tell me they have never carried a balance from month to month./If you want credit you have to use credit
IlGreven: sammyk: It's not a competition. Experience will always win.If experience even threatens to cut into profit margin, it's a liability that must be purged. That's why these "experienced" guys are looking for jobs in the first place.
Lawnchair: Notabunny: "The average monthly Social Security benefit for a retired worker was about $1,230 at the beginning of 2012." That's $300 per week.The others are scary. This one, though? Poor, but not impossibly so.Maybe it's just because of where my retired relatives live (smaller town Plains). But:Couple 1: Smaller town in KS. Still a few years out of paying off a $45k house, but mortgage/tax/insurance is ~$450 a month. Two SS checks of around $1000 each.Widow 2: Smaller town KS. HUD-subsidized senior apartment ~$350 out of her ~$1000.Couple 3: Paid off in SD. Tax/insurance ~$200 (but utilities are more)Couple 4: HUD/town senior apartment in rural MN. Only $250 out of their combined $1500 SS checks (that granny almost never worked outside the home).So, $700-$1000 per person per month in general expenses. Not impossible. Easier with a partner or roommate.Remember, you're on Medicare at this point. Yes, you're screwed six ways if you have to go into longer-term care, but you're broke anyway.Remember... literally millions of people in this country DO live on nothing but a Social Security check. They may have pretty boring lifestyles. But, by and large, they aren't starving in the streets either.
jst3p: sammyk: It's not a competition. Experience will always win.Many places are reluctant to hire old folks due to the increased burden on their healthcare plan that eventually results in higher premiums.
jst3p:Time and money heals a FICO score.Thanks for the link. I'm just getting started with all this crap and that should make for some great reading.HempHead:ReadAdded to Amazon. Thanks.InmanRoshi:Listen to Clark Howard Show daily podcast that's pulled from his syndicated radio show. He doesn't give stock or investment advice, but he's pretty good about common sense advice to saving money, consumer advocacy, preparing for retirement, avoiding scams and making major financial decisions.Thanks. Need something else besides Ramsey. He's got some good advice but then the whole religion/politics comes into play then I start tuning out.dustman81:The financial person I talked to didn't mention this. He must have sucked. I have a perfect renting history and all my bills have been paid on time. I guess it's time to hire a real financial adviser and see what he can do with it. Seems like that should have been my first avenue. Oh well.clowncar on fire: Talk to you lendi ...
alwaysjaded: dustman81:The financial person I talked to didn't mention this. He must have sucked. I have a perfect renting history and all my bills have been paid on time. I guess it's time to hire a real financial adviser and see what he can do with it. Seems like that should have been my first avenue. Oh well.
alwaysjaded: Anyone know of any good books or podcasts about finances?
Krieghund: alwaysjaded: Anyone know of any good books or podcasts about finances?Marketplace Money and the Motley Fool are my two favorite sources for financial advice.
rewind2846: sammyk: It's not a competition. Experience will always win.Not always. These days some employers (IMO) are foregoing that max experience the p person for the position SHOULD have in favor of the "barely above minimum" requirements a younger person might have.Why might they do this?- medical and insurance costs, including children who might be covered under the employer's plan- more flexible scheduling - no kids, no commitments, nothing. Work them to death because you can, and at any hours.- lower salaries - someone with experience who's been in an industry for 10, 15, 20 years or more has already "paid their dues" and wants to be paid real money for that knowledge and experience. All some 20-something needs is enough to pay the rent with two other roommates and feed their beer, world of warcraft and cellphone habits. They're not going to be paying a mortgage or putting kids through college.- fear of competition - the person doing the hiring may only be in their 30's, while the potential applicant might be 10 or 20 years older and with more experience. If they are hired they will probably rise in the ranks more quickly due to having "been there, done that", and the 30 year old might think their job would be jeopardized by this older person.-other really stupid reasons only they can think of.
Linux_Yes: Pope Larry II: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.I started at 25. I have a set amount automatically transfered each month. It has worked well for me so far. I should be able to retire nicely, thanks to this and my company's pension plan.till the bottom drops out and bread costs 25 bucks/loaf.
Mad_Radhu: Sounds like the makings of a great age discrimination lawsuit. These practices probably exist out there, but hiring managers can't be overt about it because they open themselves up to hungry lawyers raping them in court. Small companies might be able to pull a lot of that crap, but larger companies are pretty strict with their hiring policies because they don't want to be open to the threat of a lawsuit.
Frozboz: mayIFark: sammyk: It's not a competition. Experience will always win.After you turn on their computer for them.A 60 YO has no chance of being up to date on most of the demanding position these days.See this is what worries me as a late 30s software engineer. What should I be doing at 60? I can't see myself writing code then, but who knows. No one in a tech position at my company is over 45ish, and all the management types have always been managers. What do software people do when they get older? Transition into management?/that sounds like a really stupid question, I know.
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