The most rediculas thing from economic Advisors on TV

[Big Daddy]

It seems that asking people about their charitable giving is right up there with asking married couples "How often do you have sex" as far as accurate answers go. I took stats in college too. I was amazed at how easy it was to manipulate them. I can't begin to tell you how many cheeseburgers I've given to homeless guys on corners. They inhale them before I have a chance to drive away. A lot of people give or claim to give for income tax deductions. Heck you can hand the guy at the Goodwill trailer a bag full of trash and they hand you a blank receipt to fill out as you please. You used to be able to give your car with the blown motor and 5 million miles on it to charity and claim it was worth 5k. The IRS finally put a stop to that one. Now the charity gives you a receipt for whatever they sold it for. Just saying all the stats and claims are worth whatever you put on them. Just like the garbage you get off the so called news programs and web sites is worth whatever value you choose to put on it. It's all in your mind.

 

[ScottSD]

I guess I have never lied on my tax return about how much I give. I keep every receipt and if I don't have a receipt, I don't claim it.

For one thing....it's dishonest.

For another thing, if I was dishonest about it, I'd probably get caught in an audit.

In my youth, when I strayed and was dishonest in anything, I never got away with it.....the Lord pretty much smacked me across the head and allowed to me to get caught...something I am thankful for.

Maybe I error and see the good in people first (unlike yourself, apparently).

There are a lot of things that are in people's minds.

For example, when you believe the global warming (or is it cooling?).....which, based on climategate much has been falsified.....

 

[me&thegals]

I don't think anybody was saying they claim false donations. For my part, since I don't keep track, I don't claim anything at all.

 

[Up-the-Creek]

Hello, Here I like to see if I am the only one who feels this way, alot of times on the Todays show or Good morning America on abc/nbc and cbs, comes this lady of the economY advisor who I really don't know her name, but God she makes me real mad when she starts speaking about how to save money and make a saving acount or 401k or an IRA account lablab lab :/ , well what about the ppl like me who are selfemployeed and still building thier businesses and not making any real money , and still going no where, why this economic advisors think that all ppl can save $$ or that all ppl have good paying jobs like them, or are they giving the Advice only for the fortunate ppl with good paying Jobs.
Give me a break, how can you save cash every month when your bills are more than yur income???
And please if I am doing something wrong let me know always can learn a trick or two on how to make better money with broken economy like today.

I thought here I can vent some, so thankyou fr readig

Omran

Back to the OP,......

Omran I hear ya,..I watch these shows just about every morning and no they are not talking to you or me. These segments they do on money aren't for the average Joe Blow, but there is the ones out there that it does work for and maybe they are learning from it.

How can you save cash when your bills are more than your income????
Well you can't. Simple as that. You need to have more income than bills,..easier said than done for most.

 

[ScottSD]

Or try the Dave Ramsey method....

 

[Ladyhawke1]

Welcome to Good Morning America! I just wrote on this very subject to another prominent website. I have not taken time to read all of your posts. However, I can only imagine how much ones own experience and wisdom here, that does not match that TV hosts commentary.

Do not fret. This is just corporate Americas BS trying to make you as an individual think that it is JUST YOU that is stupid, you do not know how to spend your money, you are lazy, and you cannot save your money, and cannot think ahead. Did I miss anything?

The dumb bunny I heard on the radio also said the recession /depression is over and that the rainbow is shinning in the sky. Who is kidding whom?

 

[inchworm]

Are you saying we are a prominent website?

 

[ScottSD]

The dumb bunny I heard on the radio also said the recession /depression is over and that the rainbow is shinning in the sky. Who is kidding whom?

Of course they're saying it is over! They want to make it look good for you know who....who can no longer blame it on the previous guy because it's his economy now.

 

[Big Daddy]

The dumb bunny I heard on the radio also said the recession /depression is over and that the rainbow is shinning in the sky. Who is kidding whom?

Of course they're saying it is over! They want to make it look good for you know who....who can no longer blame it on the previous guy because it's his economy now.

Kind of like farting on an elevator. Once you step off, the guy left on the elevator gets credit at the next stop.

 

[Ladyhawke1]

No, in some instances you don't get your contributions- they are forfeited if you quit employment.
I am saying that to simply mindlessly sign onto a 401K company matched plan because a tv personality and employers advocate it is foolish. We need to cover our butts, be proactive and understand what we are signing when it comes to these plans, like any other contract.

They can't take your contributions if you quit employment. That is your money and they can't take it away from you. You can always roll it to another plan.

TV personality? I have no idea what you are talking about.

To fail to even attempt to prepare for the future because something bad might happen is foolish.

The original post referenced tv personalities. I was attempting to stay on topic in this thread.

I think I have been clear on contract content, I won't make any more comments on it.
I never ever ever never said not to prepare for the future and never ever said not to invest in a 401K plan. I said to read before signing. That's it. I gave personal examples where my family learned the hard way and thought it would be beneficial to pass the hard learned lessons here. Apparently not.

Regarding 401 Ks: Let me see if I can explain this for those of you who are younger. I am not an expert but I play one on TV. Well.others do that and get away with it.

In the olden days, America was still manufacturing things in this country. Usually the company you worked for took a portion of their profitsand we made wonderful profits then.

I will start againthe company you worked for took some of their profits that YOU helped to create and they set up a retirement fund for you. If you were a good and loyal employee and helped sustain the company over the years, when you decided to retire you had a tidy sum at your disposal. If your company did good, you did good. Not only did you have your retirement, you also had your Social Security. Woowho!

Then around 1980 the 401k scheme was created. A portion of your earnings was taken out of YOUR very own check and the companys advisors played the stock market with your money. :/

Do not tell me they matched your money. If your money was lost in the stock market say it tanked or the company went tup, the companys shared amount was considered a loss. They then could capitalized on that by counting it as lost revenue. This was a win-win situation for your employer.

Do not tell me that that cannot happen. It happened to me twice. Once when the market went down in the early nineties and once when my company was closed by a hostile takeover.

These were huge corporations and not fly-by-night companies and my precious 401k was worthless. When we left, both companies told us that there was no money left in the 401Ks. Tada!