The most rediculas thing from economic Advisors on TV

[Omran]

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

 

[abifae]

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[me&thegals]

Hi Omran, and welcome! Frustrating, for sure. We're able to put some away for retirement here, but not even closed to what we are "supposed" to. I see those suggestions and say, Huh? Are you kidding?

Don't know what else to say except that this site does have a lot of different ideas for saving money, but sometimes that's not even enough to make ends meet. Good luck!

 

[hwillm1977]

I guess it just depends on what your bills are, versus your income.

Some people (not saying you at all, just people in general ) say that they don't have ay extra money and then go out to eat once a week... or buy brand new clothes, or have steak dinners, or a flat screen tv... you get the idea.

I put 10% of what I make away for retirement, because I watch my parents who are 61 and 65... they have nothing saved for retirement and will have to work for a while. Dad just had triple by-pass and they have no idea how to pay for his medication. That scares me.

I don't make a ton of money... around 20K/year... but I cut all my living expenses down and am putting away money and living within my means. I don't have any credit cards, so I can't spend more each month than I make. It's not that much fun right now, and it means my TV isn't a flat screen, I don't have an xbox, I live in a small house that needs work, and have to budget every bit of groceries that I buy (which is why we want to work on the self sufficiency thing ) but at least I'm not going to have to count on the government to support me when I retire, since Canada Pension Plan probably will be bankrupt by then...

I'm trying to get a small portrait business going, but there's no way I can live on what I make from it now so I continue to work full time.

Oh and welcome to sufficientself Omran

 

[FarmerChick]

Welcome to the forum!


I don't know the lady advisor you are referring too, but I would assume she is giving sound advice.

Self employed and building a business is hard....but just because you can't use her advice, others can. Sounds like more frustration in building your business and getting off the ground than in her advice. It is very hard especially in these times to tackle being self employed! When you get established you can contribute to a Keogh Plan.

People living above their income...well they have to adjust to live within their means. What else can one do in that situation? It is the individuals responsibility to live within their means.

I wouldn't be getting upset about others and the advice that can apply to them at this point, I would concentrate on getting my business more established and taking care of my own financial situation.

There are great tips on this board to save money. I hope your business takes off and you get your ducks in a row. best of luck to you.

 

[framing fowl]

Hey Omran, I feel your pain. I was self-employed for 3 years and last year had to get a job. It is very hard especially in this economy.

One thing to ask yourself is, are you seeing progress in your business? Is your client base growing? If the business is not profitable yet, are you seeing that gap begin to narrow? If you give us some more details, perhaps we could be more helpful.

Another thing is to ask yourself why you started the business in the first place and what you hoped to accomplish. Are those reasons and goals still valid? If so, vent away for a moment and then we'll be your cheerleaders as you get back to work.

If not, start asking questions and looking for other options that are going to be workable for you and your family.

 

[inchworm]

I remember being in my mid-twenties and reading up on saving and financial advice, etc. I went through the ideas in the book and calculated that I needed to save $500 per month. I wasn't even making $500 a month!

Inchy

 

[hikerchick]

I don't understand why it is so "ridiculous" for someone to advise people to save for retirement. Should she be advising people not to be concerned with saving? I would think someone going on television and telling you that you don't need to save would be more ridiculous. Or am I missing something?

 

[andehens]

Hi Omran!! Glad to "see" you here! Welcome! Lots of good conversations here!

 

[TanksHill]

Welcome!!!

I think the point being made is there is such a disconnect between what the experts are recommending and what the average person is actually capable of. Sure in a perfect world, we would make enough to put away for retirement as well as cover the rest.

The world we live in is not perfect. At least not for most of us.

Here in San Diego there is this little magazine that comes in the mail. It's called San Diego Living. Has pictures of big beautiful houses and features on life's luxuries. I really think someone should tell them what living in SD is really like. Most of my friends now keep chickens for eggs, grow gardens to supplement their food, and cut every corner possible just to get by.

It's not about unsound advice it's about the wrong advice for the average guy. Someone needs to go on that show and talk about how to have chickens, grow and preserve food and most of all "get by".

Just my .02

g