You are right to a degree (Reply #7) - Democratic Underground

In the discussion thread: A decade after the financial crisis, many Americans are still struggling to recover [View all]

Response to FBaggins (Reply #5)

Sun Sep 9, 2018, 08:22 AM

Drahthaardogs (6,843 posts)

7. You are right to a degree

But I know plenty of people who are cashing equity. In fact, with vehicle prices increasing, I know a guy cashing equity out of his truck.

If you are 70 and no heirs or don't wish to leave anything behind, this is a good strategy. If you are 45, it's stupid. One of the guys I know doing this is a financial advisor.

I was talking to him the other day noting that I had the oldest cars and cheapest mower in the neighborhood, while all the young couples had EVERYTHING. I noted my job is high paying and I have a pension, but that I save %15 in my 401K.

This financial advisor said, a better strategy is to just spend it while you are young and then save everything bthe last five years before you retire.

I kid you not..

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Replies to this discussion thread

17 replies	Author	Time	Post
A decade after the financial crisis, many Americans are still struggling to recover [View all]	Demovictory9	Sep 2018	OP
But the Dow is at a new high, so who cares about them?	ck4829	Sep 2018	#1
Do you see what happened here?	Drahthaardogs	Sep 2018	#2
Much of that borrowing is unlikely now	FBaggins	Sep 2018	#5
You are right to a degree	Drahthaardogs	Sep 2018	#7
No response to that last paragraph... jaw still hanging	FBaggins	Sep 2018	#8
The wealthiest are a disgusting scourge on America.	democratisphere	Sep 2018	#3
I always wondered why the bailout of the banks didn't include a little bailout of the people	Vinca	Sep 2018	#4
Because that couldn't work the same way	FBaggins	Sep 2018	#6
That is an excellent idea.	Blue_true	Sep 2018	#13
The banks repaid all the money back to the government	MichMan	Sep 2018	#17
throw in the loss of real estate value that has not rebounded in many areas of the US	beachbum bob	Sep 2018	#9
In some parts of the country $200,000 hh income is not wealthy.	honest.abe	Sep 2018	#10
Wow, I think his fiance did him a favor	MichMan	Sep 2018	#11
I noticed that too.	Blue_true	Sep 2018	#14
Absolutely true.	ZeroSomeBrains	Sep 2018	#12
Another good idea.	Blue_true	Sep 2018	#15
Both student loan and medical debt	ZeroSomeBrains	Sep 2018	#16

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