Comments on Boston Gal's Open Wallet: Upward trajectory reversed

If you are making mortgage payments you are not a ...

2009-11-24T07:52:11.048-05:00

If you are making mortgage payments you are not a HOMEOWNER. you are a home buyer. i see commercials for it and read articles about people buying their first home, or a home, and thinking they are financially secure. Signing the mortgage documents just starts you down the path. you haven't bought anything yet.

I love how readers think that what they read is th...

2009-11-21T03:29:42.354-05:00

I love how readers think that what they read is the whole story. I've heard of a term called MEDIA MISINTERPRETATION. Did anyone consider the idea that maybe this girl started her business years ago? That would lead me to believe she made her money years ago, and used it to live on and start a business. $275K doesn't go very far these days.
I have an idea, how about we stop bashing her and think about what she and many other single moms like her have to do to survive and potentially start their lives over, in this economy.

I am sympathetic, I hope, but... "A college educat...

2009-11-20T22:12:46.735-05:00

I am sympathetic, I hope, but...
"A college education, a good job,
and home ownership" has never been
a guarantee of prosperity. It's
always been peoples' work ethic,
smarts, AND AN ABSENCE OF DEPENDENCE
ON THE GOVERNMENT that have been
the underpinning of folks'
economic life.

Adrienne wrote: "I like to think that if I made th...

2009-11-20T10:11:20.600-05:00

Adrienne wrote: "I like to think that if I made that kind of income I'd still live a similar lifestyle and sock away the rest for savings. I'm sure everyone feels that way...before they get there."

You probably would, because you're smart and you know what you're doing.

I started making a lot more money suddenly, and after a few months of blowing it all on toys, I realized I was trading my future for my present. I now save and invest over 50% of my NET income.

I believe most folks (especially smart folks like the ones reading and writing here) can make that much money. Have enough confidence in yourself to know you would do right by it...but also have the humility to know you'll make mistakes. (I've made some whopper ones costing well into 5 figures...but I can't let it hold me back long-term. I can only learn from them and move on.)

-Erica

"No longer can they count on a college education, ...

2009-11-20T10:10:10.612-05:00

"No longer can they count on a college education, a good job and homeownership to protect them from financial collapse."

Man, I loathe Elizabeth Warren. These things alone weren't what protected previous generations -- they prioritized saving in a way that we don't today, they accepted duller jobs because of the money because that's what one does to make sure she's providing for her children, and they bought houses they could afford and hope to one day pay off.

Anyone who lived like we do today would have been in just as big trouble 40 years ago, even with the college degree, good job, and house.

I like to think that if I made that kind of income...

2009-11-19T15:08:34.188-05:00

I like to think that if I made that kind of income I'd still live a similar lifestyle and sock away the rest for savings. I'm sure everyone feels that way...before they get there.

Then I recall how I was a broke grad student living on a third of what I make now, and I got by just fine. Then you buy the bigger place, and the stuff to fill it, then you treat yourself to dinner out because by golly you've earned it! then another thing and this and that and pretty soon "treats" become "lifestyle."

There are people making 6 figure salaries living pay check to pay check.

It's much easier said than done I think.

I am not sure her business would have survived bec...

2009-11-19T14:58:03.200-05:00

I am not sure her business would have survived because of her judgement. A singel parent with a 1 year old making almost $300k decides to quit to start a business in a different (and crowded) field. no benefits. no safety. just not bright.
Graphic design is a hole lot different than running a business

I have a feeling this woman's business would have ...

2009-11-19T13:09:11.930-05:00

I have a feeling this woman's business would have failed even without a recession, so she was a poor choice for profiling people going bankrupt because of the economic times. Sounds like she has terrible money skills.

First of all, if $275,000 is middle class then I'd...

2009-11-19T11:55:28.274-05:00

First of all, if $275,000 is middle class then I'd hate to see what the article author considers "poor".

Secondly, there's no reason you can't make $275,000 a year if you really want to.

-Erica