GatewayRedbirds.com

greenback44 wrote:They're not as sympathetic figures as a farmer losing the farm, but they are losing their livelihood nonetheless.

greenback44 wrote:This response seems pretty normal to me. They've been living in a bubble -- which is part of the reason we're in this current mess -- and they've got a lot of emotional investment in their financial net worths and their annual salaries. The realization that they're not different from the Sysco delivery guy can't be an easy thing for them, especially since Wall Street has never been particularly interested in hiring people with perspective. Then there are the more tangible anxieties they face, such as losing some or maybe all of their income and, in all likelihood, a good chunk of their retirement savings too. They're not as sympathetic figures as a farmer losing the farm, but they are losing their livelihood nonetheless.

Freed Roger wrote:Whoaa -as of yesterday, our 401K is in the black with change in market value for 2009. one hundred and eleven dollars!

Now if it can hold until 3pm central - time to move about about 15% of the stock mutual funds into money market fund.

Mark Zandi, chief economist at Moody's Economy.com, says data show that over the last 10 years, education costs have risen 5.91% annually, and health- care expenses have gone up 4.16% annually, while wages and income have risen only 3.7% over the same time span. That means many families are seeing a greater percentage of their income going toward those two areas.

Education costs, which are far outstripping wages and income, are especially worrisome for this income bracket because upper-income earners are much less likely to receive the kind of financial aid that lower income levels can expect.

For the Parnells, their perception of themselves is based on the math. The value of their house is down $60,000. Ms. Parnell says the couple's gross income last year was about $260,000. Taxes, premiums for medical care and deductions for Social Security and their 401(k) contributions cut the gross to about $12,000 per month. The family tithes $1,300 a month at their church. Their mortgage, second mortgage and payment on land they bought is nearly $4,000 a month. Other expenses, including their family car payment, insurance and college funds, as well as basics like food, utilities and donations to charities, leave them with about $1,200 left over each month.

"I'm not after sympathy. We are blessed. What I want is a reality check on what rich means," Ms. Parnell says. "I can pay my mortgage and I can buy some clothes. I'm not going without, but I'm not living a life of luxury."

Popeye_Card wrote:So you're telling me that you have $1200 a month left over after all the bills are paid.

cpebbles wrote:

Popeye_Card wrote:So you're telling me that you have $1200 a month left over after all the bills are paid.

And $1300 a month is thrown away...

Arthur Dent wrote:What gets me is the belief that having gone to Columbia or Wharton means that they should automatically get a huge salary and the utter contempt for the people who bring them their food. I'd be willing to bet that this executive is in favor of "entitlement reform" too.