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How I Ended Up Broke at 55
Pajamas Media ^ | April 26 | Carol Gould

Posted on 04/26/2009 10:39:58 AM PDT by AJKauf

Anyone looking at my blueprint for a happy life composed at 27 would think I was the wisest young woman in England. Indeed, when I was an executive with Anglia Television Drama at that relatively youthful age, colleagues would come to me for advice on long-term investment. I knew that behind my back they were making cracks about “Jews are always the best with money” but it did not faze me. I seemed to have planned for a prosperous future. Just before she died, when I was 35, my mother said, “I’m not worried about you. One day you are going to be a very wealthy woman.”

Well, I should have been. I am 55 and penniless. Without the generosity of friends I would be on the street.

What happened? In light of the daily stories on American news programs about tent cities and rampant foreclosures, I thought I would share my story. Here is the sorry scenario...

(Excerpt) Read more at pajamasmedia.com ...


TOPICS: Business/Economy
KEYWORDS: poverty
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1 posted on 04/26/2009 10:39:58 AM PDT by AJKauf
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To: AJKauf

This wrier is a slow bloomer. I’ve managed to become penniless and I’m not quite yet 40. Of course I didn’t do it all by myself; I’ve had a tremendous amount of government assistance in becoming penniless....


2 posted on 04/26/2009 10:42:30 AM PDT by Joe 6-pack (Que me amat, amet et canem meum)
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To: AJKauf
Bernie Madoff wasn't the only one running a Ponzi scheme the past thirty years.

Banks, insurance companies and the federal government saw the opportunity as well.

3 posted on 04/26/2009 10:44:48 AM PDT by E. Pluribus Unum (Islam is a religion of peace, and Muslims reserve the right to kill anyone who says otherwise.)
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To: AJKauf
Interest only mortgage and then takes out yet another mortgage? This story is starting to sound familar.
4 posted on 04/26/2009 10:50:15 AM PDT by Graybeard58 (Selah)
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To: AJKauf

According to BO and his D’RATS, we’re all supposed to be penniless. It’s the natural state when living in Socialism. Gloom, doom, poverty and despair. Get used to it. But hey! We’ll have “free” rationed “healthcare.”


5 posted on 04/26/2009 10:50:57 AM PDT by FlingWingFlyer (Proud charter member of Napolitano's rightwing, nutcase American, watch list.)
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To: AJKauf

There simply is no substitute for managing your own investments..whether it is realestate or stocks..there is no such thing as a hands free investment strategy.
It doesn’t take much time, but it does take some decision making. I was shocked to learn some years ago that 97% of the people in my company did not take the opportunity to move their 401k plans to the brokerage option and invest themselves. The company mutual funds which were on the list all were underperforming the SP500. All you had to do was move your money to SPY and you would have a much higer return and fewer fees.


6 posted on 04/26/2009 10:51:20 AM PDT by Oldexpat
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To: Graybeard58

Yes, the theme is greed. Big returns for no work. Easy money. Pay only the interest, get to deduct all the taxes, interest, etc. and then get a hefty return each year....probably much less in cost than renting a comparably valued home. Too boot, many of these “free money” gamblers were expecting high valuations and eventual sale to make a tidy equity profit. Screw them. If you aren’t greedy you are likely not to get screwed.


7 posted on 04/26/2009 10:52:18 AM PDT by Gaffer
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To: AJKauf
" I ain't rich yet but Ize gonna be cuz Obama's president."-An Obama Supporter as broadcast on a Los Angeles radio station.

The lady should rejoice as her wealth is somewhere on its way to help those who have followed "The Divine One Of The Crown Of Thorns."

8 posted on 04/26/2009 10:53:17 AM PDT by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: AJKauf

He or she, had an interest only loan for his/her first home. Ding, ding, ding !!!


9 posted on 04/26/2009 10:54:01 AM PDT by BunnySlippers (I LOVE BULL MARKETS . . .)
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To: Gaffer

I never considered my house as an investment. I got a 15 year mortgage, paid it off in 7 or 8 years. I have no idea nor do I care how much it would sell for now. I live here, it’s my home, not a savings plan. My wife and I and the tax assessor own it.


10 posted on 04/26/2009 10:56:25 AM PDT by Graybeard58 (Selah)
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To: AJKauf
Carol Gould is the Philadelphia-born author of Don’t Tread on Me: Anti-Americanism Abroad, Spitfire Girls, and A Room at Camp Pickett, a play about her mother’s experiences as a WAC in World War II; she has just completed films about black GIs and GI babies. Carol has been a panelist on BBC's Any Questions?, hosted by Jonathan Dimbleby, and is a commentator on Sky News, Press TV, the BBC World Service, and Five Live.

Doesn't exactly sound like she is destitute and without opportunity. My guess is she is like a lot of people on both sides of the Atlantic who think of themselves as "poor" if they can't afford every little thing they want.

11 posted on 04/26/2009 10:57:15 AM PDT by JennysCool (Fast is fine, but accuracy is everything. -- Wyatt Earp)
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To: FlingWingFlyer

I’m broke as well.. I live paycheck to paycheck, due to bad choices and some bad luck, and a marriage that tanked.. big deal..

you know life isn’t always rosy.. let’s get on with it, and quit whining about it.

sheesh, when I think about those poor folks in Auschwitz, I am reminded of how truly horrible life can become.

We are still lucky.. Even broke, we have a good life. And there, in a nutshell, is the difference between myself and my whining complaining democratic brother, in Michigan. His bad choices are everyone else’s fault..

arghhh... sick of hearing about it.

I do thank you for posting the article..


12 posted on 04/26/2009 10:59:25 AM PDT by Chuzzlewit
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To: AJKauf

Please. I’m about your age. I’ve trusted people and lost unspeakable millions. In fact, I lost everything — 100%, meaning even my clothing, furniture and photographs — more than once, and everything was far more than a couple of houses. I try never to think about it.
Getting rich again is the easiest thing. Figuring out whom to trust, healing a broken spirit and heart, is a great deal more difficult.
You’re only 55. You want money, it’ll make you feel better? Use your head. Anyone can make money.
And when you get it, don’t exchange it for promises. When it comes to money, people who take promises are called suckers by people who make promises.
Now quit whining! :)


13 posted on 04/26/2009 10:59:48 AM PDT by Graymatter (Don't enable destroyers. File for chapter 44 -- barackruptcy.)
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To: AJKauf
OK, the writer is a moron!

Interest only loans, taking out equity cash...bla bla.

14 posted on 04/26/2009 11:01:36 AM PDT by Beagle8U (Free Republic -- One stop shopping ....... It's the Conservative Super WalMart for news .)
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To: AJKauf

Well, she had bad luck on her investments. But she was not exactly prudent or careful. She quit several jobs that would have given her more income and security. I don’t blame her for getting mad about the insult to her secretary, but I don’t know that it required her to quit her job. And I don’t know why she quit her other job.

Also, she is angry at the Scottish bank because they won’t allow her to leverage her mortgage loan even further. Is THAT really the way to get rich—increase your debt so you can have some spending money?

She sounds like a typical boomer generation person to me. And I don’t know why her friends would ask her for financial advice, since she evidently never bothered to manage her own money.


15 posted on 04/26/2009 11:03:52 AM PDT by Cicero (Marcus Tullius)
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To: Graybeard58

In Atlanta it wasn’t uncommon 5 years ago for two yuppies to buy a $1M home interest only. Monthly payments were high but deductions,etc. markedly reduced. They banked on being able to sell that $1M house for $1.25-1.5 M 5-7 years later and net a tidy profit. Then prices tanked and they are screwed - their homes won’t even sell for 750K or 700K in some cases.


16 posted on 04/26/2009 11:08:06 AM PDT by Gaffer
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To: Graymatter

My personal motto is “If you have it, hide it.” Old money keeps themselves wealthy that way.

A lot of wealthy people in Hollywood smartly own only one paid off home, a couple of beat up cars, and keep MTV away from them. They have their hobbies and extravgences, but nothing like a fleet of Bentleys and Hummers.

It seemed like Brad Pitt used to be that way and now he’s flying all over the place and buying one home afer another. Really disappointing.


17 posted on 04/26/2009 11:08:16 AM PDT by Niuhuru
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To: AJKauf

Charity begins at home........build and secure your base. Multiple fiscal resources aka never put all yer eggs in one basket per se........live within your means be it a “van down by the river” or a pimped out “crib”......:o)

Then and only then help those you can !!

My opinion and what I have done. Gonna go polish the rims on my home now.


18 posted on 04/26/2009 11:10:27 AM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
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To: Graybeard58
Good post. A home is expensive enough with taxes, insurance, maintenance and repairs. I laugh at all the offers for a HELOC I get in the mail - just before I place them in the shredder!
19 posted on 04/26/2009 11:10:55 AM PDT by Ken H
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To: Graymatter
When it comes to money, people who take promises are called suckers by people who make promises

Applies to politics as well.

20 posted on 04/26/2009 11:11:03 AM PDT by TADSLOS
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