Tea Party vs Occupiers Topic

MikeT23
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If you're not managing your money, you really have nothing to complain about when you're broke.   While it may not be a good way to invest your money, putting it in a coffee can and burying it in the backyard won't leave you broke when you're 70.

Here's the problem:   People put all their eggs in one basket.  And when that basket breaks, all their eggs hit the ground.   It's hard to feel bad for someone who didn't diversify. 

10/20/2011 10:53 AM
moy23
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Posted by MikeT23 on 10/20/2011 10:53:00 AM (view original):

If you're not managing your money, you really have nothing to complain about when you're broke.   While it may not be a good way to invest your money, putting it in a coffee can and burying it in the backyard won't leave you broke when you're 70.

Here's the problem:   People put all their eggs in one basket.  And when that basket breaks, all their eggs hit the ground.   It's hard to feel bad for someone who didn't diversify. 

Also... 'learn' how to manage your investments even on a basic level. The older you get the more conservative your investment portfolio should be. Its not a hard concept. If something is important to you like finances then educate yourself. If its health then educate yourself about that. But just like "I didn't know donuts would make me fat" is not an excuse neither is "I'm broke cause of wall St". Those are choices you make... no one else
10/20/2011 11:29 AM
MikeT23
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Madoff made his living off greed.  And not his.  People making money doing "nothing" are likely to keep feeding the monster.    Too good to be true?  It probably is.
10/20/2011 11:35 AM
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MikeT23
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Investing is not a guarantee.  

When you get scammed, you are a willing participant.   Willing participants are to blame.   Did the other people do wrong?  Sure.  But you let them.   Otherwise, it's called "robbery". 
10/20/2011 11:39 AM
moy23
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Madoff is more of an outlier... and he will serve his time for committing atrocious crimes.

As a registered investment Rep I can attest that I wouldn't have a job if I was selling aggressive investments to the elderly. That has been heavily monitored by firms for at least the last decade while I've had a u4. Any IA will tell you they need to 'know their client'. The norm is not Madoff.
10/20/2011 11:46 AM
The Taint
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Well it dosen't have to be called robbery, it could be larceny which by definition, Madoff commited.
10/20/2011 11:48 AM
The Taint
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Actually, thats wrong by the letter of the law....
10/20/2011 11:50 AM
MikeT23
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If you're handing somoene money, you're part of the problem.    The biggest part because, without you, nothing happens.
10/20/2011 11:50 AM
The Taint
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So the dude that's working his 9-5 job, contributing to his companies 401k plan, living his life cleanly and productively is to blame because his company(or investment manager) invested his 401k money in a mutual fund that was tied into Madoff? Ridiculous.
10/20/2011 12:01 PM
MikeT23
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Yep.   He made the decision to contribute to his company 401k plan, right?    I mean, really, how can someone who is WILLINGLY giving money to someone to invest for them be absolved of blame?  HOW??????????????????? PLEASE ******* TELL ME HOW!!!!!!!!!

10/20/2011 12:07 PM
MikeT23
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This is what I hate about the left.    No matter what, there is always someone else you can blame for your misfortune. 
10/20/2011 12:11 PM
The Taint
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Lol. You kill me mike. I suppose when our parked car got hit the other night while we were inside eating dinner it was our fault because we chose that restaurant or that parking space. Or maybe it's our fault because we own a car.
10/20/2011 12:59 PM
moy23
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Posted by The Taint on 10/20/2011 12:01:00 PM (view original):
So the dude that's working his 9-5 job, contributing to his companies 401k plan, living his life cleanly and productively is to blame because his company(or investment manager) invested his 401k money in a mutual fund that was tied into Madoff? Ridiculous.
Was he in ONE mutual fund?
10/20/2011 1:41 PM
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