Being poor has nothing to do with income.

[Rick Lee]

Most of my people don't have credit cards and many can't even get a checking account. One lady, who's late 70s, asked me to look over all the entries on her bank statement. She didn't recognize a lot of them. It was some unbelievable schit - jewelry rental companies (WTF rents jewelry?), music and video streaming services and all kinds of other stuff she's never heard of and has no use for with her flip phone and no computer. But she uses a debit card for everything and so it's been compromised for a long time and she's always short of money she should otherwise have. I also think one of her grandkids is stealing from her. But I can't police that stuff.

[tabs]

Today's homework for you Boyz is the question. How important is the US consumer to the Global economy?

[Baz]

Originally Posted by Rick Lee

Thanks Baz. I'm not a do-gooder at all and I'm in this for me. I have to walk away all the time when I can't help someone. But there are plenty of times when I can help them.

I respectfully disagree, Rick.

You ARE a do-gooder, in the sense you ARE helping folks....regardless of the reason(s).

I bet there are many folks in the same line of work who just go through the motions.

I get your point but hope you accept what I am saying as well.

[tabs]

Originally Posted by Rick Lee

Most of my people don't have credit cards and many can't even get a checking account. One lady, who's late 70s, asked me to look over all the entries on her bank statement. She didn't recognize a lot of them. It was some unbelievable schit - jewelry rental companies (WTF rents jewelry?), music and video streaming services and all kinds of other stuff she's never heard of and has no use for with her flip phone and no computer. But she uses a debit card for everything and so it's been compromised for a long time and she's always short of money she should otherwise have. I also think one of her grandkids is stealing from her. But I can't police that stuff.

The Pariahs in India have a better chance at rising in the structure of society.

So the moral of this story is that you can trust a stranger more than you can trust your own family.

[tabs]

Originally Posted by KC911

Replacing the gas tank on a '74 Pinto ain't cheap!

No they needed to put a new radiator in my Corvair..

[Rick Lee]

As I mentioned in my original thread, poor people pay more for everything. And the ones who can't get or keep bank accounts are the worst. They're usually blacklisted from banks for running away from NSF fee debt. Of course, they blame the banks. And so they live on cards and most places that take cards for recurring billing charge more for it. The best insurance companies flat out won't take cards. So these folks end up with more expensive insurance. I have three companies for such people and they're where I send my junk business. No one wants that business, but I'm not walking away from it when they want to buy.

[VINMAN]

I know a few people that make huge amounts of $$, have very high paying jobs, that don't have a pot to piss in. They blow their money on stupid crap and are plain irresponsible, and are always crying poverty. On the other end of the spectrum I have friends that barely make over min wage that live very comfortably.

A lot of it comes down to responsibility with your $$

.

[stevej37]

^^^ Very true.

[Baz]

Originally Posted by VINMAN

I know a few people that make huge amounts of $$, have very high paying jobs, that don't have a pot to piss in. They blow their money on stupid crap and are plain irresponsible, and are always crying poverty. On the other end of the spectrum I have friends that barely make over min wage that live very comfortably.

A lot of it comes down to responsibility with your $$

.

"Leveraged out" is the phrase I use for the first group you mentioned, Vin.

Never fails that you hear people talking about those with the big mansion homes...fancy cars, vacations all over the country/world, etc. as rich. My standard reply is "How much are they leveraged out though?"

No one knows....it's all speculation....

[sc_rufctr]

Originally Posted by Rick Lee

Most of my people don't have credit cards and many can't even get a checking account. One lady, who's late 70s, asked me to look over all the entries on her bank statement. She didn't recognize a lot of them. It was some unbelievable schit - jewelry rental companies (WTF rents jewelry?), music and video streaming services and all kinds of other stuff she's never heard of and has no use for with her flip phone and no computer. But she uses a debit card for everything and so it's been compromised for a long time and she's always short of money she should otherwise have. I also think one of her grandkids is stealing from her. But I can't police that stuff.

Your story reminded me of something my eldest daughter did years ago. At that time my 3 children were living with my ex and her new BF interstate. My daughter didn't have any credit on her phone so she stole the new BF's credit card and topped up her account. My ex called and asked me to reimburse her BF. How do you think that conversation went?

[herr_oberst]

Originally Posted by sc_rufctr

How do you think that conversation went?

Four words would do it:

Eff you
eff no

(Actually one would do it.)

[Rick Lee]

When I was in the mortgage biz, my first sales job, I stumbled upon a whale one day. I walked into a Weichert office in NoVA and the agent at the front desk was a low producer. We called them "coffee drinkers" back then. Weichert had their own in-house lender and this guy did a lot of investment property buying and landlording for himself and he didn't want anyone in the office knowing about it. So he refused to use that in-house loan officer. We got talking and pretty soon I had four deals from him - three condos he was buying for himself and he sent me one of his clients. This guy had never made more than $60k/yr as a realtor, but he had an 800 FICO, far more money in the bank than I needed to even show on a loan app, at least $500k liquid and tons of equity in his properties with positive cash flow. He was filthy rich by 1998 standards and it had nothing to do with his income.

[Rick Lee]

Originally Posted by sc_rufctr

Your story reminded me of something my eldest daughter did years ago. At that time my 3 children were living with my ex and her new BF interstate. My daughter didn't have any credit on her phone so she stole the new BF's credit card and topped up her account. My ex called and asked me to reimburse her BF. How do you think that conversation went?

My standard response for those situations is, "There are two kinds of problems in the world - yours and mine. That's one of yours."

[varmint]

mid 20s living in LA. i had a nice motorcycle and somehow got to hang out with a group of guys who had very nice motorcycles. jay leno type bikes. staggering wealth in that little group.

we'd meet sundays at this craphole donut shop in the city of industry before riding up in the canyons.

at one point i suggested we meet at the starbucks across the road. better coffee. no glass in the parking lot, etc. in unison they turned to me and said "no way in **** are we paying $3 for a cup of coffee".

[fisher22]

Originally Posted by GH85Carrera

And some of them work at coffee shops.

I can’t stop laughing at this. OMG.

[bickyd]

[GH85Carrera]

We had a customer at the last place I worked that was 80 years old WW2 vet. He was a bit annoying to deal with, but we were happy to help him as he was a WW2 vet that fought at the Battle of the Bulge and other WW2 battles. He earned our respect.

Anyway he was always wanting a discount, or bargain buddy deal on small little jobs. When he finally died, his estate was settled. He owned a few housing developments, shopping centers, and business parks. He was very wealthy, but still wanted that few bucks cheaper deal.

[Superman]

Good to hear from you, Rick. I hadn't seen your posts lately and was wondering where you'd gotten off to. Let us know if you plan to visit our area again. Would love to buy you a beverage.

[Rick Lee]

Superman, I've posted plenty around here. Where you been? I was last up there for Thanksgiving last year. It will be a while before the next trip, but I kind of want to come up there to train a few agents. WA is a horrible state for life insurance - very few companies do business there, so not much competition, which leads to high prices. But I'll get back up there when my folks take a trip to see my sister.

[fisher22]

Originally Posted by GH85Carrera

We had a customer at the last place I worked that was 80 years old WW2 vet. He was a bit annoying to deal with, but we were happy to help him as he was a WW2 vet that fought at the Battle of the Bulge and other WW2 battles. He earned our respect.

Anyway he was always wanting a discount, or bargain buddy deal on small little jobs. When he finally died, his estate was settled. He owned a few housing developments, shopping centers, and business parks. He was very wealthy, but still wanted that few bucks cheaper deal.

Everyone likes a deal. It’s not always about the money. In LA, I see celebrities getting complementary meals at restaurants I’ve visited for very special occasions, and I’ve seen some in grocery stores using coupons. It doesn’t even surprise me any more.