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Welcome to What's The Story Jerry, info and information about baby boomers lifestyle, vacations, ladies swimsuits, look great in a new string bikini fashion, sexy women, lingerie clothing, bikinis, habits, jobs and ideas with other , baby boomer news and trends in family and careers and middle age retiring . This older generation continues to keep open the discussion of rising health care costs and medical bills. the gens travel more frequent than their parents did and spend more of their income on leisure and traveling on vacations. In the opinions of many from New York City and New Jersey including all metropolitan areas of America, people want more answers and usually ask what's the story and is it made in America and Jerry searches for answers to these concerns. Our generation may be financial planning for retirement and most of the population has their own stories or your story showing reports of paying income taxes and interested in politics, voting and political candidates for elections. Many Americans take family vacations to Aruba, Caribbean and Florida to relax. Jerry’s travel tips and photos and information of jazz musicians and events and bikini models that are sexy in the city wearing swimsuits. Also construction photos, flowers, beaches, islands and photography to. food, s. |
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What’s The Story Jerry ? |
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the story is ... Events, News, Lifestyles, Opinions, Articles, Topics, Swimsuit Fashions, Health. Baby Boomers, How To, New Products, Famous Americans, Photos, Made in U.S.A., Pictures, Special Interests, Politics. |
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What’s Jerry's Opinions - Stories, Comments, Articles, Topics, Baby Boomers, Baby Boomer News, Morning Glory, Funny Political News - Topic - Opinion, Online Magazine, Politicians, Elections, U.S. Economy Opinions, News, Jobs, Unemployment, Retirement Planning, About Baby Boomers, Senior Housing, What’s Made in America, Made In USA, Democrats, Republicans, President, Presidential Candidates, Vice President, Senators, Governors, Government, Stories, Political News, Election Coverage, Made In America, Photos, Politics, Morning Glory, weather reports, advisor, travel notes |
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Credit Card Debt, Bankruptcies, Foreclosures, Mortgage Banks Default..... What Happened? Credit card debt, cash advances, high interest rates, equity loans, foreclosures, personal bankruptcies, where are we going today and how did we get here? It wasn't so long ago that if you needed to borrow money for a car, a home improvement or vacation, you would go to your local bank, see the loan officer, get a loan application bring it home and jointly fill it out with your spouse. After both of you agreed you could afford the payments to pay back the loan, you would bring the application back to the bank, meet with the manager, sweat a little and hopefully get your loan approved. When the loan was approved it was based on your employment, past credit history, your ability to pay back and it was given to you in good faith as the loan officer met you face to face. Yes, believe it or not you actually had to personally guaranty this loan in person and that meant paying it off, on time, in full. To borrow money and be approved for a loan was a privilege you earned, not a right. Growing up in the 60's as baby boomers many of us remember this process that our parents went thru to buy the extra things for our family. This was the way we learned about the responsibility of borrowing money and the power of getting things today by paying for them with tomorrows money. Most of our parents borrowed to pay for things they could afford and took a loan so they wouldn't have to touch their savings accounts. Another type of credit used in the 50's & 60's was the old "lay-away plan". This was a popular way to buy items if you didn't have the money at the time of purchase. The "lay- away plan" worked like this, let's say you wanted a TV set that was on sale this week for $400 at a local department store, you would purchase this TV today with an $80 down payment and this would lock in the sale price and assure you of getting that TV, the store clerk would tag a TV in the store stock with your name on it. You would not take that TV home until it was paid for in full. Most lay away plans allowed 60 or 90 days for you to pay it off and many people would go back to the store every week after they cashed their paycheck to make another payment on the balance until it was paid in full. Then along came a new type of credit, the famous credit card. This tiny piece of plastic would change the world's spending habits in ways we never dreamed of and eventually eliminate the need of brick and mortar banks. Yes this little magic card was great. It fit right into your wallet just like cash, unlike a savings book or checkbook. This card was the new way to purchase merchandise at stores or pay for gasoline for your car. Another name for the card was "revolving credit", and this name was perfect because the more you charged the more you revolved around credit. Soon this would be the way we pay for most everything instead of using cash or checks and the credit/debit cards would be a substitute for taking out small loans and borrowing money from local banks. When the credit card was first introduced the credit companies qualified you much like a local bank would and as more consumers applied for credit cards the qualification requirements loosened up. As the use of credit cards rose and basically everyone had at least one, the companies would blindly send preapproved credit cards with high limits to you in the mail. I can remember receiving many preapproved credit cards in the mail along with preprinted cash advance checks and easily having in my hands up to $100,000 of approved credit just waiting for my signature. This was the trend, there was no loan application for this money or collateral needed, just put your signature on the plastic card and the only limitation was you. People in general feel that if a credit company has sent them this preapproved credit line that they deserve it and can afford it because the lender sent it to you right?? Here is the root of the problem- the decision was left up to us, the consumer, to be sensible with credit and take responsibility in controlling the urge to spend more than we could afford by letting this card take the place of cash in our wallets. The good thing about cash in your wallet is you physically see the money gone if you spend it all and realize there is no more till payday, with a credit card it is always there waiting for you to use it. According to recent reports from the major banks and credit agencies there is a sharp increase of late payments on equity loans, credit card balances and home mortgages. Many families are in debt over their head and this is backfiring into the home equity loans where people have accumulated years of postponed debt from carefree spending. Another common mistake of consumers is to run their credit card charges to the limit and apply for equity loans to transfer credit card balances to. A get out of debt plan like this is fine to avoid high interest charges of credit cards if you stop charging and pay off the equity loans. Instead many consumers repeat the same mistake and continue to charge daily purchases on their credit card to the limit. This has created a bigger problem if the home is over mortgaged and there is no equity left to borrow against. When homeowners have no emergency funds in place they are at risk of losing all of their assets including their home if they get behind on payments. The fact that credit card companies have lowered the credit limits available or canceled credit card accounts totally without notice has made this an immediate serious problem in our economy. This combined with the current housing crisis is stripping away the equity in our homes and leaves no cushion for consumers to fall back on as in the past. As we experience a slowdown in the economy we need to understand the many facets that are contributing to the current economic condition. There may be a long recovery ahead for the economy and it might not be as self healing as it was in the 70's, 80's, and 90's when the Baby Boomers were at their peak spending years using their credit cards to the max for large unaffordable purchases, autos and housing. This generation is entering their retirement years and we may not be able to count on their mass spending habits to pull the country out of recession this time. Being a part of the Baby Boomer generation we realize that during our lifespan we have been the wave that creates markets, molds society and again we are changing the world as we head towards retirement with new saving and spending habits. |
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Reverse Mortgages – Good or Bad? Many seniors are approached by firms and mortgage companies with offers of reverse mortgages and all claiming amazing benefits of these type loans. It sounds like a great idea – access your homes equity, make no monthly payments and not having to sell your house. Some guarantee income for the rest of your life. With traditional mortgages you take a loan from a bank using your real estate as collateral, and pay interest on this loan making monthly payments. The equity is the amount of your real estate appraisal value minus the balance of your mortgage loan. A reverse mortgage is the opposite of this where basically the bank holds your house and pays back to you the difference of appraisal value minus if any, mortgage & equity loan balances over a time period. You don’t make any monthly payments and interest is taken away from the equity value and decreases your equity (net worth) in the house. This loan does not get paid off until you sell the house or no longer live there. This type of loan is geared to seniors struggling with little or no income or pension, and you can spend the money as you choose. Beware these are being advertised as funds for a new car, vacation or similar items you may not now be able to afford. These reverse mortgages are very expensive, draining your house of valuable equity that took you many years to accumulate. Basically you are using you home as a large ATM machine paying fees on equity you already own. If you have any outstanding loans on the property the reverse mortgage company will combine all debt into a new loan so they are the prime lender. The most funds available to you will be 65% of your homes value. If the home value doesn’t appreciate due to poor market value it is possible to you will have no equity left. Remember it is still you and your lenders house and you are responsible for any and all repairs large and small to maintain market value. So if you need a new roof or heating system you will need to have the funds to make those repairs. Reverse mortgages do work for people in special situations, but the end cost is very high and should be thoroughly investigated before making any mortgage or loan commitments. Story by Jerry2008
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Are We Buying American or Selling America? As American consumers we are faced with many choices every day in the products we buy and we are teased with the low prices of low quality imported goods that are stocked on Americas store shelves. The big question -purchase American Made or imported products? Don’t get me wrong I do own and purchase some products made outside of the US, but the majority of my purchases, if there is a choice, are products & services made in America. Unfortunately there is a large portion of American consumers who never look at labels to see where the products they purchase are made and don’t even care to find out. Unemployment is on the rise again and there will be thousands of Americans cashing their unemployment checks this year only to rush to the chain grocery stores and department stores to throw down that cash on imported products not even realizing the choice they just made. Shouldn’t it be obvious to us that if you just got laid off from your American job that there is a reason and you just might not return to work. But I guess the System works because if things get real bad you can always get a job stocking shelves with imported goods at a large chain store.
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What’s The Story about Handicap Parking Spaces? Have you noticed lately….. All of those new, wide, upfront, accessible handicap parking spaces are usually full and why? All of us that don’t need handicap parking respect the intended use that these spaces were designed for and they are certainly needed. Years ago when these handicap spaces were installed you would rarely see every space occupied, but lately it seems they are always full which means that there are not enough of these spaces. Why would we need more?…well blame it on the Baby Boomers again! With the first of the baby boomers reaching their early 60’s comes a new generation of disabled and no longer are those parking spaces only for great grandmothers or the elderly. Those spaces are also being shared by you and me - the Boomers. Just as we were part of the baby boomer population explosion in the 1950’s we are back as senior citizens with some handicaps and disabilities and in the spotlight again. The next time you go to the store or shopping mall take notice at who gets out of the cars that are parked in those handicap spaces and you will be surprised that it is most likely a young boomer like yourself. And you better believe when the Boomers get into full swing with this senior citizen deal they will be declaring that the first row of parking around the whole store to be designated handicap parking! One more thing to remember Boomers, start to treat those greeters at W-mart or H-depot a little nicer because the next time you go there that greeter may be an old school buddy of yours or a high school sweetheart. Most of all be courteous & pleasant, you will soon need to have a good connection to get one of those electric scooters to drive around the store to do your shopping.
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Baby Boomers, Retirement and Spending Like many baby boomers preparing for retirement, your plans have most likely changed due to the current economic slowdown and decreasing values of retirement plans. It seems most of us are realizing that an early retirement plan will have to be put off and we will be working to an age older than our parents did when they retired. Remember your parents telling you to “save for a rainy day”? Well the rain is here and we have to face the reality that the “good old days” are likely gone forever.
The new game plan is get down to basics and plan for financial survival in the years ahead. The baby boomers are a generation of pacesetters that have been the marketing target in the marketplace throughout their lifetime. The upcoming 10 year period will probably be the last hoorah for our generation to have a majority spending influence in the global economy. This generation can no longer reward themselves with material things every minute they feel they deserve it. Boomers must learn to value the simpler things in life, spend less and find happiness without feeling deprived. Personal satisfaction can be achieved in many other ways rather than spending money.
Boomers should take the time to discover new ways to gain personal gratification as they curb their spending. Take a count of the many material things you have purchased in the past 20 years and make a list of those items in the priority of your enjoyment. You will probably discover that after you bought the items you never had time to enjoy them or didn’t need them at all. Make another list of activities, recreation, crafts or hobbies that you truly enjoy doing but wish you had more time to do them. Analyze and evaluate both lists to see if you are satisfied with what your hard earned dollars bought in the past.
Now is the time to adjust your financial goals, be realistic about retirement plans and try to find personal satisfaction and happiness in alternate activities you love to do. Recognize your spending weaknesses and convert them to savings plans as you reach your final working years before retirement. Instead of just tweaking your spending budget, make a complete savings and retirement plan with goals that are reachable. Explain to others in your household that this adjustment must be made for a happier and healthier future for the whole family. It is ok to tell the kids certain material things aren’t affordable right now. From your experience, teach them what the word affordable really means and that buying today and paying for tomorrow is not the way to happiness. It is up to you to show them that personal gratification can be attained many other ways like physically doing something you enjoy or helping others that are less fortunate. |
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