Author Topic: Great WP article and linked essay: "The next face of poverty could be yours"  (Read 2680 times)

FernFree

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Wanted to share a great article about a former Washington Post writer who found himself in poverty in his later years.  Touching article with a sad, cautionary tale.

https://www.washingtonpost.com/business/get-there/the-color-of-money-book-club-falling-by-william-mcpherson/2017/03/31/698bfee6-13d3-11e7-833c-503e1f6394c9_story.html?utm_term=.88ca7125e77b

The gentleman retired at 53, and following some extravagant travel and unwise margin investments, found himself living in poverty and regretting his mistakes.

bacchi

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A sobering article. I wonder what his withdrawal rate was during his Eastern European days and how much he lost with the margin calls.

He seems fairly optimistic given his situation.

geekette

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Worrying, to be sure.  He did some things that in hindsight went very wrong (although they could have done well). 

The original article states that he died a few days ago at age 84, so he was still writing in his 80's.

Johnez

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I honestly don't see how his story relates to the vast majority of impoverished households.  The beginning of his downfall was him choosing a pension at age 53 to pursue a feelance journalist lifestyle in another country.  Ok, now tell me, how many people have access to this pension?  The travel opportunity?  And the medical insurance that goes along with it?  I'm talking about average Americans here.  Anyone close to the edge of poverty with a pension these days shouldn't be worried so much about THIS guy's life mistakes, but their pension blowing up-a la Teamsters right now-and prepping for that.  BTW, this guy collected pension and SS benefitsand had a 401k?  How the eff did his annual income get down to 12k?  I get he got swindled out of some of his money, but damn.  Maybe time to move to a LCOL city/state and make do with what you have.  1 bed/bath apt here in CA goes for $1500, down in Vegas try $6-800  The waiting room without a white face but his IS the face of poverty right now.  Regardless of race.

 

Wow, a phone plan for fifteen bucks!