This post hits pretty close to home for me, and I thought I would add my own comments regarding this paragraph:
"Many (perhaps even most) of the current US population wrangles with money like it’s a fiery serpent. There’s never enough of it. It provides jolts of great pleasure and relief as it fetches us really big new televisions, or allows us to buy our way out of unpleasant situations like an uncomfortably hot house, a lack of home-cooking skills, or an outdated car. But it also provides decades of constant background stress, as bills and expenses pile up, desperately-needed job income is interrupted by layoffs, and interest payments drain away a good portion of the fruits of our labor." -MMM
My mother is one of 4 children, all of which entered the work force in their late teens in the 1970s with a high school diploma and no college degree. For each of them (and their spouses), the "great recession" has taken an enormous toll.
One aunt and uncle have been laid off multiple times, lost their house, and were forced to move across state lines to find work with all their assets in a 24' Uhaul.
Another aunt and uncle are dealing with a recent layoff and a fledgling construction business and are struggling to pay the bills.
My father lost his job and was forced into retirement and my mother was given reduced hours for an extensive period of time before retiring a few years back.
The state of these economic hardships seemed to reach a pinochle last week when my last uncle was found lifeless in his pickup truck following a gun shot to the chest, seemingly by his own hand. As more information rolls in regarding why he would do such a thing, it is clear that my uncle had accumulated an insurmountable pile of debt -- for years turning a blind eye to the fact that he could not afford the luxury cars, motorcycles, and properties that he often boasted about -- and hid the problem from his family. Rather than swallow his pride and work with his family to solve their money issues, he took his own life.
There is an amazing pattern at play here. In every case, the recession has resulted in seemingly crazy economic hardships, but in one case (my parents), you wouldn't know it. My parents managed to retire during the downturn and live at the exact same standard of life that they have all along. No debt, sufficient retirement income, and modest spending habits that they have accumulated over the years. In the other three cases, excessive spending and all around poor financial management has left them all with effectively 0 net worth at 55+ years old, and a seemingly long future of "constant background stress".
I know I'm preaching to the choir here, but man, it is amazing how important solid financial practice is to the quality of your life in the long run. I think that simple fact will never allow me to be bored when the debt is gone and everything runs on auto-pilot.
Happy 'staching.
