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Topic : 09/15 Money Matters: Surviving the Crisis

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Created on : Friday, September 12, 2008, 01:15:18 pm
Author : DrPhilBoard1
Are you in debt? During these tough economic times with foreclosures on the rise and gas prices through the roof, more and more families are panicking about their financial stability, and some are only one paycheck away from being on the street. Would you and your family know what to do to survive? Just two years ago, Brandy and Greg say they were living the American Dream: a big house, a fast boat, plenty of spending money and four beautiful children. That all changed when their six-figure income was reduced to nothing. On the brink of losing everything, how did this family end up nearly a quarter of a million dollars in debt, and could it happen to you? Money expert Loral Langemeier shares a 90-day plan to help get their finances back on track. Then, Milton and Patricia were awarded the largest home ever given away on Extreme Makeover Home Edition. The headlines now report that the mini mansion is near foreclosure because of the couple's frivolous spending. They come to Dr. Phil to set the record straight and clean up their financial mess. And, Dr. Phil reveals the five biggest money mistakes people make. Could you be making them right now? You don't want to miss these tips! Join the discussion.

Find out what happened on the show.

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September 14, 2008, 6:52 am CDT

09/15 Money Matters: Surviving the Crisis

Quote From: ravenmom1

While I do not know the specifics of this family, I do know that a huge part of the financial crisis this country is now facing is merely a society of 'living beyond' our means.  We also live in a time of "I want it and I want it NOW"!!  This must stop... I know my parents did not go and extend themselves financially to a point that they would be 1 paycheck from being broke.  It is NOT what you earn that is important... it is what you SAVE that makes the difference.  Why do people just feel to have bigger and better.  They drown themselves in debt and then look around for the government to bail them out.  Why not try living within the means of your salary and being happy with what you have??  Nice, new  things (houses, cars, boats, etc.) may give you instant joy but that joy will dim and you will want the next new thing.....   I am not saying that is EVERYONE in this situation, but it is the majority.  Of course, this is just my opinion....

Wow!  That's exactly what I wanted to say.  I also want to add that for some reason people can't register in their head that they are choosing material things over their children's college education and well being.  Being in debt all the time causes constant stress!  People need to live within their means and SAVE MONEY for their future !!!
 
September 14, 2008, 7:54 am CDT

09/15 Money Matters: Surviving the Crisis

Quote From: carolejane

Yes, God bless you for helping to pay your grandson's day care bill and I do understand how it is for us Grandparents to watch our kids crash and burn. That's another part of why we went into a hole.  We helped our kids dig out of problems when we ourselves needed things. My daughters are usually pretty good but they've hit some difficult bumps in the road. My husband and I not only are raising our 11 year old Grand daughter but we day care our 3 year old grandson. My husband stays home with him while I work my part time job. Day care is so expensive now. I have finally put boundries on my kids and said that they need to pay off what they borrow and now we're at the end of our rope, we can do NO more. I've had to draw the line.
 We too, have given our kids money to avoid collection or keep something from being shut off.  I would never have dreamed of asking my folks or in-laws for money.  Found out recently that our son in law has literally drained him widowed mother's savings dry.  Not for neccesities, but for personal "needs"  like golf or clothes.  She won't tell him no.   He now sells insurance but has no money to pay for leads, so he isn't really working.  His job is 100% commision.   My husband at 50, has the body of a 70 yr old, full of arthritis from years of hard work.  We can't afford to keep bailing them out because we don't know how long he will be able to continue working.  I would rather buy my gransons shoes and clothes than give their parents money, at least I know that it's going where it is needed.  Our daughter works an evening shift so that we can watch the boys, and she doesn't have to pay for daycare.  She stays with us most of the week because they live 1/2 hr from here and she can't afford the gas to go back and forth.  This has led to problems because he doesn't understand why she stays here.  Their marriage is rocky, and this isn't helping.   
 
September 14, 2008, 11:22 am CDT

Doctor Phil Show.

Crisis Doctor Matters Money Phil Survviving The. Are you kidding me? Money is money and I like it. See y---

ou on Monday September 15th, 2008. Sincerley Your. Russell Vlaanderen.-------------------------------------------

 
September 14, 2008, 3:57 pm CDT

money matters: surviving the crisis

I just cannot believe that these people were so blessed to have gotten an extreme home makeover and then they went over their head especially after  going through a money crisis.  My husband have been going through a money crisis going on eight years now.  Not  through anything we had control of .  We bought our first home here in the desert in California for 152,000.00 and then the inevitable and cold hard luck surfaced.  My husband lost his job and retirement benefits due to injuries sustained while employed at his place of employment (21 yrs) We know they discriminated against him but because we are the small people and the company has the power we could never win this one!  Our circumstances became  worse and worse to the point of getting so into debt just to make a living and then we refinanced  and got sued from an creditor for 32,000.00 for an outstanding bill of 11,000.00 and there was not a thing we could do.  We were not even served with papers to go to court or anything, this creditor simply just was smart and took it out of our refinance, not to mention the finance charges , points etc...although we paid some of our bigger bills, but when we got sued for the 32,000.00 which would have paid all our bills, we are now in a loan balance of 278,000.00 which I am only paying the minimum while interest is added just so that we can have a place to live.  And what I am posting here is not even all of it just a small fraction of what we have been through, believe me it gets worse...but while I do not want any sympathy because this is part of life somedays are good and somedays are bad, but it has brought me back to my faith with God and I know that whatever happens,  we can only do the best with what we have and I truly hope these people that had a chance of a lifetime to get their dreamhouse makeover certainly don't take another chance for granted....I pray that they will have learned something from it because it is through our mistakes that we can learn......Tricia
 
September 15, 2008, 2:29 am CDT

Looking forward to reading the transcripts...

...tomorrow and one day seeing the show.

 

People who get into a financial crisis by no fault of their own (illness, losing their health) have my full sympathy.

 

People who get into a crisis by overspending (to the point of losing a paid up home), have my contempt.

 
September 15, 2008, 4:47 am CDT

to Tricia

Quote From: tripor

I just cannot believe that these people were so blessed to have gotten an extreme home makeover and then they went over their head especially after  going through a money crisis.  My husband have been going through a money crisis going on eight years now.  Not  through anything we had control of .  We bought our first home here in the desert in California for 152,000.00 and then the inevitable and cold hard luck surfaced.  My husband lost his job and retirement benefits due to injuries sustained while employed at his place of employment (21 yrs) We know they discriminated against him but because we are the small people and the company has the power we could never win this one!  Our circumstances became  worse and worse to the point of getting so into debt just to make a living and then we refinanced  and got sued from an creditor for 32,000.00 for an outstanding bill of 11,000.00 and there was not a thing we could do.  We were not even served with papers to go to court or anything, this creditor simply just was smart and took it out of our refinance, not to mention the finance charges , points etc...although we paid some of our bigger bills, but when we got sued for the 32,000.00 which would have paid all our bills, we are now in a loan balance of 278,000.00 which I am only paying the minimum while interest is added just so that we can have a place to live.  And what I am posting here is not even all of it just a small fraction of what we have been through, believe me it gets worse...but while I do not want any sympathy because this is part of life somedays are good and somedays are bad, but it has brought me back to my faith with God and I know that whatever happens,  we can only do the best with what we have and I truly hope these people that had a chance of a lifetime to get their dreamhouse makeover certainly don't take another chance for granted....I pray that they will have learned something from it because it is through our mistakes that we can learn......Tricia

Hi Tricia

I just want to clarify something because I have an earlier post on this board where I seem unsympathtetic to people with financial difficulties.  In my post I am referring to people who have problems because they behaved irresponsibly financially. I am not referring to people such as you who are in difficulty due to circumstances beyond your control.  I do wish you and your husband the best of luck in working things out.

 

Like you, I too am surprised at people who (very fortunately) got a home makeover and then proceeded to behave irresponsibly with money  and got themselves into a mess.  These are exactly the types of people I was referring to in my original post, and I can't muster up any sympathy for them.  It is the type of person who wants instant gratification and who will not put a dime into savings that I don't feel sorry for.  The person who buys things to show off, and then does not have the money to pay off the credit card bills when they come rolling in. And the type of person who spends and spends and then goes running to Mommy and Daddy to bail him or herself out, well into middle age. (Those parents who give these kids money are enablers by the way)

 

It is the frivolous, show-offy spender that needs immediate gratification and doesn't have the money to back their purchases that I have no respect for.  These people ultimately cost people like me ( who has always behaved responsibly financially) money when they can't pay their bills.

 
September 15, 2008, 5:38 am CDT

Hang in There !

Quote From: likish

I picked the worst time ever to leave my job with nothing in line, but I felt my health failing. I have spent so much money to go to school and it never seems to be enough. The workplace is full of ego maniacs that make coming to work a living hell. Also, people are so insensitive to your financial state. I worried with a child last year whose father committed suicide, because he couldn't see a way out. I am trying to work through this, but I am tired of feeling under valued as an employee and grinning and bearing it all. I know there is an opportunity out there for me.

Keep praying that God will get you through this.  It is most important that you settle yourself into meditation in order to guide yourself to a better place in life.  Listen to your inner voice.  Eat well, exercise and if you are truly depressed, there are medications that can help you get through this temporary situation.  Good luck to you :)

 
September 15, 2008, 7:15 am CDT

09/15 Money Matters: Surviving the Crisis

Quote From: juliebgg

Hi Tricia

I just want to clarify something because I have an earlier post on this board where I seem unsympathtetic to people with financial difficulties.  In my post I am referring to people who have problems because they behaved irresponsibly financially. I am not referring to people such as you who are in difficulty due to circumstances beyond your control.  I do wish you and your husband the best of luck in working things out.

 

Like you, I too am surprised at people who (very fortunately) got a home makeover and then proceeded to behave irresponsibly with money  and got themselves into a mess.  These are exactly the types of people I was referring to in my original post, and I can't muster up any sympathy for them.  It is the type of person who wants instant gratification and who will not put a dime into savings that I don't feel sorry for.  The person who buys things to show off, and then does not have the money to pay off the credit card bills when they come rolling in. And the type of person who spends and spends and then goes running to Mommy and Daddy to bail him or herself out, well into middle age. (Those parents who give these kids money are enablers by the way)

 

It is the frivolous, show-offy spender that needs immediate gratification and doesn't have the money to back their purchases that I have no respect for.  These people ultimately cost people like me ( who has always behaved responsibly financially) money when they can't pay their bills.

I just wanted to tell you and Tricia both that there are things in life that are out of our control, good and bad. I know the feeling of seeing some of these people who have had someone come in and help them even though they caused their own destruction. It is painful to think that they will not learn the hard lesson that needs to be learned, but also wonderful to see someone out there cares. Believe it or not, someone cares for you too, and though you may not be given a hand out, the lord wants you to know that his hand is there to grab and it just might be your way out. God bless you both for taking the responsibility you need to take to make your lives better and not be bitter.
 
September 15, 2008, 7:19 am CDT

I can understand-to a point

I understand how they feel about their financial situation but at the same time from what I see, I don't think they struggle as much with food and housing costs as they say. I am sorry, but my family and I are what they call "dirt poor". Our car is paid for ($250.00) and looks it. I still pay the insurance. I rent, I still pay the insurance. I work, I still have trouble buying even food. But this lady, her hair is DYED BLONDE. I can not even afford to dye the gray out of mine. If I had that extra money, I would get hair dye. Or nails done. I own three pair of pants, 5 shirts. I get FRUSTRATED with people who "think" they are struggling.
 
September 15, 2008, 7:25 am CDT

work at home

Hi, "economy" is really getting in the way of me obtaining a good career/full time job. I have kids to support as well. I even used to own my own commercial cleaning business, but like I said, economy got in the way of that and companies started hiring their own employees to save money. I have applied to countless number of jobs/careers with alot of background experience such as warehouse work, cleaning (my own commercial business), even a degree in electronics, with no avail. I have come to the conclusion of obtaning a work at home paycheck, but there are so many out there that are just plain scams, no other way to put it. Is there any work at home jobs out there that are legit?
 
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