Reply to Do you colleagues/friends talk about money? Ever surprised by what you hear?

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[quote=Anonymous][quote=Anonymous]At a summer office job when I was in college, two of my co-workers had multiple serious conversations about what they would do when they won the lottery.  It wasn't day-dreaming or fantasizing, they just seemed to have no better plan on how to save up for surgery (necessary) or retirement and so those things were just waiting on a windfall.

My parents weren't great about finances, but I'd never been exposed to the reality of someone in the middle class living paycheck to paycheck with no savings or any plan for saving.  It was definitely eye-opening.

During the crash, I had a coworker who expressed frustration to me that her financial adviser was telling her it was a bad idea to cash out all of her stock portion of her retirement savings.  She proceeded to do so because she'd "already lost so much value and couldn't afford to lose any more".  She is close to retirement age now, and probably won't be able to because her 401k will never recover from missing the stock market recovery. [/quote]

I know people who are well educated with finance -- i.e. work in/tangentially in the industry -- who cashed out in 2008. And no it's not bc they were set to retire or their kids were going to college in the next 2 yrs. We're talking people in their late 30s with kids in early elementary school. While they rationally understood that you don't lock in the bottom by selling, when it was their money, they just could not stay the course.[/quote]

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