If you have disabilility insurance, life insurance and health insurance you are protected from many of the worst case scenarios PPs have mentioned.

If you are employed, insurable (and thanks to the ACA/Obamacare, everyone should be insurable for health insurance), and have over $1 million in investible assets, then I think objectively speaking you are pretty secure, but I also understand that in money matters things are rarely "objective".

Anonymous wrote:I think this generation has a lot of people (ESP the scum types) who grew up financially secure, and are now having to worry more about money. We grew up thinking we would do as well or better than ur paremts and instead are doing worse.
I grew up financially secure but now am struggling (by dcum standards) and very anxious about money. I wonder if people who grew up in lower or middle class bkgds accept more that they are not "financially secure" bc they watched their parents leaving paycheck to paycheck or struggling more so that seems normal. Whereas those of us who grew up in families that didnt have to worry are now like, "whoa, what?"

Not at all, DH and I grew up poor, I am a 1st generation immigrant and I know what it's like to have to hold on to a minimum wage job in your late teens early 20s to support a family, because otherwise, we don't make enough to pay for our apartment and would be evicted. I know what it's like to not be able to afford fast food, or a cup of coffee, or shopping for new unworn clothes. It really sucks, and my adolescence was miserable. Poverty actually bred anxiety in me, that I will never be financially secure unless my networth is north of 30 mil. This is how crazy it gets. I think if you witness this life you don't want first hand, and you are mortally afraid you have to live it in your older years, and especially subject your kids to this, you freak out more.

Anonymous wrote:Meant to say dcum, not scum

typo of the day

Meant to say dcum, not scum

I think this generation has a lot of people (ESP the scum types) who grew up financially secure, and are now having to worry more about money. We grew up thinking we would do as well or better than ur paremts and instead are doing worse.
I grew up financially secure but now am struggling (by dcum standards) and very anxious about money. I wonder if people who grew up in lower or middle class bkgds accept more that they are not "financially secure" bc they watched their parents leaving paycheck to paycheck or struggling more so that seems normal. Whereas those of us who grew up in families that didnt have to worry are now like, "whoa, what?"

Anonymous wrote:I'm not really following how the one poster lost 50% in the market, but is still down almost that much. We, like everyone, were too, but now we are way up. Did you sell? You can always use a dip to purchase more stock. If you did in 2008, you will have massive gains by now. Even if stocks drop 50% when you are 60, you still have 20-40 years of life for them to recover. You have to plan for those dips as best you can. Sometimes anxiety over finances can cause people to make poor choices.

This is what happened. DH got super-scared, super-conservative, super-risk-averse and put EVERYTHING in very-low-return, "safe" stuff. That's why it's been such a slow, slow climb.

Anonymous wrote:

Anonymous wrote:I love how people always assume that posters with these issues should just volunteer more. How do you know they don't?

No, they just mean to say that they owe money to them, just because they happened to be slightly more successful, even though not truly rich and still pretty much working class. Somehow, those with less money turn the jealous eye towards those who are just slightly better off than themselves, not the real elites, real uber rich, who own vast majority of the wealth, and not only can volunteer, but support entire cities and charity organizations. For starters, if the uber rich can just overlook their crazy profits a bit to just provide the worker with a slightly better compensation and benefits and job security, this will go far longer way than charity.

This is kind of a bizarre rant, but I will just say that I recommended volunteering for the benefits it oftens brings to the volunteer-- a little more/different perspective and often gratitude.

I'm not really following how the one poster lost 50% in the market, but is still down almost that much. We, like everyone, were too, but now we are way up. Did you sell? You can always use a dip to purchase more stock. If you did in 2008, you will have massive gains by now. Even if stocks drop 50% when you are 60, you still have 20-40 years of life for them to recover. You have to plan for those dips as best you can. Sometimes anxiety over finances can cause people to make poor choices.

Anonymous wrote:I love how people always assume that posters with these issues should just volunteer more. How do you know they don't?

No, they just mean to say that they owe money to them, just because they happened to be slightly more successful, even though not truly rich and still pretty much working class. Somehow, those with less money turn the jealous eye towards those who are just slightly better off than themselves, not the real elites, real uber rich, who own vast majority of the wealth, and not only can volunteer, but support entire cities and charity organizations. For starters, if the uber rich can just overlook their crazy profits a bit to just provide the worker with a slightly better compensation and benefits and job security, this will go far longer way than charity.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Seriously. I can't help but wonder if this is just another backhanded opportunity to brag. It's almost pathological around here.

+1 "I'm only 33." Whatever.

Is everyone missing the part about how the money has come from life insurance and she is widow?

I'm not talking about OP. Talking about the PP who chimed in after her to humblebrag.

Anonymous wrote:

Anonymous wrote:Seriously. I can't help but wonder if this is just another backhanded opportunity to brag. It's almost pathological around here.

+1 "I'm only 33." Whatever.

Is everyone missing the part about how the money has come from life insurance and she is widow?

Anonymous wrote:Seriously. I can't help but wonder if this is just another backhanded opportunity to brag. It's almost pathological around here.

+1 "I'm only 33." Whatever.

Anonymous wrote:

Anonymous wrote:I think we all worry about money to some extent. I worry about retirement frequently and how I'm going to pay for everything. For most of us, there will never be enough. There are so many factors that you have no control over...the stock market, real estate prices, health care costs, long term care, your children, college costs, social security. I'd like to say that $XXX will be enough and when I've saved up that much I'll stop worrying, but the truth is I won't stop worrying.

That's the point-- the OP's problem is an anxiety issue not a financial issue, and it may be that serving other and practicing some gratitude would help.

It's not just anxiety. The fact is 1 mil is not a fat enough cushion to protect from life's emergencies. What if there is job loss due to chronic illness, inability to find another, medical expenses can wipe one out even with 1 mil networth when there is no money coming in and no ability to get insurance. These things happen and devastate families sending them into the poor house for the of their lives. Job security is not great these days. DH and I constantly worry about being laid off, it happens all the time, we have to fight all the time to keep our not-so high paying jobs. I wonder sometimes, how people feel so secure as to buy 2 mil homes without even having close to that in savings counting on keeping making big bucks?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
I am willing to give OP the benefit of the doubt that she is not trying to humblebrag but I do think there is something psychologically wrong when if OP is really worried. The large majority of people in this country (much less the world) are living paycheck to paycheck-- something like 1/3 of all households have no savings at all.

If you are "overwhelmed" by the uncertainty in the stock market, and the fact that if you lost your job you only have 6 months of expenses in liquid assets before you would have to tap your investments, then I'd suggest you should spend less time watching the stock market and more time volunteering in the community.

agreed 100%

Me, too. Perhaps OP and the $1.28M PP should spend some of their hoard on therapy and/or anxiety meds.

By retirement age, 90% of this country are dead or dead broke.

Is this something you aspire to do as well, or you are just not afraid to end up like this 90%. Personally, while I realize that, I don't want to be one of these people, that is why we tried our hardest to build some nest egg of some sort and not land on our bare behind one day when we are no longer healthy to work and cannot afford health insurance. I also want to provide kids with opportunities at education if they are not genius material to score on super-gifted tests and win scholarships to the top universities. For us to feel financially secure to be able to retire when health problems kick in and we no longer can work and educate our kids, which means paying college costs we would need a lot more than a couple of years of saved salary.

If you define "financially secure" as "never having to work again" then no, I am not financially secure, but I don't really think that's a very useful definition.