Thread regarding State Street Corp. layoffs

Um. Chapter 7/bankruptcy is a really bad idea if you plan on working and growing your career in the financial industry, as employers do credit and background checks when hiring and if you can't manage your own finances, no way a company is going to hire you or promote you.

What a dumb--s, no wonder State Street is such a loser of a company.

Everyone has a different story. Most Young people today have college loans so they start out in debt. Housing prices around the NY Area are astronomical. Rents are thru the roof too. Most women would love to stay home with their kids, but the reality is 2 salaries are neede to survive out there. Especially in the banking field. Everyday when I left my kids to go to work when they were young, it broke my heart. That’s time you never get back, but I had to work to feed them. I work with young moms and I see how sad they are to leave their kids everyday. Don’t blame debt on women! I know a lot of men who love to live above their needs! For the people that think they are so superior because they have little debt, just remember, all it takes is one bad break, one family crisis or one illness for your life to change overnight. Good luck to you all!

Thank God I have a trust fund to fall back on. I don’t know how all you overly leveraged working rats with little rugrats do it. I work, but it’s just for fun.

S---s to have to really depend on a job.

It’s difficult to make money and even more difficult save/ grow your money.

It’s very easy to follow the herd and take on more and more debt.

Society has brainwashed people into living their entire adult lives in debt.

Don’t really have much more to say, other that following the herd has never been the smart thing to do, it’s for the weak minded who need to be told what to do and when to do it.

Learn to think. Taking on huge debts is insane. You will never have peace.

That is all.

Layoffs are coming....The economic collapse is coming... all these people holding huge debt on homes they thought would appreciate are in for a rude awakening.

Debt is evil.

The debt bubble is what you all should be worried about...very worried.

If you bought too much house with a big sub prime jumbo mortgage, I don’t feel bad for you, it just confirms society’s greed and stupidity, the two things that are always precursors to big collapses.

Sit back and watch the sh--show in the coming years....all your friends driving leased BMWs and Lexus’s and only putting 5-10% down on their ‘dream” homes are the ones that will be losing everything as the debt bubble pops.

LOL, I’ve got my popcorn ready to watch the id--ts.

Yeah, and when you have no debt, a layoff is not so stressful.

They want you in debt, it’s how they control you....

Eat, sleep, work, pay debts

Eat, sleep, work, pay debts

Eat, sleep, work, pay debts

Eat, sleep, work, pay debts

You know I’m right. What a tragic cycle of life.

Choose to have less and have less debt.

Only buy what you can afford and if you can’t really afford that 500k mortgage on that 550k starter home, then don’t do it. Don’t sacrifice your freedom to become a slave to debt. So many people start this cycle by buying a house they really can’t afford, it’s not just the mortgage, it’s the operating costs and upkeep, if you can’t put 50% down and do a 10 year mortgage, you’re setting yourself up for financial failure. You will never see the light at the end of the tunnel. Unless maybe your parents leave you an inheritance, but that happens to maybe 1-5% of the population.

The more debt you have, the more you are a slave. Fact.

If you have a long term 30 year mortgage, loans on cars, loans on education ( student loans), credit card debt ( your credit card should be paid off each month or you really can’t afford what you are charging), then you are a slave. Look around, everyone is carrying huge debt in this country on over priced houses and cars and stuff they truly can’t afford, people look miserable in society because they know they are so in debt and so miserable. And if they are married, they have to contend with a spouse possibly overspending.

Bravo to this guy, who at age 49, has no debt and his home paid off and his wife is trained not to spend money on stupid, needless junk that clutters a home. We should all be aspiring to live a debt free life, clearly some people have brains and realize that debt will prevent you from living a pleasurable life, free of financial worry.

George Jefferson is da’ man.

Well we’re moving on up.... to the east side..... to a deluxe apartment in the skyyyyyyyyy

Mooooooooving on up....

@1jwe

It’s called keeping up with the Jones’s. In this case used luxury car guy can’t afford the “it” zip code to live in so he over compensates by buying him and his wife each a used luxury car. Tray way when his friend, Bob sees him at Home Depot on a Saturday, he knows he’s “doing well” as he zips away in his luxury used car.

Meanwhile the wife gets to impress her friend, Jane when she is seen in her “luxury used car”.

They both lay awake in bed at night fantasizing about their next house and how it will be in a better “it” town. By then, the husband hopes for a promotion and a better bonus pool and a 2% raise. The wife dreams of joining a fancy fitness club and losing the 50 pounds of “baby weight” that never came off five years ago after the birth of their second kid. She has dreams, too.

But the used cars. Those used “luxury” cars make them both feel validated and worthy....

Any questions?

I'd rather buy a brand new base model non luxury, no frills car and hold it until it dies out than buy a fancy used car that's already been driven hard and traded in. Who are these people??? God help these millennials, they have no idea how to manage money or how to effectively spend it so it works for them. You never ever buy a high end car or anything high end if you're still paying a mortgage!!! WTF? People are so clueless.

Wow, people are losing their sh--.

And lol at thinking buying two used "luxury cars" is a smart decision. Talk about pissing money away. Gotta drive that Lexus SUV or the neighbors might talk about you when you drive off every day to that job you hate, but desperately need.

No wonder State Street is laying people off, appears that some people are just not that smart.

It’s clear used Japanese luxury car guy is jealous of the OP and his ability to live quite comfortably on $200k

Yeah, way to go @X3NizKR-1usd, you seem like a financial wizard. Wasting money on the high end used cars, not one, but two. Why? To impress people? And wasting money on daycare? Are your children really that unimportant that you risk all that can happen so your wife can work? People like you should have never had kids. Start saving for their psychiatric bills later in life when all the bad things surface that happened to them under a stranger’s care.

Your first priorities should be to put has much down as possible with the smallest term (years) for a mortgage, pay it off as soon as you can and to keep your wife and kids safe at home. Many people make life work with one car. The fact you waste money on two used luxury cars says volumes about your lack of self confidence and your ego. You’re not all that and neither is your wife if she has to drive a used luxury car. What kind of mother prefers going to a job outside of the home if she can stay home and raise her own kids? Never mind, you already know the answer.

@X3NizKR-1usd

Clearly you just outlined why you can't manage on $200k. Imagine if you actually bought what you can afford. No one twisted your arm and made you buy two used luxury Japanese cars (what a waste of $$) and then took out a mortgage at 4% on a house you clearly still can't really afford...all to look the part. Maybe buy a less expensive house so you're not so stretched? You don't need a 4 bedroom, your kids can share a room in the early years. He'll, I grew up sharing a room and a bath.

You should have put the money used towards those two luxury cars towards your house down payment, had a smaller mortgage for only 10 years, bought one brand new car under 20k, kept your wife home, no daycare and no creepy daycare p----hiles taking care of your little Rugrats. Yeah, you got it all figured out.

PS, women with children hate working. No matter what they tell you, they resent a man who can't take care of the entire family so she can do what she is supposed to do, which is raise the children. If course she probably nagged you to death for the house you're in, so now your stuck in financial hell and will never get ahead. Well done.

You'll be divorced in less than five years when that dude at her work who makes more than you, promises her a better life.

You're the tool.

what a tool you are. Late 30's, do not live in an upscale town, have a manageable mortgage at a sub 4% interest rate, drive two Japanese "Luxury" cars (purchased used, both now paid off) with >100K miles....and have two children in daycare. Daycare bill is $750 more per month than mortgage. Wife works 4 days/week, she does not want to stop as she does not want to jump back into workforce at a lower comp in 5 years. Our AGI is close to $200K.

The fact is, you do not know what you are talking about. You have no concept of what it costs to raise children in TODAY's economy....many things have changed in the past decade. Don't come onto forums and lecture people about things you have no clue about.

@X3NizKR-uni I agree with you and also plan on moving to Florida when I retire. My life was not what I expected it to be since I made a lot of sacrifices to help out my sister and her children since she was divorced and really struggling. Thankfully, I always invested my money from the time I graduated from college and didn't purchase a lot of material things. Will be able to sell my home and live comfortably in Florida or anywhere else.

Remember, if you can’t pay cash, you can’t really afford it. Buying sh-- to impress people you don’t even like is a recipe for lifelong debt. If your wife nags you to spend, you tell her no. And you tell her once. Men need to lay the law down at home, otherwise these women will spend you into the poor house.

LMAO @ George Jefferson

I told my wife 10 years ago, no spending money on knick knacks and junk that clutters up the house. I fly that woman all over the place and we stay in five star hotels only. And I tell her, see how nice and uncluttered this hotel is? That’s how I want our home. We have fine furnishings, fine artwork and a beautiful home, but we have no clutter anywhere- basement is cleaner than most peoples living spaces. Garage is clean as a whistle. No junk.

Train your wife not to spend, surround her in the finer things and she will not be a pack rat, collecting c-ap you don’t need at home goods and yard sales.

To be fair there are people who are responsible but got laid off while they still had a mortgage.

Not everyone is a nonstop money spender, just State Street has been the ship sailing recklessly with out a skilled Captain at the helm of the company.

As long as you are not in debt up to your eyeballs, you can spend all you want. Heck, you can’t take it with you when you die. So many younger people live like slaves with huge debt from mortgages, cars, student loans and useless sh-- your wife wastes money on.

Thanks, man. That was my post.

Spending money every day makes me happy.

Not spending money makes me sad.

I've been doing it for about 30 years, I've had 30 happy years.

I am not as well off as you are, but I am OK. Visited 5 continents, had several kick-a-- cars, ate at good restaurants, had fun - life was good.

Those are my choices. Live life. Cover the basics. I am 58 now and I feel pretty good. Don't have much saved but Florida is cheap and i am heading that way as soon as I hit 65...

It's all about choices.