BIG CUTS AT MY JOB

[murdy]

I work for a big tire company and dam we are the only one that wasnt union and they did take care of us but now since all this jobs going overseas hell that cut my pay, froze my pension, raised my insurance and rumors of shutting down. I still will have some of the best wages and benefits in my area but man it still hurts when your use to living on a certain income. I think it sucks all these jobs are going overseas. It is a shame. WHAT IS HAPPENING TO OUR GREAT COUNTRY?? I am worried about my children and what they are coming into.




thanx

[Bouncer]

sorry to hear it pal.

[DS-COUSIN]

I work for a big tire company and dam we are the only one that wasnt union and they did take care of us but now since all this jobs going overseas hell that cut my pay, froze my pension, raised my insurance and rumors of shutting down. I still will have some of the best wages and benefits in my area but man it still hurts when your use to living on a certain income. I think it sucks all these jobs are going overseas. It is a shame. WHAT IS HAPPENING TO OUR GREAT COUNTRY?? I am worried about my children and what they are coming into.

thanx

Murdy-

Sorry to hear about what's happening with you and your family. You did make a good statment, "I am worried about my children and what they are coming into." I don't know if your state has college fund investing, but almost all states do, which allows for you to invest over a period of time and the money in this fund will be used for a college education and will not be taxed, as long as it is used for college. If it is not used for college, the fund will be taxed as a 401k if withdrawn. Educate your children, just like I am doing for my daughter. I invested $7,500 four years ago for my daughter and it is at $22,000 right now. My daughter is 13yrs old now and I hope it will cover the basics while she is in school and not cause a drain on my wallet when I am out of school. If I had started even sooner, the fund would have been almost $40,000 right now. I believe you can start each fund with only $250.

As a side note, 20 years ago, the Indian government (India) took out government bonds to fund education in their country and send bright citizens of their country to the US and other parts of the world for college educations in exchange for them coming back and working in India to build a strong economy. Their investment is paying off, slowly, but surely, even though they have many other cultural issues to deal with. India's GDP has increased dramatically in the past 10yrs. If our government would spend less time adding more layers to it and invest in our citizens future, you and everyone elses family would be able to have the tools to subjugate some of the issues you are facing and possibly facing in the future.

I wish you good luck....

[Shibby]

Does the college fund have to be used in the state you are investing and can you or should you transfer the fund if you move to a different state?

[DS-COUSIN]

Does the college fund have to be used in the state you are investing and can you or should you transfer the fund if you move to a different state?

Honestly, I don't have the information, but it seems possible that it can be used in any state if you move since every state has this program. I used the Oregon program. If not, I know there is a rollover program available, the same as if you rolled your 401k into an IRA. Put in "State 529 program" in a google search and if you put in your state, it should pop up a link to your local state. If you are not interested in this exact program offered by your local state government, your local investment broker has these options with the same benefits of being non-taxed.


Oh yeah, I also like Fidelity Investments and their programs, my 401k is KICKING SOME SERIOUS ASS in the past 5yrs, even with the downturn.

[Shibby]

Here's mine http://www.ok4saving.org/ I guess I will have to get with someone to help me better understand everything.

[DS-COUSIN]

Shibby,

What's great about this type of program is that the plan is geared to be pretty aggressive in the early years and as your child gets older and closer to attending college, the type of investment strategy changes into slower growth and maintaining its principle for college tuition and expenses, etc.

[Shibby]

Well I was wanting to take part of my tax return this year and start a fund for my son. But I really don't know where to start. I have never invested.

[DS-COUSIN]

Shibby,

Knowledge is power....

State 529 is inexpensive to start and if you find something better, leave that money there and put new money in something else. just research, just like you do if you were to do gear, it's the same principle, just with money, instead of your body

[Shibby]

Thanks for the info

Now back to you Murdy... :)

[DS-COUSIN]

Yeah, back to you Murdy..

Sorry for clogging up your thread, but it's good info...

[Pudgy-R]

Thats a damn shame man, if we Americans would be more nationalistic like some of our naturalized citizens and keep our dollars going to American owned and run business we would have alot less of this happening. Companys obviously go overseas because they won't have to deal with the labor laws and minimum wages in our country the only real leverage we have is to buy American and send that message. Good luck.

[rvgfrth4g]

DS-COUSIN, the state 529 is called, PACT (Prepaid Affordable College Tuition Program). Its an EXCCELENT program. My parents started me on it years ago when I started kindergarden and it was paid off when i graduated high school. You can start paying into the program when the child is born so the payments will be less by the time they graduate high school. I will definetly be doing this with all of my children. So when they graduate high school and they leave for college its all paid for. And I don't have to worry about taking out loans for years putting me in debt at a late age in life. Then I can go buy me a Corvette and cruise around in cause i'll be debt free when the kids gradute high school.

As far as the US out sourceing their jobs. Now a days when you're looking for a job you need to look at the longgevity of that type of job. Do they typically have lay-offs or could that be a job the US could out source to another country. First off, any big manufacturing job sounds nice to begin with but they'll end up out sourceing or have lay offs. And it'll be when you're almost to retirement till you figure this out and you get screwed. Here are some jobs that WON'T have lay-off's nor out sourcing. Police and Nurses (or heath field). Those are the two most secure jobs right now. One things about it is your always going to need police and nurses.

[babyblues]

I work for a big tire company and dam we are the only one that wasnt union and they did take care of us but now since all this jobs going overseas hell that cut my pay, froze my pension, raised my insurance and rumors of shutting down. I still will have some of the best wages and benefits in my area but man it still hurts when your use to living on a certain income. I think it sucks all these jobs are going overseas. It is a shame. WHAT IS HAPPENING TO OUR GREAT COUNTRY?? I am worried about my children and what they are coming into.




thanx

That's what happens when corporate profits are more important than jobs for American citizens.

[DS-COUSIN]

:agree:

There are a couple different options...the prepaid plans lock in the tuition, fees, and housing at the current rates. It's expected that college will be a couple hundred thousand by the time your son is ready for it. But it's for the state that you participate in. The investment plans let you start investing, with a wide range of options and tax benefits, but also allows you to go to school anywhere.

:agree: :agree: :agree: :agree:

BigRed: Every state is different and there are multiple programs, pre-paid or just pure investment with the hopes your child goes, but has options in case your child turns out to drop college and move to a hippie commune.. :nerdnew: