My Letter to the Editor

Well, after my big vlog yesterday, as promised it’s going to be all geared toward “reversal of fortune” this week on Cool Mom. And again, thank you so much for the dear comments. I appreciate them, and I also appreciate the lows that others are going through or have come out of.  Makes me think of what a mentor told me in college years ago,

“Daphne, you know life is not like a movie, that it’s not on a constant upward trajectory?”

Me: “Of course I know that.”  Inside I was like, “Crap, yes, I thought it was like a movie; I thought it was a constant upward trajectory.”  How she read me so well, I do not know.  Well, the last few years have felt pretty good… despite aging father and such. But, dang, someone just grabbed that fun romantic comedy I was watching in the DVD player and threw in another with some dark turns. Wait, look another DVD is coming back in,  it’s the “comeback” story, the “As God as my witness, I will never be ripped off  by a Wall Street creep again!”

Wouldn’t be great if the whole country right now could cut to the montage? The one where in 90 seconds we get slim, smart, and prosperous?

ANYWAY…

Last week I wrote a letter to the editor of the LA Times business page. Here it is.  I was rather proud of it. The one thing I would add to this is the SIPC funds we read about (most recently one said $30 million given so far to Madoff victims) is only if one was a Madoff client. Myself and other family members were not.  We were in a feeder fund who didn’t disclose that he was taking a fee… a sizable one… to hand over 100% of said funds to Madoff. The gov’t doesn’t count us for the SIPC. I bring this up just because it’s easy to think “Hey you Madoff people quit your whining; you’re going to get 500 grand.” We will not. We are praying that we do get some of the taxes back we paid on the phantom profits.  But as I say in the letter that won’t do anything for my IRA or my husband’s. That’s Puff the Magic Dragon time.

People talk about how the economy is in trouble because everyone was spending and not saving. Ha, ha, I started my IRA when I was 16 and was making $3.75 an hour. I am sure you all know how hard it is to save when you make that wage. I wish I had spent more money; then at least I’d have something to show for it!  Also, most everyone I know in Miami is in foreclosure, and I have a terrible property there I bought before I was married. It’s very under water, fiscally speaking. Irks me when I hear people talk about “speculators.” I mostly know moms who were trying to supplement their families’ incomes by buying a condo or a house, fixing it up, and selling it.  A year ago, they would have been called entrepreneurs; now they are speculators?  They (me) got caught.  So many of us got caught in this mess.  Ideas that seemed like a good idea a few years ago are a disaster now.

I don’t know about you, but it can certainly undermined my confidence.  And I will be slow to give anyone else financial advice in the future.