advertisement
Reply
Thread Tools Display Modes
will19
Grand Magnate
 
will19's Avatar
will19 has no updates.
 
Member Since: Oct 2012
Posts: 3,612
10 yr Member
1,097 hugs
given
PC PoohBah!
Default Sep 14, 2019 at 11:50 AM
  #1
I had been diagnosed with Depression and I go on the Depression forum frequently. I wonder if depression has something to do with what's going on with me?

It's really weird that now I am hovering around $225,000 in my savings. And yet I worry a lot. I worry that I'm going to lose all of that money. It still hasn't fully sunk in that I have that kind of money. For all of my life I had been hovering around a few thousand dollars in my savings; and that would be when times were good. It's only been four months since I got this money by selling my condo unit and deciding to live in a rental.

And I feel like I really can't enjoy it. In two weeks from now I'm going on a vacation; which is halfway across the U.S. I'm staying at a place that has a cabin on a lakefront. I feel terrible that I have spent that money for that vacation. It's more like a retreat for me; to get away from the city life - for peace and quiet.

All I think about is that I'm hoping for more money to come in so that I can just put it away instead of spending it for something very nice. It's like I'm obsessed with money or "hoarding". I've been told that I'm wrong for carrying on that way. Anyone else on here feel the same way?
will19 is offline   Reply With QuoteReply With Quote
 
Thanks for this!
shakespeare47, Skeezyks

advertisement
Skeezyks
Disreputable Old Troll
 
Skeezyks's Avatar
Skeezyks has no updates.
 
Member Since: Oct 2015
Location: The Star of the North
Posts: 32,762 (SuperPoster!)
8 yr Member
17.4k hugs
given
PC PoohBah!
Smile Sep 14, 2019 at 03:51 PM
  #2
Well... I don't know how old you are. I'm a so-called senior citizen. My wife & I aren't well-to-do. We're "comfortable" I guess you'd say. Our needs are few. In my case I almost never spend money on anything unless it's necessary. But I still find myself worrying about money even though I know there's no real need to. Growing up my parents were fairly poor... "working poor" I guess you'd call it nowadays. (I didn't realize it at the time. But looking back I can see that was the case.) So I think my tendency to worry about money comes naturally.

I don't know what the answer is. Perhaps just keeping a detailed budget helps. That way you know exactly what you have coming in & what's going out. To some extent I think it's perhaps the fear of the unknown that contributes to the worrying. And, beyond that, if your worrying becomes too disconcerting perhaps it's something to seek mental health therapy services for, particularly if you find that money-related worries are more of a symptom of a broader problem you have with worry in general. (I think I can relate to that too.) Some financial counseling might be useful as well.

__________________
"I may be older but I am not wise / I'm still a child's grown-up disguise / and I never can tell you what you want to know / You will find out as you go." (from: "A Nightengale's Lullaby" - Julie Last)
Skeezyks is offline   Reply With QuoteReply With Quote
 
Thanks for this!
shakespeare47, will19
HALLIEBETH87
Legendary
 
HALLIEBETH87's Avatar
HALLIEBETH87 Tired
 
Member Since: Oct 2004
Location: usa
Posts: 11,175
15 yr Member
2,739 hugs
given
PC PoohBah!
Default Sep 24, 2019 at 02:30 AM
  #3
I have $180
I’m savings and constantly
Worry

__________________
Bipolar 1 w/psychotic features or schizoaffective bipolar type
PTSD
generalized anxiety
OCD

celexa, prazosin, Lybalvi and prn zyprexa and klonopin
HALLIEBETH87 is offline   Reply With QuoteReply With Quote
 
Hugs from:
bpcyclist, Seafarer, shakespeare47, will19
 
Thanks for this!
*Beth*
Calypso2632
Member
 
Calypso2632's Avatar
Calypso2632 Working on it
 
Member Since: Jun 2015
Location: Maine
Posts: 281
8 yr Member
99 hugs
given
Default Sep 24, 2019 at 11:29 AM
  #4
i get paid biweekly. im usually broke the same day, no savings, bills barely get paid, both of us are working the hours we are given and jobs are pretty scarce here. skin of our teeth is a thing. worry i can relate to, maybe therapy to talk about this newfound nest egg and how to translate this worry into something you can feel good about?

__________________
Im not crazy, my reality is just different than yours.
Calypso2632 is offline   Reply With QuoteReply With Quote
 
Hugs from:
bpcyclist
 
Thanks for this!
will19
Seafarer
Member
Seafarer has no updates.
 
Member Since: Jul 2019
Location: US
Posts: 473
3 yr Member
146 hugs
given
Default Nov 15, 2019 at 08:23 PM
  #5
If I had $250,000 I would feel like a millionaire. I would invest the principal and live off the interest.
I have never in my life had more than $1,000 in any bank account.
I live on $900 a month, Social Security and pension. I live in a safe senior building and never have to worry about utility bills.
Sometimes we need a vacation from our everyday lives.
Seafarer is offline   Reply With QuoteReply With Quote
 
Thanks for this!
unaluna, will19
will19
Grand Magnate
 
will19's Avatar
will19 has no updates.
 
Member Since: Oct 2012
Posts: 3,612
10 yr Member
1,097 hugs
given
PC PoohBah!
Default Nov 16, 2019 at 12:55 AM
  #6
Quote:
Originally Posted by Seafarer View Post
If I had $250,000 I would feel like a millionaire. I would invest the principal and live off the interest.
I have never in my life had more than $1,000 in any bank account.
I live on $900 a month, Social Security and pension. I live in a safe senior building and never have to worry about utility bills.
Sometimes we need a vacation from our everyday lives.

It's been a while since anyone has replied on this thread. It was nice to see a poster. In a lot of ways, I felt sorry that I had put that thread on since so many people are struggling. I have appreciated the replies, though.

There was a time when I didn't have much. I got a lucky break when I received $100,000 in an inheritance from my late parents. My sister and two brothers got the same amount. My late brother got the inheritance and blew it all; and ended homeless for a while. My sister had it plus she and her husband sold four houses along with the both of them having pensions. They have been at $100,000 in debt! I don't know where all that money went. I had a thread on here about lending my sister money, in which I did. Fortunately she paid me back. There are so many other people I have known that were doing better than I am right now and they ended up broke.

Just recently I put about 30% of my money in a high-yield money market at a bank that was my mortgage company. They suddenly decided to lower the interest rate greatly; so I got mad and pulled my money out and decided to put it somewhere else. It's been a hassle doing this and I have lost out on some interest because of transferring over. It's a complicated procedure.

Between those incidences in the last couple of paragraphs that I have written, that's why I worry about my money. One time, around 35 years ago, I had $15,000 saved up and I lost it all in a couple
of years. It was all gone before I knew it and I hadn't been spending a lot.
will19 is offline   Reply With QuoteReply With Quote
 
Thanks for this!
Seafarer
bpcyclist
Legendary
 
bpcyclist's Avatar
bpcyclist has no updates.
 
Member Since: Sep 2019
Location: Portland
Posts: 12,681 (SuperPoster!)
3 yr Member
40.2k hugs
given
PC PoohBah!
Default Nov 17, 2019 at 09:36 PM
  #7
I don't know where you are located, but you need to find a trusted financial planner to help you with this. I can't stress this enough. That money should not be in a bank account--most of it , anyway. You need to put it to work for you. It can be a source of income for you, if you do this right.

I've been around and I can tell you that money comes and money goes, if you do not plan very carefully. I once had quite a lot, but it was all driven by a high income. When I got sick and suddenly had no income, I could have been hosed. But I wasn't, because years earlier, I had met with smart, conservative people and put a plan in place on the off chance I became ill. Well, I did. And now I and my kids (and my exes!!) are all okay. Nobody's rich, but bills are paid, place to live, food on table.

So, please, please, plan. Find someone to help you. Protect that asset. If you don't, there is a good chance it will end up dwindling away. Not because you are irresponsible, but because that's what tends to happen to cash.

__________________
When I was a kid, my parents moved a lot, but I always found them--Rodney Dangerfield
bpcyclist is offline   Reply With QuoteReply With Quote
 
Thanks for this!
*Beth*, Anxiety Princess, LilyMop, shakespeare47, will19
bwildhorses
New Member
bwildhorses has no updates.
 
Member Since: Mar 2008
Posts: 8
15 yr Member
Default Nov 22, 2019 at 04:55 PM
  #8
I can sympathize as I am due to get around $100k inheritance that will probably end up going to insurance premiums at least the next year...it blew me out of all the premium credits at least for next year. I don't have the ability to work 40 hours a week anymore, I'm in my 50s and yeah, really $100k is just not that much...so I sympathize as I could say the same about $225k as well, there just seems so much that will eat it up.

and thanks bpcyclist, I would like to find a good place to put it so it will earn more but scared to jump into stuff.
bwildhorses is offline   Reply With QuoteReply With Quote
 
Hugs from:
bpcyclist
 
Thanks for this!
shakespeare47, will19
shakespeare47
Grand Magnate
 
shakespeare47's Avatar
shakespeare47 has no updates.
 
Member Since: Jul 2014
Location: US
Posts: 3,134
8 yr Member
437 hugs
given
PC PoohBah!
Default Jan 10, 2020 at 10:17 AM
  #9
@will19
I'm 53 and my wife and I have about $194,000 in a retirement account. I sometimes worry about what would happen if we lost it all. Actually, losing it all is a very unlikely scenario- the money is with a respected financial institution- but you never know with the stock market. It could potentially lose much of its value in a short amount of time. But, I'd rather keep it in relatively risky stock mutual funds until I retire, as those are most likely to get me the gains I'd like- and I've been "playing the market" this way for over 20 years- we built up our nest-egg by investing consistently every month. After we retire, we'll probably put the money in something a little less risky and then only withdraw about 4% a year, or so.

We've also had some windfalls that we've spent. At one point, we had 2 rental houses, and when we sold them, we got quite a bit of cash. I don't quite remember what we spent the money on- although, I know we used a large chunk to put a down payment on the house we're in now. I've never been one to buy new cars, or anything particularly flashy. We did once spend 10 days driving around England. I'm more into "buying experiences".

__________________
My business is to teach my aspirations to conform themselves to fact, not to try and make facts harmonise with my aspirations. T.H. Huxley
shakespeare47 is offline   Reply With QuoteReply With Quote
 
Hugs from:
bpcyclist
 
Thanks for this!
will19
Anonymous45521
Guest
Anonymous45521 has no updates. Edit
 
Posts: n/a
Default Jan 18, 2020 at 04:34 PM
  #10
I can relate. When I was younger I always wanted money so I could go on a fun trip buying whatever I wanted at Ikea. But now that I have the money, I am even more of a tightwad. I don't want to spend money. I also worry a lot about my money being drained by theft or simply by greedy companies that I have it in. There seems to be endless ways to steal from people these days.

Speaking of... I would not recommend a financial advisor. IMHO just look up the press releases on the DOJ site, 99% of white collar crime are financial advisors stealing money. You can do it just as well.

I think I would put it back into real estate - an income producing property. You gain on both ends of that and it is hard to steal.
  Reply With QuoteReply With Quote
 
Thanks for this!
will19
Anonymous48672
Guest
Anonymous48672 has no updates. Edit
 
Posts: n/a
Default Jan 18, 2020 at 06:48 PM
  #11
Well, you could be like me; nearly 50 with no job-based pension, because...no job. I will be living hand to mouth for the remainder of my life, and when social security becomes available to me, on a meager $800 a month. Like, 1/2 of Americans in my age group and older, there are those of us who were not fortunate to ever have access to such a large sum.

I would definitely secure your money into an IRA or something safe like that. Stay away from financial investors -- they're all crooks. They'll steal your money a la Bernie Madoff.

Do a fixed annuity. That's what my mother lived off of after my father's death. She put his life insurance money into a fixed annuity and received payments from it to live off. Now she's secure in a nursing home that costs $5-7K a month, that she can't afford, but secured through an elderly waiver from the county.

You have a huge chunk of money. Avoid investors but talk to a financial planner about a fixed annuity.
  Reply With QuoteReply With Quote
 
Hugs from:
*Beth*, bpcyclist, will19
 
Thanks for this!
*Beth*
will19
Grand Magnate
 
will19's Avatar
will19 has no updates.
 
Member Since: Oct 2012
Posts: 3,612
10 yr Member
1,097 hugs
given
PC PoohBah!
Default Jan 19, 2020 at 06:22 PM
  #12
Quote:
Originally Posted by Emily Fox Seaton View Post
I can relate. When I was younger I always wanted money so I could go on a fun trip buying whatever I wanted at Ikea. But now that I have the money, I am even more of a tightwad. I don't want to spend money.

Funny how I feel exactly the same way. I feel tight with my money because I know that it can go even though it seems like I'm set for life.

The Financial Advisors never appealed to me for some reason. I have read about how crooked they are. It's not just those big time operators but the ones in small towns can be crooks.

The biggest fear I have is with medical bills. Just recently I got some bad news so that can be costly to take care of it. I have insurance from work but it doesn't pay for everything.
will19 is offline   Reply With QuoteReply With Quote
Anonymous48672
Guest
Anonymous48672 has no updates. Edit
 
Posts: n/a
Default Jan 19, 2020 at 06:41 PM
  #13
Quote:
Originally Posted by will19 View Post

The biggest fear I have is with medical bills. Just recently I got some bad news so that can be costly to take care of it. I have insurance from work but it doesn't pay for everything.
My friend has her medical board license for the U.S., the UK, and now Spain and Australia (she's working on Australia and New Zealand but has the others). Go abroad for your healthcare -- it's so much cheaper! Northern Italy, The Netherlands, Germany, the UK...hell, EVEN Cuba -- the cure for lung cancer discovered there decades ago, but Big Pharma here blocks the import of the cure because there's no money in a cure.

Also, Denmark cured cancer but again, the U.S. won't allow that cancer cure from Denmark because again -- no money in it for our corrupt health insurers and big pharma and gov't-- better and yet cheaper than the U.S. I hate the U.S. I would move tomorrow if I could. I hate it here.
  Reply With QuoteReply With Quote
 
Hugs from:
bpcyclist
 
Thanks for this!
bpcyclist
Anonymous45521
Guest
Anonymous45521 has no updates. Edit
 
Posts: n/a
Default Jan 19, 2020 at 06:47 PM
  #14
Quote:
Originally Posted by will19 View Post
The biggest fear I have is with medical bills. Just recently I got some bad news so that can be costly to take care of it. I have insurance from work but it doesn't pay for everything.
I can relate... I just got a potential major medical thing. I have good insurance but they are always finding a reason not to pay for something.

My bank offered a free financial advisor and she was helpful but she got paid by the bank. Otherwise I don't trust them.
  Reply With QuoteReply With Quote
 
Hugs from:
bpcyclist
*Beth*
catches the flowers
*Beth* is practicing healthy breathing for brain, mind, body, spirit.
 
Member Since: Jul 2019
Location: Downtown Vibes, California
Posts: 15,701 (SuperPoster!)
3 yr Member
23.7k hugs
given
PC PoohBah!
Default Feb 19, 2020 at 11:10 AM
  #15
If the money is stressing you so badly, I'll take it! I currently have 8$ + five laundry quarters to my name.

But seriously, a financial advisor is a smart way to go...just check references and ratings.

__________________




*Beth* is offline   Reply With QuoteReply With Quote
 
Hugs from:
bpcyclist
divine1966
Legendary Wise Elder
 
divine1966's Avatar
divine1966 Tired!!!
 
Member Since: Dec 2014
Location: US
Posts: 22,302 (SuperPoster!)
8 yr Member
1,274 hugs
given
PC PoohBah!
Default Feb 22, 2020 at 02:11 PM
  #16
We put money into 401k (or 403b) and it’s annuity, there is very little growth but we can’t lose it. If you worry about losing it then put it in annuity. You’ll be fine that way
divine1966 is offline   Reply With QuoteReply With Quote
 
Hugs from:
bpcyclist
All times are GMT -5. The time now is 07:31 AM.
Powered by vBulletin® — Copyright © 2000 - 2024, Jelsoft Enterprises Ltd.



 

My Support Forums

My Support Forums is the online community that was originally begun as the Psych Central Forums in 2001. It now runs as an independent self-help support group community for mental health, personality, and psychological issues and is overseen by a group of dedicated, caring volunteers from around the world.

 

Helplines and Lifelines

The material on this site is for informational purposes only, and is not a substitute for medical advice, diagnosis or treatment provided by a qualified health care provider.

Always consult your doctor or mental health professional before trying anything you read here.