At 77 He Prepares Burgers Earning in Week His Former Hourly Wage



It seems like another life. At the height of his corporate career, Tom Palome was pulling in a salary in the low six-figures and flying first class on business trips to Europe.
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So who's fault was it that he only saved $90,000 for retirement? Even spending $10k a year that's enough for 9 years.

Is it the government's fault? Is it the crash of 2008?

Or should he have perhaps considered setting aside a higher percentage of his low six figure salary?

Typical media spin about how hard it is to make ends meet these days. How about personal responsibility? Thinking ahead? Planning?
 
dsm56 said:
So who's fault was it that he only saved $90,000 for retirement? Even spending $10k a year that's enough for 9 years.

Is it the government's fault? Is it the crash of 2008?

Or should he have perhaps considered setting aside a higher percentage of his low six figure salary?

Typical media spin about how hard it is to make ends meet these days. How about personal responsibility? Thinking ahead? Planning?
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10k a year? You crazy bro?
 
FFS, maybe it's the british english, I mean $10k is ridiculously low, but EVEN if he ONLY spent that much he would only have enough for 9 years.
 
dsm56 said:
FFS, maybe it's the british english, I mean $10k is ridiculously low, but EVEN if he ONLY spent that much he would only have enough for 9 years.
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Ok ok :) In my understanding "even" (in this context) means something like "as much as"..
 
Funny how people all have advice yet I doubt more than half the people on wicked fire have any substantial retirement savings

I've been saving for retirement since 23 almost 7 figures already at 35 and weathered the 2008 crash

You're never to young to start and the earlier you start the more you'll have. I have other assets and bank accounts but something about an actual retirement account ensures you don't fuck up and blow it all on coke and hookers on a crazy Vegas bender
 
Good article.

I still can't understand how he could step down as VP of Oral B. I would've moved to Yemen to keep that job.
 
Regardless of his poor financial planning, you've got to respect that he hustles to do whatever is needed to make ends meet.
 
dsm56 said:
So who's fault was it that he only saved $90,000 for retirement? Even spending $10k a year that's enough for 9 years.

Is it the government's fault? Is it the crash of 2008?

Or should he have perhaps considered setting aside a higher percentage of his low six figure salary?

Typical media spin about how hard it is to make ends meet these days. How about personal responsibility? Thinking ahead? Planning?
Click to expand...

You must of skimmed the entire article because it certainly wasn't the typical media spin about someone not being able to make ends meet. The man doesn't have to work -- he chooses to work the minimum wage jobs for the extra money to help build up his savings.

He openly admits to not planning and saving accordingly -- and he certainly doesn't play some victim in the article. He is grateful for his health and ability to work a "lesser job" at 77 yrs old when most people his age refuse to do it.

Also, like most people here can relate, he was self-employed for a majority of his career and wasn't able to save during bad times. He helped out his elderly parents when they needed him, put his kids through college and helped them out with down-payments on their homes and downsized his own home since his wife died and kids moved out.

I have utmost respect for someone with that kind of work ethic throughout his life and not making any excuses.
 
That's why you don't work a J-O-B for your whole life, hoping that the company or the government will support your ass when you are unable to work.

Fucking pheasants.
 
Andrew Scherer said:
Can you share with us what you have it in, like what % in stocks, etc..?
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I don't know the funds but its almost all stock and aggressive so a lot of tech and Internet companies plus international holdings

My broker handles most of it and if its not on par with what other friends of mine are seeing ill move it. Each year I ask people I trust what their percent return is to make sure my guy is in line.

I also don't deal with the guy who deals with every Tom dick and Harry my guy manages big portfolios several 100mm plus clients. Why he works with me I have no idea. But a good investment adviser is as important as starting to invest
 
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