38 of 65
BACKNEXT
Jack Ross: Banks balked at lending
Jack Ross: Banks balked at lending
Jack with his wife, Cathy
Equipment lease broker, 56, Las Vegas, Nev.

With banks not wanting, or able, to loan money, I have had no choice but to close my business.

I was forced to lay off 16 people. We provided 100% medical insurance for each employee, plus a generous 401(k). They will probably all find new jobs, but it is doubtful they will find employee benefits and compensation comparable to what we provided.

I am finding that because of my age, previous open heart surgery and my very qualified business background, I am over qualified, or a "threat," for even a simple service job.

I did make prudent investments and saved money while operating my business. However, I was hoping not to dip into that money to pay for my sons' college and everyday living expenses.

Since I am not employable in this city, and the housing market prohibits me from selling my home and moving to a "normal urban center" with opportunity, I have no choice but to start living off my retirement fund.

NEXT: Stephanie Joy: Walking a financial tightrope
Last updated November 15 2009: 6:21 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
Tools to make your money grow You've started saving and built a financial base. Time for a few new strategies and tools to get your money to grow even more. From real estate to IRAs, here are some tips. More
Ready to start saving? Here's how to do it right When you are just starting out or finally starting to get serious about saving, the basics will get you far. Here are more than a dozen tips that will help you lay the base for building your net worth. More
Meet four kings of Alibaba's online retail empire Alibaba's shopping sites account for 80% of online retail in China. Meet four successful merchants. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.