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Started By
Message
re: Nearly Half of All US Families Have Zero Retirement Savings
Posted on 3/3/19 at 11:49 am to OleWarSkuleAlum
Posted on 3/3/19 at 11:49 am to OleWarSkuleAlum
quote:
The economically disadvantaged underclass in America doesn’t have computer or internet access. How are they are to access a brokerage to invest in VTSMX? Do tell? They sure as hell are not going to have the account minimum to even open the account.
They can quite easily get their accountant to do it when they file taxes.
If they simply threw the amount they didn't need all year long into an index fund set up by their accountant or financial advisor, they would almost certainly be set for retirement. Hell, throwing HALF in and paying the accountant out of the refund would still lead to a remarkably secure future for most.
0
Posted on 3/3/19 at 11:49 am to IslandBuckeye
quote:
Here comes the Yang worship.
Yang is a leftist/globalist plant to steal votes from Trump. Will backfire and steal more votes from left is he runs. He's not conservative and he's full of shite. His delivery is good. But his solutions are bullshite. I'm only fine with UBI if everyone WORKS. Everybody can do something. If we want to give out "to each according to their needs" then those mf'ers damn well better put out "according to their abilities." Fair share and shite.
Posted on 3/3/19 at 11:49 am to SmackoverHawg
quote:That's the thing. People aren't failing to save because they can't. They aren't saving because they don't want to.
Ouch. I had that much at the end of 8th grade from mowing lawns and shite.
Posted on 3/3/19 at 11:55 am to Ace Midnight
quote:Same. I know everyone in our little conclave well. My home is probably the 4th nicest, on par with most of the others a little better than the others. However, my income and net worth vastly exceed any of theirs. They are all against welfare, UBI, etc, but I'll guarantee they'll be bitching about how" you can't live on social security" in 20-30 years. Same ones that won't come in for a well visit or avoid a visit at all cost for real medical needs, yet will drop a few grand with me for botox, fillers etc.
I recently spent about 2 years in a relatively affluent Southern community. For the area, my income was about the top 5 to 7 percentile (closer to the 7) - I lived in a middling house for the area (nice, but just like a hundred or so others in the development), and drove nice, but well used cars (the cars new were a combined $90k, but I generally buy used and paid about $60k combined) - EVERYBODY seemed to live higher than us. Newer/nicer cars, bigger homes, stuff you can't fake, right?
Posted on 3/3/19 at 11:56 am to OleWarSkuleAlum
Boomers and Gen X need to get their shite together
Posted on 3/3/19 at 12:01 pm to OleWarSkuleAlum
I’ll take this opportunity to remind everybody that it is not my responsibility to pay for anybody else’s retirement.
Posted on 3/3/19 at 12:04 pm to Parmen
quote:
fricking boomers aren’t retiring and moving on, preventing Gen X and Millennials from moving up to better positions
Can agree with this to an extent
quote:
No wonder you have Millennials wanting free stuff
This is not because of the above. It's because of all the snow flake parenting
Posted on 3/3/19 at 12:05 pm to steadytiger
quote:you're so naive and clueless. Not everybody is born with the talents and gifts to climb out of poverty. Poor people don't have the money to plan much of anything, much less retirement savings. It's like you are too dumb to know what poverty is.
Not in all cases, but people in the lower economic realm are poor planners. In most cases, it is why they are in that realm.
Posted on 3/3/19 at 12:07 pm to OleWarSkuleAlum
Over 40% of this country doesn't even pay income tax, and somehow people are surprised that 30% hasn't saved for their retirement.
Posted on 3/3/19 at 12:08 pm to arcalades
bullshite. See poor families all the time walking around with new shoes and cars they can’t afford. Everyone can learn to pay themselves first.
Posted on 3/3/19 at 12:14 pm to OleWarSkuleAlum
quote:
No they are economically disadvantaged and don’t have access to the same tax advantaged retirement accounts.
quote:
The economically disadvantaged underclass in America doesn’t have computer or internet access. How are they are to access a brokerage to invest in VTSMX?
You've got to be kidding me. It's as easy to open an investment account as it is to get a driver's license or pay your electricity bill.
The level of helplessness you attribute to people is as condescending as it is ignorant.
The problem is most people have no idea how to invest, aren't taught about the importance of it, and don't take the time to figure it out.
Most people barely can think ahead to next week, let alone think 30-40 years down the line. It has much more to do with mindset than it does access.
Posted on 3/3/19 at 12:14 pm to Taxing Authority
quote:
That's the thing. People aren't failing to save because they can't. They aren't saving because they don't want to.
Exactly. And this is true of all income levels. I know plenty of "poor" people that will retire comfortably and even more "rich" that will never be able to retire. shite, I had over $50k in savings by the time I finished med school from working and investing since I was 12. Time value of money. I lived meagerly in school. Only took enough loans for tuition, books, etc. Owed about $38k when I graduated in 2000. Wife owed about $22k for college and pharmacy school combined. Knocked that out early for her and local hospital paid mine off before I ever had to pay a dollar on it as part of a recruiting package because it was so low. And we had a kid at the start of my 3rd year of med school and her 4th year of pharmacy school. Plenty of my classmates were living like kings in nice homes, driving nicer cars and eating at the finest restaurants. We lived well, but below our means and never felt like we were missing out. We just prioritized certain things over material goods and appearances. As a result we were both able to start our own businesses right out of school/residency and we were already investing. Now at age 45, we can retire if we please. Nothing magical, just started early and stayed on the path. And we gave ourselves a "raise" every year. And trust me, we haven't done without. So the "You can't take it with you, and I want to enjoy it now while I'm young" etc. Is all bullshite. You can have both. End of rant.
And I wasn't exactly economically advantaged. My dad is a physician, but he's only 15 years ahead of me in practice. He was swamped in loans and other debt until I was well into med school. I appreciate the $300/month I got from them while in med school and my auto insurance, but only on months we were in class/rotations. My wife's dad was killed in an auto accident her first year of college. She returned home and sacrificed her scholarships to help her mom and younger sister. They were lower middle class before he died. She got $0 from her family. In fact, her portion of her Dad's life insurance was taken from her to pay for her older sisters college and never reimbursed to her.
But, we're both white. So, I guess we had it easy.
Posted on 3/3/19 at 12:15 pm to steadytiger
quote:
Not in all cases, but people in the lower economic realm are poor planners. In most cases, it is why they are in that realm
Thats a lazy way of saying you dont care.
Posted on 3/3/19 at 12:17 pm to OleWarSkuleAlum
quote:Library
The economically disadvantaged underclass in America doesn’t have computer or internet access. How are they are to access a brokerage to invest in VTSMX? Do tell? They sure as hell are not going to have the account minimum to even open the account.
Why VTSMX? Why not VTI?
Thinking is hard.
Posted on 3/3/19 at 12:18 pm to OleWarSkuleAlum
The social security program is having it's desired effect. Government dependence.
Posted on 3/3/19 at 12:21 pm to arcalades
quote:
Not everybody is born with the talents and gifts to climb out of poverty. Poor people don't have the money to plan much of anything, much less retirement savings. It's like you are too dumb to know what poverty is.
It's not hard. It should be taught in the school system. They're poor, but that doesn't mean they can't be educated. And there are experts to help guide them. Unfortunately, they seem to trust the Nigerian prince offering them millions of $ for a few hundred over a licensed, credentialed advisor. Quit making excuses for people and you might be surprise at what they are capable of. Instead of assuming they can't, how bout giving them the knowledge so they can? I know a kid that has an IQ of about 70 and physical impairments, yet he works and saves. Now he is helped by family and community, but he earns his keep. I get all my eggs and fresh produce from him. He'll do any little odd job he can and to perfection. Needs a little oversight, but he'll work.
Posted on 3/3/19 at 12:24 pm to OleWarSkuleAlum
quote:
In fact the poorest amount us are the most thrifty and save whatever meager amounts they can. Instead of hiding it from taxes they are storing coins and singular dollars under their mattress.
Is that why most of the poor in America have iPhones with data plans and cable TV?
Posted on 3/3/19 at 12:25 pm to Ace Midnight
quote:I dated a wealth manager once. She had a nice client base in Houston. We'd drive through the Heights (before the $1m McMansion craze) and she'd point out several millionaires- living in 1,100sf bungalows built right out of the Sears catalog in the 1940s.
I'm talking nicer BMWs, Mercedes G-rides, Lexus SUVs were the staple vehicles and the "small" houses were 2500 square foot, $250k. Where in the hell does all this money come from?
As she used to say "some people want to look like they have money, others want to have money".
I bet it's completely opposite in that neighborhood today judging by the house.
This post was edited on 3/3/19 at 12:28 pm
Posted on 3/3/19 at 12:27 pm to OleWarSkuleAlum
Here’s the next OWSA Obsessive Compulsive Disorder tangent. We’ve already got an unsustainable amount of safety nets for poor, lazy, illegal, and every now and then unfortunate people in our country.
Posted on 3/3/19 at 12:32 pm to HailToTheChiz
quote:I can't. It's not like everyone lives in a one-company town where you have to wait for a superior to die to get promoted.
fricking boomers aren’t retiring and moving on, preventing Gen X and Millennials from moving up to better positions
------
Can agree with this to an extent
There has never in the history of mankind been more opportunity than there is now. You can live in complete BFE and have clients all over the world. You can communicate with them for free day or night. You can make a living with a $500 laptop.
The idea that one cannot succeed because of a fraction of the population working longer (largely because they are healthy enough to) is plain-old-fashioned excuse making.
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