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re: American middle class families must really not be saving any money.
Posted on 3/20/23 at 9:37 am to mthorn2
Posted on 3/20/23 at 9:37 am to mthorn2
quote:
Yeah my 401K is still $35k below what it was when Biden took office and I put 12% every check. Feel like is little more than most but its lack of movement the last few years makes me wonder if retirement will actually happen.
Market is up since brandon took office. Make better investment choices.
3
Posted on 3/20/23 at 9:39 am to bayoudude
quote:
Pearl River County MS
This I don’t understand. What the hell kind of jobs are people doing to afford $400k in that area??
Posted on 3/20/23 at 9:40 am to dyslexiateechur
Stennis has plenty high paying white collar jobs plus many are making the commute to either Nola or Covington/Mandeville
Other than a few local businesses we have pretty much zero industry. It’s becoming a suburb an hour away from the city.
Other than a few local businesses we have pretty much zero industry. It’s becoming a suburb an hour away from the city.
This post was edited on 3/20/23 at 9:41 am
Posted on 3/20/23 at 9:45 am to DiamondDog
I don’t think most families of 3+ that earn less than $200k are maxing out their 401k contributions.
I think everyone has the duty to save for retirement first, then carefully set aside money for their kids. That’s the priority IMO. And a lot of middle class people don’t take care of the first thing, or they reverse the priority when they do. That’s their business…I’m just stating what my wife and I are trying to do. I wouldn’t dump cash into a fancy car until both of those are satisfied.
First step in building generational wealth is to not be a financial burden on your kids. So save for retirement. Second step is helping them directly. Set up that 529 plan or a trust. But only after you have set aside your retirement savings for the year.
Both my parents and my wife’s parents both appear to have their shite together on retirement. I’m thankful for that.
I think everyone has the duty to save for retirement first, then carefully set aside money for their kids. That’s the priority IMO. And a lot of middle class people don’t take care of the first thing, or they reverse the priority when they do. That’s their business…I’m just stating what my wife and I are trying to do. I wouldn’t dump cash into a fancy car until both of those are satisfied.
First step in building generational wealth is to not be a financial burden on your kids. So save for retirement. Second step is helping them directly. Set up that 529 plan or a trust. But only after you have set aside your retirement savings for the year.
Both my parents and my wife’s parents both appear to have their shite together on retirement. I’m thankful for that.
This post was edited on 3/20/23 at 9:57 am
Posted on 3/20/23 at 9:46 am to JohnnyKilroy
quote:
Market is up since brandon took office. Make better investment choices.
Retirement accounts lost an average of 25% in 3Q 2022, if you've just woken up.
quote:
The average 401(k) balance sank for the third consecutive quarter and is now down 23% from a year ago to $97,200, according to a new report by Fidelity Investments, the nation’s largest provider of 401(k) plans. The financial services firm handles more than 35 million retirement accounts in total.
Posted on 3/20/23 at 9:53 am to bayoudude
quote:
Other than a few local businesses we have pretty much zero industry.
That’s been my experience. My whole family is in south MS and I wanted to move back but couldn’t make nearly as much as I make now.
Posted on 3/20/23 at 9:56 am to mthorn2
quote:
Yeah my 401K is still $35k below what it was when Biden took office and I put 12% every check. Feel like is little more than most but its lack of movement the last few years makes me wonder if retirement will actually happen.
Yeah it’s been a disaster for the past 18 months. And that’s not taking into account the discounting due to inflation. It’s a blood bath.
I moved a lot into money market today. Probably a mistake. But I am definitely spooked.
Posted on 3/20/23 at 9:56 am to Mo Jeaux
quote:
I'm not "poo pooing" parents helping children.
Yes you are.
quote:
See my child care position.
Dependency on outside finances are the issue, not the finances..
If youre an adult (25 or older today) you shouldn't depend on parents to help you with cash.
Posted on 3/20/23 at 10:02 am to JohnnyKilroy
quote:
Market is up since brandon took office. Make better investment choices.
This guy here
Posted on 3/20/23 at 10:03 am to RogerTheShrubber
quote:
If youre an adult (25 or older today) you shouldn't depend on parents to help you with cash.
I mean, most here agree with that. Was the contrary said anywhere in this thread?
People asked how folks are able to have homes, cars, vacations, etc. and someone mentioned that a large number of middle and upper class people are able to do that because their parents gifted them a home, paid their college education, etc.
Nobody said people should be not working and depending on mom and dad. Where did you even get that? I feel like you’re just creating arguments
Posted on 3/20/23 at 10:03 am to RogerTheShrubber
quote:so time is ok but money is not?
Dependency on outside finances are the issue, not the finances..
quote:we aren't really talking about "dependency" here. being dependent on outside finances entails going broke/not being able to pay bills if that support is stopped. we are talking about grandparents paying for private school, wedding gift for a home downpayment, etc. not people who can't provide for themselves.
If youre an adult (25 or older today) you shouldn't depend on parents to help you with cash.
Posted on 3/20/23 at 10:04 am to DiamondDog
Are those really middle class neighborhoods? Sounds like upper middle class
A lot of those families likely have dual income. Plant baw may make 130k but if his wife makes 60-80k then it’s doable
A lot of those families likely have dual income. Plant baw may make 130k but if his wife makes 60-80k then it’s doable
Posted on 3/20/23 at 10:04 am to JohnnyKilroy
quote:
Market is up since brandon took office. Make better investment choices.
Not even close. Trump years I averaged 20% increases in stock market investments. Since Biden its more like 4-7%. (Talking stocks not 401k). I sold sizable shares of stocks to buy rental properties, the market is so shitty. 401K game is negative to flat since he took office. I'm sure you are just trolling...so troll along.
Posted on 3/20/23 at 10:06 am to DiamondDog
quote:
My two vehicles plus umbrella are $440 a month in good ole loosyana.
My truck and powerboat are 220 a month for full coverage.
Posted on 3/20/23 at 10:07 am to GreatLakesTiger24
quote:
so time is ok but money is not?
What was my post regarding?
quote:
Nobody must he saving for retirement.
quote:
Lots of people my age receive family help (I'm 37). It can be day care, household payments, etc.
I'll give two strong "hints"
Posted on 3/20/23 at 10:10 am to DiamondDog
quote:
quote: Yall realize that paying for daycare instead of grandma is a brand new phenomenon right? Don't have kids you can't afford and then rely on other people to take care of or cut you a deal. How about them apples?
Yeah, leave granny alone and without purpose, pay someone to watch your kids who doesn’t care about them. That’s success!
Posted on 3/20/23 at 10:11 am to RogerTheShrubber
quote:
Retirement accounts lost an average of 25% in 3Q 2022, if you've just woken up.
For example, the S&P opened 2020 at 3,217.86, it opened in 2023 at 3,824.14. Even with the down year last year, it's still up from 2020
Posted on 3/20/23 at 10:14 am to RogerTheShrubber
page one and five
Posted on 3/20/23 at 10:16 am to Epic Cajun
quote:
Even with the down year last year, it's still up from 2020
Ny retirement accounts are exactly where they were 3 years ago, like most of the population. That's with three years of 12% contributions.
Most people are in the same exact boat.
Posted on 3/20/23 at 10:16 am to DiamondDog
I can’t figure it out either. Private schools, suvs, close to million dollar homes, and either mom stays at home or is a realtor. I just don’t get it.
This post was edited on 3/20/23 at 10:17 am
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