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re: Why are so many people broke by the time they reach senior adulthood?
Posted on 5/19/25 at 9:30 am to pevetohead
Posted on 5/19/25 at 9:30 am to pevetohead
quote:
Meanwhile boomers will brag about going on their 5th Caribbean cruise in a year.
I was never friends with boomers on social media. I only saw all the millennials posting their vacation pictures.
It's almost as if the generation wars are stupid.
0
Posted on 5/19/25 at 9:47 am to L.A.
It's gonna get worse. I feel like every poor person in the south is on some sort of government assistance or disability right after they graduate high school.
Posted on 5/19/25 at 5:29 pm to L.A.
I haven’t read through this entire thread so I apologize if AFFH has been discussed. If the local government is telling you this is for senior adults they’re lying, because it’s not. Andrew Wilkow has been talking about this for 10 years at least, and what you’re describing is what he’s explaining in the video
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Posted on 5/19/25 at 5:45 pm to L.A.
Sometime it is poor decisions and sometimes it is just bad luck in life. Everyone's story is different.
Posted on 5/19/25 at 6:36 pm to Ponchy Tiger
Guess i read a book in the late ‘70’s, when I was in my upper 20’s explaining the rule of 72. Changed my life. It made me realize saving like 10% and put it in IRA deferred compensation would make be secure and reach a “critical mass” at some point in my ‘60’s.
1. Pay yourself 1st.
2. Invest monthly at 10% into long term mutual funds that will on average return 9-10% a year. Your money will double every 7-8 years.
3. The more you save the more you want to save and 10% is enough if you start early. My 1st job was $12,000 a year.
4. By the early ‘80’s it had grown to $50-60K.
5. Critical mass will happen.
6. Use credit wisely. Buy a house as soon as you can.
I read recently that $10,000 invested in Berkshire Hathaway in 1966 was worth $500,000,000 today., You have to invest and understand the power of compound interest. It will beat inflation too.
1. Pay yourself 1st.
2. Invest monthly at 10% into long term mutual funds that will on average return 9-10% a year. Your money will double every 7-8 years.
3. The more you save the more you want to save and 10% is enough if you start early. My 1st job was $12,000 a year.
4. By the early ‘80’s it had grown to $50-60K.
5. Critical mass will happen.
6. Use credit wisely. Buy a house as soon as you can.
I read recently that $10,000 invested in Berkshire Hathaway in 1966 was worth $500,000,000 today., You have to invest and understand the power of compound interest. It will beat inflation too.
Posted on 5/19/25 at 6:50 pm to L.A.
This is the norm. Social security is the only means of income for most seniors.
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