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That's what I was going to say. A lot of people are living paycheck to paycheck trying to keep up with today's bills. Saving for retirement is something they can put off, so that's what waits (and then never happens). They can't put off paying for housing, utilities, food, and transportation to and from work.
This is why I'm the only one with a sustainable solution for these people.
You can't afford not to - period. Look, I've been there, and I'm telling you it can be done. I don't make a lot of money - less than $70K last year, and my wife only works a few hours a week. We have 4 kids, and yet we still manage to live comfortably and save a decent amount every month. I've been on the other side of the fence, and it was only a matter of making a conscious decision to charge our financial habits that did it for us. If you want to do it, you can, you just have to make it a priority - and no amount of arguing will make me believe otherwise.
The most I have ever earned in a year is $17K. Today I live on less than that. I can't afford to save for retirement. That's why I seek sustainable solutions in cheap housing.
Well lets be honest. The "loss" is rarely permanent, it was a market correction and if you WAITED it came back. And if "you" were upside down in a bad mortgage shame on you for spending all your equity or not having any to begin with.
People who wanted to retire at FIFTY are NOT in bad shape just because they had to defer their plans.
And I don't know many people who, at 70, wish they SPENT their money instead of being able to afford the gorgeous Independent Living or Assisted Living lifestyle - and here where I live they ARE luxurious.
"JUST" winding up in a "high class nursing home"? You better hope to be that lucky AND practical!
So if you're poor, shame on you for paying half your income on rent, or not having any equity because the only mortgage you could get was a bad mortgage.
The reason he was a millionaire was BECAUSE he drove an old car and lived in the same house. I know so many people use this old saw about not wanting to save all their life only to die young as an excuse to live only for today and not save. Only when they are on the threshold of retirement and realize what a meager amount they will have to live on will they say "I wished some one had told me when I was young about the value of compounding interest, blah,blah...."
I know people who drive an old car and live in the same house...and they're poor.
The most I have ever earned in a year is $17K. Today I live on less than that. I can't afford to save for retirement. That's why I seek sustainable solutions in cheap housing.
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Globalization is here to stay; the American economy is descending, emerging economies are ascending. American workers are competing with teens for low-wage jobs. The sooner we accept downward mobility, the better off we will be for it.
Unless you want the American working class to be dragged kicking and screaming into the 21st century global economy.
Remember the days when we used to sell tobacco to England in exchange for tea? Which itself of course came from someplace else? Like automation, globalization is something that's been going on for hundreds of years. The world did not begin in 1980, boys and girls.
I recently advise my brother-in-law (who recently graduated from college and got a job) to save 15% in 401k. I guarantee he will reach 1 million based on projection I did. He told me he can't imagine himself retired and do nothin at home. He'd be bored to death.
Young people don't learn.
It's hard to convince them the benefit of true financial freedom. The image of fixed income to cover one's lifetime expenses, free time doing whatever they want instead of a 9-5 office job seem too unrealistic to fathom in their mind. At least right now.
People who love what they do may not have so much interest in retiring. If you don't retire at the very first moment you are eligible to, you don't need to save up as much money to support yourself in your old age.
So, how many of the posters here are in "investments" for a career? I don't know where some of you come from but I have known more than one person working 3 jobs, many working 2 jobs and only making ends meet. They are not living lavishly. They are the working poor. There are a lot of them and there will be more and more of them as time goes on. The high school here and the 4-year college will graduate a lot of students that will have no job. We have people with college degrees working part-time at Wal-Mart and glad to have a job. Oh, they should relocate? They don't have the money to do that and I know how much it costs because we have done it a few times.
Look beyond your own little station in life before making judgments about the rest of the world which obviously, many people just don't have a clue. I have known many people who lost money that was "invested" and now, instead of retiring, they are still working.
We live and have lived in other places that have low cost of living and low wages and to see the people struggle, work so hard and end up with so little.....................
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