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We have a inheritance and the stipulation we have to work for 20 years to get it started, parents made sure we work our way through life instead of just getting rich quick on their deaths. Too bad the others cant seem to figure that out. instead here is your million enjoy, no need to work for it. What are you telling your kids that they dont need to work to earn their way in life and to keep the tradition of just handy down their wealth. we can assume they they would never learn how to mow the grass or change a tire.
Again, and? You're saying parents have no right to spoil their children? What concern is it of yours if they never learn to mow the grass or change a tire? What concern is it of yours if their hobby is to crash Ferraris in between yacht parties and private jet trips?
Yeah it takes a lot of discipline to save and invest , especially in the consumer culture we have .
Most people spend every penny because they feel they “deserve it” . Then they complain they have to work until 70 years old or later because they don’t have any savings .
Just curious what was your average percentage return in S&P over 30 years ?
It seems weird to me that people think it’s impossible for someone that wasn’t born rich to become financially independent or wealthy . I guess I’ve just seen too many examples of it to believe that .
A million times this.
For a couple of decades or so now, my #1 priority has been my retirement savings. I used automatic payroll deductions or transfers to force myself to live on what was left. A lot of people might look at my salary, and then how I live, and wonder where the heck all the money went! Well, it's there, growing, waiting for me
And to forestall the whines about, "Oh, it must be nice to be able to make a million dollars and do that!"... when I started saving seriously (too late, I was 27 before I woke up), I made about $27K. I started with $25 a month. Every time I got a raise, I increased my contribution. Every time I learned to do without some expensive but frivolous activity or possession, I increased my contribution. I always maximized my 401(k) contribution to get the maximum employer match, at a minimum.
Today, I probably save more than an awful lot of people make. Instead of complaining, I learned useful skills, and grew my career, and tried to always make good decisions. I didn't always succeed, but when I failed to act appropriately, I didn't throw in the towl and complain that the Universe was stacked against me, so why bother... I always try to learn from failure.
For a couple of decades or so now, my #1 priority has been my retirement savings. I used automatic payroll deductions or transfers to force myself to live on what was left. A lot of people might look at my salary, and then how I live, and wonder where the heck all the money went! Well, it's there, growing, waiting for me
And to forestall the whines about, "Oh, it must be nice to be able to make a million dollars and do that!"... when I started saving seriously (too late, I was 27 before I woke up), I made about $27K. I started with $25 a month. Every time I got a raise, I increased my contribution. Every time I learned to do without some expensive but frivolous activity or possession, I increased my contribution. I always maximized my 401(k) contribution to get the maximum employer match, at a minimum.
Today, I probably save more than an awful lot of people make. Instead of complaining, I learned useful skills, and grew my career, and tried to always make good decisions. I didn't always succeed, but when I failed to act appropriately, I didn't throw in the towl and complain that the Universe was stacked against me, so why bother... I always try to learn from failure.
Dave Ramsey has a great quote
“Live like no one else now so later you can live like no one else.”
One can still live a good life without spending everything they make .
If someone got to drive new cool cars when they were younger but now they have to work past 70 because they can’t afford to retire is it worth it ?
Everyone’s goal should really be to eventually be able to live off passive income whether from stock market investments , real estate rental income etc .. But so few even realize this is possible .
There is only so much wealth to go around. The rich are using their political power, to get more wealth at the expense everyone else. And don't give me the BS that the wealth will eventually trickle back down, because that never happens, never, never never.
Of course it is. There is only a certain amount to go around. If you believe that everybody can become a billionaire, if they work at it, you are deluding yourself.
Likewise, the really rich are rich because they inherit the money they get from their parents. Not because of any hard work, nor smart decisions they made.
Compensation is the measure of value-add to society. So - you're saying you hate people who add the most to society?
No I love people who add value to society. That would be construction workers who are building roads bridges, and buildings, doctors and nurses who are taking care of people's health, teachers who are educating people. Not a bunch of lazy do nothing bums who sit at their computers all day buying and selling stocks. Those people contribute nothing to society. If they disappeared tomorrow, they would not be missed. On the other hand if all the workers disappeared tomorrow, the 1%ers would be screwed.
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