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I am not a "we." I have a savings account, and cd's. I only spend what I have to in order to be comfortable. If I win $ in Vegas, I buy practical things that I had put off buying previously. "Easy come" doesn't mean "easy go" in my book.
The only problem I see is that most people would spend that 7%.
Right, but that's not my problem, any more than the fact that people bought houses they couldn't afford or put themselves in debt with credit cards. As I said though, if we have undisciplined and weak minded people who need the government to play nanny...fine, but it should be a voluntary program where they can give the feds their own money to waste.
I just don't want to pay for it or hear about people who are living in poverty because they pissed away their money.
What's wrong with being a little self-indulgent?? I had this discussion with my DH this morning - who says we have to have nice little savings accounts? Beyond having enough to support yourself in the event of an unforseen hiccup, why do we need to focus so much on accumulating wealth? Sure, it might be nice to leave your kids a little something extra when you die, but most likely they will be grown adults who are quite capable of supporting themselves and who don't really "need" whatever savings you work your whole life to put aside.
You've spent time raising 7 kids, most of whom were not your own - you deserve a little self-indulgence.
Enjoy yourself. Life is short - if you're happy while you're alive, and that happiness radiates onto those around you, no one will give a rats how much money you have in savings when you die.
Happiness doesn't pay the bills. Not trying to be negative, I'm just a realist. My fear is that people will reach an age where they have no savings and end up out on the street (and this fear extends to me).
I checked other. I have no paycheck coming in. I need a paycheck. What I do have is a house that is paid for (I paid $335 and it's worth anywhere between $300 and $400K now) plus a sizeable amount in savings and I feel like I'm cutting it too close.
BTW, age is another factor not addressed in the poll and this really is important to assessing one's situation.
Right, but that's not my problem, any more than the fact that people bought houses they couldn't afford or put themselves in debt with credit cards. As I said though, if we have undisciplined and weak minded people who need the government to play nanny...fine, but it should be a voluntary program where they can give the feds their own money to waste.
I just don't want to pay for it or hear about people who are living in poverty because they pissed away their money.
It's easy to say "it's their problem". But when you get a majority of people who are solely or mostly dependent on Social Security it becomes our problem whether we want it or not.
Of course, it could be argued that the government has not done a better job of managing money than the individuals who don't save for their retirements. So maybe at this point, we'll end up in the same spot either way.
It's easy to say "it's their problem". But when you get a majority of people who are solely or mostly dependent on Social Security it becomes our problem whether we want it or not.
No, it's easy to hold people's feet to the fire and expect them to take some responsibility for their own well being. We can give them a voluntary program and the government can play nanny on a voluntary basis, but if they opt out, then they're on their own. I feel no guilt or responsibility for people who don't choose to help themselves.
Quote:
Originally Posted by mysticaltyger
Of course, it could be argued that the government has not done a better job of managing money than the individuals who don't save for their retirements.
It could be argued? You are the master of understatement. Nothing in the course of human existence was ever more demonstrable.
The government couldn't do a worse job. When you take trillions of dollars from taxpayers and get a massive negative return with trillions in debt as the result, what do you call it?
The sad problem is that many people wouldn't have any savings without government intervention to maintain a floor. I've watched it many times where people just have more crap to buy, more vacations to go on, more restaurants to eat at....and those cards need to get paid off.
You make a lot of assumptions about peoples spending habits. Have you looked at the financial statements of everyone in that restaurant, or on that cruise ship? how do you know that they have credit card balances and aren't saving?
My husband and I have each put the max allowed into our 401K every year, plus fully funded IRA's. We also have additional savings, no credit card debt, just a 0% car loan and a mortgage. We eat out, we go on vacations, what the heck business is it of yours?
I get paid bi-weekly and have NO debt. No student loans, nada. I took out Pell Grants and got scholarships to help me through undergrad and graduate school. I have direct deposit so my money goes straight to my account and I'm cool with that. My only expenses are car insurance and rent (which I pay 6 months in full for car insurance and rent. For example: If my rent/car insurance is due Monday Sept 14 and I pay 6 months in full, my next rent and car payment would be due March 14th. Should I end up in a financial crunch, I know I'm covered for months.
We eat out, we go on vacations, what the heck business is it of yours?
None of our business. The problem for me is when someone asks me to pay more in my taxes to bail them out from their bad choices. Until that happens, I don't give a rat's behind what you or anyone else does. When it does happen, then I get to have a say. Before someone pipes in, yes that includes corporations who take money from taxpayers.
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