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Actually, putting $100 a month away with no interest will get you $18,000 after 15 years, not 216K. That's a major math error there. And there's the problem. Most people do their lives by how they feel in the moment, not by math. That isn't always a bad thing, but it's waaaaay, waaaaay overdone.
America's culture embraces instant gratification. It's the ideal way to control people....Pander to people's base instincts so they're dependent on the government for handouts...much easier to control people that way. I do find it frustrating that people so readily take the bait.
As far as the "mind your own business" crowd goes....that would be fine if these broke old people wouldn't ask for more handouts from the taxpayers....but that is almost never the case. It is the height of hypocrisy to reach into someone else's pocket and then tell them to mind their own business.
My in-laws are in their late 50s with nothing but piles of debt. Leased car, $40K in CC debt and still owe $60K on their mortgage. Luckily FIL has a nice pension, but they didn't save a dime toward retirement. MIL was 95% a SAHM since she was in her 20s. FIL was an alcoholic for many years. FIL makes probably $100K and works two jobs plus tons of overtime. They are ruined because FIL has an insane spending problem that only got worse when he became sober.
My parents, by contrast, will retire millionaires. My parents are early 60s. Dad averaged -six figures and I believe is pushing $200K now. My mom worked at home for all my childhood. They saved for retirement, though they do have plenty of fun and spending money. They buy new cars in cash and keep them for at least 10-15 years. They keep all appliances until they die -- my parents still have their original washer and dryer from 1980! Their fridge is from 1995, never upgraded, and until recently, they had a microwave from the 70s.
Both the in-laws and my parents are not college educated.
The rate of spending and the rate of saving made a huge difference.
OP: Why do you care how much or how little other people have?
I can't speak for the OP, but I think we should care. Why? Because we are and will be asked to provide more money to support these people in their retirement. Whether it comes from friends and relatives asking for direct support, or the current Democratic positions to increase social security benefits, many of us will be asked to support others.
I don't understand it. A recent report stated atleast half of the American population has less than $5000 saved by age 60. That's retarded. How can one spend 20 to 30 years working and have less than $5000 saved by age 60(the start of ones later years). Don't say IRS; they will work with you on tax issues so you can keep saving.
Even if you do no investing, Just putting $100 away under your bed each month for 15 years will net you $216,000 at year 16 so what's up with these people then that they have so little.
They lack the ability to postpone the things they want.
I can't speak for the OP, but I think we should care. Why? Because we are and will be asked to provide more money to support these people in their retirement. Whether it comes from friends and relatives asking for direct support, or the current Democratic positions to increase social security benefits, many of us will be asked to support others.
Them saving more means less money for you and the rest of responsible individuals to have. Which means less economic activity, which could result in your and many more jobs and superior saving habits disappearing overnight. Then what would you say? Looking in my crystal ball - your job depends on irresponsible people buying stuff they dont need with money they dont have, so does mine. So irresponsible people allow us to be responsible, and it takes nothing for FEDs to generate credit fuel to keep both responsible and irresponsible folks busy making and buying crap, saving, borrowing, spending the last penny. Keeping people busy is the name of the game, it doesnt really matter how many zillions they must create to keep us stimulated to save or to spend, as long as we are all busy they'll spare no "credit" they pull from their arse.
Them saving more means less money for you and the rest of responsible individuals to have. Which means less economic activity, which could result in your and many more jobs and superior saving habits disappearing overnight. Then what would you say? Looking in my crystal ball - your job depends on irresponsible people buying stuff they dont need with money they dont have, so does mine. So irresponsible people allow us to be responsible, and it takes nothing for FEDs to generate credit fuel to keep both responsible and irresponsible folks busy making and buying crap, saving, borrowing, spending the last penny. Keeping people busy is the name of the game, it doesnt really matter how many zillions they must create to keep us stimulated to save or to spend, as long as we are all busy they'll spare no "credit" they pull from their arse.
Keep in mind that much of every dollar they spend does not go to people like you and me - it goes to foreign workers and to the rich.
Keep in mind that much of every dollar they spend does not go to people like you and me - it goes to foreign workers and to the rich.
They create new credit by trillions to keep everybody busy, they no longer rely on savings and investments. Just look at "Marxist" Obama who presided over creation of trillions in "stimulus" money that just disappeared without feared inflation because it was just gobbled up by the rich (while keeping some of us busy for a while). Think about it this way, they ship dollars oversea, and those dollars never come back to claim a piece of America/your labor/your time/your property. This keeps asset prices lower, and it supplies Americans with cheap goods. For as long as they can ship dollars oversea, for as long as the rich will hoard, they can keep stimulating us forever.
A thief can steal a lifetime of savings in 30 seconds. Happens all the time.
Quote:
Originally Posted by Europeanflava
I don't understand it. A recent report stated atleast half of the American population has less than $5000 saved by age 60. That's retarded. How can one spend 20 to 30 years working and have less than $5000 saved by age 60(the start of ones later years). Don't say IRS; they will work with you on tax issues so you can keep saving.
Even if you do no investing, Just putting $100 away under your bed each month for 15 years will net you $216,000 at year 16 so what's up with these people then that they have so little.
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