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Rents are what rents are. It's very difficult, not impossible, but difficult, to find a one-bedroom apartment that cheap in NJ. It might not be in a safe neighborhood.
It might not be safe? Sorry that's what 10.00 a hour gets you. You might need not so nice, not so safe and roommates @ 10.00
OP: Why do you care how much or how little other people have?
I can't speak for the OP -- but maybe it's because the less the person has on their own -- the more they may drain government services which are paid fore by my tax dollars. More people need to be more responsible -- and IF they're not -- I don't think the government should bail them out, or help them (beyond a certain point.)
I'm NOT talking about people with health issues, who can't work or save due to bills. I'm talking about people who like my co- worker who makes SIX figures….and can't get his lazy azz wife to work. …and who went into debt to help his kids through college, and has to borrow $10 for gas from me every couple of months….instead of telling his kids they need to WORK their own way though college….OR a friend who's always crying broke but paid for all three of her kids to go to private school, or coworkers who aren't putting ANYthing in their 401k -- when the job will MATCH the money for free.
Most people -- INCLUDING ME could save more.
Unless you've had some AWFULLY bad luck -- multiple times, there's not reason you shouldn't have some money saved by 60.
Did that person take vacations? Did the person by a 50K car instead of a beater, or even a 25K car, did they have cable and a cell phone, AND Hulu, AND special NFL packages on their cab'e, and a home stereo system? Did they get their nails done at a salon? Did they have three kids when they couldn't afford two?
I don't care what a person does as long as it doesn't negatively affect ME.
Save a minimum of 10% of every paycheck in addition to whatever retirement savings plan you have. Think of it as personal tithing. Take a a mid sized chunk off of any big raise/bonus/inheritance you get and throw it in too. Put this money into a good & boring annuity for retirement. Do not dip into it. Saving extra money for later years works only if you don't consider it yours for 20 or 30 years. Disasters always happen so that part is the hard part.
Not automatically moving to nicer house, nicer car, each time you move up the income ladder works. Think Warren Buffet living in his same house with the same furniture from his original furniture store in Omaha.
Sevelop a frugal streak but not a cheap streak. Frugal is wearing good stuff for a long time, buying vintage or antiques or using family heirlooms. Cheap is wearing & using cheap stuff & being cheap with employees.
It is important to enjoy life, but pick your spots.
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.
People spend money like they are rich, many taking out a lot of debt (liabilities). As the saying goes,... "I owe, I owe, so off to work I go".
The poor think they deserve the same things that the middle class have but don't realize that the middle class is up to their eyeballs in debt to pay for the things they poor covet.
Or how about the idea that if you're poor -- or not even poor -- if you don't' have as much money as someone else -- you can't have what that person has, or buy what that person buys, or afford what that person can.
I want to be thin and 5'8" but I'm not.
I want to max out a 401K, a Roth IRA, AND save in addition to that -- AND travel as much as I want. But I can't.
Being single -- I want to be able to buy a house a couple with two incomes can afford. But I can't.
Everyone seems to think the market is due for a big sell off for some reason. I guess because of the run from 09 until now. It seems like a lot, but if you go back to the height of the market in early 2000 our CAGR (not even adjusted for inflation) over the past 16 years has been 3.99%. Not exactly earth shattering growth.
The majority of people, especially retirees or those near retirement, will be forced to downsize their lifestyle in the coming decade or two, regardless of who wins in November because our problems are so structural that only a dramatic change of the national mindset can correct the downward spiral we are currently in.
Let's not waste our precious time and energy discussing on what or who was at fault as there is more than enough blame to go around. Let us focus indeed on how everyone can in their own way mitigate what is coming down the pipe.
Social Security, Medicare, Medicaid, pensions etc will be cut in the foreseeable future. The greatest cost item for boomers is medical bills so folks should seriously try their utmost to stay as healthy as possible through diet changes, exercise etc now in the hope of postponing need for medical care. Physical education should be promoted as a means of nurturing healthy students.
Boomers should seriously consider how they will cope if the worst happens and they have to live off substantially reduced benefits. Can they leverage off their homes by taking on renters? Can they get together with neighbors to share transport so they don't need to own a car? What can folks do to build community spirit so as to still enjoy life without having to spend lots of money? How about starting up neighbor groups with like-minded folks to host potluck parties in turn?
Let's use the forum to throw ideas around that are solution-focused rather than on why the country is in a mess.
Because the governments cut your salary in half and provide you with a terrible state pension. Alot of people don't put money into a pension pot either.
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