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Those that have had even a middle class income ($50-60k) and have not made at least enough money in the markets over the last few years have only themselves to blame for their stupidity. Please don't tell me that a family making $52k/yr, the median national household income, could not have at least saved/invested 10%, which is $5,000/yr. If they had even started in 2008 and invested each year to date that amount in a retirement account they would have close to $100k by now.
Of course they have a long list of excuses why they don't have that much money... the reality is that they were too busy blowing their money eating out, Starbucks habit, drinking booz, buying expensive cars they can't afford, clothes to fit their image etc. etc.
I mean the market has gone up 300 ****ing percent in the last decade and people are complaining they don't have money and it's not their fault, give me a break!
The above is just the minimum... I know singles making $100k/yr and couples pulling in double that who act like they have no money. Either they are flat out lying or they are stupid beyond measure. As I gave an example, these folks should be rolling in money if they had invested properly.
You do understand that a large percentage of the population doesn't have the faintest idea about how "the market" works or how to even begin to invest, right?
but i bet they know all sorts of useless stuff like sports stats that won't help them in the least in life .
most americans spend more time researching a restaurant then learning anything about their financial lives and how to do better.
Agreed, but there are many people who view the stock market as something for the rich. It's only fairly recently with the advent of 401k plans in lieu of traditional pensions that the average Joe and Jane had to learn how to invest their own money instead of relying on a pension fund to do it for them.
Younger people learn this early, maybe, but I know my parents didn't have a clue about investing in the stock market, and so neither did any of us. My mom is OK at 88 because they had bought a few lots and built houses in the Poconos back when the lake communities were starting in the 60s and were able to sell later at a nice profit, and she can stay in her home in NJ because my late Dad was 100% DAV so she pays no property tax.
Nowadays, yes, you'd better know how the market works, but how does the average person learn about it? They don't teach this in high school.
I learned a little bit late in life. Like a lot of other people in the real world, I lived paycheck to paycheck in my 20s, 30s and early 40s, mostly because of a bad marriage. Saving and investing wasn't anywhere on the radar. Fortunately, 37 years of working in the public sector and moving up in the ranks the last 15 or so set me up with a decent pension.
Part of the reason people may not inquire when they don't know about investing is the very same sneering condescension you see in this thread toward people who don't know how to invest.
Last edited by Mightyqueen801; 06-22-2017 at 06:38 AM..
Nowadays, yes, you'd better know how the market works, but how does the average person learn about it? They don't teach this in high school.
yes they do, or at least in parts...
they don't teach stock picking, but they teach about the stock market/economic
and they teach interest rates in math class, how people claim to be college ready and not know how compounding works is beyond me, they are not college ready if they take out student loans and can't think what happens with the interest after 4-6 years of college without paying on it over time
they don't have to know about the stock market to know to ask questions, they just have to know someone richer than they are and ask for their advice. The common demonstrator after asking 10 people would be where to start. If all 10 say they are in real estate, then maybe your area is good for it. If 10 people do stocks, then you better start learning about it.
the biggest problem with school isn't that the material isn't being taught, but students aren't learning how to pull them together. They study for tests, and after the test, it's onto the next material. Outside of a "final", most material is left on the sidelines and forgotten about
besides, with all the books and internet, how can people claim they don't have the resources to learn about investing? Sure, they can't stock pick, but there's no need to do that as much these days if you don't want to.
Part of the reason people may not inquire when they don't know about investing is the very same sneering condescension you see in this thread toward people who don't know how to invest.
It's very frustrating. A lot of people don't know about the stock and bond markets. And they don't even know that they don't know about them. Or at least they don't know that it's essential to understand the basics and invest. And it's hard to convince them. Uggh!!!
Financial responsibility isn't taught in schools (or at least it didn't used to be), and we happen to live in a society in which "things" are more important than people. Those messages transcend to kids and those kids grow up and unless they've been taught, they don't know the basics of financial solvency and how to plan for the future. Easy money, easy credit, paycheck-to-paycheck mentality, image versus substance, and "I want it and I want it now" culture. All these things and more add up to taking on debt, and developing habits that aren't aligned to longer term wealth creation.
they don't teach stock picking, but they teach about the stock market/economic
and they teach interest rates in math class, how people claim to be college ready and not know how compounding works is beyond me, they are not college ready if they take out student loans and can't think what happens with the interest after 4-6 years of college without paying on it over time
they don't have to know about the stock market to know to ask questions, they just have to know someone richer than they are and ask for their advice. The common demonstrator after asking 10 people would be where to start. If all 10 say they are in real estate, then maybe your area is good for it. If 10 people do stocks, then you better start learning about it.
the biggest problem with school isn't that the material isn't being taught, but students aren't learning how to pull them together. They study for tests, and after the test, it's onto the next material. Outside of a "final", most material is left on the sidelines and forgotten about
besides, with all the books and internet, how can people claim they don't have the resources to learn about investing? Sure, they can't stock pick, but there's no need to do that as much these days if you don't want to.
Well, I was kind of referring to my own experience and that of people I knew, the people who will be getting ready to retire in a few years that everyone thinks should have been investing for the past 35, 40 years. Perhaps it's different now, but no, this was never taught to us in high school in the 1970s. Also, fewer people went to college. We went to a trade school or right to work after high school. We weren't moving among people who sat around talking about their portfolios.
Yes, there were people who did go to college and some learned to invest, but not like it is now where that is expected. The average working person had no knowledge of stocks and bonds.
The world has changed, but it makes no sense for a 30-year-old to be pointing fingers at a 60-year-old mechanic or admin assistant and asking why they didn't play the stock market better and don't have more money. To tell the truth, the main asset of many people my age is their house, which is traditionally the only asset many people ever have. They retire, sell their home, and move somewhere less expensive.
For today's world, I think you make a good point that kids are learning with the main goal of being able to pass a test. My daughter is studying for her Ph.D. I wonder if she could explain how the market works. I'm thinking not. I will ask her next time we talk.
Last edited by Mightyqueen801; 06-23-2017 at 04:54 AM..
If you really wonder why people in the US struggle, despite the OP's obvious success and Flashes1's success, I'd recommend reading "Hand to Mouth" by Linda Tirado.
Personally, I live comfortably but completely understand there are people in the US who try as hard as they can and they're still struggling. I get it. This thread just seems kind of mean-spirited.
The thread strikes me as not living in the real world or not caring or wanting to understand people who struggle constantly even to feed their children. been there done it many years ago, and through no fault of my own. hard sad stressful life..with no avenues to get out of the rut.... thank god I got through it..Some should think before they post, here in Scotland its called "bumming"
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