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If you didn't raise kids, you have no idea how much they cost!
Nobody puts a gun to your head and forces you to have kids.
The other thing is that I know several single folks who earned ok incomes all their lives but are now broke in their late 50s and early 60s due to not saving and poor decisions. And these are smart people who should know better. The 2 people I'm thinking of in particular just did not have a savings ethic. Both thought they would just be able to work until age 70....I don't understand how they could never imagine that they might become disabled or booted out of the work force before age 70. It's like they lived in their own fantasy world.
The end of the steel industry and manufacturing in the US.
Outsourcing jobs.
Oh yeah, trickle down.
The banking debacle.
The housing bubble.
The IT bubble.
The S&L destruction and bail-outs on our backs.
I don't know what cloud you're living on, but it's pretty far from reality.
I agree to a point. But the one thing Boomers did have was much better investment returns in both stocks AND bonds from 1982-2000. Boomers who had at least 25% in bonds since then (as most should have) have still done ok.
We already do that. It's called social security and we all know how well that's working out. And yes, it's the same as Obamacare.... more big Nanny State. We need to eliminate the Nanny State, not expand it.
The sarcasm was missed in my post.
Don't buy health insurance - pay a tax.
Don't save for your retirement - pay a tax.
Drop out of high school - pay a tax.
Don't get good grades in college - pay a tax.
If not having health insurance puts everyone at risk of paying for your decision, why not all of the above? Chances are as good you will need retirement funds as they are you will need healthcare. College educated professionals typically earn more than those with a high school diploma. That lessens the chance that you will be a burden on the general public.
But I'm smart and my parents raised us to know about such things.
I didn't start saving until I was in my mid-30s.
I couldn't afford to.
I didn't have enough money to live on without a second job.
And I never lived an exorbitant lifestyle.
I didn't own a TV until I/we got one as a wedding present.
Lots of people are not very smart.
That's a fact.
They can't see beyond today.
They'll get from SS based on their earnings, nothing more.
I just don't understand the mean spirited postings in this thread and others like it.
Chiel, I am not smart. I am at best average. I also worked 2 jobs. Lets face it there wasn't a big demand for a sniper in the civilian market. Thats what I faced when I left the military. I delivered Pizza at night and hung sheet rock by day. It sucked. We had a 19 inch TV forever. I made a mistake. I got it from a rent to own place and paid way way to much by the end.
People are being dumbed down by big brother. It used to be common sense not to finance toys. It used to be common sense to save even your pennies.
Now its charge that DVD player. Charge that DVD. Charhe that Nintendo Wii.
Am I to feel sorry for them? I actually do, but buying their way out for them solves nothing, it only encourages more of the same.
I should get $2600 a month according to my latest SS statement. I'll be able to live on that because I have no mortgage and I am frugal.
The fact is I also have a damned good retirement account. Why? Because I never trust Big Gov to do the right thing.
I bought Gold and have it in 2 countries. Why? Because Uncle sam = politicians. Politicians= profesional liars who also tnd to be very dishonest in other ways.
I dont hate those who didnt plan. I simply dont feel like I owe them a living either.
Well that's either cold-hearted malice, or ignorance. Do you know that about 50% of senior citizens lived in poverty before Social Security? To expect everyone to save enough to support himself and pay for his health care when he's unable to work anymore is simply unrealistic.
Dream on, government-haters. Your cruel fantasy will not happen in this country. Most Americans are too humane to accept that type of world.
Most Americans are humane with other peoples money, you're right about that
I agree to a point. But the one thing Boomers did have was much better investment returns in both stocks AND bonds from 1982-2000. Boomers who had at least 25% in bonds since then (as most should have) have still done ok.
The other thing is that I know several single folks who earned ok incomes all their lives but are now broke in their late 50s and early 60s due to not saving and poor decisions. And these are smart people who should know better. The 2 people I'm thinking of in particular just did not have a savings ethic. Both thought they would just be able to work until age 70....I don't understand how they could never imagine that they might become disabled or booted out of the work force before age 70. It's like they lived in their own fantasy world.
I agree to a point. But the one thing Boomers did have was much better investment returns in both stocks AND bonds from 1982-2000. Boomers who had at least 25% in bonds since then (as most should have) have still done ok.
How many of us were that savvy?
Some, but not many. I certainly wasn't.
I'm doing well, now.
But it was as much about dumb luck as anything.
I just applied for and accepted any job that I was offered.
There was no great plan.
I'm probably worth about $1M with half of that in my 401(k) and the rest in real estate.
I just started being able to afford IRAs in the past 6 years.
I have an expensive disability that's not covered by insurance.
Again, I think you're giving us way too much credit for having any understanding of finances as we entered the working world.
I still don't understand much.
most americans are humane with other peoples money, you're right about that
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