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Frankly, I think that many of us who are now doing well had both the youth and savings to take advantage of the market when Clinton was President. Now that the market is giving such lousy returns we can still do fairly well with little worry.
People just starting out now, with years ahead of them, as Yeledaf says, will have bust and boom times and so long as they are attentive to markets the world over, should be alright.
The problems may be with those who are now in their 50's whose careers may be straight lined and who cannot invest for a good return without risk. I consider the stock market risky today. Our overseas markets are chancy. The middle class buying public the world over seems to be strained for cash. We have not come out of the real estate crisis yet and there may be a huge problem with student debt looming. I just don't see a lot of promise in the near future.
I think we all do agree that people should be constantly nagged into starting saving and investing from very early in life. There is SO much to say for mere compound interest.
Some parents get their young children in the habit of saving half of whatever money comes their way. This way they can see some growth in the savings and are also in the habit of saving regularly.
Problem with saving money today, there is no interest being given out by the banks.. the banks are robbing everyone of their interest on their savings because they still have millions of foreclosures in the wings.. many more coming.
I was just checking Lee County in Florida.. Bank of America has 13 pages of properties they have to sell off in Florida in just one county... they already have sold off many foreclosures already.
How is this country supposed to deal with these peoples mismanagement of their lives? This is going to have dramatic effects on a ton of things
This is why you need to just let people either sink or swim. For too long, this country has told its citizens that it's OK to spend every nickel you ever make and save nothing, because big government will be there to save you when you can no longer earn.
Bad decisions have bad consequences, or rather, they should.
Where did you read that baby boomers are gloating? I've never heard that. Many people I know that had fairly secure jobs and good retirement and/or investment accounts were force to delay retirement after the stock market hit 6000. They are finally starting to see some of that come back. They are just as concerned as everyone else about the current economy and the future for their children.
The DJI closed just over 13,000 today. How are they finally "starting" to see some of that come back? Unless they were retards and sold at the bottom, they're completely back above board.
I see it every day in retail stores. People well past retirement age working for little over minimum wage. 401K plans were the worse thing to hit the U.S. At one time pensions were all that were around and people tended to stay with one company until they retired. Now, people leap frog back and fourth, and although most 401Ks are transferrable, most end up taking the money out the first time they get layed off or fired. At the end, they have no money invested.
Pensions were great.....when people only expected to live until they were 60 and retired at 50. Now you've got people retiring in their mid 40's that plan to live until they're 87. Pensions can't sustain that. They fail the queuing theory.
You can generalize all you like.
Let's see you get hit with open heart surgery or cancer and see what your bank account looks like.
Ahhh, the tired old refrain of those who know they're sunk. Claim that everybody suffers some sort of medical tragedy.
People like you, if we were to put 1 million people in a space, and then 2 of them had heart attacks, would try to claim that the other 999,998 of them deserve entitlements or special considerations because those 2 had traumatic medical expenses.
I've attached the US census bureau data on income.
People don't make enough to save as you would like for them to save.
.
So now it's our fault that they spent their high school years smoking dope instead of going to class, studied something useless in university, never made more than 20 grand a year their whole lives because they made poor choice after poor choice, and now want to cry that they can't save money?
Stock Market is unpredictable. Too much going on now and we may see QE3 soon. Interest rates may rise and the stock market would go down. China will not buy our debt forever as we cut the dollars value with more printing of dollars.
Stock market "unpredictable"? Truer words were never spoken! But rising interest rates will make fixed-income paper more attractive for investors. That's why a diversified portfolio -- either self-managed or through a reputable financial service -- is a must. Include stocks AND bonds/fixed income instruments. It's a lot like owning parts of two horses in a two-horse race. Of course, you have to be in the game for the long run, and resist the temptation to cash in your chips when you're losing...
Buy low, sell high. I have that tattooed on my forehead in reverse.
This is why you need to just let people either sink or swim. For too long, this country has told its citizens that it's OK to spend every nickel you ever make and save nothing, because big government will be there to save you when you can no longer earn.
Bad decisions have bad consequences, or rather, they should.
Where on earth did hear hear that? You need to speak for yourself and not others. I never been told by my country to spend every dime you have, never. I've never heard of "never save at all costs". And I never had the government say to me "I'll take care of you", not once! The simple truth is....and its simple...people are broke because income has dropped period. Millions of jobs shipped overseas, millions of non-tax paying illegals flooding our towns sucking the tit of the American taxpayer equals "NO MONEY LEFT"
Get it? Maybe our Nation needs to tell corrupt politicians not to take bribes from greedy thieving corporations who ship our jobs overseas.
This is why you need to just let people either sink or swim. For too long, this country has told its citizens that it's OK to spend every nickel you ever make and save nothing, because big government will be there to save you when you can no longer earn.
Bad decisions have bad consequences, or rather, they should.
I believe the people with whom I worked rather thought that jobs(not government) would always be there for them. They relied on the major corporations for employment.
I believe the people with whom I worked rather thought that jobs(not government) would always be there for them. They relied on the major corporations for employment.
I have seen the same thing. people depending on the company retirement plan. It is a good plan, but only a fool puts all his eggs into 1 basket.... Such a fool invites his own disaster.
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But rising interest rates will make fixed-income paper more attractive for investors. That's why a diversified portfolio -- either self-managed or through a reputable financial service -- is a must. Include stocks AND bonds/fixed income instruments. It's a lot like owning parts of two horses in a two-horse race. Of course, you have to be in the game for the long run, and resist the temptation to cash in your chips when you're losing...
