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Old 11-07-2011, 03:36 PM
 
Location: SW MO
23,605 posts, read 31,506,246 times
Reputation: 29081

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Quote:
Originally Posted by SCBaker View Post
My you are having reading comprehension problems this morning. I meant what I wrote. Where did I indicate the "sky is falling" in my post? Maybe you meant the article in the OP.

As a single parent, money was very tight and I made sacrifices so that my daughter could have the opportunites that she deserved. No where did I say that I resented it. I would do it all over again, no regrets. When she was a young adult she told me many times that she knew I had a tough time while she was growing up and was very appreciative of my sacrifices. By the way, she has a great job with a fortune 500 company earning a 6 figure income.

All I am saying is that as a retiree, I am in no financial postion to keep giving to adult children. Too bad they fell into the trap of student loans. No one seemed to look at the reality of paying those loans back, especially if their degrees were in career fields with no demand. There were other alterntives. But, as you say they have time to turn things around.
Li'l edgy there are we? No reading comprehension problems now, early or late in the day or ever. Don't presume and insults aren't necessary.

I posed a simple question. Sorry you chose to view that negatively. Nor did I imply that you had resentments. Ease up. your life will be ever so much more pleasant.

I can commiserate with the single parent issue. That was my wife for 16 years before we married, raising two daughters with absolutely no support, whatsoever, from her ex. I'm on your side. As for me, I raised five children on a single income with a, now, ex who never saw a dollar I earned she didn't want and couldn't spend.

Up until a year or so ago we still, periodically, helped out some of our collective seven children. No more. It's our time. Just as we were early on, they're on their own. My oldest is easily a millionaire who earned his own MBA and paid for it himself without loans. I should have been as enterprising as he's been. But I'd rather be retired! Oh! That's right. I am.

"The sky is falling" was in reference to the article, not you. Better?
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Old 11-07-2011, 04:30 PM
 
5,397 posts, read 6,544,082 times
Reputation: 10477
of course after working and etc for 60 work life you will have more assets than a 23 year old just out of college with no job and who will spend many years paying off school loans. When the student has had a work career of 60years he will have more assets than he does today.

Clearly this article is taking statistics to prove a point to gain support for a political policy decision.
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Old 11-07-2011, 05:01 PM
 
4,135 posts, read 9,427,156 times
Reputation: 2687
Quote:
Originally Posted by TuborgP View Post
This is from the article the OP cited:

"Net worth includes the value of a person's home, possessions and savings accumulated over the years, including stocks, bank accounts, real estate, cars, boats or other property, minus any debt such as mortgages, college loans and credit card bills."

Common sense tells me that this formula skews the wealth gap. At 21, I had no home, few possession, no stocks, a few $$$ in savings and checking and student loans. So, I has a negative net worth.

Now in my 60s, we have a home ( paid off), possessions (collected over 40+ years),savings and all the rest -- and no debt. So, we look rich with a high net worth. We're not.

Add on that all the items which are "dragging" down your worth: like loans, mortgages? Well, they get deductions on taxes still, don't they? All of us people who paid them off already, we don't get them... more of a skew.

When I first read the article, it took a while to see past the "zinger" line of how big a difference there was between the young and old. I decided that there probably isn't a bit of difference between net worth except that the definition ( what I quoted) has probably been "tweaked" to fit the current political climate.
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Old 11-07-2011, 07:18 PM
 
Location: Arizona
419 posts, read 658,453 times
Reputation: 862
Quote:
Originally Posted by Curmudgeon View Post
Li'l edgy there are we? No reading comprehension problems now, early or late in the day or ever. Don't presume and insults aren't necessary.

I posed a simple question. Sorry you chose to view that negatively. Nor did I imply that you had resentments. Ease up. your life will be ever so much more pleasant.

"The sky is falling" was in reference to the article, not you. Better?
I do not respond positively to condescending posts directed at me. No matter what you say, I took your post as it was intended.

In your posed simple question, why did you have to ask me if I posted what I meant? I always post what I mean.

You do not have to lecture me on how to have a more pleasant life. My life is very pleasant, thank you.

I will not respond to your "The sky is falling" question. Condensending.

Too bad because I think we actually agree on the desire to have a peaceful retirement which does not include financially supporting adult children.
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Old 11-08-2011, 02:11 AM
 
71,737 posts, read 71,853,273 times
Reputation: 49294
i think the biggest factor to the wealth difference is this.

when our generation was in that age bracket a high school diploma was the entrance pass for most entry level jobs . that diploma was free.

today the price of admission for those lower level entry level jobs is the college diploma.
that comes saddled for many with debt.

the college diploma is the new high school diploma in the job market.

while a college diploma got us some pretty good jobs right from the beginning today a masters is needed for that same level.

the job market has been horrible for them as well with 2 back to back recessions.

once things pick up those with masters may be much more in demand and they may make money at a faster rate than we did.

both my son and daughter inlaw fall in that age bracket and already they both earn 2x what i do and im at the tail end of my career.

im not sure what this study is supposed to show other than the job market sucks right now and the education level to get jobs has increased .

the survey will be more meaningful looking at the same group in 15 years or so and seeing how they compare.
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Old 11-08-2011, 05:00 AM
 
29,789 posts, read 34,889,516 times
Reputation: 11715
Quote:
Originally Posted by mathjak107 View Post
i think the biggest factor to the wealth difference is this.

when our generation was in that age bracket a high school diploma was the entrance pass for most entry level jobs . that diploma was free.

today the price of admission for those lower level entry level jobs is the college diploma.
that comes saddled for many with debt.

the college diploma is the new high school diploma in the job market.

while a college diploma got us some pretty good jobs right from the beginning today a masters is needed for that same level.

the job market has been horrible for them as well with 2 back to back recessions.

once things pick up those with masters may be much more in demand and they may make money at a faster rate than we did.

both my son and daughter inlaw fall in that age bracket and already they both earn 2x what i do and im at the tail end of my career.

im not sure what this study is supposed to show other than the job market sucks right now and the education level to get jobs has increased .

the survey will be more meaningful looking at the same group in 15 years or so and seeing how they compare.
To me the most significant part of the link is the advocacy of a social policy to redistribute wealth. You may have picked up this is a topic high on my list from this and other threads. That's because I am hearing it more and more openly advocated as we head into a period of debt reduction and lowering expenditures for social programs. As we know my friend there are only a few sectors that actually substantial assets and some of them are:
Pension Funds
Corporations
Investors/big and small collectively
SS trust fund
To a lesser degree Medicare

There are those who want those funds used to replace dwindling government funds. Regardless of what the intent of those funds are. I have heard people advocating for Corporations to use their reserves for infrastructure purposes as ridiculous as that is.
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Old 11-08-2011, 05:09 AM
 
Location: SW MO
23,605 posts, read 31,506,246 times
Reputation: 29081
Quote:
Originally Posted by SCBaker View Post
I do not respond positively to condescending posts directed at me. No matter what you say, I took your post as it was intended.

In your posed simple question, why did you have to ask me if I posted what I meant? I always post what I mean.

You do not have to lecture me on how to have a more pleasant life. My life is very pleasant, thank you.

I will not respond to your "The sky is falling" question. Condensending.

Too bad because I think we actually agree on the desire to have a peaceful retirement which does not include financially supporting adult children.
As you will!
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Old 11-08-2011, 05:28 AM
 
29,789 posts, read 34,889,516 times
Reputation: 11715
Wall Street Transaction Tax Would Raise $350 Billion

Quote:
WASHINGTON -- A minuscule tax on financial transactions proposed by congressional Democrats would raise more than $350 billion over the next nine years, according to an analysis by the Joint Tax Committee
Quote:
, a nonpartisan congressional scorekeeping panel.
The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response.
Quote:
Some believe that the global nature of the Occupy Wall Street movement will boost the chances of the transaction tax being signed into law. While the movement has been criticized for lacking specific demands, protesters have voiced their support for a "meaningful" tax being placed on Wall Street trading.

Specific solutions to economic inequality are not in short supply. What's been missing for years has been the political will to implement them.
A 350 billion dollar wealth transfer by design. Now what would the money be used for? If it did deter transactions it doesn't raise the expected money. What about your mutual funds and your rate of return. impacted or not? The 350 billion is coming out of someones pocket and going into?
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Old 11-08-2011, 06:07 AM
 
Location: The Triad (NC)
28,525 posts, read 62,253,689 times
Reputation: 32222
Quote:
Originally Posted by TuborgP View Post
To me the most significant part of the link is the advocacy of a social policy to redistribute wealth.
How about an advocacy for acknowledging HOW and to what degree wealth has already been redistributed?
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Old 11-08-2011, 06:08 AM
 
29,789 posts, read 34,889,516 times
Reputation: 11715
Quote:
Originally Posted by MrRational View Post
How about an advocacy for acknowledging HOW and to what degree wealth has already been redistributed?
Please clarify, I think I understand but want to be sure.
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