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Old 09-12-2013, 12:14 PM
 
Location: Pennsylvania
302 posts, read 193,826 times
Reputation: 383

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Why are Americans in such bad shape financially?
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Because they are at the mall, buying stuff. Because they need the latest and greatest of everything. Because they waste their time doing everything except learning how to manage their money.
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Old 09-12-2013, 01:07 PM
 
Location: Castleton, IN
25 posts, read 17,908 times
Reputation: 26
Default Choices...choices...choices my friends!

Real simple:

After looking at this issue for over 40 years and researching centuries of recorded behavior, MOST Americans who ARE in such bad shape financially live "in the moment" thus to gain acceptance and recognition. In addition, history teaches us that these financially illiterates willingly, repeatedly and consciously make lifestyle CHOICES that keep them in financial dire straits for generations...all while placing blame on someone or something else!

Those who are NOT in such bad shape financially do NOT generally live "in the moment". These folks willingly, repeatedly and consciously make lifestyle CHOICES that keep them in a perpetually healthy financial state...all while taking PERSONAL RESPONSIBILITY for their future. Real simple!

Clay
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Old 09-12-2013, 01:26 PM
 
23,901 posts, read 19,988,856 times
Reputation: 5891
Just like the intro to the show use to say. "There are a million stories in the Naked City".
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Old 09-14-2013, 04:19 PM
 
144 posts, read 85,560 times
Reputation: 139
A poster mentioned somewhere in this thread in 2008 that many Americans cannot tell assets vs. liability - he is right about it. Something is considered an asset, from an accounting standpoint, if it generates $$$ (e.g. Property, plant, and equipment, inventory, etc). Many people consider their automobiles to be assets - assets my bottom! Cars are such financial black holes - the owners are always feeding money into keep their cars (maintenance, insurance, registration fees, etc). Not to mention that cars depreciate faster than someone free falling from a building.
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Old 09-14-2013, 04:22 PM
 
Location: Chicago
3,397 posts, read 1,598,107 times
Reputation: 7566
Quote:
Originally Posted by Buckhead_Broker View Post
OK folks, I've read these posts for about a year or so. Either it's the crowd that this forum attracts or somewhere along the path people didn't learn how to save for the future. So, what is it?

Did many of you never learn about planning for your future?

Was there just not enough income to save for the future?

Was it not important to save for the future?

Why is it that so many people facing retirement are so ill-prepared after 30-40years of working?
Please remember that real wages have been stagnant for more than 30 years, while the cost of living has steadily risen. Also remember basic needs like education, housing and healthcare costs far more today in real terms than they did 30 years ago. Also remember that those good jobs so many millions of Americans had 30 or 40 years ago, the kind with unions and pensions and health coverage and opportunities for advancement, have all but disappeared.

Then ask why people aren't able to save...
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Old 09-14-2013, 05:37 PM
 
Location: Forests of Maine
21,889 posts, read 28,732,399 times
Reputation: 8932
Quote:
Originally Posted by RogersParkGuy View Post
Please remember that real wages have been stagnant for more than 30 years, while the cost of living has steadily risen. Also remember basic needs like education, housing and healthcare costs far more today in real terms than they did 30 years ago. Also remember that those good jobs so many millions of Americans had 30 or 40 years ago, the kind with unions and pensions and health coverage and opportunities for advancement, have all but disappeared.

Then ask why people aren't able to save...
And yet, some do save, ...
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Old 09-14-2013, 05:57 PM
 
43,299 posts, read 47,186,981 times
Reputation: 13728
As time goes by both skilled and s unskilled labor will not be need in great numbers. Its means more at the bottom and government being the middle man for most benefits.
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Old 09-14-2013, 05:58 PM
 
23,901 posts, read 19,988,856 times
Reputation: 5891
Not everyone's wages have been stagnant and perhaps those of us who are fortunate now are the ones who saw real world wage gains. I know my wife and I have been the beneficiaries of wage gains.
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Old 09-14-2013, 07:55 PM
 
2,863 posts, read 2,150,976 times
Reputation: 3543
Imagine a third world village and all those everyday activities, like watching your neighbor kids, helping to build a shelter, loaning a loaf of bread or a pot and so on. Imagine that the age of free market descended upon a village, every service is assigned a monetary value (money comes from distant cities) and brisk service economy is born. In a matter of a few years most of the villagers will be broke.

Something like that happened in USA, dwindling social capital with its reciprocal arrangements and social safety net cannot be made up for with stagnant wages and 401k.
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Old 09-14-2013, 08:02 PM
 
2,863 posts, read 2,150,976 times
Reputation: 3543
Quote:
Originally Posted by BeerGeek40 View Post
Why are Americans in such bad shape financially?
----------------------------------------------
Because they are at the mall, buying stuff. Because they need the latest and greatest of everything. Because they waste their time doing everything except learning how to manage their money.
Nah, without spenders there are no savers. So simple not buying on credit doesn't mean that those money can be saved "for the future". Money mass in circulation shrinks as production volumes shrink, so there would be nothing to save for the future. The only difference - the deck of human cards will be shuffled differently, and it's not a fact that averages and means would be any better in the savers world.

With 99% probability, average and mean "wealth", the number of destitute old geezers and so on, will be (much) worse in the savers world. Don't trust me. Think about the jobs you do, the jobs that allow you to make all those wise financial choices for your future. Great chances are that a job (and worthless, in a larger sense, goods & services it produces) depends on millions of people making stupid decisions to buy worthless crap with money they don't have to impress people they don't like .

Last edited by RememberMee; 09-14-2013 at 08:21 PM..
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