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Old 01-02-2016, 01:24 PM
 
Location: Great State of Texas
86,093 posts, read 72,515,954 times
Reputation: 27565

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Quote:
Originally Posted by freemkt View Post
??? ??? ??? ???

did anyone ever seriously expect burger flippers to save?
Very few people are min wage workers for their entire life.
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Old 01-02-2016, 01:42 PM
 
15,734 posts, read 9,253,176 times
Reputation: 14217
Quote:
Originally Posted by freemkt View Post
Exactly what is the "safety net" for childless adults and why do I see so many homeless?
There isn't and shouldn't be much of a safety net for able bodied adults. They can, and should, work as much as they need to in order to support themselves.

You see so many homeless because of mental illness and substance abuse.
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Old 01-02-2016, 03:41 PM
 
Location: VT; previously MD & NJ
2,202 posts, read 1,347,729 times
Reputation: 6336
Quote:
Originally Posted by ohio_peasant View Post


... The concept of average people of necessity becoming investors, is recent; it might only be say 40 years old. The concept of overall frugality has been operative since the Neolithic revolution, but the need for becoming an investor for funding one's retirement, is a novelty.

So what's the point? The point is that persons who've had steady lifetime employment and who have recently retired at full retirement age (so, not early-retirees) have largely had the good fortune of not being dependent on individual investments for covering the bulk of their costs in retirement. For them, there is no crisis. For younger people, there is no "crisis" either, in the sense of dire urgency. But there is a slow decline in certainty and concomitant slow uptick in risk.

A crisis would eventually mount – say, in 30 years – if it remains imperative to become a successful private investor for funding a decent retirement.


... But if you have a 401K, all of these factors obtrude. Got a 7-figure retirement portfolio? Congratulations! Now consider the fact, that one single day's fluctuation in the market, could be larger than one entire year of your expenses! Comforting, isn't it?
Quote:
Originally Posted by Burger Fan View Post
Yes, it is! the defined benefit pension was one of the draws of going into state employment.


But to be fair, if you're diversified enough none of these things should really matter all that much to your 401K in the long run. In the short run yes, absolutely- this year was a bad year for a lot of funds, they're either negative or just breaking even due to the market going nowhere and oil being a bust. But if you're close to retirement your investment should be almost entirely in bonds and other "safe" investments to prevent market meltdowns from wiping you out in the first place.
Oh but it does matter... now! I retired and took SS at 62. It's not enough to live on (didn't expect it to be). So the money I managed to accumulate in my 401K, and how often the value of it goes down is very important, especially since I am not contributing anymore (no dollar cost averaging). You say the 401k should be in safe investments? That goes back to ohio-peasant's point about us all having to become successful private investors. It was much easier when an FDIC-insured CD paid more than inflation -- THAT is what I call a safe investment. What I have now in various mutual funds is gambling. What I have in emergency cash is losing to inflation.
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Old 01-02-2016, 03:42 PM
 
Location: SoCal
13,230 posts, read 6,335,450 times
Reputation: 9849
Quote:
Originally Posted by freemkt View Post
??? ??? ??? ???

did anyone ever seriously expect burger flippers to save?
Did anyone seriously took jobs that meant for teenagers for life???
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Old 01-02-2016, 03:45 PM
 
Location: VT; previously MD & NJ
2,202 posts, read 1,347,729 times
Reputation: 6336
Quote:
Originally Posted by HappyTexan View Post
Very few people are min wage workers for their entire life.
I'm not sure that's true anymore. Many of the "burger flippers" are trying to support families these days. These are not just after-school jobs anymore.
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Old 01-02-2016, 04:12 PM
 
Location: Great State of Texas
86,093 posts, read 72,515,954 times
Reputation: 27565
Quote:
Originally Posted by ansible90 View Post
I'm not sure that's true anymore. Many of the "burger flippers" are trying to support families these days. These are not just after-school jobs anymore.
Actually the majority are single and have never been married.


http://www.bls.gov/opub/reports/cps/...rkers-2014.pdf
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Old 01-02-2016, 05:05 PM
 
33,046 posts, read 22,062,610 times
Reputation: 8970
Quote:
Originally Posted by ringwise View Post
There isn't and shouldn't be much of a safety net for able bodied adults. They can, and should, work as much as they need to in order to support themselves.

You see so many homeless because of mental illness and substance abuse.

Other than get off the drugs and booze, what should they do?

Some cities have net inmigration with an objective housing shortage, what's the fix?
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Old 01-02-2016, 05:10 PM
 
33,046 posts, read 22,062,610 times
Reputation: 8970
Quote:
Originally Posted by NewbieHere View Post
Did anyone seriously took jobs that meant for teenagers for life???[
Meant by whom? Employers hire the best applicant for a job, burger flipper jobs are not reserved for teenagers. Similarly, applicants take the best jobs they can get. Should adults reject fast food jobs as "meant for teenagers" or somehow beneath them?
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Old 01-02-2016, 05:12 PM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by freemkt View Post
Other than get off the drugs and booze, what should they do?

Some cities have net inmigration with an objective housing shortage, what's the fix?
Why are you asking anonymous posters in a forum how to fix your life? It is your life to have and to hold and to live broken or under repair. You went to college and studied law so you are smart enough to problem solve how to improve your future. The folks people feel sorry for and want to help are those who are physically and mentally disabled and you are neither are you?
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Old 01-02-2016, 05:16 PM
 
71,593 posts, read 71,751,865 times
Reputation: 49204
from what we know of him , yep , he is
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