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BMWs depreciate quickly. I can go to any dealership and buy an older, used BMW for less than a new Civic. That doesn't necessarily mean they are $30k millionaires or being stupid with their finances.
Great point! I bought my last two BMWs as Certified Pre-Owned lease returns for less than 2/3 of their original sticker price. Each of them cost less than I paid for each of the two brand new Jeep Wrangler Rubicons prior to that.
The first thing that jumped out at me from the study is that they put having a cell phone in the same category as: "housing, food, child care, health care, transportation". REALLY?!
If you want people to get jobs, they need phones. I have a cell phone which saves me on having a land line.
If you want people to get jobs, they need phones. I have a cell phone which saves me on having a land line.
Also if you want people to keep jobs, they should have a cell phone. There are few employers who are interested in hiring people with no reasonable way to contact them.
I'll rephrase that for coherence:
The main reason so many people don't save ENOUGH for retirement or any other purpose...
is almost entirely about poor planning.
I haven't read every page yet, but "poor planning" includes lack of understanding of pensions, Social Security, 401Ks, etc., along with not having the forethought to worry about 40 or 50 years from now, as well as thinking Social Security is some magical thing that will magically make everything better. Think about all the people who pay H&R Block to do their 1040EZ. Do you think they understand the details of retirement funding?
I started contributing to my 401K as soon as they were available, but I was early 30s and making a secretary's salary, so I contributed the bare minimum. Oh, and when my Mom (divorced from Dad) and I (single mother) bought a house together, I withdrew $9K for furniture....I knew there was a penalty to withdraw it but didn't realize then I was hit again with all the extra tax.
So the bottom line is I had a Mom with a good job but she was no Suzy Orman, a Dad that got fired from his guaranteed-pension railroad job for drinking on the job, and no real role model to help me get started on serious planning. I also made a lot of impulsive moves, cross-country, down the Jersey Shore, back to PA, etc, which also involved real estate commissions, new furniture -- some expenses paid for by the employer, but bottom line, lots of money spent on my wanderlust that would come in handy now for my IRA!
Oh well....coulda shoulda woulda.....I know I'm not the only one who was no expert financial planner!
a hardened criminal that defrauded all manner of public programs as well as private individuals and companies. Because of how Reagan used her story, people still think a large swath of people on welfare are frauds, no matter what audits of the programs find (there is fraud, but not nearly as much as may seem to believe).
I don't know how many people you know who are actually on public assistance but I have known quite a few over the years. I have also have had family members who work in these offices.
Simply put out and out fraud might not be that common but people pushing the envelope is something that is rampant. One fact about people who get public assistance they know lots and lots of other people who also get public assistance and they learn the tricks of the trade. What to say and disclose and what to leave out. There are still lots of blue collar jobs that pay under the table. I have had applicants at my businesses even go as far as ask if they can be paid in cash because they are on public assistance. I refused of course.
Whether it be lying about their income, who may actually be supporting them and living with them, trading food stamp money for other things etc. Or selling illegal drugs on the side. To say some government audit accurately depicts the amount of waste, fraud and abuse going on is laughable.
Most of these government offices are understaffed and can barely keep up with the caseload let alone actually investigate each applicant to the amount necessary to catch the cheats.
I believe that 25% to 50% of the people receiving public benefits would either not qualify or get less benefits if they were 100% honest about their life when they apply and or continue to get benefits.
I don't know how many people you know who are actually on public assistance but I have known quite a few over the years. I have also have had family members who work in these offices.
Simply put out and out fraud might not be that common but people pushing the envelope is something that is rampant. One fact about people who get public assistance they know lots and lots of other people who also get public assistance and they learn the tricks of the trade. What to say and disclose and what to leave out. There are still lots of blue collar jobs that pay under the table. I have had applicants at my businesses even go as far as ask if they can be paid in cash because they are on public assistance. I refused of course.
Whether it be lying about their income, who may actually be supporting them and living with them, trading food stamp money for other things etc. Or selling illegal drugs on the side. To say some government audit accurately depicts the amount of waste, fraud and abuse going on is laughable.
Most of these government offices are understaffed and can barely keep up with the caseload let alone actually investigate each applicant to the amount necessary to catch the cheats.
I believe that 25% to 50% of the people receiving public benefits would either not qualify or get less benefits if they were 100% honest about their life when they apply and or continue to get benefits.
I agree. I live in Appalachia. Welfare abuse, to an extent, is a multigenerational problem, and when local jobs pay so poorly, it may be advantageous to stay on some form of assistance.
I agree. I live in Appalachia. Welfare abuse, to an extent, is a multigenerational problem, and when local jobs pay so poorly, it may be advantageous to stay on some form of assistance.
That is a very good point. Welfare can stunts ones motivation to improve there life. If you have limited job skills and you are getting section 8, food stamps and medicare you are going to do whatever it takes to stay on it.
How many of the ones who earn less than $30K do not work at all? Or only have a HS education? Or do not work a full 40+ hour week? Or refused to join the military to get a free education?
Life is full of choices. If you make less than $30K, that is your choice.
The question is why so many people don't save for retirement. I gave an answer that HALF of Americans make less than $30,000.
Clearly, we're only talking about people with jobs when we're talking salary. My answer was accurate.
Those people's choices or lack of choices is a whole separate discussion. Why don't you start a new thread if that's what you want to talk about? While you're at it, please work out what would happen to the salaries of current grads if everyone in the job market had a degree. Seems to me that many grads are already underemployed. Don't you think it's a bit simplistic to think that there would be enough high-paying jobs waiting for all these non-grad employees if they all had degrees?
That is a very good point. Welfare can stunts ones motivation to improve there life. If you have limited job skills and you are getting section 8, food stamps and medicare you are going to do whatever it takes to stay on it.
And you're not going to move.
A lot of my friends and classmates are working poor to working class. Many have multiple kids. Their parents and sometimes their grandparents contribute with child care. You're getting free child care. Maybe help with meal prep or housekeeping. That type of thing.
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