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Well my argument is primarily that people should spend the decade of 20s building their wealth, Im not sure what % of this age bracket actually buys NEW cars. If so then sure there will initially be less consumption of these goods by this age bracket, that would rebound when these people enter their 30s then buy a new car. Youd just be shifting the consumption to later, not eliminating it.
I have said this in a different post
In your 20s,
Do:
Get education done
Work on your career to a financial good start
Save for retirement aggressively
Travel and experience the world
Don't:
Get married
Divorce
Have children
Get pregnant
Buy a luxury car
Rent luxury apartments
Spend extravagantly
Right in todays economy we are in a bit of a dire situation of course, however traditionally in the US it has not been the mentality to spend your youth building wealth. My rant is geared more towards those who do have the ability to tuck away more money in their youth. I think its more than fair to say that people in their 20s do a good bit of wasting.
The same argument can be made about people who rely on welfare. The truth is that people sometimes of have the ability to do more for their own good, but they don't. Our policies and advertisements encourage that.
I have said that whenever you buy things, you are redistributing your wealth. Doesn't mean that you shouldn't buy things. But it does mean that Americans don't look at things that way. They may not like taxation. But they voluntarily buy crap just like paying tax.
Our capitalist system is set up to entice people to spend. If you are a cautious and frugal person, it then pays off.
Your argument is the people should not build wealth in this Nation because it would hurt sales. This is precisely the attitude that I am talking about in Americans today. Weve been trained to believe that our fragile little economy stands upon the edge of a knife that is our weekend trips to Walmart and Target. Clearly if we stop to better ourselves, then our Nation will be thrust into an economic turmoil.
I agree. Rich people by definition have the most yet buy very little relative to their wealth so they hurt sales the most. Poor people's impact on sales should be small yet they are made to feel as if they need to buy buy buy.
I think you are under the impression that there will just suddenly be a mass freeze in spending and everyone will start saving amongst all age brackets. My argument is that people should spend ONE age bracket saving. Consider that currently most retired people spend FAR less than the rest of the age brackets, where as in a better economy they wouldn't be cash strapped in their elderly years, and would therefore spend. Like I said, youre just shifting consumption from one age bracket to another. The difference is youre building your wealth early and using 50 years of compounding interest to your advantage.
Plus bear in mind that this would have a rolling impact on the generations. I would leave far more wealth to my kids upon my passing, meaning that they wouldn't be struggling as much if they cant find a good wage initially. Today many people leave little to nothing to their kids.
Of course. Your retirement savings should start with the largest amount, and then you can gradually reduce because you already have a lot. Everything should be done in a reverse triangle. You save a whole lot more in your 20s. Time is your best friend or worst enemy. If you start a decade later, you would need a whole lot more principle investment to achieve the same total sum at the end of your investment than if you started a decade earlier.
In fact, starting early doesn't cost more money. Eventually you use a smaller investment to generate a much bigger dividend.
Your argument is the people should not build wealth in this Nation because it would hurt sales. This is precisely the attitude that I am talking about in Americans today. Weve been trained to believe that our fragile little economy stands upon the edge of a knife that is our weekend trips to Walmart and Target. Clearly if we stop to better ourselves, then our Nation will be thrust into an economic turmoil.
People don't just go to walmart. Walmart at least is cheap. People voiluntarily spend more buying local, sometimes pointlessly.
I think they will listen if they are taught it in school. The first experience I had with financial management? It was when I was working full time at 20 but my credit card payments were eating up half of my paychecks.
See in other countries, financial literacy is taughtin schools. In china, students learn budgeting and accounting.
Altruistic-intending behaviors certainly can cause harm in a society. However, it remains true that without some altruistic behaviors, society would fall apart.
It's not about either self serving behaviors or altruistic ones. It's that for there to be self servicing behaviors and benefits, there would have to be altruistic behaviors. But the two aren't equal.
Our education teaches people to be altruistic. But our society is a fundamentally hypocritical one. Human nature doesn't change. Altruistic heroes are often disefranchized, disappointed, or disillusioned. In some cases, these are fake heroes whose true face is that of a jerk or thug.
It is what the world is. Smart young people are good at discerning what they are taught in school. Not everything taught at schools is good. These things are determined by schools, teachers, political interests, etc.
You have to unlearn some of the things. Don't forget to Learn from street too.
??? Traveling the world is quite an extravagant thing to do
No one says you don't enjoy life.
I think spending ones 20s solely on accumulating wealth is also an unwise strategy. It doesn't have to be that extreme. One should still enjoy life.
Travel can be expensive or cheap. It really depends.
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