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And because most people are bad with money getting more wouldn't change their situation
No kidding... they are their own worse enemy but always point and blame everyone else.
So lets not educate these people (people don't want to do that) so lets tax the wazoo out of people who are good with money to pander to the people who are not good with money.
It is still a big deal to be a millionaire, most Americans live way above their means and have no clue on how to budget their finances yes even some rich lawyers and doctors don't have a clue about finance not all but some.
Last edited by UKWildcat1981; 04-20-2015 at 11:23 PM..
Or bad with discipline. I don't know if you are lumping those in the same basket. They are real closely related, but not exactly the same thing.
I know people who have had far better careers than I have had, but always have to buy the latest thing.
A certain relative of mine is ten years older, has had a consistent stream of income and thinks he's going to retire soon. He has a much better computer than I do, a much nicer car (*), ( has never been a felon for five years ), yet would be in trouble in less than two months if he ever loses his job at a tech company that never makes any money.
I don't imagine that I could finance his lifestyle for more than 5 years, but I could come close.
(*) Financed with a five year loan. Really? I can't imagine financing a car any more - let alone with a loan so long ( or a lease ).
You could be a financial idiot, but if all you did was save 25% of your gross pay and with your non-401k stuff, just bought stock in companies you knew about by name ( and not what they did ) and never sold them, you would probably be able to retire well and "early."
Some of you might remember Leading Edge computers from the '90s. I'm definitely a Trailing Edge type, using the discards of yesterday's technology.
A million dollars is a big deal to me. Anybody who thinks it's not a big deal, probably already has a lot of money. I know money can't make a person happy but it would be such a relief to not have to live paycheck to paycheck and worrying about bills and if I'm going to have enough money to pay them and have enough money left over to get me by until the next paycheck, for simple things, like food and gas. In that way, a million dollars would be life changing for me.
when i was growing up in a nyc housing project just to have any savings for emergencies was a dream .
i think my dad died with a life savings of about 1900 bucks.
once i went out on my own i became obsessed with working enough jobs so i never had to live that way again and i finally hit 100k in my late 20's..
it was an incredible feeling . no one in my family ever had 100k. i was already thinking i was 1/2 way to retirement ha ha ha.
but as my income increased and savings increased lifestyle followed so by the time i hit a million ,just to do the things you like doing and living where you do pretty much levels out to that income level.
money is like water and tends to seek its own level.
once you retire it isn't about the pile of money anymore , it is only about how much can that pile generate to live on possibly for more years than you spent working ..
once the double teaming of inflation and market/interest rates come in to play the variables as to what that income is are all over the map.
it isn't as simple as a reverse amortization calculator gives you as you can be off by as much as 15 years as far as how long your money can last just based on that sequence risk.
that is why how much you need to save is all over the place and why most folks who follow the 4% safe withdrawal rate die with more than they started , just because you need to keep so much powder dry when you need to create your own pension to live on but may never need that extra powder if your sequences work out more favorable ..
Last edited by mathjak107; 04-21-2015 at 03:38 AM..
No kidding... they are their own worse enemy but always point and blame everyone else.
So lets not educate these people (people don't want to do that) so lets tax the wazoo out of people who are good with money to pander to the people who are not good with money.
I actually do spend my time helping to educate those who need it at no cost. I'm not sure who is getting taxed out the wazoo buts it's not me and my wife and I grossed 220k or so last year
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