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I know there is nothing I can do to stop this. The only thing I can do is own my own house and have a lot of domestic and foreign stocks to hedge against inflation. I also teach my kids the value of money and early saving.
Well, if we all did this, pretty soon all these kids would grow up and get to be Congressmen and President and then things would change.
I am an immigrant, I am very fortunate to came here as a refugee. However, I am hugely disappointed at our government especially in the last 20 years (although it is still much better than my old country's government). I am also sad that many Americans are very soft, take zero personal responsibility, and scream for stimulus/aid with the slightest hiccup in the economy. Many Americans do not save and buy dumb things like full size 3-row SUVs with only 1 or 2 kids. The 10 year cost of owning a full size 3 row SUV is $40k more than a typical sedan with higher registration cost, insurance, maintenance ($300/tire), and gas. If invested properly an extra $350 per month is $500k after 30 years which is half of the money one needs for retirement. $350 a month is $1.2 mil after a career of 40 years. Our economy is inflated by 10% to 20% with borrowed money. Even with 20% less money and less wasteful spending we are still a very rich country.
I know there is nothing I can do to stop this. The only thing I can do is own my own house and have a lot of domestic and foreign stocks to hedge against inflation. I also teach my kids the value of money and early saving.
Congratulations on doing all the right things. I was taught many years ago to save and invest, and I'm now comfortably retired. Of course one has to stay ahead of inflation long term to meet that goal. And stocks and home investments may be the 2 largest and most productive means of middle class families gaining significant wealth and staying ahead. Beyond employment of course.
So I for one thank the Fed for all the new money and all the low interest money. It sure has inflated our assets. And as a result today I worry little about the extra costs of that 3rd row.
We are accumulating unspeakable amounts of debt, robbing future generations blind so that we can indulge in the now. What we are doing is, to put it bluntly, evil.
Money isn't real, and even if it were it's definitely not a time machine. We are not robbing future generations blind by borrowing money.
By hollowing out our infrastructure and destroying the climate, maybe, but not by borrowing money.
Countries with the lowest ratio of debt to GDP...aren't places you'd want to live, on the whole...
On the other hand, Japan, as an example, is at 234%, Singapore at 108.79%, Belgium 99%, France at 96%, at 84%, Germany at 55%, Nordic countries much lower around 35%...
I'd like to see our National debt reduced as a percentage of GDP...It's concerning but not alarming. It's also foolish to think of it as a credit card balance or looming balloon payment.
By hollowing out our infrastructure and destroying the climate, maybe, ...
Letting 19th/20th century infrastructure hollow out while waiting for 21st century infrastructure to be commercially available on mass scale may be the very thing that saves the environment.
Quote:
Originally Posted by JONOV
Countries with the lowest ratio of debt to GDP...aren't places you'd want to live, on the whole...
On the other hand, Japan, as an example, is at 234%, Singapore at 108.79%, Belgium 99%, France at 96%, at 84%, Germany at 55%, Nordic countries much lower around 35%...
Such numbers by themselves mean little, the real question is efficiency of money supply.
And quality of life is yet another question, not fully measurable by numbers.
I am an immigrant, I am very fortunate to came here as a refugee. However, I am hugely disappointed at our government especially in the last 20 years (although it is still much better than my old country's government). I am also sad that many Americans are very soft, take zero personal responsibility, and scream for stimulus/aid with the slightest hiccup in the economy. Many Americans do not save and buy dumb things like full size 3-row SUVs with only 1 or 2 kids. The 10 year cost of owning a full size 3 row SUV is $40k more than a typical sedan with higher registration cost, insurance, maintenance ($300/tire), and gas. If invested properly an extra $350 per month is $500k after 30 years which is half of the money one needs for retirement. $350 a month is $1.2 mil after a career of 40 years. Our economy is inflated by 10% to 20% with borrowed money. Even with 20% less money and less wasteful spending we are still a very rich country.
I know there is nothing I can do to stop this. The only thing I can do is own my own house and have a lot of domestic and foreign stocks to hedge against inflation. I also teach my kids the value of money and early saving.
$1.2 million after a career of 40 years puts the person at 60+ years-old- probably closer to 70. Now, what? Now one finally gets to enjoys life... at 70???
No, I think much of life's best experiences have greater meaning and are more memorable when younger. -Like traveling the world with a romantic partner, climbing the Himalayas, and diving the Great Barrier Reef. Building a future, a life, has to be experiential.
I respectfully disagree with this approach of focusing so much on sacrifice and money. You can save all the money in the world, but you're losing time.
$1.2 million after a career of 40 years puts the person at 60+ years-old- probably closer to 70. Now, what? Now one finally gets to enjoys life... at 70???
No, I think much of life's best experiences have greater meaning and are more memorable when younger. -Like traveling the world with a romantic partner, climbing the Himalayas, and diving the Great Barrier Reef. Building a future, a life, has to be experiential.
I respectfully disagree with this approach of focusing so much on sacrifice and money. You can save all the money in the world, but you're losing time.
and at 70+ there's high chance of heart attack/covid complications/cancer etc and then you die.
Most people don't have to sacrifice much by saving $350 or $500 a month. I was talking about wasteful spending such as buying full size 3 row SUVs when you have 1 or 2 kids or stupid handbags and watches that cost $3k to $20k. Full size suvs cost about $350 a month more than a sedan over 10 years because cost of ownership of $11k a year vs $6 to $7k a year.
I agree that we should enjoy life while we are young but I see a lot of mindless wasteful spending purchases such as buying an iPhone for $1,200 when one's income is $50,000 and take home income is closer to $30,000.
Quote:
Originally Posted by foulball
$1.2 million after a career of 40 years puts the person at 60+ years-old- probably closer to 70. Now, what? Now one finally gets to enjoys life... at 70???
No, I think much of life's best experiences have greater meaning and are more memorable when younger. -Like traveling the world with a romantic partner, climbing the Himalayas, and diving the Great Barrier Reef. Building a future, a life, has to be experiential.
I respectfully disagree with this approach of focusing so much on sacrifice and money. You can save all the money in the world, but you're losing time.
$1.2 million after a career of 40 years puts the person at 60+ years-old- probably closer to 70. Now, what? Now one finally gets to enjoys life... at 70???
No, I think much of life's best experiences have greater meaning and are more memorable when younger. -Like traveling the world with a romantic partner, climbing the Himalayas, and diving the Great Barrier Reef. Building a future, a life, has to be experiential.
I respectfully disagree with this approach of focusing so much on sacrifice and money. You can save all the money in the world, but you're losing time.
While I may agree in principle to your idea, many of the things you listed are simply another aspect of mindless consumerism, selling 'experience' as opposed to goods.
Average vacation is too short and many do it for bragging rights and because they saw other dumb people posting pictures of redundant protoplasm roaming exotic locales. In reality, those things introduce more stress than just slowing down and staying local. Mass tourism is meaningless and destructive.
OTOH, I don't think one should do it in their 70s either. Best to find something meaningful to do. But to each his own. It's all good.
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