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I don't understand it. A recent report stated atleast half of the American population has less than $5000 saved by age 60. That's retarded. How can one spend 20 to 30 years working and have less than $5000 saved by age 60(the start of ones later years). Don't say IRS; they will work with you on tax issues so you can keep saving.
Even if you do no investing, Just putting $100 away under your bed each month for 15 years will net you $216,000 at year 16 so what's up with these people then that they have so little.
No only do you not have a sense of humor, but I resent your use of the word "retarded." And I'm going to call you on it. Hopefully, as you age you will become wiser. That is if you don't spend all your money on beer and women and waste the rest.
Yep I have a cousin like this. Never met a nice restaurant he could pass up or a trip he could take. Family income probably 300k and they have very little saved...in their late 50s now. He's in total denial. I've tried to talk with him about it and he says "Well, I"m not going to live like a pauper. "
I don't understand it. A recent report stated atleast half of the American population has less than $5000 saved by age 60. That's retarded. How can one spend 20 to 30 years working and have less than $5000 saved by age 60(the start of ones later years). Don't say IRS; they will work with you on tax issues so you can keep saving.
Even if you do no investing, Just putting $100 away under your bed each month for 15 years will net you $216,000 at year 16 so what's up with these people then that they have so little.
i would never trust you with my money. 100 a month x 12= 1200. 1200 x 15 years is 18,000.
Expenses exceeded income most of my life. I got rid of my biggest expense through divorce, but he still cost me for a while, including getting stuck with the IRS bills and other debts. The IRS goes after the one who has a job and is easy to find.
In other words, some of us made bad choices and paid dearly for them.
Fortunately, I stayed with the same employer for 37 years and have a pension.
But the question is, what did the hundreds who worked for her at cinnabon have?
Opportunity. The same thing she had when she was simply another waitress at Hooters.
The same thing Lyle Hiedemann had when he began as a janitor at Sears. CEO of True Value now.
The same thing Shawn Score had at Best Buy as a floor salesman. Senior VP, now.
Stuart Rose...pajama salesman to CEO at Marks and Spencer.
Fred Turner.... flipping burgers at McDonald's to CEO.
Opportunity, Harpaint. There is an opportunity behind every job.
"Why do so many people have so little money when they reach 60 years old?"
Because being responsible and thrifty is BORING. And, well, to certain people it's just not very satisfying.
Look people, when you talk about money and why people spend it the way they do, it's not just a series of frivolous purchases.
It's what those frivolous purchases are meant to do. How they make the purchaser feel. The reassuring heft of shopping bags. Happy, prosperous, secure, safe, less anxious.... Pick one of the above. Or maybe all of the above.
In our society, hoarders are the poster children for squandering money, along with compulsive shoppers. Often the hoarder and the compulsive shopper are the same person.
Up until 18 months ago, we had tenants who had lived in our rental for 17 years. Their rent never changed in that time. It was below-market when they moved in and it was about 1/3rd of market by the time we evicted them for...(wait for it)...not paying rent.
Wife was the hoarder and compulsive shopper. Husband was the stars-in-his-eyes dreamer, who never saw a small tech startup he didn't want to invest in. The startups all went bust, of course, because this is what small tech startups do 99% of the time.
This couple blew through every asset they had: land in Central America, life insurance policies, the proceeds on the sale of a house in Sacramento... All to pursue their insane course of action. Their Social Security payments were going towards six storage units, scattered around town.
They would still be doing this if we hadn't evicted them. If we hadn't applied a boot to their behinds.
Then, suddenly, they "discovered" that rents were very low in the Central Valley town where their daughter lived. Of course, that had always been true. Sensible people would have moved long ago and gotten help before eating all their seed corn, their assets.
They have no savings and now they never will. They're in their mid-70s.
i would never trust you with my money. 100 a month x 12= 1200. 1200 x 15 years is 18,000.
Right! And then consider how much inflation will have eroded that....but hey, couldn't you retire on that?!
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