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And when subsequent generations 'lose' their fortunes it usually is through reckless spending and bad investments. That money doesn't trickle down to the poor. That just makes no sense.
Someone inherits 10 million and blows it on bad investments....that doesn't create jobs -- that loses jobs.
Shaking my head.
And the statistic that 80% earned their million is from a book released in 1996. The statistics could have changed substantially.
I touched on that earlier corporations only tout 401k's because it saves them money in the long run. They do not "help" the economy. Anyone that believes that is a blubbering idiot. As I said, people would take a pension over a 401k match any day of the week.
If the amount and payment period are equal, who in their right mind would do that?
Last edited by lifeexplorer; 05-29-2017 at 09:19 AM..
I touched on that earlier corporations only tout 401k's because it saves them money in the long run. They do not "help" the economy. Anyone that believes that is a blubbering idiot. As I said, people would take a pension over a 401k match any day of the week.
Okay -- that's what I thought -- savings don't help grow an economy.
Okay -- that's what I thought -- savings don't help grow an economy.
If it's under your mattress, no. If it is deposited with a bank that loans it out for a home mortgage or a small business loan, then yes, it does help grow the economy.
And when subsequent generations 'lose' their fortunes it usually is through reckless spending and bad investments. That money doesn't trickle down to the poor. That just makes no sense.
Who would be the recipients of that reckless spending?
Quote:
Originally Posted by moneill
Someone inherits 10 million and blows it on bad investments....that doesn't create jobs -- that loses jobs.
It doesn't? If you blow 10 million on a business investment and it goes bankrupt in 3 years, you didn't create jobs for the 3 years?
Quote:
Originally Posted by moneill
Shaking my head.
Quote:
Originally Posted by moneill
And the statistic that 80% earned their million is from a book released in 1996. The statistics could have changed substantially.
It could have. How about providing some data or facts please?
If the amount and payment period are equal, who is their right mind would do that?
You're making grand assumptions here. You're assuming the average person can afford to take out the maximum from their paycheck, and you're assuming the company has a good 401k matching benefit program. Very few people are in that type of situation.
401k's are a money saver for corporate America plain and simple that's why pensions are a thing of the past. Let me guess you probably think this trickles down to everyone else and creates more jobs or something right, and better wages? Nope, it doesn't.
You're making grand assumptions here. You're assuming the average person can afford to take out the maximum from their paycheck, and you're assuming the company has a good 401k matching benefit program. Very few people are in that type of situation. 401k's are a money saver for corporate America plain and simple that's why pensions are a thing of the past.
The idea of a pension that pays out until death is just plain dumb for businesses because you don't know what the cost will be making it impossible to properly plan financially.
Pensions are absolutely destroying the budgets of most state and local governments.
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