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Wait, so now you are going to credit the Republicans for the economy?
How is the gov regardless of party, to blame for people not saving? What you want the government to do, put a gun to people's head to save? Take a portion of their money each month by force and save?
California already has cal savers which is going to make every company with over 5 employees offer a retirement plan, soon it will require a match, then a match regardless of what is contributed, then a gauranteed retirement just like the public sectors, then it will be a cry for a living retirement income. There is no such thing as personal responsibility with dems.
The economy is great for corporate America. The little people are still living paycheck to paycheck.
I work with people who make over 100 dollars an hour and some still live paycheck to paycheck. There's a certain amount of people who will be broke no matter what.
Jeff Bezos personally? Or Amazon. Amazon only has a 3.05% profit margin, so it would be relatively easy to find legal tax deductions to offset the 21% tax on that 3.05% profit.
Other corporations' profit margins, just for the sake of comparison:
Walmart: 2.57%
Apple (iPhone, etc.): 21.37%
Google (Alphabet, which includes Android products and spinoff services): 17.45%
I've noticed that you do this with lots of people who tell of incidents you don't like: you accuse them of lying.
It wasn't $100,000 singly, but these people were married, with working spouses, and together had at least that much income. Thus they had the latest electronics, and owned (or leased) late-model cars, but yes.....they did not have the money for a sandwich if payroll was delayed by a few hours.
I know you don't want to admit it, because you would have to acknowledge that multitudes of people do indeed make irresponsible decisions, but yes...many people spend every last cent on their "wants" (IPhones, late-model car leases, cruises, manicures, pedicures, etc.) and have absolutely no savings.
Here's two more examples:
1) I know someone who earns, together with her husband, more than $400,000 a year, and she has NO money saved for her 16-year-old's college. They bought a house that cost over $1 million, go on the most luxurious of vacations (as in more than $10,000 for a week), and to expensive restaurants several times a month. When she told me they didn't save anything for "Billie's" education, I was floored.
2) I worked at a bank one summer processing loan applications. There, I saw application after application from couples earning well over $100,000 (in 2020 dollars), with credit cards up to the limit, a few hundred dollars in the bank - and requesting loans of $1500 to rent an apartment at the beach for a week or fly down to Disneyworld for three nights.
There is a tremendous difference between being wealthy and the appearance of being 'rich'. Many high earners are not wealthy, because they blow what they make and many moderate-income earners also blow every single dime they make in an effort to appear 'rich'.
True wealth for most people takes time to accumulate through investments in, primarily their homes, slowly and steadily over a period of decades. Most millionaires live in regular ranch-style homes, drive Toyotas and don't live an extravagant lifestyle.
About 1977 - yes. No way we could afford health insurance or full dental, etc - and, nothing happened to any of us or our kids so all we had were $35 dental fillings and things like that.
Still, the 3K was not much even then. Just enough for a down payment on a "demo" car (our neighbor worked for Subaru and we got a decent deal on his two year old model).
The point is that it all depends on the luck of nothing going wrong...and, in the back of my mind I also had my parents living a few miles away with extra bedrooms.
If any of those pieces are not there - well, it would be easy to fall behind.
I was a vast number of levels above those min. wage and service workers of today and yet it was still month to month and luck.
The average price for a brand new car in 1975 was around $5,000. Your $3,000 should have nearly paid it in full as a used car two years later.
There is a tremendous difference between being wealthy and the appearance of being 'rich'. Many high earners are not wealthy, because they blow what they make and many moderate-income earners also blow every single dime they make in an effort to appear 'rich'.
True wealth for most people takes time to accumulate through investments in, primarily their homes, slowly and steadily over a period of decades. Most millionaires live in regular ranch-style homes, drive Toyotas and don't live an extravagant lifestyle.
Yes. That was the exact point of "The Millionaire Next Door."
Jeff Bezos personally? Or Amazon. Amazon only has a 3.05% profit margin, so it would be relatively easy to find legal tax deductions to offset the 21% tax on that 3.05% profit.
Other corporations' profit margins, just for the sake of comparison:
Walmart: 2.57%
Apple (iPhone, etc.): 21.37%
Google (Alphabet, which includes Android products and spinoff services): 17.45%
$11.2 billion in profits last year and Amazon (according to you) only had a 3.05% profit margin? How does that happen? Please share your homework ... I'm not going to do Apple or Google and even I can afford Walmart stock, so --- that should tell you something about Walmart not being the big dog on the street any more --- not since Amazon. You also should realize that Jeff Bezos is smart enough not to pay himself a billion dollars a year.
There is a tremendous difference between being wealthy and the appearance of being 'rich'. Many high earners are not wealthy, because they blow what they make and many moderate-income earners also blow every single dime they make in an effort to appear 'rich'.
True wealth for most people takes time to accumulate through investments in, primarily their homes, slowly and steadily over a period of decades. Most millionaires live in regular ranch-style homes, drive Toyotas and don't live an extravagant lifestyle.
Being a "millionaire" today means nothing close to what we traditionally consider being wealthy. A person better have at least a million bucks by the time they are 50 if they plan on any semblance of retirement.
Being a "millionaire" today means nothing close to what we traditionally consider being wealthy. A person better have at least a million bucks by the time they are 50 if they plan on any semblance of retirement.
Amazing. Liberals are on this forum defending irresponsible people who spend every last cent on luxuries when they don't even have $400 in the bank - and then smugly claim that being a millionaire is just the standard by which everyone must aspire in order to have a decent retirement. So by that logic, wouldn't liberals decry the irresponsible spending, knowing that middle class people need $1 million in the bank? (Actually, they don't. That's just more liberal snobbiness talking.) Shouldn't you liberals be telling middle earners to start saving money so they can accumulate some decent amount of money for retirement?
And FYI, the "Millionaire Next Door" were people average $7 million in net worth (and this book was decades ago, so you can at least double that for today's dollars), and the point being made was that they drove Toyotas, never bought an expensive wrist-watch, and lived in ordinary ranch houses.
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