PoliTalker (06-23-2018), Sirthinksalot (06-21-2018)
That's not it. How many people do we hear say "if I made a little more then I can start saving"? Then they make a little more and what happens? They want a new car. Maybe a better car. They want a bigger house. They make more then they spend more and are in the same financial straights.
Hell there are people in big homes and drive fancy cars that live paycheck to paycheck because they leverage themselves to the hilt. It's not sexy putting money away in a mutual fund each month but it sure is fun driving your friends around in a new car. It's a mindset.
PoliTalker (06-23-2018), Sirthinksalot (06-21-2018)
Actually my mother did teach me how to save. And it's funny, she doesn't like fancy clothes, jewelry or cars. She likes real estate and knows how to create value with it. She's a well educated and brilliant woman.
And you want to act like the YOLO mindset doesn't exist? I mean hey, many simple facts don't exist to you anyone so just add another to the list.
The OP advocates personal responsibility and we all know that's code words for racism.
Anyway since I'm an avowed racist I have no problem with saving and before that, paying off my debts as soon as I could.
Hardly gets any more racist than that (other than advocating a healthy diet).
I agree with you. Everybody wants to 'Keep up with the Jones'. The Marketers (Advertisers) do a great job of telling people what they need. Your YOLO comment is true.
People that have a $100,000 Portfolio of Stocks and Bonds and see their monthly and quarterly dividends roll in with no effort on their part, are quick to point and say "Why can't people save?".
Landlords that collect monthly rents (and do little for their Properties) can easily say "I save money, why can't others?". When you are one of the 'Haves' it's easy to look at the 'Have-Nots' and say "You should save some of your money for the Future".
TTQ64: "Bottom line, people can't save what they don't have."
I agree with this.
cawacko: "They make more then they spend more and are in the same financial straights. "
I agree with that.
Each person is a little different. I have sympathy for the lowly wage-earner that is running in a squirrel cage just to stay in the same spot. I don't have much sympathy for the Rock Star or Athlete that had millions, then blew it.
Example of denial.
For those with common sense, however, this graph means something:
Attachment 6819
cawacko (06-21-2018)
"Hand to mouth" wage earners should probably not be bringing children into the world. Some people can't afford to raise children, but choose to have them anyway. We all make choices, some people make poor ones. Actually, lots of people make choices they can't afford. It shouldn't be everyone else's responsibility to bail them out.
dukkha (06-21-2018)
Personal Ignore Policy PIP: I like civil discourse. I will give you all the respect in the world if you respect me. Mouth off to me, or express overt racism, you will be PERMANENTLY Ignore Listed. Zero tolerance. No exceptions. I'll never read a word you write, even if quoted by another, nor respond to you, nor participate in your threads. ... Ignore the shallow. Cherish the thoughtful. Long Live Civil Discourse, Mutual Respect, and Good Debate! ps: Feel free to adopt my PIP. It works well.
Capitalism itself has to take some of the blame. Capitalism promotes finding the absolutely most effective marketing tools. Effective marketing causes people to desire and purchase things they don't really need, and in many cases should not have bought.
Capitalism also causes the commercial media to present the most shocking stories available, causing many to believe the world is on the precipice of ending. Some are convinced one thing or another is going to end their lives young, so they go into a depression which causes them to not care about old age planning.
Some are so depressed and hopeless they make their personal finances worse by buying lots of Lotto tickets. Nobody who has no savings should be gambling what little cash they can put their hands on, on something of so little value as Lotto tickets. It is sad watching somebody go into a convenience store and buy a pack of cigarettes, an energy drink, and $20 - $30 worth of Lotto tickets. Talk about throwing money away. And when this is seen, one has to wonder, how often the individual does this. A needless $50 a week habit could amount to a hundred thousand dollars by retirement age, if handled differently.
Our public schools need to do a much better job of teaching people about handling money.
If a 20 year old individual earned a take-home of $500 per week, and managed to save about a quarter of that and live on the rest, that individual could become a millionaire by age 60.
$500 a month savings, invested in the stock market, which has a 40-year record of growing by 6%, would grow to be more than a million dollars after 40 years.
Anything extra the individual earns could be put towards improving lifestyle, but sticking to this savings schedule could make even a minimum wage earner a millionaire.
If more people were more prudent about avoiding impulse-buys and discretionary habit buys, the prices of items would be lower. The effective marketing techniques of modern capitalism artificially increases the demand for products, which causes the price to be higher.
A $500 phone contains less than $5 worth of materials and workmanship. Much of the cost is marketing and mark-up.
We need better education, and more stringent regulation on greedy capitalists who do not believe in win/win philosophy.
Personal Ignore Policy PIP: I like civil discourse. I will give you all the respect in the world if you respect me. Mouth off to me, or express overt racism, you will be PERMANENTLY Ignore Listed. Zero tolerance. No exceptions. I'll never read a word you write, even if quoted by another, nor respond to you, nor participate in your threads. ... Ignore the shallow. Cherish the thoughtful. Long Live Civil Discourse, Mutual Respect, and Good Debate! ps: Feel free to adopt my PIP. It works well.
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