DjTj Posted March 9, 2010 Share Posted March 9, 2010 Most people dont put their priorities in the right order.It's a failure of parents, but they might not know either. Id love to see High Schools MANDATE personal finance for every student. meh, they mandate math and english, and 43% of people aren't very good at those either. Link to comment Share on other sites More sharing options...
twa Posted March 9, 2010 Share Posted March 9, 2010 And science, dear God don't get me started there. Link to comment Share on other sites More sharing options...
TD_washingtonredskins Posted March 9, 2010 Share Posted March 9, 2010 meh, they mandate math and english, and 43% of people aren't very good at those either. You're good at math, you made up a cool percentage. Seriously though, if you expose kids to these principles then they can't blame ignorance. Link to comment Share on other sites More sharing options...
Predicto Posted March 9, 2010 Share Posted March 9, 2010 You're good at math, you made up a cool percentage. Seriously though, if you expose kids to these principles then they can't blame ignorance. I agree with the idea of making a mandatory class on personal finance in high school, but what difference does it really matter what they "blame" for their misfortune later on. We still have to deal with them. We dont want old people starving in the streets. Link to comment Share on other sites More sharing options...
TD_washingtonredskins Posted March 9, 2010 Share Posted March 9, 2010 I agree with the idea of making a mandatory class on personal finance in high school, but what difference does it really matter what they "blame" for their misfortune later on. We still have to deal with them. We dont want old people starving in the streets. Good point. I didn't really state that correctly. I guess my point was that if you expose people to these ideas, you then limit the number of people who will make this mistake out of ignorance. Some will stay make the mistake for a variety of reasons, but it won't be because they didn't know better. Link to comment Share on other sites More sharing options...
The Evil Genius Posted March 9, 2010 Share Posted March 9, 2010 It's also getting harder to get out of college without a minimum of 30-40K in debt - unless your parents pay your way (or you got scholarships). Try paying that off while making entry level wages, supporting a family, and putting money away. Link to comment Share on other sites More sharing options...
TD_washingtonredskins Posted March 9, 2010 Share Posted March 9, 2010 It's also getting harder to get out of college without a minimum of 30-40K in debt - unless your parents pay your way (or you got scholarships).Try paying that off while making entry level wages, supporting a family, and putting money away. That makes it difficult for a while, no doubt. But, at some point, student loans can't be used as an excuse for someone who is in their 40s or 50s and still doesn't have $10K saved up for retirement. Link to comment Share on other sites More sharing options...
Bliz Posted March 9, 2010 Share Posted March 9, 2010 gov't to the rescue! I say we cut off their access to social security and medicare entirely. It's the only way to ensure that they die old and penniless in the street, like they deserve. It would be just like a Dickens novel. How cool! But yeah, the numbers are a bit shocking. Link to comment Share on other sites More sharing options...
hockeysc23 Posted March 9, 2010 Share Posted March 9, 2010 I say we cut off their access to social security and medicare entirely. It's the only way to ensure that they die old and penniless in the street, like they deserve. It would be just like a Dickens novel. How cool!But yeah, the numbers are a bit shocking. Or you can finally let people be accountable for their actions. Don't want to save up .... no problem. You will face the consequences. I bet people will get the picture quickly. Rewarding ignorance and ineptitude hurts more people then the few that truly need the help the gov't provides here. Link to comment Share on other sites More sharing options...
DeanCollins Posted March 9, 2010 Share Posted March 9, 2010 Id love to see High Schools MANDATE personal finance for every student. they had it in the public school my son attended, albeit a magnet program. Link to comment Share on other sites More sharing options...
LaxBuddy21 Posted March 9, 2010 Share Posted March 9, 2010 Fortunately when I was in college, someone came and did a presentation regarding retirement and the difference between starting at 23 and 30. The difference is astronomical! One of the reasons I took my current job was because of their retirement plan. They give 3% automatically, 12% vested (after 6 years) profit sharing and add my 5% on top of that. I am putting 20% of my income in my retirement plan. My projected monthly income upon retirement is a beautiful thing to look at. This is all assuming the market doesnt completely crash and I am not completely effed in the end. My sister-in-law on the other hand doesnt see the point in saving for retirement now no matter how I explain it to her. My neighbor is 33 and just started saving. My wife is about to start her 401k soon once she hits the 6 month minimum requirement at her job. My mom has no retirement and neither does my step father. Its sad how many people only look at short term needs and not long term ones. Its all about having that TV or car or house right now. No one wants to say they cannot afford something right now and wait any more. When all those people retire, what the heck is going to happen? Somehow, I think I will end up being screwed for being fiscally responsible like so many got screwed with the housing market crash. Lord knows we cannot let people pay for their own mistakes! Link to comment Share on other sites More sharing options...
MattFancy Posted March 9, 2010 Share Posted March 9, 2010 I've been at my job for a year and a half, I've been putting money into my 401(k) since day 1. Link to comment Share on other sites More sharing options...
Bliz Posted March 9, 2010 Share Posted March 9, 2010 Or you can finally let people be accountable for their actions. Don't want to save up .... no problem. You will face the consequences. I bet people will get the picture quickly.Rewarding ignorance and ineptitude hurts more people then the few that truly need the help the gov't provides here. Lots of people here (myself included) should feel very blessed to be in a position where we had the opportunities to hopefully not need medicare or social security. Lots of people aren't so lucky. Advances in medicine are also keeping people alive well past the age where they reasonably work and earn a decent wage, which only makes it tougher. Assuming it's all because of ignorance and ineptitude is ridiculous. Strikes me as the kind of thing a child of privilege would say at a dinner party, when talking about how others should pull themselves up by the bootstraps, when they themselves know nothing about it. Personally, if I am asked to give a little bit to help keep some of my countrymen from being thrown out on their azz when they're seniors, living on the streets until they die, I'm okay with that. If I'm supposed to be impressed by your contempt or disregard for your countrymen, I'm not. I guess I just love my country more than you Besides, there's good social value to having the safety nets. Not only does it keep our streets from looking like a Dickens novel, because believe me it would, but it also keeps the lower classes placated. Do you know what you get when you have a lot of people who feel like they don't have enough money or opportunities, and face the likely prospect of becoming homeless when they're senior citizens if nothing is done about it? Riots. Link to comment Share on other sites More sharing options...
Hubbs Posted March 9, 2010 Share Posted March 9, 2010 I think the government should print $13 trillion and pay off everyone's debts. Problem solved! :ols: Link to comment Share on other sites More sharing options...
Redskinizzle Posted March 9, 2010 Share Posted March 9, 2010 But has anyone confirmed that in this study, 43% of the people were age 35 or under? Doesn't mean a thing if we don't know how it spreads over age range. Though I had more than 10k well under 30yo ... Link to comment Share on other sites More sharing options...
Predicto Posted March 9, 2010 Share Posted March 9, 2010 Or you can finally let people be accountable for their actions. Don't want to save up .... no problem. You will face the consequences. I bet people will get the picture quickly. Strangely, they never "got the point" in the past. They just starved and died. Rewarding ignorance and ineptitude hurts more people then the few that truly need the help the gov't provides here. And, the other side of the coin. A minimal social safety net benefits more than just the specific people who receive help. Link to comment Share on other sites More sharing options...
TD_washingtonredskins Posted March 9, 2010 Share Posted March 9, 2010 But has anyone confirmed that in this study, 43% of the people were age 35 or under?Doesn't mean a thing if we don't know how it spreads over age range. Though I had more than 10k well under 30yo ... I see your point, but if you don't have $10K by the time you're 35 years old, you're not going to have too much more unless you significantly increase the amount you can put away. Traditionally, it becomes tougher and tougher to put MORE money away until much later in life. Link to comment Share on other sites More sharing options...
Predicto Posted March 9, 2010 Share Posted March 9, 2010 This site has a very strong middle class perspective. We pop out into the world, fresh from college, with our parents backing us up at least somewhat. We have a place to stay if we need, maybe a down payment on a car, some meals now and then. For a lot of the lower class, saving 10k when you are young, on your own and working for close to minimum wage? That would be a tremendous achievement. Link to comment Share on other sites More sharing options...
TD_washingtonredskins Posted March 9, 2010 Share Posted March 9, 2010 This site has a very strong middle class perspective. We pop out into the world, fresh from college, with our parents backing us up at least somewhat. We have a place to stay if we need, maybe a down payment on a car, some meals now and then. For a lot of the lower class, saving 10k when you are young, on your own and working for close to minimum wage? That would be a tremendous achievement. I don't disagree. I'm not really judging those who don't have it, just saying it's scary that virtually half the people in our country don't have any significant retirement. Link to comment Share on other sites More sharing options...
Kilmer17 Posted March 9, 2010 Share Posted March 9, 2010 This site has a very strong middle class perspective. We pop out into the world, fresh from college, with our parents backing us up at least somewhat. We have a place to stay if we need, maybe a down payment on a car, some meals now and then. For a lot of the lower class, saving 10k when you are young, on your own and working for close to minimum wage? That would be a tremendous achievement. Again, I wonder what percentage of the "lower class" puts savings behind entertainment when it comes to budgeting. Most in the lower class probably dont know better as their folks probably didnt have good personal finances either. Link to comment Share on other sites More sharing options...
boobiemiles Posted March 9, 2010 Share Posted March 9, 2010 So much for the Bush tax cuts. But our economy is strange. On one hand we are told to save for retirement, and on the other we are told to spend without a conscience. I am confused. Link to comment Share on other sites More sharing options...
Thiebear Posted March 9, 2010 Share Posted March 9, 2010 Even without a job i had a good retirement. subtract the 70k i owe on the upside down house and yes, 10k. ohh wait it went down another 60,000 2 days ago when i got the fairfax forms... 2002 saturn.. straight talk phone no contract... good cable though.. Link to comment Share on other sites More sharing options...
twa Posted March 9, 2010 Share Posted March 9, 2010 But has anyone confirmed that in this study, 43% of the people were age 35 or under?Doesn't mean a thing if we don't know how it spreads over age range. Though I had more than 10k well under 30yo ... More detail would help on just what they included/excluded as well,hell I don't have 10k set back for retirement. Not reserved for it anyway,especially since retiring is not appealing to me. Link to comment Share on other sites More sharing options...
Destino Posted March 10, 2010 Share Posted March 10, 2010 I'm more amazed at the number of people that actually believe in the deferred life system to begin with. Let's all spend every second of our productive lives working and hoarding acorns for the day that wonderful day when we can retire at 65 or 70 or god knows. What a scam. I have money for retirement but if I need it so much of what I've tried to do will have failed. The enjoy life when you're old as hell idea is garbage IMO. Having said that I don't know how many people in percentage are young people that haven't started saving yet. Hard to tell what those numbers mean without really knowing the population we are looking at. Hopefully they get their act together so they can enjoy paying their medical bills with the stuff they spent all their lives working for. Link to comment Share on other sites More sharing options...
Fergasun Posted March 10, 2010 Share Posted March 10, 2010 I have more and I cashed out a bunch of my retirement savings... Link to comment Share on other sites More sharing options...
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