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Retirement Planning Advice for My 20-Something Son
cbs ^ | Friday, February 25, 2011 | Steve Vernon

Posted on 02/24/2011 9:55:30 PM PST by BenLurkin

Establish smart spending habits. Live like you're poor. How do you do that? Drive your cars into the ground, don't eat out very much, avoid expensive and potentially unhealthy processed foods, buy food in bulk, buy just enough clothes to fit your needs, and use public transportation. ... Use credit cards only as a convenience to avoid carrying cash; limit your credit card spending so that you can easily pay off the balance each month. Make every dollar count with your spending, so you can free up money to invest in the future.

Get healthy. One of the best things you can do for your retirement years is to establish lifelong, healthy, eating and exercise habits. Doing so won't increase your spending, but it will go a long way to preventing the depletion of your financial resources in your retirement years due to high bills for medical and long-term care expenses.

Save at least 10 percent of your pay for your retirement. This includes any match you might get from your employer. For example, suppose your employer matches dollar for dollar on the first four percent of pay for your contributions. In this case, you'll need to save six percent of your pay — four percent to get the four percent match, plus two percent to get up to 10 percent. Save this amount for 30 or more years, and you'll most likely get in the ballpark of having accumulated enough money for retirement. If you've got the time or patience, it would be better to use an online retirement planning calculator to get a more accurate estimate your savings needs. Invest your retirement savings in a good target date fund, unless you have the time and skill to learn about investing and constantly monitor your investments.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy
KEYWORDS: bills; cash; creditcard; employer; expenses; financial; fund; income; investments; medical; money; poor; resources; retirement; saving; savings; spending

1 posted on 02/24/2011 9:55:32 PM PST by BenLurkin
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To: BenLurkin

Don’t! Many keep working at something till they kick.


2 posted on 02/24/2011 9:56:26 PM PST by A CA Guy ( God Bless America, God bless and keep safe our fighting men and women.)
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To: BenLurkin

Gold.


3 posted on 02/24/2011 9:58:40 PM PST by BobL (PLEASE READ: http://www.freerepublic.com/focus/f-news/2657811/posts)
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To: BenLurkin

Save at least 10 percent of your pay for your retirement. This includes any match you might get from your employer. For example, suppose your employer matches dollar for dollar on the first four percent of pay for your contributions. In this case, you’ll need to save six percent of your pay — four percent to get the four percent match, plus two percent to get up to 10 percent.

I personally think that saving 10 percent regardless of what the employer puts in is a better way to go. Now after all of that, pray that when your son wants to retire, the stock market doesn’t crash. That is my only worry about stock market being used for retirement (what other option do you have really). With Social Security eventually going to stock market, it will be having all eggs in one basket but again what choice will anyone have.


4 posted on 02/24/2011 9:59:27 PM PST by napscoordinator
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To: BenLurkin

Make sure to save some dough because Obamacare requires an average $250 per month or else the IRS will come a callin’...


5 posted on 02/24/2011 10:04:25 PM PST by max americana
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To: BenLurkin; A CA Guy; BobL; napscoordinator

*Live at a room and board instead of an apartment.
*Buy food in bulk quantities for you and your family.
*Always buy used cars.
*Use your computer for your entertainment.
*Download movies.
*Download music.
*Get certifications and turn those skills into your own side business.


6 posted on 02/24/2011 10:04:30 PM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: BenLurkin
"... Establish smart spending habits. Live like you're poor. How do you do that? Drive your cars into the ground, don't eat out very much, avoid expensive and potentially unhealthy processed foods, buy food in bulk, buy just enough clothes to fit your needs, and use public transportation. ... Use credit cards only as a convenience to avoid carrying cash; limit your credit card spending so that you can easily pay off the balance each month. Make every dollar count with your spending, so you can free up money to invest in the future."

Good advice for those who want to waste their youth eating Top Ramen sandwiches in the expectation that their lives won't be cut short leaving them free to live their old and weak years in what will sure to be some archaic understanding of 'comfort'.

Not burdening yourself with unsupported debt is good advice, but the rest of that stuff looks like a recipe to live your life in the background like a schlub.

But I understand completely that not everyone can live their life like Errol Flynn.

7 posted on 02/24/2011 10:06:54 PM PST by The KG9 Kid
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To: napscoordinator

I think the stock market is the last place on earth anyone should put their money. Put it all in the bank and save it there, don’t put it all in investments. It’s the highest possible risk area and I for one shy away from it.


8 posted on 02/24/2011 10:09:17 PM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: The KG9 Kid

” the depletion of your financial resources in your retirement years due to high bills for medical and long-term care expenses.”

And supporting endless out of wedlock children on welfare via single mothers. You have a good point on not making the youth of this nation live on Ramen noodles if they can avoid it.


9 posted on 02/24/2011 10:10:59 PM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: BenLurkin

This is tongue and cheek....having said that...spend everything as you get it. Live paycheck to paycheck. The less you have in your bank account, the less unhidable assets you have, the more you can live off the government. Social security will be means tested, who know’s maybe someday your 401K will be means tested. Healthcare will be means tested.

....or buy lots of gold and hide it in a hole somewhere.


10 posted on 02/24/2011 10:12:48 PM PST by teg_76
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To: BenLurkin

work for the govt....period...nothing will beat the bennies and wages and pensions....


11 posted on 02/24/2011 10:18:22 PM PST by cherry
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To: BenLurkin
Retirement Planning Advice for My 20-Something Son

1. Get a haircut.
2. Get a job.
3. Keep the job.

-PJ

12 posted on 02/24/2011 10:18:44 PM PST by Political Junkie Too (In a democracy, you negotiate from the floor of the legislature, not from hideouts and bullhorns.)
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To: Niuhuru
This traditional conservative advice -- thriftiness, being a good steward of your time and money -- all intended to instill the notion of chuckholing your money away for all the exciting adventures you'll have at age 79 when you wake up in the morning feeling like someone's worked over every square inch of your body with a baseball bat is starting to get hard to swallow these days.

What's the point? Abandon the spirit of youth to investing in someone else's future by letting them play with your money while you eat beanie-weenies for dinner, and somehow this will be redeemed for the rewards of wearing a snappy tuxedo and silk top hat when you're a geriatric walking the mall at 7am before the stores open? Oh yay. Where do I sign up?

Personally, I think that the best recipe is to die completely broke: If you've run out your last dollar at the moment you've taken your last breath, you've won the game.

My reasoning is that since 'time is money', any leftover money you have at death is representative of wasted time.

Now that I've read this old boring advice, can I please see the column written by David Lee Roth or some other celebrity who told his old man to shove it and ran away from home to start a garage band that would rise to become the most sensational in rock music? Something more inspiring like that, please.

13 posted on 02/24/2011 10:24:54 PM PST by The KG9 Kid
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To: Niuhuru

Banks are absolute shit. The guy mentioning gold or precious metals has a better idea here. In 2011 or 2012 - the dollars in those banks may be totally worthless. Precious metals will still have a value.


14 posted on 02/24/2011 10:26:45 PM PST by Frantzie (HD TV - Total Brain-washing now in High Def. 3-D Coming soon)
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To: BenLurkin

1) Don’t buy underwear. If cavemen didn’t need it, why should you.


15 posted on 02/24/2011 10:28:40 PM PST by Krankor (And he's oh, so good, And he's oh, so fine, And he's oh, so healthy, In his body and his mind)
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To: BenLurkin
a good target date fund

No.

16 posted on 02/24/2011 10:28:50 PM PST by rabscuttle385 (Live Free or Die)
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To: napscoordinator
With Social Security eventually going to stock market

That's funny.

Do you really think the Federals (both Republican and Democrat) would willingly give up their own private slush fund?

(I think not.)

17 posted on 02/24/2011 10:30:24 PM PST by rabscuttle385 (Live Free or Die)
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To: The KG9 Kid

As Tom Petty memorably said, You don’t have to live like a refugee.

I have been under the poverty line for most of my life, but honestly, live a little once in a while.


18 posted on 02/24/2011 10:39:04 PM PST by Persevero (Homeschooling for Excellence since 1992)
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To: The KG9 Kid

I don’t want to die broke; I’d like something to leave my kids. They are worth it.

That said, I think you are spot on about the inability to enjoy the bulk of your largesse in your latter years. I envision living sort of small when I am up in my 80s. I’d like a small apartment that requires little cleaning, no yard work, and I doubt I’ll travel. I won’t want to drive so I’d try to get stuff delivered once a week, or maybe have a child or two take me on well organized errands.

If I live that long.

I’ve known many by this point who lived quite healthy lives but got cancer, had heart trouble, or were in an accident anyway.

I think I’d like to spend the best part of my money when I am young enough (50s and 60s?) to travel and see well and drive and so forth, but old enough that my minor children are grown and stable.

Even my calorie needs are lower when I’m older, you know? And I have notice that a lot of good food like rich food and good steaks just aren’t sought after by the time you are 80.

So I’d advocate a middle ground, certainly keep up health insurance and long term care insurance and have savings, but don’t like like a miser and then get cancer at 55 like friends of mine have and never got to enjoy a dime of it.


19 posted on 02/24/2011 10:44:18 PM PST by Persevero (Homeschooling for Excellence since 1992)
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To: BenLurkin

Don’t bother planning for retirement at that age. At least not in the normal sense. Savings in US dollars are soon to be wiped out in more than one way. All other methods of planning for “it” can be rather complex, and involve risks as well.


20 posted on 02/24/2011 10:50:32 PM PST by Revel
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To: The KG9 Kid

Ah. KG9 Kid.

It sounds lousy when you are young. I guarantee when you are old it sounds like something I desperately wish I’d done. You don’t feel old inside—see, that’s the secret. It’s the same you. But suddenly, it’s there and you need more pills and you can’t just go out and get a manual labor job and honestly, noone want’s to hire you when you’re 60. No matter how cool and employable I was when I was 30 and 40, it ain’t true anymore.

And if you can’t handle the “exciting adventures at age 79” idea, try, the not having to eat dog food when you’re 79 idea. Or, the being able to buy you grandaughter a gift for her birthday idea when you’re 79 idea. I guarantee it’ll mean plenty when you’re there.

Noone wants to take away your grand adventure. Just save 15% of what you make while you’re on it.


21 posted on 02/24/2011 11:42:18 PM PST by ModelBreaker
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To: BenLurkin

Have six children in the hopes one will care for you.


22 posted on 02/24/2011 11:43:07 PM PST by Berlin_Freeper
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To: BenLurkin

*) Save and then keep 6 months gross income in a liquid account
*) Open a 401(k) and put as much as possible into it
*) Pay yourself first — save at least 10% of your income and keep it in safe investments. use this to purchase things.
*) You’re 20? Think of SSI as a tax. You will never see a dime. Plan accordingly.
*) Splurge once a month — more when you get older.
*) ALWAYS pay cash, except for cars and a mortgage (when you are ready for one). Use Credit cards like 23 day cash advances — pay them down to ZERO every month.
*) Along those lines, DO WITHOUT. If you can’t pay for an appliance or doo-dad in cash, then DO WITHOUT. Don’t finance stuff.


23 posted on 02/24/2011 11:43:38 PM PST by freedumb2003
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To: ModelBreaker
"... And if you can’t handle the “exciting adventures at age 79” idea, try, the not having to eat dog food when you’re 79 idea."

Presuming God allows me to live to 79, it will be less like eating dog food and more like eating dogs.

I'm imagining an America something more like whatever survivors there are will be roaming the derelict wasteland of the collapsed American empire, wearing hockey gear lined with rabbit fur and driving around on cobbled-together warmachines made of salvaged car parts -- doing battle with crossbows on the crumbling highways for the last remnants of petrol resources, fresh water, and whatever loose ammunition there is left.

Either that, or society survives in a miserable gray concrete collective of neo-Soviet influence with bullhorns rousing us from our communal sleep chambers blasting scratchy Maoist revolutionary martial music goading us to the morning group flag exercises on the nearby athletic field. Then, all of us shaven-headed citizen comrades will hurry away to our societal-ordained labor pools denoted by our specialized jumpsuit colors, right after the morning Vegan meal of cold starchy noodles with our choice of simulated flavoring. By then, President Obama will be regarded to be much the same sort of man that Teddy Roosevelt is remembered by left wingers today -- an repulsive ultra-right cavalier lunatic leader of a shameful age, a fitting example of everything that was wrong with the "Old Amerika".

Given a choice, I prefer the first scenario even if I have to eat barbequed dogs shot with a crossbow from atop my battlecar. At least there'd be hope for a Renaissance at some point in the distant future after the Dark Ages petered out.

24 posted on 02/25/2011 12:06:33 AM PST by The KG9 Kid
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To: The KG9 Kid

Do you have a recommended method of suicide for those whose money goes away faster than they planned?


25 posted on 02/25/2011 12:31:08 AM PST by tdscpa
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To: max americana
What does one get for $250/month?

I just got correspondence from BC-BS that my health premium is going to $809 effective 4/1/11.

Does this mean I should support obama?

26 posted on 02/25/2011 12:37:33 AM PST by tdscpa
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To: Niuhuru

The banks don’t pay enough interest on your money to even cover inflation.To add insult to injury,the government demands that you pay income tax on your interest gains.


27 posted on 02/25/2011 1:33:49 AM PST by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: tdscpa
Do you have a recommended method of suicide for those whose money goes away faster than they planned?

Vote Democrat?

28 posted on 02/25/2011 1:55:37 AM PST by SIDENET ("If that's your best, your best won't do." -Dee Snider)
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To: Persevero
I don’t want to die broke; I’d like something to leave my kids. They are worth it.

Don't agree with that at all. If you feel you need to leave your kids your hard-earned money, you likely did not do your job as a parent - which is to raise your kids to be self-sufficient and not parasites on society.

Nothing is more pathetic than to see middle-aged adults sitting around waiting for their elderly parents to kick off so that they can grab their "inheritance" and buy that new sports car or pay off those credit card bills (so they can run them right back up again). I've seen it happen too many times.

I also do not agree with the premise of the article which is to live like a pauper in your prime years so that you can vacation in Florida and play golf when your 75. Screw that, I'll eat steak today (while I still have my teeth) and if I am destined to eat mac and cheese and drive around in a beater of a car, I'll do it when I'm too old to care.

Lastly, can we please get off the whole "retirement" kick? I have absolutely no idea why so many people look forward to retirement and see it as their lifetime dream. Retirement is something to do when you are preparing to die. In the meantime, work as long as you can and contribute to society as long as you can. As you do so, live a little. Take the wife out to dinner on a regular basis, go on vacations while you are still young enough to enjoy them, drive that new car with the bells and whistles today - not when you're 75 and your kids are trying to get your license taken away because you drove up on the curb and ran over the mailbox one too many times while taking your weekly trip to CVS to fill your prescription medicines.

That is key to a long and rewarding life.

29 posted on 02/25/2011 2:36:46 AM PST by SamAdams76 (I am 17 days from outliving Vince Foster)
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To: BenLurkin

Save your retirement funds in something not named the US Dollar...


30 posted on 02/25/2011 2:46:21 AM PST by Yet_Again
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To: The KG9 Kid
If you've run out your last dollar at the moment you've taken your last breath, you've won the game.

While you're right about this, getting the timing on it right is about the same odds as winning the powerball.
31 posted on 02/25/2011 2:49:57 AM PST by Yet_Again
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To: BenLurkin

Get a job in a remote location or war zone where few others are willing to work and there’s nothing to spend your money on.

Save almost all the money you make there for several years. Then pay cash for your first house and you’ll be in a good position early in life.


32 posted on 02/25/2011 2:50:25 AM PST by utax
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To: BenLurkin

Get a job in a remote location or war zone where few others are willing to work and there’s nothing to spend your money on.

Save almost all the money you make there for several years. Then pay cash for your first house and you’ll be in a good position early in life.


33 posted on 02/25/2011 2:50:29 AM PST by utax
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To: Frantzie

Invest in non-hybrid seeds,and weaponry/reloading equipment.


34 posted on 02/25/2011 2:50:59 AM PST by macrahanish #1
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To: Niuhuru
"I think the stock market is the last place on earth anyone should put their money. Put it all in the bank and save it there, don’t put it all in investments. It’s the highest possible risk area and I for one shy away from it." Anyone who is paying attention would realize you cannot preserve wealth by leaving your money in the bank. Quantative Easing by the Regime is turning the dollar into monopoly money. Inflation will only get worse over the next fve years..... The trick is to put your savings in real assets. GOLD,SILVER...... AND LEAD(9MM, .38 .45 ETC)
35 posted on 02/25/2011 3:53:43 AM PST by Fred911 (YOU GET WHAT YOU ACCEPT)
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To: Niuhuru
Your #1 *Live at a room and board instead of an apartment. precludes your #2 *Buy food in bulk quantities for you and your family.
36 posted on 02/25/2011 4:20:28 AM PST by Roccus (Who knows?........Who cares?........Why bother?)
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To: tdscpa
Traditionally, the answer is 'turning to alcohol and drugs'.

Curiously, this is also the answer for those who have far too much money to spend before they croak and desperately seek to expend their capital rapidly to meet my 'dollar:death equality' ratio.

Charlie Sheen is presently faced with this predicament. He's setting a fine example for others to follow.

37 posted on 02/25/2011 8:06:02 AM PST by The KG9 Kid
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To: Yet_Again
"... While you're right about this, getting the timing on it right is about the same odds as winning the powerball."

Correct, which is why the best tactic is to default to creditors rather than dying with a surplus. This ensures a zero-sum end to the game.

38 posted on 02/25/2011 8:09:09 AM PST by The KG9 Kid
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To: Roccus

I just meant these tips to be individual pieces of advice, not work together as a whole.


39 posted on 02/25/2011 9:19:50 AM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: Fred911

And land of course. Plenty of land.


40 posted on 02/25/2011 9:22:49 AM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: Niuhuru

Yeah, I was being a real nit-picker......sorry.


41 posted on 02/25/2011 9:25:52 AM PST by Roccus (Who knows?........Who cares?........Why bother?)
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To: Roccus

I just don’t see how too many are going to survive if they keep wanting it all, right NOW. When I discovered Sam’s Club and bulk buying, I realized that if you’re smart, you can save money on rent and buy regular quantities while living in a nice neough room/board, and whne you move into an apartment with expensive rent, you can save money on food by buying bulk quantities. It’s a matter of successfully balancing things out. I’m at a nice enough room/board and I pay under four hundred dollars and month that includes internet connection, and I am saving more than enough for food from normal grocery stores. The rules are no drinking, smoking, loud music after eight pm, and no pets of course. I have a cozy room of my own and a small portable heater heats it perfectly.

I think that for young adults, room/board places will be perfect homes since they will sort of be like living with thier parents, only not. Their own room to eat in, they do the dishes they use, move in and out freely, but after a certain hour they have to quiet down. It’s just minus the parents. That’s the best part. Plus rent is dirt cheap and they don’t have to maintain a whole place, just their room and the kitchen. If someone acts up, they get evicted.


42 posted on 02/25/2011 9:35:23 AM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: The KG9 Kid

I think your views are a bit too extreme. To me, I see America becoming a lot more like a country where people will learn actual trades and work with their hands, one being a main career and the other a sideline in to bring extra money. Things will be more stratified socially, but along the lines of professional occupation rather than social standing via birth. Poeple will be more inclined to be involved with someone they meet at work and who comes from a similar owrk background rather than just social class they were born into.


43 posted on 02/25/2011 9:38:32 AM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: BenLurkin

Twenty-something is a bit late. Ideally what you need to do is spend the parent-supported years of 15-20 working your backside off and socking every penny away in an IRA. The parents need to have the foresight to live in an area where the school district allows juniors and seniors to fulfil their HS graduation requirements with community college courses, allowing you to graduate high school with a free Associates degree.


44 posted on 02/25/2011 9:41:10 AM PST by Eepsy
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To: Niuhuru
"... I see America becoming a lot more like a country where people will learn actual trades and work with their hands, one being a main career and the other a sideline in to bring extra money."

This sort of sounds like Thomas Jefferson's vision for America, but like Franklin he was a honest to God polymath who benefited from a Classical education and therefore became skilled at a great many things along with all the inspirations of the Age of Invention.

Anyway, I hope that your vision turns out that way. It would be sad if it came to be that the most popular sideline career turned out to be pot growing.

45 posted on 02/25/2011 10:11:31 AM PST by The KG9 Kid
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To: SamAdams76

I agree with you partly (obviously). I’ll eat steak while I can chew it, drive a nice car if I care about it (I don’t) while I can still see, travel while I still have some energy.

Also about “retirement,” I agree, I plan to work productively, whether for money or as a volunteer, as long as I am capable. Which may be to my last day. I am all for taking breaks but I don’t want a life of indolence.

I disagree with you about inheritance, though. I think it depends upon your kids and how they were raised and how they turned out. If I had some sort of turkey kid that was sitting around waiting for me to die, they wouldn’t get anything.

However, inheritance is an important biblical concept and I at this point have a high regard for my children. I want to leave them a grubsteak, if I can, so they go forth and have dominion. A chunk of one-time money can be critical for major investments or positioning. I have it for a catastrophic need; if I don’t use it and die, I want them to have it and would die happy knowing I left them with something. I don’t see that as making them parasites.


46 posted on 02/25/2011 10:41:48 AM PST by Persevero (Homeschooling for Excellence since 1992)
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To: Persevero
Guess I came on a little stronger in my reply than I meant to. I have nothing against inheritances as a concept, I just don't agree with parents feeling obligated to leave one for their children, especially at the expense of their well-being, and consequently, children should not feel entitled to one from their parents either.

In a perfect world, my parents would live a long, happy life and be able to spend every bit of money they earned on themselves.

47 posted on 02/25/2011 11:00:43 AM PST by SamAdams76 (I am 17 days from outliving Vince Foster)
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To: The KG9 Kid

It’ll have to. With all the techie jobs going overseas and the increse of useless degrees and cost of college, plus those fed up with the rat race and dealing wiht asinine management, there will be a LOT of smaller independent businesses operating and in a way where you can be your own boss. As for drugs, well, who knows. I mean, at what point do you just want to give up completely and leave and operate out of your own home? A lot of people move overseas for that very reason. College degrees don’t get you the job all the time and employers now want to know if you can do the job, not just how much schooling you have. It would be better upfront that the employers sees what they need ot see on the resume.

Did you ever read the book, “The Obsolete Employee”? It’s telling about how new business mentalities are at work.


48 posted on 02/25/2011 12:20:54 PM PST by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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