Trump just closed out another winning week in the economy

The Hill ^ | 08/31/18 | Alfredo Ortiz

[aquila48]

“I don’t think that’s the reason and that’s a pretty negative view.”

It’s a realistic view.

If somebody starting at the age of 22 made it a priority to put just $200 a month in a s&p 500 etf IRA which long term has returned 10% a year, by the time he retires at 67 he would have over 2 MILLION.

All it takes is a bit of sacrifice and forethought.

Unfortunately many people lack both. So perhaps FDR was right in forcing people to save by taking money from their paycheck and putting it aside for them for old age. He had the right idea but the execution was a bit faulty.

So the choice is forced savings or destitution and private charity for the irresponsibles.

[marktwain]

I know plenty of people who make good incomes and spend every cent, and more, as soon as they can. They have not 401K or IRA.

Why? Because they are financially irresponsible. That is why. Many people simply cannot bother themselves to think ahead or budget.

In the United States, lack of saving is almost always a sign of irresponsible spending.

On the other hand, the insane bureaucratic restrictions we have put on housing means housing costs are one of the biggest single costs for low income people.

[lurk]

Remember a week ago Cohen dropped his bomb that Trump was playing hokey pokey with campaign funds, and Lanny Davis said he was about to plunge the final dagger in Trump’s aorta.

[Harpotoo]

I was answering another posters question.

[upchuck]

Kindly cease imposing your definition of what’s important on your fellow FReepers.

[Oatka]

Ask those involved if they are actually able to open a 401K at work.... you’d be disgusted with how many do have access and choose not to open it with even 1% put towards it.

YEARS ago, my 30-year-old brother was complaining about his financial status, and asked me why I was so "well off" (I wasn't). I told him that I opened a 401K with 1% (matched by my employer) and each time I got a pay raise (mostly by moving to a new job), put that in as well - all the way up to a matching 15%.

I asked him if he'd like a 5% raise. He jumped at it. I told him to put 5% of his paycheck in a 401K and his company would match it. (Hands thrown up) "I can't do that! I'm just ate (sic) up with debt!" He died recently, still up to his eyes in debt.