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1   ignoreme   ignore (3)   2019 Dec 12, 3:16pm     ↓ dislike (0)   quote   flag      

Pathetic story. Doesn’t break down savings rate by income, just points out that not many people are using 401k plans. There’s plenty of doctors out there with 0 savings and plenty of working families making 60k a year with a few hundred thousand.

It’s not showing wealth inequality, it’s showing intelligence inequality.

And to take a step back. It’s not your fucking money. The only reason why my 401k has more then yours is because I choose to drive older cars, live in smaller houses and save the difference. You aren’t “struggling”. You refused to live within you means your whole life then you hit 65 and “401k doesn’t work. It’s unfair, he has more then me”. At a certain point people need to be held accountable for their dumb decisions. Sorry.
2   Ceffer   ignore (4)   2019 Dec 12, 3:40pm     ↓ dislike (0)   quote   flag      

ignoreme says
It’s not showing wealth inequality, it’s showing intelligence inequality.


They think you should have a million dollars in your 401K without putting any money into it. They also think that if they DO have money in it because they have to, then paying the early withdrawal penalty to buy a monster truck shouldn't decrease the principal.
3   clambo   ignore (5)   2019 Dec 12, 4:27pm     ↓ dislike (0)   quote   flag      

$500/month for 33 years=$1 million

The question is: do you have to desire and the determination to do it? There are a million reasons to have no money left at the end of the month.

I did it and girls are envious of me at the same time they want to hang around me. Women my age are mostly telling me to start spending it because they've become widows with guys a few years older than they having heart a tack ack acks or other problems.
4   Al_Sharpton_for_President   ignore (6)   2019 Dec 12, 4:30pm     ↓ dislike (0)   quote   flag      

Fixed it.

401k accounts only work if you put money in it.
5   Heraclitusstudent   ignore (2)   2019 Dec 12, 4:41pm     ↓ dislike (2)   quote   flag      

"Dumb people deserve to be miserable. "

Your daily dose of republican cynicism.
6   Ceffer   ignore (4)   2019 Dec 12, 4:43pm     ↓ dislike (0)   quote   flag      

clambo says
I did it and girls are envious of me at the same time they want to hang around me.


Pepper your pecker with predatory prostitutes.
7   WookieMan   ignore (5)   2019 Dec 12, 5:33pm     ↓ dislike (0)   quote   flag      

ignoreme says
It’s not showing wealth inequality, it’s showing intelligence inequality.

Good line. Perfect.
8   ignoreme   ignore (3)   2019 Dec 12, 5:49pm     ↓ dislike (0)   quote   flag      

Heraclitusstudent says
"Dumb people deserve to be miserable. "

Your daily dose of republican cynicism.


What’s the alternative? Encourage idiots to take zero responsibility for themselves while punishing people who do? Please offer a better alternative.
9   mell   ignore (6)   2019 Dec 12, 6:27pm     ↓ dislike (0)   quote   flag      

This is bullshit. Look around even into so called "poor" families. They have iPhones (incl.the kids), cable and Amazon prime and order and upgrade on useless shit in a regular manner. Most Americans are addicted to consumerism. You don't need any of this shit. Get a cheap web phone and a plan with Hotspot or a cheap local internet plan if you have one in your region. Don't watch any TV. Drive beater cars for 15 years at the minimum. Buy your clothes at Ross. Don't go on vacation if you cannot afford it. Don't eat out don't Uber or get food delivery. Then anybody can stash away 500/month no matter their salary.
10   Patrick   ignore (1)   2019 Dec 12, 6:45pm     ↓ dislike (0)   quote   flag      

My 401k worked out very well for me, because I always maxed it out. I could do that because I never had to pay a mortgage, only rent, which was much less than the mortgage on a similar place. But then, I have a very understanding wife who never demanded the house or other crazy expenses.

I admit there is a certain effect where you really need, say, $50K to live, so you can't save much at that level. But then if you get to $60K you can save the extra $10K every year. So the ability save does go way up with income. It's just math, no conspiracy, and it seems reasonably fair to me.
11   Booger   ignore (7)   2019 Dec 12, 6:59pm     ↓ dislike (0)   quote   flag      

mell says
Don't watch any TV.


Antennas are very inexpensive. I can record more TV on my OTA DVR than I can watch.
12   KgK one   ignore (0)   2019 Dec 12, 7:40pm     ↓ dislike (0)   quote   flag      

Age gap is hugh 30 to 60, should be by age group 30-40, 40-50 and 50-60.


Though I maxed my 401 k , most people get married have kids and buy house 25-40. So saving probably grows a lot after 40.

Besides house, car, food, health insurance rest of the expenses are low.

If you dont buy mansion , but reasonable home, it can be paid off.
As I get older , I might keep one car n use uber as backup.
I still take nice vacation to disney n other world destinations. Make more , dont spend on useless items n most ppl are ok.
13   Fortwaynemobile   ignore (3)   2019 Dec 12, 7:45pm     ↓ dislike (0)   quote   flag      

Government union style entitlement.
14   mell   ignore (6)   2019 Dec 12, 7:50pm     ↓ dislike (0)   quote   flag      

Booger says
mell says
Don't watch any TV.


Antennas are very inexpensive. I can record more TV on my OTA DVR than I can watch.


Yeah that works, I used to have a digital antenna. But many people watch TV instead of making money/doing research or exercising.

KgK one says
Age gap is hugh 30 to 60, should be by age group 30-40, 40-50 and 50-60.


Though I maxed my 401 k , most people get married have kids and buy house 25-40. So saving probably grows a lot after 40.

Besides house, car, food, health insurance rest of the expenses are low.

If you dont buy mansion , but reasonable home, it can be paid off.
As I get older , I might keep one car n use uber as backup.
I still take nice vacation to disney n other world destinations. Make more , dont spend on useless items n most ppl are ok.


Many people are single now especially here in the SF bay area, yet they consume the same amount as a family, and those men who are married often get jerked around because wifey needs to upgrade from Iphone X to Iphone 11. It's a systemic issue, you are likely the exception.
15   Rin   ignore (8)   2019 Dec 12, 8:03pm     ↓ dislike (0)   quote   flag      

Also don't forget, even if your firm doesn't have much in terms of 401K offerings, you can do one yourself and have in total, some $55K deferred.

With this money, you can create your own dividend equity and bond portfolio for retirement.
16   clambo   ignore (5)   2019 Dec 12, 9:02pm     ↓ dislike (0)   quote   flag      

A cheapskate lifestyle is fun; I love not having cableTV.

I have a Roku in one room and AppleTV in another; I watch free stuff on Roku channel, PlutoTV, Comet, TubiTV, Vudu has free stuff, Youtube and I pay $2.99 for Curiosity Stream.
I have two TV antennae also so I can pick up local stations but they can fade if there is fog or a storm sometimes.

I love scoping out Goodwill and a couple other places for stuff; I bought a new pair of Nike sneakers and a lightly used pair of Merrill hiking shoes for about $10 each.

I was going to buy an Apple Home Pod speaker for $250 and I found a new in the box sound bar at Goodwill for $26, it works fine.

One of my TVs is a big Samsung my friend gave me; the older ones have good speakers compared to my newer one.

I got a Health Savings Account with is in some ways even better than a Roth IRA; ANY contribution to the HSA is deductible, the thing grows tax deferred, and you can spend it TAX FREE if you use the money for a health expense. Later after age 65 medicare you can let it grow and spend that money in any way you wish like an IRA.

I get stuff like bleach, detergent, dish soap, paper towels at Dollar Tree (if I remember I need them) I don't make a special trip, just if I am passing by on my way.

Any side gig you can get a SEP-IRA and contribute to it. I contributed chump change to my SEP over the years and now it's worth about $90,000. I can exchange it for a fixed annuity or I can systematically withdraw it as I wish someday. I may let it get up to a round figure of $100K first.

The people I know who complain are just mentally lazy and have no will power; single mothers of course are definitely in this category. They make poor choices as a rule anyway.
17   ignoreme   ignore (3)   2019 Dec 13, 5:56am     ↓ dislike (0)   quote   flag      

Cheapskate life may be fun but you don’t need to be extreme to save money. Just a few good decisions is all you need to do

1. Going to college is great, but treat it like an investment and not a party. Graduate without debt or minimal debt relative to what you will be making and you are in a lot better position then most.
2. Drive a car you can afford. Buy one that costs less then 25% of your income, then drive it 10 years.
3. Buy a house you can afford. Mortgage should be no more then 25% of income. Can’t do that? Rent.
4. Be careful who you marry. Don’t get divorced. Don’t have kids with people you aren’t married to.

All 4 of these things are 100% under your control, if you follow them you’ll be rich. Unfortunately doing this requires wisdom which most people lack. But this is not hard to do.
18   Tenpoundbass   ignore (14)   2019 Dec 13, 6:14am     ↓ dislike (0)   quote   flag      

Bring back S&L banking and pay savers the going rate.
Inflation was a wonderful thing for savers back in those days.
19   Goran_K   ignore (3)   2019 Dec 13, 7:13am     ↓ dislike (0)   quote   flag      

401ks don’t work for people who don’t understand how to utilize them. What a breaking conclusion.
20   clambo   ignore (5)   2019 Dec 13, 9:06am     ↓ dislike (0)   quote   flag      

tenpoundbass, when interest rates were high, so was inflation, and after taxes money in the bank slowly loses value.

Banks are paying savers the "going rate"; interest rates are presently low so they get paid peanuts.
21   Shaman   ignore (2)   2019 Dec 13, 9:31am     ↓ dislike (0)   quote   flag      

My 401k climbed 25% this year! Mix of contributions and lots of appreciation. Got 21% return!
22   KgK one   ignore (0)   2019 Dec 13, 9:37am     ↓ dislike (0)   quote   flag      

My 401k climbed 25% this year! Mix of contributions and lots of appreciation. Got 21% return!

Market is high , converted 3/4 into stable money market..
23   Al_Sharpton_for_President   ignore (6)   2019 Dec 13, 4:09pm     ↓ dislike (0)   quote   flag      

clambo says
tenpoundbass, when interest rates were high, so was inflation, and after taxes money in the bank slowly loses value.

Banks are paying savers the "going rate"; interest rates are presently low so they get paid peanuts.
Inflation is very high now - autos, healthcare, rent, homes, and of course, higher education.

What is the Relationship Between Inflation and Interest Rates?
https://www.investopedia.com › Economy › Economics
There is an inverse correlation between interest rates and the rate of inflation. ... In general, when interest rates are low, the economy grows and inflation increases. Conversely, when interest rates are high, the economy slows and inflation decreases.
24   clambo   ignore (5)   2019 Dec 13, 4:21pm     ↓ dislike (0)   quote   flag      

KgK, why would you go to cash when your retirement may be years away?

The purpose of your retirement account is capital appreciation until you are finished working and you then need income.

Cash=capital preservation; stocks=capital appreciation, bonds/dividend stocks=income

As an alternative to cash you can always go into "equity income" funds which have stocks of very large successful companies.

Another alternative; there are a few funds of stocks domiciled in Switzerland; their currency is rock solid as is the quality of the companies therein.
25   just_adhom_preaching   ignore (6)   2019 Dec 13, 9:42pm     ↓ dislike (0)   quote   flag      

KgK one says
Market is high , converted 3/4 into stable money market..


If I recall after the last downturn in 08 the money market rules/laws/regulations or something changed so that they lock up in the event of another downturn. The money won't be available to buy beaten down stocks.
26   KgK one   ignore (0)   2019 Dec 14, 9:46am     ↓ dislike (0)   quote   flag      

"If I recall after the last downturn in 08 the money market rules/laws/regulations or something changed so that they lock up in the event of another downturn. The money won't be available to buy beaten down stocks".

That doesnt make sense. You should be able to move money from fixed to risky. Buffet is sitting on loads of $ to buy. I might move some $ money in BerkB
27   just_adhom_preaching   ignore (6)   2019 Dec 14, 10:52am     ↓ dislike (0)   quote   flag      

KgK one says
That doesnt make sense. You should be able to move money from fixed to risky.


I agree but I think it's true and it pissed me off when I read it way back then. I too have a significant position in money markets.

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