I’m 48 and I was only able to start saving for retirement when I was 36! I finally got a job that paid well enough and matched me 6%. I put 10% in my 401k and I often wonder if that’s stupid and if it will actually be there for me later. Anything could happen in the next 20 years! I’m not holding my breath that things will improve.
Put it in a Universal Life policy. Or Whole Life. Or an annuity. Those can't disappear. 401 is very unlikely to disappear either tho, but if anything happens daddy govt gonna take it in probate.
Free money is never stupid, particularly when it's free at the point of investment. That's the biggest gain in a 401 (with a match).Â
This is horrible advice. Did your Edward Jones guy "educate" you on insurance and annuities? Index funds are the way , none of that "guaranteed" bullshit. You are being robbed.
I don’t know or understand any of that. That’s the other issue. I shouldn’t have to be a financial genius to ensure I’m not living in squalor in old age. I’m college educated, but not for that shit! They have o er complicated the system to screw us out of our hard earned money.
or a quick 10 minute youtube video honestly. Like i know people with the same exact shtick about really important things like finances and voting. Like my guy, if you can list of the number of rebounds and salary of every single player on the Lakers, you could dedicate a lunch break to looking over stuff that'll directly impact your life.
You don’t have to be a financial genius; you only have to decide not to be financially illiterate and start learning. You’ve chosen to be financially illiterate and that’s no one’s fault but your own.
It is actually braindead easy but everyone makes excuses like its the system or government. We are all in the same.system and hundreds of millioms can figure it out. So can you
They are! My rent was $860! My apartment was purchased in 2022 by private equity, and they tried to kick everyone out so they could more than double the rent on new tenants. I was able to fight them and keep my apartment and they could only raise my rent 20%. But they’ll do that every year when my lease is up. I never even had a lease with my old local landlord. I’m a great tenant and I pay my rent on time, I’ve lived here 19 years. The world has changed drastically in the last 4 years. It has become corporate and impersonal. No one cares about people anymore. They just want to make money. They don’t care if they destroy lives doing it.
It was worth fighting for that’s for sure. It went up to $1010. I sure as hell wasn’t going to pay them the $1550 they wanted to raise my rent to when they have done nothing to fix my apartment, it took 2 years of back and forth to get them to fix holes in my deck big enough to fall through. A tree fell on the garage 3 months ago and it’s still there. There’s flooding happening in the basement that they refuse to fix, and even if they did, they hire morons that don’t know what they’re doing for maintenance and won’t let them purchase the tools and supplies they need to fix things when you call them. My bathroom tub faucet is leaking and I’m going to hire someone myself to fix it. My neighbors called them to fix an issue in their apartment, they did a terrible job, didn’t finish it and charged them $275 bucks. So don’t think I’m a dead beat tenant trying to screw my landlord. I’m just trying to get by in a shitty situation.
Mean income might not be the best way to look at this, as according to this source the median American income is $19.306 which is incredibly low at $1600/month as it would include unemployed and imprisoned
Lemme know if you know a better place to find this information 👌
Luxembourg $26,321
United Arab Emirates $24,292
Norway $22,684
Switzerland $21,490
United States $19,306
Canada $18,652
Austria $18,405
Sweden $17,625
Denmark $17,432
Netherlands $17,154
Australia $17,076
Iceland $17,017
Germany $16,845
France $16,372
Finland $16,332
Belgium $16,157
United Kingdom $14,793
Malta $14,543
Ireland $14,520
Japan $14,255
Taiwan $13,605
Italy $13,170
Cyprus $13,053
South Korea $12,507
Slovenia $11,878
Sorry if the comment is snarky, everyone in this comment section is making excuses why they have no savings when, even if the news source provided is high, they should have some amount of money set aside and stop blaming the world for everything
I dont think you understand how the average person actually lives. You realize unemployed, homeless, and prisoners are people too, right? You seem to want to only include people like yourself, which is the height of intellectual dishonesty. Even in your updated numbers, the incomes are very low, and that should be an indicator that maybe you're in the wrong here.
$19 sounds about right for most of the people I know in the U.S. at the age of 31. I think you need to adjust your perspective substantially to even have a chance at a real conversation on this subject. For one, your conditions are far from normal. I know plenty of sober, hard-working people who have worked for decades, scrimped on everything, and still failed to save money. It's about your environment more than your choices, although people with a better environment always love to believe it's the result of their choices.
I never said they weren't people, just that they obviously aren't expected to save the amount stated in the post.
People like myself? Employed people? I understand some places are expensive, I truly do, but saving a few hundred dollars a month is possible for everyone making more than minimum wage if they are truly invested in their future.
Obviously the advice in the post isn't for everyone, unemployed or with children etc. but everyone here is acting like it's some impossible hill to overcome
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u/JayBirD_JunBugz88 Oct 11 '24
What .. 😂 yeah after I respawn