78% OF AMERICANS HAVE SAVED $50,000 OR LESS FOR RETIREMENT

[Standing on business]

A janitor in Vermont built an $8M fortune without anyone around him knowing. These are the 3 simple techniques that made Ronald Read rich — and can do the same for you too

You could say he cleaned up.

finance.yahoo.com

It's not rocket science ppl, u don't need to play the markets or be born with a silver spoon. It largely takes Discipline and time. I say this not to belittle but give some hope and inspiration.

A janitor in Vermont built an $8M fortune without anyone around him knowing. These are the 3 simple techniques that made Ronald Read rich — and can do the same for you too​

Be a janitor in 2024 and think you’re going to make an $8 million fortune in 3 simple techniques brehs

 

[Wild self]

People blaming the government yet again need to hold this L

Alot of people need to change their spending habits. Know so many dudes making six figures talking about buying $80k priced cars or some extravagant vacation just cause. The dumbest thing to do is to splurge on your money in your highest earning years

Remember, you be the FIRST TO DIE if anything goes wrong

 

[Samori Toure]

put the max tax deductible I can in my 401k every year.

load up your 401Ks and IRAs every year brehs. shyt is not a joke. fukk a new whip, new house, etc.

Yeah fugg a car. No doubt. But a home is a solid investment. That is where most people have equity.

 

[re'up]

One of the most prevalent blind spots that many have, deliberate or not, is the idea that when and to what circumstances you were born, raised, and lived affects your trajectory.

A lot of millennials who were born under a certain income level, got hit, simply by timing and circumstances. You graduated high school in 2004, and graduated college in the Great Recession, so earning potential is way down, and then you are paying down college loans for years. Can't buy a home when they are cheap around 2008/2009. but have to wait until around 2016 or whatever.

There's other variables to apply, but many of my friends fall into this category. The housing market changed a lot between 2006 and 2015

My friend bought her house in like 2006 and probably got an ARM mortage or an even shadier one, and so she owns a house and has equity in it. and she got into a career young and always worked hard. but, with inflation, two recessions, and just the normal COL rate, it's not easy. People like her are working 50 hours a week to stay afloat.

obviously, if you get into jobs like high level finance or tech, or things like that, you will not be really affected, but a lot of the people who get into those industries come from very upper middle class stable backgrounds at minimum.

and then there's like my homies circle of friends from USC who all come from really affluent backgrounds. He had money to me, growing up, but he was the poorest out of the crew when he got to USC.

 

[richaveli83]

That doesn't apply to us on the coli. We're all balling!

 

[beenz]

Yeah fugg a car. No doubt. But a home is a solid investment. That is where most people have equity.

well housing is a necessity, so might as well invest in your own asset. plus there are tax breaks for interest paid on your mortgage each year when u file ur taxes.

 

[Koapa]

I'm fortunate to have a job that contributes up 7% dollar for dollar to your 401k and offer a pension. I currently contribute 5%. Next year I plan to go up 1%.

I know so many people that either cashed out their 401k or has borrowed from it. I get it emergencies happen but damn. Good luck.

 

[moniemane]

Man......it's so many young women I'm talking about 18-23 are selling there body on the low as a second job or on occasion to supplement their job just to survive. in my wicked days I use to be involved in it it was bad then how many women are prostituting themselves ....the people I now are are still in it says it worse they ever before pretty women because of the economy are out there in droves ...from a moral biblical stand point it's really sad but to me it's all set up for people to get used it's not enough resources for everyone to live comfortable.

 

[Samori Toure]

I'm fortunate to have a job that contributes up 7% dollar for dollar to your 401k and offer a pension. I currently contribute 5%. Next year I plan to go up 1%.

I know so many people that either cashed out their 401k or has borrowed from it. I get it emergencies happen but damn. Good luck.

Cashing out a 401(k) and borrowing against a 401(k) are 2 different things though. If you borrow against your 401(k) that is basically an investment for your plan, because you are paying the funds back to the plan at a market rate of interest. Pension plans make investments anyway, which is how they produce returns to the pensioner.

 

[Laidbackman]

I'm fortunate to have a job that contributes up 7% dollar for dollar to your 401k and offer a pension. I currently contribute 5%. Next year I plan to go up 1%.

I know so many people that either cashed out their 401k or has borrowed from it. I get it emergencies happen but damn. Good luck.

Man, you are blessed, especially if this is a high paying job.

 

[Sauce Mane]

Housing cost need to come down. How are you supposed to save if you are paying half of your check to rent and another for bills and food

 

[Richard Glidewell]

Jokes on them, if they manage to plunder social programs.......mind you they already steal from them, they coming after the savings next..........it's not even that far of a leap........oh, and take your SSI as soon as possible........don't fall for the wait until later......pay off your mortgage if you can.......

 

[voiture]

Be a janitor in 2024 and think you’re going to make an $8 million fortune in 3 simple techniques brehs

One of those boomer stories. "I paid off my college fees selling shirts out of my car". Well back when you were in school a 4 year degree was like 5K so of course you could pay it off selling trash from your trunk!
Now pay off this 90K debt with them shirts and let us see?

 

[TRUEST]

If I'm not mistaken, immigrants pay into social security but they don't receive the benefits

Last I checked a many years ago. There’s about 50 billion dollars in unclaimed money. The government is collecting interest on that.

 

[Laidbackman]

Housing cost need to come down. How are you supposed to save if you are paying half of your check to rent and another for bills and food

Stop renting, and get you a home. It doesn't have to be a new home or a McMansion. Get that thing paid off asap, retire early, and become a birdwatcher...lol. But this is easier said than done, and it depends a lot on the housing market, and doing this at the right time. But in the long run, you'll come out better regardless.

Meanwhile, start putting money in an IRA, if your job doesn't have a 401K or TSP...the federal government's version of a 401K. I'll just say 401K from here on out. I read where this woman spent her entire career working for McDonald's, and was able to retire early at 45. She started working there in her late teens, or early 20's, and immediately opened an IRA. That's how she did it, with the magic of compound interest.

People in my generation weren't getting this kinda financial knowledge, like the younger generations get today. The younger generation got their wake up call after the financial meltdown in 2008, and more of them were forced to learn how to invest earlier for retirement. We depended on pensions, if we were lucky to have them. But if you had a job that didn't pay much, then your pension wasn't enough to retire off of, unless you were married. And sometimes, that wasn't even enough. I remember so many retirees having to either come back to work, retire to a room, or not be able to retire at all. And these were the older boomers. But today, a lot of younger boomers are catching it worse, and they have a growing homeless population. This is because a lot of their careers started right about the time they were phasing out pensions, and replacing them with 401Ks. And most of them didn't put enough into their 401Ks. And the jobs that had a pension and a 401K, practically cut the pensions in half, where you had to put money in your 401K to retire comfortably. But most single people, especially young men, weren't thinking about retiring, and they didn't know anything about the old pensions getting cut in half. So they had no ideal they were facing a worse retirement disaster than the older boomers.

The bad part is, this is affecting the young Black boomers the most, especially the men.

Btw, being debt free is just as important, if not more, than just saving and investing for retirement.