Too Many Americans Will Never Be Able to Retire

[Nigerianwonder]

No. Your wrong. Some people just dont get it. If you bought one $5 coffee a day 5 days a week thats 25 a week $100 a month or $1200 a year.

What of you invested that same $5 you blew on over-priced coffee? By the end of the year even if you did nothing else you have a portfolio worth $1200.

Its minimal changes you can make to keep from being broke. Its really not that hard.

Nonsense. $1200 a year will do nothing to change your circumstance of you are already living in poverty. It's an excercise in futility. You might as well just get the cup of coffee every day if it brings you joy cause you will still be broke at the end of the year... just less happy cause u skipped your coffee everyday.

Attempting to save money is pointless below a certain income threshold. Only saving a measily $100 a month is pointless. It takes money to make money. Until you can invest real money you are playing yourself even trying. Your best bet is to figure out how to change your tax bracket by getting better educated or finding more skilled higher paying work.

 

[BlackJesus]

Nonsense. $1200 a year will do nothing to change your circumstance of you are already living in poverty. It's an excercise in futility. You might as well just get the cup of coffee every day if it brings you joy cause you will still be broke at the end of the year... just less happy cause u skipped your coffee everyday.

Attempting to save money is pointless below a certain income threshold. Only saving a measily $100 a month is pointless. It takes money to make money. Until you can invest real money you are playing yourself even trying. Your best bet is to figure out how to change your tax bracket by getting better educated or finding more skilled higher paying work.

Thecoli.com y'all


Look dude. Having $1200 in an account earning 9-10% is always better than $0. What if your car needs repairs at the end of the year but you blew that money on coffee? Then what will you do? Borrow the money and go into debt?

You will know the meaning of true misery.

This is called having a long term time horizon. When you think long term everything comes easier, is less skress, costs less money and is easier to plan out.

This is something that black culture at large does not teach or respect but it is essential to a good life. And you don't have to sacrifice your coffee, just buy it cheaper in bulk at the store.

 

[UberEatsDriver]

Is it bad that I don’t invest or 401k and rely solely on my pension for retirement

@HaitianPattyFromNYC

A pension is better than nothing especially if it’s combined with social security.

I would get a pension and also invest in a 401K. Do both and save as much money as you can before retirement

 

[Mr swag]

You don't understand compound interest.

How much

 

[HoloGraphic]

Sometimes i think this is all by design to make us stop having children, or less children which is in someways population control.

Socio economic slavery

 

[Deflatedhoopdreams]

Nonsense. $1200 a year will do nothing to change your circumstance of you are already living in poverty. It's an excercise in futility. You might as well just get the cup of coffee every day if it brings you joy cause you will still be broke at the end of the year... just less happy cause u skipped your coffee everyday.

Attempting to save money is pointless below a certain income threshold. Only saving a measily $100 a month is pointless. It takes money to make money. Until you can invest real money you are playing yourself even trying. Your best bet is to figure out how to change your tax bracket by getting better educated or finding more skilled higher paying work.

So you get in a hole and just keep digging huh?

 

[Reece]

A penny saved is inflation dependent, so just holding it is to lose some of that penny. I remember hearing about saving money, but never about investing. Sure people would gamble on stocks trying to short sell, but nothing about bonds, index and mutual funds, etc. I have been lead astray, as have many others.

The only real money is Gold

 

[Ya' Cousin Cleon]

the important thing is to save what you can

i got like three-four little saving apps on my phone, and be tossing in .50 and a dollar a day in all of them and it adds up

we not balling over here by no means, but that does add up after a while.

plus we lived in a state with low COL so we could stack up before we moved so we'd be straight.

its two sides of the same coin, both need to be focuses if you’re going to set yourself up for retirement

you can be in a good situation and still spending frivolously. I know dudes 100k+ easy just blowing it because they don’t have the other skill set.

it all adds up

 

[Pimp]

How much

I used 10% even though the s&p has returned over 11% since 1976... I already have a couple hundred thousand...

 

[Nigerianwonder]

Thecoli.com y'all


Look dude. Having $1200 in an account earning 9-10% is always better than $0. What if your car needs repairs at the end of the year but you blew that money on coffee? Then what will you do? Borrow the money and go into debt?

You will know the meaning of true misery.

This is called having a long term time horizon. When you think long term everything comes easier, is less skress, costs less money and is easier to plan out.

This is something that black culture at large does not teach or respect but it is essential to a good life. And you don't have to sacrifice your coffee, just buy it cheaper in bulk at the store.

The person with $1000 IS NOT in any better position than a person with 0. Unexpected expenses will always come up. That's life. And $1200 wont cover the unexpected expenses people face. One car accident or hospital trip will be way more than $1200. Lose your job, That money is gone in a few weeks. You are going in debt anyway if something happens. The people who can only save $100 a month are likely already in debt as the majority of Americans are. Most people live check to check. They are already living on the edge and in misery.

10% return on $1200 isn't investing. its simply playing around and wasting your time. If you want to invest you need to invest larger sums of money to generate real returns from it. It takes money to make money. The strategies that work for millionaires doesn't work for someone making 100k. And what works for someone making 100k doesn't apply to someone making 20k. Telling someone making 20k a year to worry about investing the pennies they can save is simply BAD advice.

What you should be telling them is to figure out how to change their circumstance anyway they can. Take that $1200 and go back to school, get some IT certs, stuff like that so they can go from 20k a year to 60k a year. When they get 60k now you can worry about saving. Let's say they save 6k a year.. Now in 1 year they are saving what would have taken them 5 years if they followed you advice.

 

[Wild self]

A depreciating asset to boot.

Public transportation is shytty in most of America, and relying on a car 15+ years old can break down on any given moment is living on the edge (literally).

America pays their employees too low. No other generation in the history of the free world, had to decide to budget a damn $5 coffee daily to save for retirement. That in itself sounds like something from a 3rd world country. Pay higher wages for the same skill set/job and form UNIONS again so that employers FEAR the workers.

 

[BlackJesus]

The person with $1000 IS NOT in any better position than a person with 0. Unexpected expenses will always come up. That's life. And $1200 wont cover the unexpected expenses people face. One car accident or hospital trip will be way more than $1200. Lose your job, That money is gone in a few weeks. You are going in debt anyway if something happens. The people who can only save $100 a month are likely already in debt as the majority of Americans are. Most people live check to check. They are already living on the edge and in misery.

10% return on $1200 isn't investing. its simply playing around and wasting your time. If you want to invest you need to invest larger sums of money to generate real returns from it. It takes money to make money. The strategies that work for millionaires doesn't work for someone making 100k. And what works for someone making 100k doesn't apply to someone making 20k. Telling someone making 20k a year to worry about investing the pennies they can save is simply BAD advice.

What you should be telling them is to figure out how to change their circumstance anyway they can. Take that $1200 and go back to school, get some IT certs, stuff like that so they can go from 20k a year to 60k a year. When they get 60k now you can worry about saving. Let's say they save 6k a year.. Now in 1 year they are saving what would have taken them 5 years if they followed you advice.

Nigerianwinder, that $1200 can be used for alot of things. And it puts them in a much better position to do ANYTHING at all. Including starting school. And remember, not only are they adding $100 a month to it, interest is paying them $120 a year. So by January of next year its actually more like $1420 not 1200.

But lets say he followed your smart-dumb advice and bought coffee for $5 a day instead. Would he even be in a position to pay for school books for his first semester? Nope.

If he bought used books he could pay an entire years worth of books with that 1400. Couldn't do shyt with $5 coffee except make starbucks profits go up.

And $1400 also pays most car repairs and health deductibles. So assuming he has a job with health insurance, he's not going into debt from medical/car expenses. If hes in his 20s and 30s its even less likely.

Your whole bum philosophy is setting him up for failure.

Saving > consumption everytime. Anyone who thinks any different is a bum.

 

[Nigerianwonder]

Nigerianwinder, that $1200 can be used for alot of things. And it puts them in a much better position to do ANYTHING at all. Including starting school. And remember, not only are they adding $100 a month to it, interest is paying them $120 a year. So by January of next year its actually more like $1420 not 1200.

But lets say he followed your smart-dumb advice and bought coffee for $5 a day instead. Would he even be in a position to pay for school books for his first semester? Nope.

If he bought used books he could pay an entire years worth of books with that 1400. Couldn't do shyt with $5 coffee except make starbucks profits go up.

And $1400 also pays most car repairs and health deductibles. So assuming he has a job with health insurance, he's not going into debt from medical/car expenses. If hes in his 20s and 30s its even less likely.

Your whole bum philosophy is setting him up for failure.

Saving > consumption everytime. Anyone who thinks any different is a bum.

They would obviously use student loans for school. If you make 20k the only thing you need to be focused on is making more money.

And someone making that amount likely will be taking public transportation or driving a beater car they know how to repair themselves.

 

[Pimp]

Nonsense. $1200 a year will do nothing to change your circumstance of you are already living in poverty. It's an excercise in futility. You might as well just get the cup of coffee every day if it brings you joy cause you will still be broke at the end of the year... just less happy cause u skipped your coffee everyday.

Attempting to save money is pointless below a certain income threshold. Only saving a measily $100 a month is pointless. It takes money to make money. Until you can invest real money you are playing yourself even trying. Your best bet is to figure out how to change your tax bracket by getting better educated or finding more skilled higher paying work.

If you invest $100 a month starting at 18 and you retire at 70 you will have around $1,700,000-$2,400,000 when you retire..

It's not alot but it's better than nothing.

 

[BlackJesus]

They would obviously use student loans for school. If you make 20k the only thing you need to be focused on is making more money.

And someone making that amount likely will be taking public transportation or driving a beater car they know how to repair themselves.

I never said a damn thing about 20k. I said anyone making over 30k (most people) will see atleast 1,000,000 over the course of a 30 year career. That was what I based my entire statement on.

You can easily save 100 a month on a 30k salary just not doing dumb shyt.

So your whole argument is based on a false premise.

Smart-dumb nikka fail.