Such an American thing to categorize people in defined segments.. baby boomers, GenX, Y...Asian, Latino... Making it simple for Simple Minds
Many young people shouldn’t save for retirement, says research based on a Nobel Prize–winning theory
- Thread starter ph1l
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i think i don't get it. is the article saying "if you are a low earner, don't save, be essentially poor your entire life, and social security will be there for you in retirement"? uh huh. that's the spirit. the good ol' american dream. and if you're expecting to be wealthy, then spend everything to live your wealthy lifestyle in your 20s already because you'll be making so much later that you can keep living like that and then start to save. all in the name of consistency.
where do all the inventors and innovators fit into such a society? where's the motivation to go above and beyond? where's the self-made millionaire, billionaire? to me the act of saving intrinsically is an act of optimism. maybe i'm guilty of hyperbole but this philosophy has traces of nihilism.
where do all the inventors and innovators fit into such a society? where's the motivation to go above and beyond? where's the self-made millionaire, billionaire? to me the act of saving intrinsically is an act of optimism. maybe i'm guilty of hyperbole but this philosophy has traces of nihilism.
The article was very poorly written, that's for sure. I had no time to read the referenced research but the article was not structured at all and at multiple locations clearly advocated against saving
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Simple would be to just classify Americans as just young or old.
Simple math sez 71 triiiiiiiiiiilion dollars divided by babyboomer generation size 71 million again equals $1000 each
Guess you are saving your use Capital Letters for old age?
Or strength. Hitting shift a lot is so much effort.
Trends in Higher ED are transforming;
"Bricks replaced by Clicks"
Most universities offer credit content for audit (free.)
Anything online when intentionally designed can scale; exchanging $$ for time as labor, does not.
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https://www.marketwatch.com/story/m...d-on-a-nobel-prize-winning-theory-11664562570
This sounds something like my wife's plan for my retirement:
View attachment 296964
I solved the issue by almost dying.
In some ways, I agree with the article. Consistently living below my means through my working time let me retire early.
If the youth embrace this model, boomers expecting their 401k and SS to keep them going are going be SOL.
To experience in seconds of time.
1 trillion = 320 centuries
71 trillion = 2272000 years
2.27 million years ago, we were at the dawn of homo sapiens
https://www.theatlantic.com/science...ica-250000-years-earlier-than-thought/564896/
we are now homo foreverindebticus
1 trillion = 320 centuries
71 trillion = 2272000 years
2.27 million years ago, we were at the dawn of homo sapiens
https://www.theatlantic.com/science...ica-250000-years-earlier-than-thought/564896/
we are now homo foreverindebticus
The "college/work for someone else/scrimp and save/retire" is dying in many ways, though. There are a lot of ways to make money online (not just get-rich-quick stuff) and learning a trade can be a lot better than a generic 4-year college degree. The world is changing and the need for middle-class, glorified data entry office workers is declining rapidly with AI. IMO, the main skills that will be important going forward are
- The ability to do "deep work" as Cal Newport calls it--to focus on any kind of work for long periods without being distracted. This is REALLY hard for most anyone who's been getting constant dopamine hits from their phones for years...not to mention never-ending rabbit holes on the internet. I'm talking about myself, too. Years of increasing distractions have affected everyone, including Gen-X and boomers.
- The ability to sell ideas (whether or not you're in sales) and persuade people. Technology is already doing a lot of generic marketing (and brainwashing, but I won't go there). But the ability to persuade others, speak well and sell ideas will always separate us from the machines.
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Thanks for consistently providing me with insightful feedback- apparently it’s good for my well-being.
which reminds me of the other aspect of this philosophy that bothers me— that consistency of brain chemistry over life isn’t taken into consideration. I’m sure the first time you trolled someone the rush was exhilarating and as your ego swelled, so too did the small „t“ in Suntrader grow into a full-fledged big „T“.
which brings me to my point— it takes little to drive happiness in a 20 y/o, in fact the best thrills at that age are free. On the other end of life it takes a lot more so save accordingly.