5 minutes ago, we_gotta_believe said:

Yeah, I mean, those expenses very much reflect a lifestyle that is surely above average. The use of the term "feel" here is perhaps reflective of the hedonic treadmill concept more than anything. And to a previous point, an intent of prioritizing investment into illiquid assets vs liquid ones. 

I think what they were going for, maybe charitably, is that families who make say $500k have more in common with middle class families who make say $80k than with the "truly" wealthy. Which in many ways I would agree with. But there's also something to be said for having little fiscal anxiety about paying the bills month to month. 

3 minutes ago, Dave Moss said:

Just out of curiosity how many coworkers over 70 do you have?

A handful. One literally just retired.

6 minutes ago, JohnSnowsHair said:

According to this: https://www.investopedia.com/articles/personal-finance/010616/whats-average-401k-balance-age.asp

Average person approaching retirement age has less than $200k on average saved for retirement. Nowhere NEAR enough.

It's probably very top-heavy. Among high earners most probably have 7-8 figure retirement accounts. But the rest? Zero. 

That's probably a combination of some people being undisciplined, and others simply not making enough to cover life expenses as well as saving sufficiently in retirement. You could argue the 2nd is really an extension of the 1st, but there are a lot of earners at and below the median (50% by definition!) and even saving 8% of a $40k/year job is not going to do it.

None of this is new. The majority of boomers entered retirement with bupkis and are living off social security. 

I believe this is a large portion of it from what I see on a daily basis being surrounded by people who make very good money. Throw a high rate of divorce into the mix and they screw themselves.

2 minutes ago, Paul852 said:

I believe this is a large portion of it from what I see on a daily basis being surrounded by people who make very good money. Throw a high rate of divorce into the mix and they screw themselves.

Paul I know you said you like living below your means. But is your wife a fan of that? 
 

 

1 minute ago, Dave Moss said:

Paul I know you said you like living below your means. But is your wife a fan of that? 
 

 

 Yes, and I love her DEARLY for it. I mean, she married me. Clearly her standards are low.

1 hour ago, Paul852 said:

Only because 99 percent of people suck at saving their money.

Doesn't change facts. He's the 1percent that Dems hate. 

Just now, 20dawk4life said:

Doesn't change facts. He's the 1percent that Dems hate. 

Oh he should definitely be giving all that money away to the poor. For sure.

Just now, Paul852 said:

I believe this is a large portion of it from what I see on a daily basis being surrounded by people who make very good money. Throw a high rate of divorce into the mix and they screw themselves.

Yup. And everybody balances living for today vs living for tomorrow differently. In adjusted dollars most younger people have more in savings now than previous generations at the same age, at least according to this: https://www.fool.com/research/average-retirement-savings/

Not surprising behaviorally since even my generation was told "social security can't be relied on, save for retirement!" and the general reduction in pension plans being offered.

14 minutes ago, Dave Moss said:

Paul I know you said you like living below your means. But is your wife a fan of that? 
 

 

if he's doing it right he's telling his wife he makes 75% of what he actually makes... 

1 minute ago, JohnSnowsHair said:

Yup. And everybody balances living for today vs living for tomorrow differently. In adjusted dollars most younger people have more in savings now than previous generations at the same age, at least according to this: https://www.fool.com/research/average-retirement-savings/

Not surprising behaviorally since even my generation was told "social security can't be relied on, save for retirement!" and the general reduction in pension plans being offered.

Exactly. Hopefully younger people are being smarter with their money because if they want to retire comfortably they will have to be.

3 minutes ago, Paul852 said:

Exactly. Hopefully younger people are being smarter with their money because if they want to retire comfortably they will have to be.

the huge gap between median and average retirement savings suggests a vast majority will not have nearly enough to retire on. you really do need to have a very large sum of money saved up to retire comfortably. by comfortably I mean roughly maintaining the same quality of life; being able to travel, eat out, etc. not just cooping yourself up at home, watching fox news, and heading out to vote once ever few months. 

1 minute ago, JohnSnowsHair said:

the huge gap between median and average retirement savings suggests a vast majority will not have nearly enough to retire on. you really do need to have a very large sum of money saved up to retire comfortably. by comfortably I mean roughly maintaining the same quality of life; being able to travel, eat out, etc. not just cooping yourself up at home, watching fox news, and heading out to vote once ever few months. 

I tell every young person who I know can do it to max our their 401k ($19,500) immediately and adjust their lifestyle accordingly. I'm pretty sure exactly 0 have listened 

33 minutes ago, we_gotta_believe said:

Because it's ridiculous to lump them together? To think of it another way, you'd surely laugh if someone said you and trump are both rich white guys, no? This is pretty much the same thing as saying Biden and Bezos are both rich white guys.

Well Trump is a rich white guy and I wouldn't argue against that both him and Bezos are rich white guys. 

3 minutes ago, greend said:

Well Trump is a rich white guy and I wouldn't argue against that both him and Bezos are rich white guys. 

Not Bezos, you. Both you and Trump are rich white guys using the logic from the meme.

5 minutes ago, Paul852 said:

I tell every young person who I know can do it to max our their 401k ($19,500) immediately and adjust their lifestyle accordingly. I'm pretty sure exactly 0 have listened 

I see co-workers foregoing the company match, let alone maxing out 401k contributions. Like literally saying, "No, thanks. I'd rather not take more money for free."

1 minute ago, we_gotta_believe said:

I see co-workers foregoing the company match, let alone maxing out 401k contributions. Like literally saying, "No, thanks. I'd rather not take more money for free."

Yeah, that drives me crazy. 

4 minutes ago, we_gotta_believe said:

Not Bezos, you. Both you and Trump are rich white guys using the logic from the meme.

No the logic from the meme was that at some point Biden would be staring off into space and he's a rich white guy.  

1 minute ago, we_gotta_believe said:

I see co-workers foregoing the company match, let alone maxing out 401k contributions. Like literally saying, "No, thanks. I'd rather not take more money for free."

I get no match. In the industry my company operates in it's not standard. So they bump our salary to compensate. Unfortunately I can't even max it out because we have some many low earners who don't contribute it throws it out of compliance. Typically only contribute $15k or so.

The wife gets 9% regardless. Not matching, 9% even if she puts nothing in.

3 minutes ago, greend said:

No the logic from the meme was that at some point Biden would be staring off into space and he's a rich white guy.  

Aren't you glad you posted that meme? 

4 minutes ago, greend said:

No the logic from the meme was that at some point Biden would be staring off into space and he's a rich white guy.  

Got me there. Being rich and staring off into space might be the only things these guys all have in common.

 

32 minutes ago, JohnSnowsHair said:

if he's doing it right he's telling his wife he makes 75% of what he actually makes... 

Man you just got me thinking, I wonder if my wife does that with me?

18 minutes ago, we_gotta_believe said:

I see co-workers foregoing the company match, let alone maxing out 401k contributions. Like literally saying, "No, thanks. I'd rather not take more money for free."

Yeah I maxed mine out at age 20 when I got my first real job. A LOT of younger guys at my job don't contribute at all. I have made attempts to convince them otherwise, but I can tell it goes in one ear and out the other. Most have really nice expensive cars though.

2 minutes ago, Boogyman said:

Man you just got me thinking, I wonder if my wife does that with me?

You need to see those pay stubs.

Just now, Paul852 said:

You need to see those pay stubs.

Lmao. I was joking but it's a funny thought. I see her direct deposit go in the primary checking account twice a month and I am both happy and ashamed of myself at the same time lol.

1 minute ago, Boogyman said:

Lmao. I was joking but it's a funny thought. I see her direct deposit go in the primary checking account twice a month and I am both happy and ashamed of myself at the same time lol.

She could be splitting it off to another bank account. You should confront her about it and let us know how it goes.