Can't imagine having to come to the realization that I might HAVE to work into my 80's. I would say it is incredibly irresponsible to only have $66k if already in your 30s, but our society willfully keeps our citizens from being financially literate and fiscally responsible.
Of course, I could also argue that the parents should be teaching them. I taught my adult daughters - from when they were old enough (around 8 and 9 yrs old) to put $1 bills in envelopes for tithe (10%), short term spending (50%), and long-term spending (40%).
They quickly learned how that long-term envelope could really grow, and a low time preference allowed either more aggressive investing or higher quality, more expensive goods.
As adults, they both had retirement savings...and purchases of first homes...in their 20s. And one has followed the practice of "never sell an asset" and just rents out homes as they upgrade with a growing family.
====
survey reported the median middle- class household has just $66,000 in their retirement accounts. For a sense of scale Northwestern Mutual recommends $1.5 million for a comfortable retirement
====
https://www.youtube.com/watch?v=gej5UugsCN4
bitcoinbadger / BitcoinBadger
npub1zl…ypppa
2024-09-18 17:33:01
Author Public Key
npub1zleyq5x90ssge0mjf0fquy5dd0n0z3tytqtfddzvgvh0j54e8k2sxypppaPublished at
2024-09-18 17:33:01Event JSON
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"content": "Can't imagine having to come to the realization that I might HAVE to work into my 80's. I would say it is incredibly irresponsible to only have $66k if already in your 30s, but our society willfully keeps our citizens from being financially literate and fiscally responsible.\n\nOf course, I could also argue that the parents should be teaching them. I taught my adult daughters - from when they were old enough (around 8 and 9 yrs old) to put $1 bills in envelopes for tithe (10%), short term spending (50%), and long-term spending (40%).\n\nThey quickly learned how that long-term envelope could really grow, and a low time preference allowed either more aggressive investing or higher quality, more expensive goods.\n\nAs adults, they both had retirement savings...and purchases of first homes...in their 20s. And one has followed the practice of \"never sell an asset\" and just rents out homes as they upgrade with a growing family.\n\n====\n\nsurvey reported the median middle- class household has just $66,000 in their retirement accounts. For a sense of scale Northwestern Mutual recommends $1.5 million for a comfortable retirement\n\n====\n\nhttps://www.youtube.com/watch?v=gej5UugsCN4",
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}