[quote=CA renter][quote=AN]Interesting comment sobmaz. I personally would think I’m doing better than 10 years ago if my asset is 7x and $600k larger than it was 10 years ago. I wonder who else feel they’re not doing better than 10 years ago while sitting on an asset that’s 7x larger.
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Yes!!! We have significantly more money (over 10X) today than 10 years ago, but also feel less comfortable about our finances.
Back then, we were looking at fairly regular raises, and no layoffs or wage/benefit cuts on the horizon. Back then, we didn’t have to fear the Federal Reserve’s determination to destroy our currency and wipe out all of our wealth. Back then, our friends and neighbors were fully employed, and most were looking forward to making more in the coming years…today, many of those people are unemployed, or under-employed, with some making less than they were 10 years ago, with much less job security to boot. Back then, healthcare costs were high, but nowhere near as high as they are today, which can destroy anyone who is unemployed or without insurance. God forbid you lose your job in your 50s (unlikely to find a new, comparable job at that age, and in this economy), and you have to make it another 5-10 years before you qualify for Medicare. That’s absolutely frightening, because it can wipe you out, even if you have a few hundred thousand in cash…and then what?
I don’t know a single person, personally, who feels better about the economy today than 10 years ago. Not one.[/quote]
My thoughts exactly, well put.
Another issue……. while the overall tax burden for the working class increases and plummets for those making over a million, the working class is increasingly told by Washington, you are on your own!
Threats to cut s.s. while we have the money to fund needless wars. Threats to cut medicare while we have the money to socialise losses for the wealthy while making sure profits are private.
You are darn right being 48 I feel less secure about my future than I did 10 years ago even though I have more in assets.
And,I am forced to increasingly take on more and more risk to earn a return on my assets which is in reality only covering the erosion of purchasing power. Forced to take excessive risk to stay even!
