Forum Replies Created
-
AuthorPosts
-
February 19, 2013 at 5:06 PM in reply to: Why American is failing to prepare for their retirement? #759825February 19, 2013 at 3:46 PM in reply to: Why American is failing to prepare for their retirement? #759823
flyer
ParticipantIt is shocking, and will, most likely get worse, as younger generations need more and more just to survive, and to possibly support their parents and their children–for an indefinite period of time.
Add to that, the possible absence or diminished benefits of Social Security and Medicare for future generations, and you have a real recipe for disaster.
Many people believe they are making more and saving more today, but they will also have to spend much more than previous generations for everything from homes, to medical care, retirement, etc., etc., so the net result may not prove to be much different in the final analysis. It will be interesting to look at the stats on the 50+ crowd 20 years from now.
As a BB, I’m very glad we, and most of our friends got the retirement memo years ago, and planned well.
ParticipantThis topic was recently mentioned in another thread, and I’m glad to see more evidence that the number of millionaires is growing.
Most goods and services will, most likely, become more and more expensive, and all of us–especially younger generations–will need millions to live well.
ParticipantThis article was posted on another thread, and, after reading it, I think it bears repeating–with regard to some opinions concerning the future of real estate in CA.
There will always be diverse opinions, and only time will tell, but, it is conceivable that our market could continue to be a real challenge for a large percentage of new buyers going forward.
We always wanted our kids to have homes in San Diego–should they choose to live here now, or in the future–and that’s one reason we invested here. If the future brings challenges to younger buyers, we’ll probably be glad we did.
ParticipantYeah, flu, CV is crazy right now. We’ve even had some of our tenants tell us that people are knocking on the doors, asking if we’re willing to sell. It will be interesting to see if the pricing is sustainable this time, or just another “bubble.”
In the meantime, as you said, enjoy the beach (we were in DM today, and it was fantastic!) and everything else we’re so lucky to be able to enjoy here!!
ParticipantThanks for the interesting info all.
I think I might have been looking at some older stats, so here’s another article to support what AN stated. . .
http://blogs.wsj.com/wealth/2012/03/21/millionaire-population-grows-by-200000/
However, I was actually talking about the percentage of the population, and those numbers (per the above article) still seem fairly low to me.
IMO, for our purposes here, the main thing is to end up in the “I sustained my million(s) for a lifetime crowd!”
ParticipantHave heard many stories like that–sp. Unbelievably irresponsible. Hanging onto the big bucks is not as easy as some might think.
Participant[quote=AN][quote=flyer]We’ve all had our financial ups and downs, but what’s interesting about all of the different possible paths to wealth people are pursuing (as mentioned in all of the recent posts) is that (per the stats) we aren’t seeing MORE people with a HIGHER net worth–that number is stagnant, and even declining.
As time goes on, it will be interesting to watch those stats, to see if they move upward or not for younger generations–because, in IMO–that’s the bottom line.[/quote]
I wouldn’t call it stagnant. It declined when compare to the peak of 2006 bubble, but it’s well above 10 years ago: http://taxfoundation.org/article/who-are-americas-millionaires.%5B/quote%5DInteresting article AN. If there are more millionaires than 10 years ago, that might be relative to the fact that there are also more people in the workforce, so the “net” might be about the same.
The section on “Millionaire Status Fleeting” was my favorite part of the article, and so very true. Many who are millionaires at 40 are not able to sustain that status for the balance of their lives–which is what really matters.
ParticipantWe’ve all had our financial ups and downs, but what’s interesting about all of the different possible paths to wealth people are pursuing (as mentioned in all of the recent posts) is that (per the stats) we aren’t seeing MORE people with a HIGHER net worth–that number is stagnant, and even declining.
As time goes on, it will be interesting to watch those stats, to see if they move upward or not for younger generations–because, in IMO–that’s the bottom line.
ParticipantAlthough I completely agree with the plans of the family who are the topic of this discussion, as I mentioned in an earlier post–after personally living in AZ, having investment properties in AZ, and knowing lots of people who live there, the general concensus is pretty much the same–and that is–that most people don’t relocate to AZ unless there are very good reasons, and most don’t stay unless they have to. On the other hand–some people do love it–just as it is–and would never live anywhere else.
Most people we know are planning to move back to San Diego, or elsewhere, as soon as they possibly can–and they’ve lived in the very best areas of AZ for many years. Many of our pilot friends who live there have already purchased retirement homes in San Diego or elsewhere.
For the purposes of this discussion, it sounds like the family who is planning to move to AZ is doing so for all of the right reasons at this point in time. I’m sure they’ll do very well, and be in a position to make other plans if they so choose in the future.
ParticipantGreat to read all of the interesting comments, and thank you for your thoughts, AN.
My wife and I are extremely grateful for our amazing lives, and, consequently, for the wonderful lives we’ve been able to give our
children–that has been the greatest payoff–seeing our kids achieve their dreams.We rarely compare ourselves to others, because we realize everyone has their own definition of what a “winner” truly is. My ideals are probably far different from another person’s ideals–and that’s a good thing–as long as each is content with his or her choices.
Whether by luck, or any other factor, we feel we’ve been blessed to achieve what we’ve achieved in life and, more importantly, for eternity, and we wish all of the same to others.
ParticipantAN
You make some excellent points, and, from what you’ve shared, agree that many take all that we’ve been given simply by birthright for granted. Being born in this Country is a gift, and, hopefully, more of us will realize that.
I am extremely aware of that fact, because several generations of my family fought to secure the freedom all of us enjoy today. My Dad was an Admiral who made some very key decisions during one of the greatest conflicts in which this nation has ever been involved.
You should be very proud of what you have accomplished, and the life you are trying to provide for your family.
Hopefully, whatever risks you choose to take will be well rewarded.
ParticipantER–Again, some excellent points, and I also agree with you regarding your points concerning education.
Many of my college friends, knowing/hoping they would become pilots with a major airline ( only 5% at any given time are actually hired) took “easy” majors.
Even though that was the only profession I was interested in, I still wanted a degree in aerospace/aeronautical engineering, and it has served me well with regard to consulting projects over the past several years.
Especially now, with the fierce global competition, it seems that young people preparing for, and entering college would be well served to be extremely discriminating about choosing their college majors–especially when the stats reveal over 50% of grads today are, essentially, “unemployable.”
Concerning all of the diverse viewpoints here concerning risk and reward. The final answers most likely lie with each individual to determine how they want to “play” with their lives.
Others can offer opinions, as many here have, but, in the end, each of us is completely responsible for our own decisions–and we will be forced to live with the outcome of those decisions–good or bad–like it or not.
ParticipantGood thoughts ER and CAR.
As far as the 50+ thing goes–no one I know (including myself) really gives it much thought. We all achieved the lives we wanted–and we’re happy. Like it or not–everyone was young, and everyone will be old.
Besides, regardless of our beliefs, I think we can all agree our time on earth is temporary–whether we’re a billionaire or a pauper–and my family and I are at peace about where we believe we’ll be spending eternity. Eternity is a very long time, and, IMO, that’s far more important than anything else.
ParticipantI agree everyone should do whatever they want to do to get where they want to be in life–I did, and I know many others here have done so as well.
I don’t think anyone is discouraging anyone from going all in, but we’re just mentioning the possible consequences, and trying to be helpful.
In the final analysis–regardless of what is posted on a chat board–it’s every person for him or herself–and, in the end, as long as you can say you lived the life you wanted to live–that’s what really matters!!
-
AuthorPosts
