In case anyone missed it, there is a question mark in the second voice balloon. I don’t know how accurate the numbers are; I could say I live from SS check to SS check, but I do have a “fall back” plan. My parents didn’t live “paycheck to paycheck” from about the time they turned 40, but then my father worked in a skilled construction trade and in a good Workers Union. He also stopped smoking to save money for what he really wanted in life. Republicans have done a lot to almost kill the Union movement in America and there is always someone trying to sell us something we don’t need.
There’s no question that the economic system needs to be restructured. There’s also no question that corporations and shareholders will not do it willingly. An awake population and a strong federal government is the only thing that will change the system. Yontrop hints at the problem, but to me it’s that so many people buy stuff they don’t need. George Carlin did a great routine on stuff. The mania for more and more stuff also is a great contributor to environmental problems. And, the fact that so many families need two incomes to keep buying stuff has way too many kids being partly raised by teachers and day care providers. I am not yearning for a return to working fathers with wives at home. I have three boys (10, 6 &4) and I am the primary caregiver in our family. I don’t have a problem with that.
It does seem most people do lack financial discipline. The advisors tell you to put some money into savings and at a minimum build a rainy day fund. After I got married and started my first real job, I always saved a little out of every paycheck. Over time as I got raises, I put extra cash away for a few years. Because I did it consistently it did not take long to have a nice cash reserve that was able to cover those unexpected problems. I do agree with mattro53, people do appear to buy a lot of stuff they really don’t need. I think they feel it is necessary to prove to themselves and others that they are successful to others. They want to have the picture perfect vacation, home, car, clothes, etc. I think social media and selfies tend to drive the need to show off stuff. Of course having an economy where the top ten percent has half the countries income and assets greatly contributes to the other ninety percent not having enough money.
I seem to remember one of the positive side effects of the Great Depression was that of savings accounts. I hope it doesn’t take a great depression to spur saving, but what’s been said is true: many do live beyond their means. That’s assuming you understand that saving is a part of the living plan.
My mother was a child of the depression and a great saver and she instilled that thinking in me. Though we lived off her meager teacher’s salary, we had occasional wood cuts from her father’s estate to add to the savings. A few in her family spent those windfalls and ended up being destitute in their old age, but not moma. Thanks to her good sense, I could have retired at age 58, but kept on working 5 more years.
I may be slipping a bit in the saving method, for I am helping a friend with ostomy supplies and just bought another vehicle. So now I have an old truck and a newer all electric car. Hopefully, the EV will cut down on the cost of all those short hop trips I make about town. But, I still have savings, and am frugal to the Nth degree. That too was something my momma taught me.
My Dad always said “pay yourself first” to encourage us to save even a little bit out of every paycheck. Savings bonds were a great way to save money, it was really sad when the automatic withdrawal and paper options were stopped. Started out with a small amount, since it was never in my hands, I didn’t miss it. Bought my first relatively new car (1 year old dealer car) with bonds. Loved to give them as gifts for weddings since the receiver had to wait at least six months to cash them.
BTW, paper bonds are still available but you have to get them as part of your tax refund. They don’t have to be in your name – been putting them aside for my grandsons.
I worked in a high-tech company which employed dozens of young (men, mostly). They were very well paid. We had a 401-K matching plan that matched as much as 5%. Totally free money. Most of the young folks “couldn’t afford” to put any of their pay into that program, costing themselves about $3K to $5K per year. Most of the older folk maxed it out, or more.
Some of them said that paying down their student loans was more important. Most of them just shrugged it off.
I haven’t lived paycheck to paycheck in my entire working career. My parents did, and my mother was widowed at 44 with no work experience, 5 kids and no life insurance. If it weren’t for SS survivors benefits, I don’t know how she would have gotten by. I refuse to live like that, and am now retired with a generous nest egg. This is why I like Social Security; it forces you to build a retirement, however modest it may be. That 78% would be in deep poop when they are too old and infirm to work without it, unless they have successful children willing to assist them like my mom did.
GreggW Premium Member over 5 years ago
Or perhaps that should be 22% don’t care, or perhaps more accurately don’t care enough.
wolfiiig over 5 years ago
Be patient, ‘trickle down’ is coming?
Yontrop over 5 years ago
In case anyone missed it, there is a question mark in the second voice balloon. I don’t know how accurate the numbers are; I could say I live from SS check to SS check, but I do have a “fall back” plan. My parents didn’t live “paycheck to paycheck” from about the time they turned 40, but then my father worked in a skilled construction trade and in a good Workers Union. He also stopped smoking to save money for what he really wanted in life. Republicans have done a lot to almost kill the Union movement in America and there is always someone trying to sell us something we don’t need.
mattro65 over 5 years ago
There’s no question that the economic system needs to be restructured. There’s also no question that corporations and shareholders will not do it willingly. An awake population and a strong federal government is the only thing that will change the system. Yontrop hints at the problem, but to me it’s that so many people buy stuff they don’t need. George Carlin did a great routine on stuff. The mania for more and more stuff also is a great contributor to environmental problems. And, the fact that so many families need two incomes to keep buying stuff has way too many kids being partly raised by teachers and day care providers. I am not yearning for a return to working fathers with wives at home. I have three boys (10, 6 &4) and I am the primary caregiver in our family. I don’t have a problem with that.
Theodore E. Lind Premium Member over 5 years ago
It does seem most people do lack financial discipline. The advisors tell you to put some money into savings and at a minimum build a rainy day fund. After I got married and started my first real job, I always saved a little out of every paycheck. Over time as I got raises, I put extra cash away for a few years. Because I did it consistently it did not take long to have a nice cash reserve that was able to cover those unexpected problems. I do agree with mattro53, people do appear to buy a lot of stuff they really don’t need. I think they feel it is necessary to prove to themselves and others that they are successful to others. They want to have the picture perfect vacation, home, car, clothes, etc. I think social media and selfies tend to drive the need to show off stuff. Of course having an economy where the top ten percent has half the countries income and assets greatly contributes to the other ninety percent not having enough money.
preacherman over 5 years ago
I seem to remember one of the positive side effects of the Great Depression was that of savings accounts. I hope it doesn’t take a great depression to spur saving, but what’s been said is true: many do live beyond their means. That’s assuming you understand that saving is a part of the living plan.
My mother was a child of the depression and a great saver and she instilled that thinking in me. Though we lived off her meager teacher’s salary, we had occasional wood cuts from her father’s estate to add to the savings. A few in her family spent those windfalls and ended up being destitute in their old age, but not moma. Thanks to her good sense, I could have retired at age 58, but kept on working 5 more years.I may be slipping a bit in the saving method, for I am helping a friend with ostomy supplies and just bought another vehicle. So now I have an old truck and a newer all electric car. Hopefully, the EV will cut down on the cost of all those short hop trips I make about town. But, I still have savings, and am frugal to the Nth degree. That too was something my momma taught me.
Nantucket Premium Member over 5 years ago
My Dad always said “pay yourself first” to encourage us to save even a little bit out of every paycheck. Savings bonds were a great way to save money, it was really sad when the automatic withdrawal and paper options were stopped. Started out with a small amount, since it was never in my hands, I didn’t miss it. Bought my first relatively new car (1 year old dealer car) with bonds. Loved to give them as gifts for weddings since the receiver had to wait at least six months to cash them.
BTW, paper bonds are still available but you have to get them as part of your tax refund. They don’t have to be in your name – been putting them aside for my grandsons.
Alberta Oil Premium Member over 5 years ago
Guessing that 22% refers to the homeless and / or those that are retired
Radish the wordsmith over 5 years ago
That’s why the Republican congress borrowed 1.5 trillion to give the .001% tax breaks.
guyjen2004 Premium Member over 5 years ago
These people look like millennials. They live paycheck to paycheck because they spend money on tattoos rather than saving :P
Concretionist over 5 years ago
I worked in a high-tech company which employed dozens of young (men, mostly). They were very well paid. We had a 401-K matching plan that matched as much as 5%. Totally free money. Most of the young folks “couldn’t afford” to put any of their pay into that program, costing themselves about $3K to $5K per year. Most of the older folk maxed it out, or more.
Some of them said that paying down their student loans was more important. Most of them just shrugged it off.
Retired engineer over 5 years ago
I haven’t lived paycheck to paycheck in my entire working career. My parents did, and my mother was widowed at 44 with no work experience, 5 kids and no life insurance. If it weren’t for SS survivors benefits, I don’t know how she would have gotten by. I refuse to live like that, and am now retired with a generous nest egg. This is why I like Social Security; it forces you to build a retirement, however modest it may be. That 78% would be in deep poop when they are too old and infirm to work without it, unless they have successful children willing to assist them like my mom did.