cawacko
Well-known member
Man that was a great book. Like you stated if to spoke to how your 'regular' people can live good lives but more on the frugal side and do very well financially.
401 Ks helping create inequality
- Thread starter evince
- Start date
Man that was a great book. Like you stated if to spoke to how your 'regular' people can live good lives but more on the frugal side and do very well financially.
cawacko
Well-known member
Man, I played golf and had drinks with one of my good friends last week. He is killing it at work. 37 years old and making between $1 and $2 million a year and has for the last 3 or 4 years. He flat out said I'm unhappy. Not happy at home with hi marriage and even work isn't making him happy.
It's funny I look at him on the outside with a beautiful wife two young boys and a great career thinking this dudes got it made. Then he says that. Kind of crazy.
Me, too
I'd guess the rich are a lot happier Han the poor
Canceled.2014.1
New member
If you can do something that you love to do and get rich its fine. But I know too many people that sacrificed everything to get rich. They don't seem happy. I've been broke, and I damn sure wasn't happy. But if you can find happy and make a decent living, I think it makes for a better life.
Canceled.2014.1
New member
Some are. Some aren't. It depends on the person.
I have a couple of friends like that, they say the money keeps them from worrying about the basic needs in life, but it can't buy happiness.
tekkychick
New member
This is why I'll never be "filthy rich" - once I had enough - a few million or whatever I considered enough - I'd stop working. I have a feeling the people who make this kind of money are the ones who would never consider stopping work...
I'm also not willing to make the tradeoffs it would take to earn more money; I make a comfortable living. To make more, would require a lot more travel. I don't want to travel. Therefore, I won't make a lot more money.
I'm just doomed to never be filthy rich. But I like my life...
tekkychick
New member
sorry, Dude. No credit card debt here; but also no getting rich.
yeah, I could give up decent grades of beef or drink cheaper wine... oh wait, no, I couldn't drink cheaper wine.
Not blaming anyone else that I'm not filthy rich; on the other hand, I've worked damned hard to get to my current comfortable lifestyle.
Just wish my 401K was doing better, but oh well...
canceled.2021.1
#AMERICAISDEAD
And here I thought it was a white man keeping you from making more money and all along it was your life choices.
I am shocked. Shocked I say.
Imagine how many others who find themselves in a financial predicament because of life choices. It almost makes your head explode thinking about the possibilities
Taft2016
Verified User
John Adams, in his letters to Thomas Jefferson, wrote of a "natural aristocracy." That even in a society that treated its population equally, certain men are going to advance beyond others. That theory is applicable to personal finances as well.
You can see two guys working the same job for the same salary. One works to save for the future, the other is working to pay off credit card debt after buying crap he didn't need. This second guy is type that will bemoan how difficult it is to save, not the first guy.
It comes down to what one considers "necessities" in life. Living within one's means. Etc. It doesn't require being financially astute, or even smart ... just practical.
It's a skill many, if not a huge majority, of Americans no longer possess. I bought my home with cash. I have no credit card debt. No debt whatsoever. However, the car I drive is a 19 year-old wreck. lol. I don't have cable TV. I cut my own grass, and don't see a need to have Mexicans do that for me. I don't even have a cellphone.
And this discipline applies outside of personal finances too; whether you eat or drink too much of the wrong thing, smoke, etc. There are always going to be those who live for today, and those who squirrel away their nuts for the winter.
Is this the fault of the existence of the 401K, or is it just human nature? Obviously the latter.
You can see two guys working the same job for the same salary. One works to save for the future, the other is working to pay off credit card debt after buying crap he didn't need. This second guy is type that will bemoan how difficult it is to save, not the first guy.
It comes down to what one considers "necessities" in life. Living within one's means. Etc. It doesn't require being financially astute, or even smart ... just practical.
It's a skill many, if not a huge majority, of Americans no longer possess. I bought my home with cash. I have no credit card debt. No debt whatsoever. However, the car I drive is a 19 year-old wreck. lol. I don't have cable TV. I cut my own grass, and don't see a need to have Mexicans do that for me. I don't even have a cellphone.
And this discipline applies outside of personal finances too; whether you eat or drink too much of the wrong thing, smoke, etc. There are always going to be those who live for today, and those who squirrel away their nuts for the winter.
Is this the fault of the existence of the 401K, or is it just human nature? Obviously the latter.
I need less than you, I decided 1 million was enough
Taft2016
Verified User
And when we're talking about tax deferred plans... the only reason not to sign up for one of those is nothing more than the mere aversion to the thought of saving money.
You can determine a percentage of contributions that will not impact your take home pay whatsoever, while at the same time compiling money for your retirement.
You can determine a percentage of contributions that will not impact your take home pay whatsoever, while at the same time compiling money for your retirement.
Taft2016
Verified User
And when we're talking about tax deferred plans... the only reason not to sign up for one of those is nothing more than the mere aversion to the thought of saving money.
You can determine a percentage of contributions that will not impact your take home pay whatsoever, while at the same time compiling money for your retirement.
You can determine a percentage of contributions that will not impact your take home pay whatsoever, while at the same time compiling money for your retirement.
canceled.2021.1
#AMERICAISDEAD
For the most part I will agree with what you say with a couple of exceptions. Some 401K plans offer very poor options and the fees while low still add up over time.
I have a friend who cashed out the 401k and plowed the money into investment properties and is making a mint. He could retire now if he wanted and live off of the rental income. He used leverage to position himself nicely.
The tax deferral is only as good as the gobblement. They can revoke it at any time.
But I agree that there are too many like Tekky who choose the good life then have regrets and blame other people and demand their money. It is like the little slut in college who puts out and after doing the walk of shame from the frat house has regrets and screams rape.
Last edited: