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7 Things The Middle-Class Can't Afford Anymore
Authored by Erika Rawes, The Cheat Sheet; originally posted at USA Today,
Though there is some debate over the exact income a middle class household brings in, we do have an idea of who the middle class are — most working class people. Today's bourgeoisie is composed of laborers and skilled workers, white collar and blue collar workers, many of whom face financial challenges. Bill Maher reminded us a few months back that 50 years ago, the largest employer was General Motors, where workers earned an equivalent of $50 per hour (in today's money). Today, the largest employer — Wal-Mart — pays around $8 per hour.
The middle class has certainly changed. We've ranked a list of things the middle class can no longer really afford. We're not talking about lavish luxuries, like private jets and yachts. The items on this list are a bit more basic, and some of them are even necessities. The ranking of this list is based on affordability and necessity. Therefore, items that are necessity ranked higher, as did items that a larger percentage of people have trouble paying for.
Vacations
A vacation is an extra expense that many middle-earners cannot afford without sacrificing something else. A Statista survey found that this year 54% of people gave up purchasing big ticket items like TVs or electronics so they can go on a vacation. Others made sacrifices like reducing or eliminating their trips to the movies (47%), reducing or eliminating trips out to restaurants (43%), or avoiding purchasing small ticket items like new clothing (43%).
New vehicles
Very few people who earn the median income can afford to buy a new car or truck. Interest.com recently analyzed the prices of new cars and trucks, as well as the median incomes across more than two dozen major cities, and found that new cars and trucks were simply not affordable to most middle-earners.
"Median-income families in only one major city [Washington DC] can afford the average price Americans are paying for new cars and trucks nowadays." As of 2013, new cars are priced at $32,086, according to the study. Mike Sante, Interest.com's managing editor reminds us, "just because you can manage the monthly payment doesn't mean you should let a $30,000 or $40,000 ride gobble up all such a huge share of your paycheck."
To pay off debt
These debt statistics come from Debt.org: "More than 160 million Americans have credit cards." "The average credit card holder has at least three cards." "On average, each household with a credit card carries more than $15,000 in credit card debt."
Not only do we have large amounts of credit card debt, we also have student loans, mortgages, cars, and medical debts. Our debt is growing faster than our income, and many middle class workers have trouble staying afloat. Money-Zine evaluated debt growth and income growth over the past few decades and found that "back in 1980, the consumer credit per person was $1,540, which was 7.3% of the average household income of $21,100. In 2013, consumer debt was $9,800 per person, which was 13.4% of the average household income of $72,600. This means debt increased 70% faster than income from 1980 through 2013."
Emergency savings
To provide ourselves with a degree of financial security, we are supposed to have emergency savings to protect ourselves in the event of job loss, illness, or some other catastrophe. Most members of the middle class don't have at least six months of emergency savings, however, and some working people have no such savings.
A Bankrate survey found that only around one out of four households have six months of emergency money saved, and many of them are in the higher income groups. Another one-fourth have no emergency savings at all, and the remaining household have a small to moderate amount of savings, but not enough to cover six months of expenses.
Retirement savings
If you reach the retirement age with little or no money saved, Social Security is probably not going to be enough to cover your basic needs. Even if you want to work for your entire life, you have no way of knowing whether or not you will be physically capable of doing so.
Although having a lack of a retirement savings is a risky move, so many people bet on double zero, just hoping that things will work out in their favor. While some members of the middle class neglect this aspect of financial planning because they are procrastinating, there are also some workers who cannot afford to set this money aside. Nearly half of those who don't save for retirement say it's because they simply don't have the money.
As of late, around 20% of people near 65 have not saved anything for retirement at all, and the majority of people — 59% — worry that they don't have enough money saved for retirement, according to a Gallup Poll.
Medical care
Medical care is a basic necessity and something we'd think would be affordable for someone earning a middle income. A Forbes article published data indicating that workers in large companies — many of whom are members of the middle class — "face nearly $5,000 in premiums, co-payments, deductibles and other forms of co-insurance."
During the past few years, these costs have had a large impact on working Americans. A report by Feeding America found that a shocking 66% of households say they've had to choose between paying for food and paying for medical care — 31% say they have to make that choice each and every month.
Dental work
According to the U.S. Department of Health and Human Services, "the U.S. spends about $64 billion each year on oral health care — just 4% is paid by Government programs." About 108 million people in the U.S. have no dental coverage and even those who are covered may have trouble getting the care they need, the department reports.
Oftentimes, people will purchase medical coverage and forgo dental because it's so expensive. Plus, dental insurance may cover only 50% of the more expensive procedures, like crowns and bridges. This leaves those who have insurance with large co-payments.
In many cases, middle-earners will delay or even forego some of these procedures in efforts to save on costs. According to the CDC, nearly one in four adults between the ages of 20 and 64 have untreated dental caries (like cavities or infections).
* * *
If only they had listened to Janet Yellen and found rich parents or bought businesses....!
But they are distracted...
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you should never just watch or follow or read one news site. You may miss something important.
Cable News vs. Alternative Media... yeah that could be construed as an either/or. What is your suggestion then? What good sources of information do you like?
@9th dr- "Cable News is controlled garbage."
How the hell do you get down voted for speaking the truth?? Fuck the trolls that frequent this site.
@Smooth Criminal
Lots of Faux News fanboys have flooded the site in the past year.
Who the fuck said that. Fox is dangerous because it pretends to be something that it isn't. I know what I'm getting if I were to watch one of the other networks. Christ. What a fuck. And so many greenies with you.
Keep believing Americans are cowards, bigot.
I like my enemies utterly ignorant, unjustifiably smug, and blinded by envy.
I agree with your overall sentiment, but holding up those other four as a bastion of...anything, is ridiculous. Sure they protest, rise up, some die, and what do they end up with? Same ol, same ol.
"People in Egypt are not cowards like Americans." - Again, painting any group of people with such a broad brush just confirms you are a fucking tool. That's a good sheep.
Especially since Brazil just re-elected Rousseff. How upset can the middle class there truly be??!!
"Especially since Brazil just re-elected Rousseff. How upset can the middle class there truly be??!!"
Many of the middle class of Brazil are upset.
It was Brazil's FSA and rampant e-voting fraud manipulated by Rousseff's cronies that helped put that fat Marxist dictatorial pig back into office.
E-voting was introduced in Brazil in 1996 as a means to ensure secrecy and accuracy of the election process, as well as speed: the system underpinned by about 530,000 voting machines currently in place enables results to be processed within a matter of minutes within closing of the ballots.
However, a public test of the equipment conducted by security and encryption specialists from Unicamp and Universidade de Brasília, two of the top computer science universities in Brazil, suggests that it is possible to easily break the secrecy of the machine and unscramble the order of votes recorded by the device.
http://www.zdnet.com/fraud-possible-in-brazils-e-voting-system-700003434...
No different than the voter fraud here that put Obola back in office and rest assured Obola's Dems will maintain the Senate for the same reason.,...MOAR FRAUD.
This is nothing a little QE MOAR can't fix!
Because immigrants are taking all the jobs, that's why:
http://www.vdare.com/users/edwin-s-rubenstein
ALL job growth since 2000 was taken by immigrants:
http://cis.org/all-employment-growth-since-2000-went-to-immigrants
yes, but those are not 'real' jobs. the jobs that pay 50-75k a year, IT support, etc, all outsourced. You used to be able to get employment as a middle manager or even just a high level business analyst whether it be in IT or other realms (insurance, etc). at the place I worked at, they laid off and shut down an entire building of 5k remployees from about 1996-2004 (coinciding with NAFTA and the "Republican revolution" and Bill Clinton and his one world religion) and now the building has been torn down. Of those employees, mostly IT analysts, coders, testers, all outsourced to infosys to H1B visa holders. So, same amount of employees in the state consuming the resources for streets, public works, etc, but no taxes paid into the local economy.
Of course manufacturing is dying. A company I lived near in Vermont was a manufacturing business that supported retail business by building mall kiosks, store furniture etc. It was very competitive and was able to beat chinese premanufactured items because they were located in the country, had good inexpensive local labor and could get the items built and shipped in a week. As opposed to waiting for custom work to come from China on the slow boat. The company had slowly grown over 2 decades and in 2005 was hiring at a furious pace, went from about 50 to 110 employees. Then, 'wham'! the downturn, no retail sales, the orders stopped coming in, dropped from 110 ees down to about 35 last I knew, then finally out of business.
Alot of people were able to make a living, afford a house, got employer health insurance. Now, that's all gone due to the raping and pillaging going on by the govt, the fed and big corporations. It's time for pitchforks and torches in DC, about 15 million of em...they migh start listening.
When companies complain about shortages of skilled workers what they're really saying is that there aren't any domestic workers willing to do work for 3rd wages. That's when they go out and hire 3rd world workers, paying them even less, by using the visa process itself for extra intimidation.
Interesting thing about job growth going to immigrants. I saw an identical set of charts saying that all job growth since 2000 went towards part-time occupations. So, I'd say it's pretty safe to assume that both charts speak of the same group of people.
And despite it being fashionable to blame foreigners for everything, I think the trend is unavoidable either way. We have lost our competitiveness. To preserve the old workers, means making their product that much more expensive than the alternative coming from off shore. The result is exactly the same - migration of production elsewhere. You're stuck with 2 options - either having cheap workers coming here to do work, or having work leave the country all together, both of which had been happening.
Protectionism would be a sure thing if the country was complete self-reliant and it was at some point, but not anymore. In terms of evergy specifically, we're a net importer. Meaning that if we were to seal all borders shut, import nothing and export something, we'd still be between a rock and a hard place. We'd have to drastically reduce the rate of consumption. 70% consumer society means that in order to be just about even, 20% have to be given up off the bat. The more, the better. Add the fact that we've been consumption driven for almost 40% and that debts we have aren't internallized, but imported to the rest of the world via the petrodollar, and you have a true dead end ahead, with no orderly decoupling prospects.
So, blame this or that, but it's the whole philosophy behind our existance that is to blame for the position we're in. Inability to supply enough oil for domestic use means export of oil-reliant industries. Inability to compensate for the lack of energy exports by increasing other export means borrowing. Borrowing means exporting dollars in exchange for goods, and doing it often at the barrel of a gun. Either you accept the irredeemable dollar and give us something back, or we'll take it by force without your permission. Your choice. We've got guns and shit.
Migrant workers fill in the gap between production and consumption. They accept the standard of living Americans would've had to accept in order to remain economically viable, but they refuse to do so. Meaning the jobs are going to keep flowing out and the only kinds of workers receivng jobs domestically will be the underpaid foreigners... who can often afford to do so by exploiting the public welfare system that is still the envy of civilized work.
The American dream of doing next to nothing and getting something in return is still alive and well. Did I mention we have guns'n'shit? Yeah! At least we can still afford those. Better save that last bullet for when the final pacheqe runs out.
When the US middle class was built in the 20th century, foreign goods, especially manufactured goods, faced high tariffs. Tariffs built our middle class, just as Chinese local-content and intellectual property theft laws will build theirs.
Tariffs don't build the middle class. They build large goverments and enrich those who have nothing to do with production at the expense of producers. Also, tariffs would do nothing to resolve the 70% consumption imbalance. You can pretend they are a positive when your net exports are also positive, but not otherwise.
Tariff means an increased cost. Doesn't matter which cost. Higher prices are never good for the consumer. Tariffs are a knee jerk reaction to the lack of economic competitiveness. In reality, is someone can do your work for less, he should have every right to do so. All it implies is that someone is able to produce higher output with lower input - someone utilizes energy (which is finite by the way) more efficiently. In that case, why don't you let him or her do what they do best, while you focus on what you do best? Well, unless there's nothing you're good at, and then it's an entirely different story. Then sure, erect tariff walls, point the guns out and start squashing competition, instead of completing... or hope your rivals are pulled into a World War, mutually anihilating eachother, leaving you and your resource base virtually untouched... then Bretton Woods and yadda yadda yadda.
Tarrifs do not work, the never did and never will. All they do is enrich government parasites, while the enternal economy has the capacity to sustain the resource drain that they represent. All they do is make goods expensive. Whose goods? Doesn't matter. Higher prices are good for nothing. I'll say it again. Nothing!
@julias
You have just encapsulated and summarized the accepted wisdom that the oligarchs have fed use for the last forty odd years to get us to accept free trade. On the contrary, tariffs are what allowed the free enterprise system to develop and prosper in the United States. Business and industry were the biggest beneficiaries of tariffs. With their prosperity came prosperity for the growing middle class. It's true that tariffs can cause higher prices. But as the vast majority of Americans are finding out, lower and lower prices at Walmart don't do you any good if you are out of work and don't have any money!
The only people who have benefited from free trade are the oligarchs, the 1%. Wake up and look around, free trade is destroying this country. Stop repeating nonsense fed to you by TPTB.
Here we go again, putting cart before the horse - treating money as wealth as oppose to representation.
Higher prices never lead to anything positive. Taxes never enrich anyone except for the tax collector.
When presented with a higher and a lower price a person will always go for the lower price. When chosing between high and low energy expenditure, the person will always go for lower energy spending. That's all prices are supposed to represent. If someone gives you a cheaper product, that means he figured out how to get more output with less input. Buy that product and your own saved money and saved energy will be available to be spent elsewhere.
American mentality is backwards. They're brainwashed by the establishment and the unions into thinking that a product plus parasite is better than a product without a parasite. They also think that if they are a net importer of energy and a net exporter of vritually nothing, it means things can go on like it's no big deal.
Taxes and tarrifst are the reason people like you are living in a bubble, caught off guard when reality catches up to them.
A price plus tax is better than a price without a tax? Bullshit! Though, the likes of Krugman would definitely argue.
We only have to clear away the ideological blinders. Put aside the economic theory that has been fed to us by lackey economists and take a look at reality. The United States prospered for over two hundred years with tariff protections. We become an economic powerhouse. Business and industry prospered. People prospered. Now in the last forty odd years, under free trade, American small business and industry are being rapidly destroyed along with the decent jobs. Free Trade is the biggest fraud perpetrated on Americans. The oligarchs have given us the cages (cheaper goods) and we have walked in and locked the door. Almost too late now suckers. But at least we can acknowledge what been done to us. You need to wake up!
How about insurance? Or a new house? Or the government we have?
The model is the French Revoltution, can anyone say Madam Defarge? Woe to those who have benefited from the free money.
sschu
Had a friend drop by to drink my "free (to him)" booze.
He asked me why the Swiss Gold Initiative was important.
As I tried to explain the path of monetary downfall since, say 1907, in less than 5 minutes,,,, his eyes glazed over and he ran for the (my paid for) bottle.
He spends money like water. Give him a refinace or equity on his home? Money is gone on trips and dining out. How to explain? I gave up.
Oh and he is on permanent disability, sleeps until noon. Just got some extra monthly cash by defrauding a program meant to aid. Has not worked in 10 years. Has refinanced his home twice and spent the cash.
Now still has maybe $10K and that will be gone with Xmas celebrations.
Then he will look at a reverse mortgage.
Then he will look at a reverse mortgage.
Here is the deal, when the SHTF he will probably be no worse off than you and me. When the currency collapses, unless you own hard assets, you are toast financially. Even if you do own something of intrinsic value, the government just might confiscate it for the "common good".
What is happening is no less than satanic, it is designed to make us go to war with each other. To no good end really.
sschu
The gold initiative doesn't really prevent inflation of the money supply ... you can devalue against gold, it will just make you really unpopular at the central banker get togethers.
When the gov't announced mortgage mods they touted it so that Americans can rack up more debt with the lower monthly payments and hopes to spur the economy.
Sounds like your friend listens well to the the gov't, he is your typical.
The best mental excercize to visualize the future is to imagine all dollars have lost all value and are blowing down the street. They are so worthles no one will clean them up.
debts will be gone but so will everything that you don't already own.
welcome to the Weimar Republic of Zimbabwe USA.
I like to think that every three years, the governments of the world spend about 100 trillion dollars. What is the net benefit?
Maybe about $10 trillion in value.
Can they still afford "Rum & Coca Cola"?
If you ever go down Trinidad
They make you feel so very glad
Calypso sing and make up rhyme
Guarantee you one real good fine time
Drinkin' Rum and Coca-Cola
Go down Point Koomahnah
Both mother and daughter
Workin' for the Yankee dollar
Near as I can remember, I grew up middle class and we always had to put off something in order to go on vacation. We couldn't just go anywhere we wanted. Mom and Dad pretty much planned it all out to keep costs down and made choices to offset purchases. We made sure they weren't 'needed things' like health care, but a new TV? We didn't have one for 8 years. A new car? A luxury. I grew up in the 1970's and 80's, so it's not like this was so long ago.
On the other hand, the only debt they had was a mortgage. They didn't believe in credit cards, and I don't blame them. I don't either (I have them but pay them off each month).
We had no emergency savings, and we had limited health and dental care. Very limited. You know what they spent our money on? A private school education for all of the kids.
We're all very successful now - all upper middle class.
I still can't afford a vacation every year. I don't consider a burden. I needed a new car 2 years ago, had to take a loan to get it, but I had gone 18 years prior WITHOUT a new car.
The main difference between me and my parents is that I have a nice retirement package set up and I sent my kids to private college (with some loans - not much). But most of the stuff on this list is nonsensical. I don't remember much of it being part of my middle class life growing up.
Well said. Idiot list for the chronic whiners
Upper middle class and very successful but needed a loan to build a garage? You are part of the problem
Part of the problem is that everyone in the US thinks they're "middle class," especially the top 20% to 15% bracket.
Remember: 50% is middle.
Did your mother work outside of the home?
Does your spouse and do your siblings' spouses work, or stay at home?
I am thinkin she was a whore in the bedroom :)
Awesome!
There are some Puritans or the Taliban out tonight with the red arrows.
More like Members of the Tribe and Hasbara program. The cocksuckers just don't quit.
+ 100 cooking aprons ! < w/stilettos >
and its an assless apron to boot !!!
Nice! June, I'd like you to shave the Beaver
There are those who think that a perfect woman behaves like she has three personas: a Mother & Saint by Day, A Lady in the Evening, and a Whore at night.
Of course, those women who fit that bill also expect the same of their men: A Rich & Successful bread-winner by day, a Father & Gentleman in the Evening, and a Stud at night. IOW... Total Madison Avenue and Hollywood stereotypes.
It was long ago and it was far away, and it was so much better than it is today... (25 years ago in Germany) I knew a gorgeous German doctor who thought that way. She called it "being an Ubermensch" (Superhuman). It turns out, that it came down to... Deutsch Marks: being in the 98 percentile was not good enough for her. She was looking for the 99.9 percentile. But we did have Paradise by the Dashboard Light, and bathed nude in the lake at King Ludgwig's Neuschwanstein (Disney) Castle: Paradise by the full moon light.
This is ZeroHedge. Pics or it never happened, sucker :)
Pretty hard for mom to be at home when the banksters have devalued the currency so much that she has to be working to.
Maybe women flooding the workforce worked to lower wages.
Sounds like our situation almost to a tee. We do take some holiday each year, but usually it dovetails with some work related training, so some of the cost is shared which can make a substantial difference when you are talking some distance. If not, we plan and save for it, and other things are put on hold until the money is there to do it.
Kids go to private school where the parents and faculty have a lot more input as to what is taught, a far cry from the crap they teach the kids at most other public schools. Judging by the list I would say we are middle to upper middle class. Sure there are things I would like to buy, and when I look at those tuition bills each month I think of all those friggin toys I could own, but then I remember how much time and resources those toys consume, not to mention the fact I maintain as much as I can myself so would be fixing things whenever a problem comes up.
We are both very blessed with good paying jobs at employers that are not scared to spend money on us for furthering our education, and quite liberal with those types of perks where we can take family along for classes, etc and make a little holiday of it. The Mrs. is able to be home half the work week, another thing don't take for granted.
Never have bought a new car in my life. Even when I could pay cash. What's the point?
I buy good used vehicles that I run until they die. I put in all the maintenence and upkeep and come out way ahead.
I do not need to impress anyone; I just need a very good vehicle that I know is solid. Most I ever paid? $8,000....and this is now 6 years owned by me with maybe $2000 sunk into new tires/rims/mechanics. I expect if to last another 10 years.
I have yet to this day to buy a new car. I just will not do it. The closest I ever came was 7 years old and 70k miles. I would consider a 3 year old car where the depreciation is paid off but why? All I need to do is get to some other place than I am right now, or possibly haul things from time to time. I have a truck. It is ugly. I don't give a fuck what anyone thinks about it. It isn't a status symbol. It is a tool.
I did buy an 87 grand national once. In 1998. I like to race, or I used to anyways. Those days are long over.
86 87 those were the great days for street racing the GNs Stang 5.0 lx trunk models irocs great times GNs eat everybody up with M/Ts
Ah fond memories.
Being able to afford a dirt bike and gear, and actually afford to haul it to riding areas -- used to be an everyman type sport, now quite expensive.
Hot rods. Used to own a 67 Camaro RS/SS 350 bought cheap as a teen. I used to have disposable income that I used to first restore it, then to resto-mod it.
Drove it frequently and raced it frequently (13.42@103.9 with stock 3:31 rear end). Not bad.
Now I can only afford to keep my existing cars running. My baby is long gone to a guy that worked in health care making double what I made in the same basic job (ah such is the nature of protected monopolies).
Like you I miss those days when a 'regular' job afforded a few nice things.
The treadmill keeps speeding up and we keep running faster in the hope we won't fall off, sacrificing our health, sanity, and families for the almighty American Dream.
But you find out that once you fall off (I did last year not by my choice) it's not as bad as they made you think it would be.
It's all about priorities.
I agree with you Inspector Bird.
The middle class could never afford all of the above, but could afford half of this list mentioned in the article.
a lot of echos from my middle class life in the 70's and 80's. My folks did not have enough to put us in private school. Thank goodness a state college was still cheap. I put myself through school. Its fortunate my parents died early because they would have run out of money they had no savings. I dont think i could support them and my kids.
Most deviously deadly invention of humankind ... the credit card.
yep ... impulse buying ... and retail in general would crater w/o ... maybe, just maybe ... people would live within their means
money lenders have been doing a long time...it is called Usury...usually ends up with a bunch of them dead
Some of the earliest known condemnations of usury come from the Vedic texts of India.[6] Similar condemnations are found in religious texts from Buddhism, Judaism, Christianity, and Islam (the term isriba in Arabic and ribbit in Hebrew).[7] At times, many nations from ancient China to ancient Greece to ancient Rome have outlawed loans with any interest. Though the Roman Empire eventually allowed loans with carefully restricted interest rates, the Catholic Church in medieval Europe banned the charging of interest at any rate (as well as charging a fee for the use of money, such as at a bureau de change).
http://en.wikipedia.org/wiki/Usury Lots of examples
Rainman, don't know how old you are but do you remember back in the late 70's credit card interest was tax deductable? We were being conditioned to use credit cards. Tax deductable! That went away quickly, once the country was hooked. I had a discussion with a group of Chinese students last week. The banks here in China are starting to offer special credit card deals at 0%. I explianed to them that they are being conditioned. the banks/govt. are looking at 2020 when 300 million people use credit cards to buy shoes, tv, food. When I warned them not to get sucked in to this habit they replied, "how will we carry out our governments plan to become a consumer driven economy"? I just sighed.
Interested to see if the FICO score for the Chinese works as well as the USSA ........it's a really nice touch to have the sheep debt-scoring themselves.
TV and Hollywood movies right up there. Full on brainwashing. TV pushes credit cards and the good life.
"Very few people who earn the median income can afford to buy a new car or truck."
subprime auto lending beginning to turn sour ... one my canaries
Good one. What are some of your other canaries? Mine: small cap, emerging markets, high yield spread
OCC and FDIC have warned on subprime auto.
high yield and emerging market bonds definitely on my watch list
paying close attention to inventory build (my contention is that the channel has been stuffed) ... and CEO comments when quarterlies released ... Q4 should be interesting
Obobola voters are essentially given cars especially shitty Chryslers that no one wants. They depreciate about 30% when you drive off the lot because they are junk. I am sure the right people get their credit card debt and car loans written off.
Try surviving on $26k a year. That's the median individual income.
It's possible but when your family's health insurance (4 --all healthy) is $980 per month with a $10k deductible, it becomes that much harder.
Because if you don't carry the insurance, the health mafia or govenrment mafia will ruin your day/year/life.
My daughter's pediatric urologist (she has a birth defect) charges about $5000 per hour. That's what I netted per month at my former career. Busting serious ass.
Smug rolex wearing flash that $40k watch in my face motherfucker. Laughing and talking about his european vacation last time I saw him. FUCK HIM.
He's worth about $150 per hour if that. I had to pay $1200 for his PA to do a 5 minute ultrasound another time. Never spoke to Dr Fancypants that time. What's her hourly rate? JESUS FUCKING CHRIST!
WHO THE FUCK CAN AFFORD THAT?
Other than rich and poor who get everything for free?
I'm tired of working my ass off to subsidize parasites (bankers, doctors, insurers, state employees, armed badged road pirates).
I'm fucking done working so they can live the good life.
My life might not match their definintion of 'good life' but fuck it. At least my time is my own.
Sorry, wrong. Not that I would defend Obama care -- but with a 26k income you would be getting around 2/3 of the premium subsidized. Move to a state that does that.
Figure about $300/month with half the deductible you said.
walking fucking dead. godamn cannibals got their comeupance. rick grimes for president!.
Where is children on this list?
oh, i guess you're not talking about selling them ...
Oh gosh, you made me think of Jonathon Swift's A Modest Proposal.
I'm surprised the squid doesn't have anything like that...maybe they do.
More nefarious a plot than that.
funny that you metnion bill maher---HBO is part of the globalism propoganda outlet . the deep state.
bill maher can never talk about outsourcing, imf, trade, and international banking. never . his show studiously and quite conspicuously avoids these topics but he will drone about race , religion and other bullshit endlessly.
bill maher is part of the distraction deception and most people aren't really self-educated enough to see through his transparent bullshit. ironically, most of his detractors are as guilt of falling under the red-team blue team distraction as his followers are, and this plays DIRECTLY INTO HIS ROLE FOR FALSE DISTRACTION BETWEEN THE FALSE CHOICE OF THE SINGLE PARTY SYSTEM.
he is the essence of destruction of democracy by alienating participants from real decision making via politics of distraction. notice how maher generally ignores or shits on anyone criticizing politics in general, anti-political types, anarchists, 3rd party types, and others. why? it's not what he gets paid for. he is pandering to the people who want to think they are still part of having a meaningful say in what's going on by 'voting'.
vice news and the new sunday night comedy with whatshisface john oliver are typical of the hbo infotainment approach of bill maher.
it's not what they criticize usually so much as what topics are off limit. the very limited criticisms of banking debt etc....are almost always super super brief. the economists or financial types brought on his show are almost always pre-planned to talk about fiscal policy rather than monetary policy.
it's pretty blatant in your face.
that said--i still find him incredibly humorous. but his audience is generally a bunch of people who think they are smart because they went to school, but are intellectually lazy and willing to slop up whatever predigested cud is served to them a a world view.
the tide took maher out long ago ... or so i thought
people still pay him heed?
TV is watched by morons who enjoy brainwashing and supporting the system. If you watch TV and Hollywood then don't complain about Amerika being f**ked. Your viewership helped get it there.
I bet I would qualify as "middle class" in Turkey.
Not in the US.
note to middle class: U R Fucked and you dont know that
List missed the hot buttons. When we can't afford or get these items, will hit the streets.
Beer
Pot
Smokes
Apps or the phones they run on
Cable TV (shows like Survior finally go dark)
Twinkies
Bling
Forgot one.
Gov't check or EBT cards.
HVAC
Well, Bill Maher has no shame because he made a $1 Million donation to Obama. These freaks try to identify with the middle class by lamenting our woes but they are not one of us, they are the problem and the enemy.
'NEW RULE' for Maher: If a 2nd semester college dropout, neo-Oligarch wannabe, like Bill Maher, can afford to give $1 Million to Obama to get him re-elected then they don't get to pretend sympathy for what they helped do to us.
TV is for morons who enjoy supporting their serfdom. Keep watching like a dope.
Maher is a complete ahole. I used to enjoy his show when I was younger and still sleeping, and still remember him as having a more libertarian bent. I'm pretty sure my memory is faulty.
Now I cant watch him for more than five minutes without getting thoroughly pissed off.
Your memory isn't faulty because Maher did have more libertarian views a decade ago.
His main points were ending the war on drugs, opposition to organized religion, ending corporate welfare, opposition to the police state, and he was the biggest critic on TV of Bush's War on Terror.
Lately, he has become a cheerleader for Obama and his only criticisms of him are that he is not "progressive" enough.
If you get thoroughly pissed off with Maher, than he did his job because he's trying to be as contrarian as possible.
Maher has always sold himself as a libertarian; but those who paid attention could see he was a rabid liberal stooge from the get-go. Once Obozo got elected, he finally felt brave enough to take his libertarian mask off.
What middle class?
there never was such a thing as middle class ...
a good feel term to make a certain group of ppl in the work force feel important...more important then the lower class
working class is what it is...
America where are you?
Ask any one of your fellow citizens about leadership in America and the answer is always the same. What leadership? Currently, congress has an approval rating of less the 14% and the President's approval rating is below 40%, a new low for his term.
We were supposed to be a country built on laws, but in today's society in America, just as there are the haves and have nots, there are two sets of laws. One for the rich and another set for the rest of us. Why haven't any bankers gone to prison for nearly bankrupting America? The answer is none. But if a desperate parent looking to feed a child is caught shop lifting food, your thrown in jail.
Is it any wonder that the American populace is fed up with business as usual when the highest court in the land declares that corporations are people and can freely dump millions of dollars into political campaigns as dictated by Citizens United? Without question, if you have money you have access. There was a time in America when lobbying was considered illegal. Now it seems to be the accepted Quid Pro Quo in getting things done. Not for the American people, but rather for the powerful and well connected and invariably, these favors do little to help people. It only helps to line the pockets of those that hold the reigns of power.
Americans today are constantly being bombarded by issues such as Ebola, ISIS, Ferguson, Iraq and Syria which are without question important issues that require addressing. However, these issues like the current national dialog on same sex marriage are only used as diversions to keep voters at each others throats while the real theft going on in Washington continues.
Have you ever wondered how banks such as JP Morgan can afford to pay 16 billion in fines for wrong doing? It's pretty simple, you as their depositor actually help to pay that bill for the banks. Congress allows banks to sweep a depositors accounts every evening and places your funds into overnight trades which in turn net the bank on average, 25 to 30% per month. But as a depositor whose money is being used to add profits to the banks bottom line, you as the depositor never see a dime of that profit. Again, it is Congress that writes these laws and why now the banking lobby pours hundreds of millions into political campaigns.
Markets are manipulated as well as the blatantly false figure regarding unemployment. We're constantly being told that inflation is tame and yet the cost of energy as well as food continue to rise and to add insult to injury, the cost of food and fuel don't even figure into the equation when it comes to reporting inflation via the Federal Reserve.
What many should be doing is asking the following question. If things are so wonderful in America, why do nearly have of Americans require food stamp assistance? How much more pathetic can America get when seniors have to go dumpster diving looking for bottles and cans for their five cent deposit return, so they can supplement what Social Security doesn't cover. Why after having funds deducted from our pay checks all our lives, does the government require taxes to be paid on Social Security? Isn't this a double tax on seniors?
The sad fact remains that unelected bureaucrats write the very laws that they are never held accountable for and these same people live off a continuous gravy train of dollars that are in turn used to sway political favors that do nothing for the general population other than burden them further with higher taxes as well as fees.
America today is sick. The patient is on life support and failing quickly. If you care anything about where our once great country is headed, now is the time to speak up. We no longer can afford to be the policeman for the world with military bases in foreign countries that serve no purpose other than to bleed us dry of tax dollars that could be put to better use.
Politicians are quick to jump on the illegal drug campaign that has been in place since the Reagan administration, yet with the greatest army in the world in Afghanistan where 90% or the worlds heroin is produced, we seem unwilling to burn the poppy fields down. Just who is making billions on seeing this drug produced?
The list of grievances is endless America, but now the time has come to take a stand.
Good post. Now how do you get the poeple who don't read zerohedge to understand this? I don't know either.
96% re-election rate for congresscum.
There's your sign (with hat tip to Bill Engvall).
I find a lot of people can't afford to take 2-4 days off of work. Like it would break them. The sneaky fucking thing about this jobless recovery is that all the productivity gains were pushed through onto people who kept their jobs. But I don't have less to do. I'm just doing more with what time I have. And now I'm always fuvking working because of these fucking phones connect me to work email all the fucking time.
And if I turn this off to go on vacation or play golf? The same fucking workload is still there.
Burning out... The unemployed are looking like the lucky ones right now
I manage a group of professionals and find that I can get nearly as much done on the golf course as in the office with my phone. Giving direction and advice through email or on the phone. Less stress.
fred - i love you! can you run for president? you decoded the brilliant obama model. besides - you can sneak in a smokie or two. ( i know you did not want me to mention that).
fred - i love you! can you run for president? you decoded the brilliant obama model. besides - you can sneak in a smokie or two. ( i know you did not want me to mention that).
Being President would be too stressful, maybe a cabinet position or ambassador to a western country?
Things I disagree with:
Vacations: anyone can take a vacation, sure not a three week vacation to a middle eastern island paradise.... but almost anyone can afford a 4 day weekend retreat and almost every boss in the world would have no problem granting such a request given advanced enough notice.
New Cars: Why do people feel the need to buy "new cars" when we have ACRES filled with perfectly fine 3 ~ 5 ~ 7 year old cars with almost no miles on them for LESS THAN HALF the cost of a new car? I see 2005 Porsche's for sale around 6000$ and they are perfectly fine . . . I just picked up a 2005 Mini-Van for around 2500$. You are not entitled to god giving you a brand new car every year, a car is not an "iphone", its a long term investment in mobility nothing more nothing less.
Paying off Debt: Who is telling you to pay off debt? just.... DONT. . . if you can't afford to buy a new TV you don't, if you can't afford to pay off your old TV . . . DONT! there is no difference in a "credit" based cashless society, no one is going to come steal your TV off your wall, and IF THEY DO they are doing you a favor because chances are you can pick up a BETTER CHEAPER MODEL for the money you saved not paying the old clunker off.
Emergency Savings: There is no sense of finacnial security, the only financial security you have is your ability to work, lose that and your out of the game, you are not entitled to other peoples labor, no matter how much you think you "saved" and "earned it", the values of savings are subject to change at any moment, if you werent too busy buying 55" TV'S and racking up credit card debt , you might of bought something of long term value instead.... you are not entitled to other people "correcting" your mistakes for you, god knows no one is here correcting my financial mistakes.
Retirement Savings: Here is a plan, START A FAMILY HAVE KIDS BE NICE TO YOUR KIDS AND HOPE THEY TAKE CARE OF YOU WHEN YOU ARE OLD AND USELESS, Your retirement plan should be TRUST IN YOUR FAMILY, NOT TRUST IN SOME FOREIGN BANK/HEDGE FUND.
Medical Care/Dental Work: Medical care is NOT a basic human need, Basic Human Needs consist of Water, Food, Shelter, and Clothing, nothing else , Medical Care is a CONSUMER GOOD/SERVICE, if you ate too many candies as a kid and your teeth all need to be pulled out, shut up and pay for your mistake or deal with the pain, you are not entitled to some slave who will stick their hands down your filthy mouth for free to remove your grotesque molar.
Well its a little blunt, but to the point.
readers may not like you
Only the socialist ones, and socialists aren't real people anyway.
This one likes him.
@dre4...good post.
Not that I disagree with you at some points, but article is about (what's formerly known as) middle class.
I found myself nodding in approval Dre...well constructed arguments. Only thing I would take issue with is considering a car "an investment in your mobility". It is not an investment, it is a necessity. Since cars only depreciate in value, that would be one shitty investment (but I get the point you were trying to make). I just consider it a tool that I need to conduct my life as I want to.
+1 Dre4dWolf.
Your post was more informative than the article we are all replying to.
So, if I have 3 kids I can retire - if I have 12, I can retire earlier. Idjit.As for emergency fund - that is a must have. Financial insecurity is a vague term even if you have big salaries and big overhead. I too have never owned a new car... they are utilitarian - transport from Point A to Point B. The adverts have convinced people that their self worth is tied to the car the ydrive.
'bout every year I post - read "Your Money or Your Life" by Joe Dominquez or "Cashing in on the American Dream, How to retire at 35". These books are not quick-fix startegies, they examine your philosphy of life and money. I might add The Millionaire Next Door" which shows that most millionaires are regular people around us that work for themselves. I liked the one about the guy who bought apartment buildings and lived in one of the units - not rocket science.
Work hard, live well below your means, save & invest... people are supported in snivelling and whining and they quit trying. If you are lame or sick or crazy that is one thing, but financial security can be had, maybe on a smaller scale than once dreamed. If you want to feel proud, be able to tell your kids I will pay for your education anywhere you ca get accepted. Daughter is finishing her master's at Harvard via the Extension School as she lives in Europe and son got his master's in France after attending Uni of Berlin and UC here in Cali. daughter is now applying for law schools - I will pay cash. That is real pride - not driving a leased 700-series BMW. No mortgage with rental income, no CC debt, investments that cash flow, drive a car with over 300k miles and it runs great. I know I am an odd ball, but my mother was raised during the Depression and raised 2 kids by herself with no child support or welfare.
People are financially illterate - they always seem to have compound interest working against them. Off the soap box - but I have done it and it can be done.
Some people will say you're being very harsh about how other people should organise their lives. BUT I admire greatly your strong belief in each person standing on their own feet and making their way in life without having any expectation of living of the backs of others (of which there are far too many). That's very admirable and totally in line with my own approach.
Thanks for the interesting comments.
How much money would you individually need to save to guard against the possibility that you might be permanently disabled and unable to work? If no Social Security disability exists in your world, a lot.
It is cheaper to pay taxes to guard against such unlikely (but catastrophic) events.
When saying affording things, in what perspective? If the median of a nation is around 42K a year (that is usually family income that is counted, at least here in Canada) and the average home is 300K and a vehicle is on average around 20K, then how is it we can afford it? The family income (without going too far in detail) in my family (me being husband, wife, daughter and a mother in law who looks after our daughter) is above the average by a fair sum, and we still cannot afford a vehicle or a house, then what does that say?
To clarify, I do own a home, and a new vehicle (7 seater SUV to cart the whole family around). But we do not technically own it, but we are leasing it from the bank (mortgage or car loan) and thus, we do not own it, but the bank does. They can take it away at the whim if we do not pay our bills.
And this is a reality that isn't apparent in many other countries around the world. In these other countries like Iran, Egypt and what not, that is being portrayed in the cartoon, many of them either own their own house (no mortgage) or renting. So they are not tied down to anything specific. Average debt in countries like Russia is around $144; not thousand, but one hundred and forty four dollars. In Iran, it is around the same. Here in Canadage? Over $300,000. Vacations? How many go on a vacation with their own funds rather than a credit card? How many get a new vehicle that is payed for entirely?
My father is smart, as he paid for most of the house, while keeping some money set aside just in case (so his mortgage payments are nearly nothing, but he pays a lot towards it to pay it off quickly, whatever he owed. Something like less than 50K now). While he payed for his car (cheap Hyundai) off entirely. But how many Americans and Canadians do this? Besides the wealthy, whom work in the oil and gas industry, or are owners of major companies, the rest can barely afford a pre-owned car.
We need to look into perspective of things. While access of credit is available here, and can be considered cheap, does not mean that we can actually afford it. In many countries, they just do not have the availability of credit.
I think that part of the problem is that people just take out a loan or loans and don't think about the consequences. I live well below my means and probably make 2 to 3 times what many others do on my street. If more people refused to buy to the limit of their means, then builders could not charge as much as they do. We were in the market back in 2001 and 2002 and it seemed that housing costs moved up in lock step with the lowering of interest rates. Rates came down and prices went up for the same house. The builders know what their target demographic makes and what they bank will lend them.
I just said "fuck it" and bought an existing home that I then paid off in about 6 years all the while sending 4 kids to a private school. There is a neighborhood nearby that has what I see as the typical American. They bought a house worth a mortgage and PMI. Then they financed a couple of $30k to $40k cars/SUVs, then after a couple years they have some wiggle room so they finance a boat. They never get ahead.
If we all lived well within our means, things would not cost as much.
And I give you credit for this. In Canada, we are not so lucky, unless we want a home that is a growop that got condemned. And even then, we are looking at it costing a fortune.
In an area not far from my work, the average home (which is quite nice homes too, but it is now considered a ghetto due to various immigrants from middle east, Asia (India/Pakistan) and Africa moved in, even cost a fortune. When first built in the 80s, they are no more than about $60 - 90K for a three bedroom house a little over 1100sq ft of living space. Now that same home is over $270K. My home cost me close to $400K now it is worth over $410K simply because of area. Not worth it honestly.
But unlucky for me, after my wife and I got married, and she was pregnant with our daughter, she wanted a home. All homes though, cost a lot and she didn't want an older home in these areas, even though I was willing to live there. I myself cannot care about new home and fancy stuff. As long as it is a roof over my and my families head, and it isn't infested with bugs/mold and isn't having any major structual issues, then I am OK. Even if I have to put effort into it. But of course not. Vehicle? I shouldn't have got a $20K vehicle. I had my eyes set on a Kia Forte that was less than $10K and barely had many milage on it....
Now I look at it, I should have just stuck to my guns and just went with basic. I would have at least been able to afford a vacation to some other places, even if it is within Canada. But cannot even do that now.
They left off "kids".
They can't afford to vote DEMOCRAT that is for sure!
Republicans can save us!!! Christie, c’mon, he’s a leader.
I was unaware that a middle class still existed. We are on the precipice of a colossal change in terms of economic/social mobility and unfortunately, a return to fuedalism is looking likely.
Hope and change ass-holes.
Not to give the other half of the two party fraud some airtime... but you know how it is.,
Controlled opposition.
I hate the term "middle class". I am 34, not married, no kids, make about 30k a year. And somehow I'm in the same "middle class" as a married couple 2 kids and earn 75k a year. I have nothing in common with that family, so how can we both be a part of the same "class". It's a Marxist divide and conquer bullshit term that I wish more people would stop using.
Middle class has nothing to do with marxism. It was what made america a true 3 tier system which seperated "us" fom every other dictator, socialist, marxist shithole. Once the middleclass is completely wiped out (should be when the tribe resets) then we get the true marxist/nwo nightmare.
I agree that merika was a 3 tier system which is what set us apart. Marx did create and promulgate the term middle class. It is an attempt to get individuals to isolate themselves into groups and to hate the other groups. I, you ,and everyone else on this site cannot be described by such labels. Which is why I don't use them and discourage others from using them as well. It is just a way for us to give up our individualism, and move into collectivism.
America was briefly a three-tier system.
Before WW1, progress was a bunch of drunks killing Indians. The middle class worked a dirt farm in Oklahoma.
Dude - WTFU - you make $30k a year you are NOT middle class unnless you live in Mumbai.
At leat I didn't lie and say I make 150k. Not calling you a lyer by the way.
I might be wrong by $2,500 a month doen't seem Middle Class to me. No offense intended. If you look at compounding - yield rate and time are the components - need to start early so that compounding can work for you, which means you need surplus - the more the better. The slope starts out flat but as compounding works it goes staright up later on. Even starting small, but early, is highly beneficial.
No offense taken. I know I don't really belong here on, but if you want to elevate yourself elevate the company you keep. Which is why I am here. To try and learn how to increase my net worth.
Squid,
Someone recently complimented me on my loafers. I paid 5 or 10 bucks for those at the Goodwill and they have been resoled at least once. I have had the same Tony Lama cowboy boots for 30 years and they have been resoled many times. The one thing about open US Border is that the Goodwill has many Hispanic shoppers, so the prices have gone up. I can get a Crock Pot or skillet for nothing at Goodwill.
If you want to see the value of all this SHIT people are killing themselves to buy, many times on credit, go to an Estate sale. Seriously, look in the paper and this weekend attend an Estate sale. The heirs just want to get rid of most of the stuff.
used loafers at a goodwill???
that broke u have to buy at a place like that???
what ever the fuck
it's working class
And yet, one can be upper class and make far less than $30,000 per year.
Income can be a misleading measuring stick.
Just returned from the dentist's office. I like the guy and we worked out a 'deal' but most other dentists wanted $1,300 bucks up front for a 1-2 hr's work for a front crown?! I understand they had a lengthy education but problem is it's hard to fork out that after-tax money when it's damn hard to earn these days and there is zero tax break [essentially] for health expenses.
Instead of handing money to pop ut more babies, why not incentivize people to seek medical/dental care they can deduct. It's no fun going to any medical perosn but the ability to deduct it would make it more bearable.
~ imho ~
[And don't walk away with any idea I begrudge MDs or dentists. They desrve every penny putting up with all that crap of school and then dealing with poss hepatits, HIV and now Eboleans. I only have the highest respect for them].
Can never end the child tax credit 'cause there'd be no more Democrats ['cept for the ones who snuck across the border].
So, in your opinion, Dr's who push psychotropic drugs that do nothing but earn them favor from the drug lobby "desrve (sic) every penny..." Gotcha. Good call.
Doctors these days are often nothing more than legalized drug peddlers.
Vacations - haven't had one ever. Don't even take days I'm entitled to. Job anxiety ensures I don't even get sick, unless it's a public holiday.
New vehicles - never carried a payment. Bouhgt used with cash.
Paying off debt - paid off my student loan within 2 years. Dedicated all of my resources to getting rid of it early. Lived with a roommate, ate plain rice and had zero discretionary budget.
Emergency savings - have enough to weather a storm, though you never know where and how one will hit exactly. Doing my best, but all efforts might be in vain if the govt. chooses to play an ugly card.
Retirement savings - same as emergency savings. Otherwise will have to commit suicide. Hate being a burden on others. Made peace with the idea long time ago. No point living if I can't take care of myself.
Medical care - got some coverage, but who knows how long it'll last. Investing into my health, seeing it as one of my main assets.
Dental work - a bad dentist early in life deliberately ruined integrity of my teeth by drilling holes the size of Grand Canyon. Had to get crowns as a result. Ditched the dentist, but the damage's been done.
Julia: Wow, you need to take a deep breath and relax a little. You ar probably doing much better that you think. I thought I had anxiety.
Everything is going to be alright :)
Kind of agree with the poster about what middle class expects so much, but alot was lost too.
I think middle class is a bad term and people should refuse to repeat that,
maybe call in median class and change the common usage.
Of 7 children, I was told I was on my own and was most capable of taking care of myself.
Mother didnt work, it turns out clinton years and then bush II, compounded their SS colas and dad's
Sears pension was taken out as he didnt trust the company and just kept it in IRA CD's.
So she is living off 30k a year, from SS and pension which came from compounding.
One lesson to that, the oldest generation was quite addicted to the financial ponzie and may yearn for those days,
so went for the leftist government in the last election.
There is no compounding now, and lot more is taken and lost.
I make over 6 figures, some coming in from my wife and I take two small pensions. I dont seem to
have anything extra. I think it is from 30k taxes going out. I cant take position with raise at work unless
it is huge, becuase 1/2 of it is taken from taxes, so I keep under the radar and dont reach for the brass ring.
I rent cheap because I am against mort interest and prop tax contract entrapment, I cant pay enough
to get up to the mort tax deduction. By saving through whole life insurance,
saving the difference between rent and the minimum mortgage that merely begins to itemize
tax deductions, I will one day buy a property cash, maybe when it is crashed and cheap.
I have two expensive car notes and almost no other free spending.
I buy invetments becuase I am forced to buy 401k/IRA tax deferrals, I really buy tax deferrals.
And uniquely, I buy high jewelery for my wife because that is portable off matrix wealth.
25% of my net goes into whole life insurance, one for myself and one my wife. This is the closest I can
come to my parents interest compounding experience through the whole life.
I keep in a modest amount of debt all the time which forces me to pay the debt and economize elsewhare,
where as all the debt is just investments and low and no interest.
So the rest of my working career 6-10 years god willing, is just about funding whole life and see
what property that can buy without mort interest.
Then it turns out if I take my father's Sears income of 1980 and run it through feds own online inflation
calculator, he made quite a bit as a saleman, in today's money.
The book Becoming your own Banker by Nelson Nash laid out a model in 1970's, for people to work instead
in the college years to capitalize whole life, instead of the double whammy setback of lost income
plus education expense, and his model was well ahead at future ages. Maybe even much better now at 35k average
tuition debt.
Everything has to be 180 degrees different than what they want you to keep doing, and expecting different results.
I explore lots of ideas to cope.
Upper class, middle class, lower class is all terms coined during the middle ages.
Upper class were King's, Queen's and Dukes
Middle Class were Aristrocrats, Bankers, Law Makers, etc.
Lower class - were the working man.
In today's case, they changed some of the names around the groups they belong to and added in some sort of wage chart to indicate who falls under which spectrum. In this case, anyone who works, is still technically a low class. Anyone who doesn't is above.
To say we need to be more like X or Y is pointless. Instead of creating these charts, we should live by our means. Or what we need. Creating a false sense of entitelment or indications of 'wealth' is what helped perpetuate this issue. The days where the husband goes to work, the wife stays at home, and they were able to afford a house, a car and education for their children, is over. If we want to return to that era, we need to use that as our baseline. If that is what is considered 'middle class', then so be it. But we need to live on what makes us happy.
one is either working class or not..
8) Federal Reserve
9) Federal Government
"Nearly half of those who don't save for retirement say it's because they simply don't have the money."
People who work can find the money to save for retirement if they limit their spending in small ways, and you won't even miss it if it is done automatically.
There are two types of people.
Savers and spenders.
Savers will save a small portion no matter how little they earn.
Spenders will never be out of debt no matter the vast sums they earn.
Yeah, my daughter is an accumulator like me. One of my sons is proving to be a spender. Trying to work on him.
At 0% interest there isn't much point to save for retirement. Pay off debt first.
you left out a house
yep, all points confirmed, when I was self-employed, no vacation for twelve years, no medical or dental insurance, still have my 1998 cargo van purchased in 2003, spent my retirement to try to keep my business afloat. Moved out of Kalifornia 2012 and back to being a W-2 slave.
And Bill Maher said.......
Fuck Bill Maher. He no doubt blamed the dirty Republicans instead of the thieving Tribe of which he is a card carrying member
Why anyone would waste money on a new car nowadays has me bewildered, unless they are wealthy. I bought 2 new cars 12 years ago with large downs and paid them off in 2 years. Since then I've bought 4 more used even though those are still running fine. Durango & Sprt Trac
Have the cash, wait for deals and jump on them.
94 Town & Country Van $500 put 50,000 miles on it before son forgot oil and blew motor..pick a part gave me $375
95 Saturn $400 put 25,000 on it before Genius slammed into a parked car at 50 mph, fucking air bag worked and saved his life. Pick a part $275
94 Honda Civic 125K miles $2,500 runs like a champ...still going
98 Cad El Dorado 50k miles $2,500 clean and purrs...I'm a pimp
So you may look cool in your new tag vehicle, but
I pick up pennies and Gold Coins....
My '93 Honda Accord has 311,000 miles on it and runs GREAT. I paid $2,500 for it with 72,000 miles.
And you could probably get 1,500 for it today.
I know my Honda and Caddy would go for more than I paid, $500 and $1,500 respectively. We basically drive FREEEEEEEEEEEEEE.....
When I am done with them I salvage them for 100 bucks and they tow it away. I got 350,000+ miles on a Toyota Cressida but the trannie went out. That was a great car - from tim eto time I have looked for another Cressida in mint condition but Have not run across one. The Honda Accords are just great cars - I obviously drive alot and the seats are really comfortable. Oil change every 3k, clutch every 125k and timing belt & water pump every 100k.... and plugs on occassion.
Picked up a 2004 3/4 ton GMC Yukon XL with the 8.1L big block with 70k on it in early 2010 for $12k. The sticker on the vehicle (still in the glove box) was damn near $60k. Sucker was (is) loaded, too. Bought it in CA when everyone was freaking out about the price of gas. Now has 175k on the odometer and running like a champ. New cars (especially on loan) are a fucking middle-class TRAP.
Sounds like your son goes to the same Mensa University as my son. "But dad, it wasn't my fault!"
...man, you be stylin' in that Caddie.
In the final analysis, if you can keep your head straight everyday is a vacation gliding on Section 8 and EBT.
‘Working’ is the stupid choice if you earn less than 75K annually.
While someone gave you a down vote sadly many people agree with you. Few Americans ever really work through the numbers but fact is if you can get enough from the Government in disability, unemployment, or some other kind of welfare why even jeopardize that income by thinking about taking a job.
For all the moaning about how it is not enough and those living on the dole are forced into a life of poverty in fact those that suffer greatly often do so because of poor spending choices rather then the amount they receive. The article below delves into why people often choose to live a life as unemployed in America.
http://brucewilds.blogspot.com/2013/06/living-on-dole.html
Who pays you? Seriously. They aren't getting their money's worth. I've heard more moving arguments from rush.
While poking at the trapped minnows you seem to not see the sharks ripping up the whale carcus. How much did lobbiest and tax lawyers get for ge last year?
After paying my tax bill two weeks ago, I'm tending to agree. Do you know if I have to wear a particular team's jersey when I apply for the benefits? Wait...do you even "apply" or do you just hold out your hand and grunt?