Over Half of All Americans Don't Invest

Discussion in 'The Pub' started by Craig Allen, Apr 9, 2015.

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  1. Craig Allen

    Craig Allen Member

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    So many Americans don't invest in the stock market, including in 401(k)s. This is distressing to me. There are very few pensions left anymore. Social security isn't going to be enough, even if it is solvent when you retire. What do people intend to do for money at retirement age? It really isn't that hard to set aside 6-10 percent a year, kind of a set-it-and-forget-it thing. "I'll work 'til I drop" has no appeal to me.
     
  2. AZChilicat

    AZChilicat Member

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    Investing is for sheeple!
     
  3. sleewell

    sleewell Member

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    lotto is the new 401k
     
  4. T Dizz

    T Dizz Member

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    401, ESPP, I'm not dying at my desk.
     
  5. EricPeterson

    EricPeterson Member

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    Their portfolios are tied up in vintage guitars.
     
  6. Heinz57Pep

    Heinz57Pep Member

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    I get all of my financial advice from TGP. Next stop, easy street!
     
  7. MVrider

    MVrider Member

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    They got conned. Sorry, but they'll get what they asked for.
     
  8. kcprogguitar

    kcprogguitar Member

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    Maybe because some of them aren't interested in supporting billionaire lifestyles. I retired at 52 with zero investment in the stock market.

    Why in the world would you buy into to a system that penalizes you for accessing your own money?
     
  9. Magicpad

    Magicpad Member

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    401k, roth 401k, scottrade account...... SS is going the way of the dodo. Also thinking about opening a Binary Options account, but that's more for Vegas style "fun money"
     
  10. EricPeterson

    EricPeterson Member

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    how are you invested then? I am just curious.
     
  11. Tommy Biggs

    Tommy Biggs Member

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    I think that these statistics can be misleading. I don't dispute that people under save, but when they say "over half of Americans have less than 10K saved for retirement (or some such thing) we need to factor in how many people are under 30, or working at minimum wage or not working.

    While many don't have pensions, Police, Firemen, Teachers, politicans, and State/Federal Employees all do. Maybe they get Soc sec too, so they may have less of an incentive to save.

    I agree that it's frightening when people you know seem to be oblivious to the need to save and plan for the future. I can see the potential problems down the line, for those who have saved.

    The old jimmy Cox standard "Nobody Knows You When You're Down and Out"
    Once I lived the life of a millionaire, spendin' my money I didn't care
    I carried my friends out for a good time, buying bootleg liquor, champagne and wine
    When I begin to fall so low, I didn't have a friend and no place to go
    So if I ever get my hand on a dollar again, I'm gonna hold on to it 'til them eagles grin
    Nobody knows you, when you down and out
    In my pocket not one penny, and my friends I haven't any ...


    What do we do when we scrimp and save all our lives to retire securely, and then the person who bought boats and cars, Dumbles and R9s comes to us 'hat in hand' at 75 years old asking for help?
     
  12. Bobby Wasabi

    Bobby Wasabi Member

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    I remember my accountant telling me something like "Some people put way too much money aside and invest too much in their RRSP's for retirement instead of enjoying life NOW". Then he gave an example of a guy who put all his extra money in retirement savings for years then passed away from cancer in his 50's. Never got to enjoy it. So the accountant told me it's OK to put a little away but make sure you save some to go on trips and things you want to do NOW because you never know what will happen in the future.
     
  13. Craig Allen

    Craig Allen Member

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    So am I. I am not aware of another means of compounding interest in the same way the stock market allows. And if you say real estate, that's for pros. Amateurs who have other careers, or who are already not financially independent, are not often able to get into that game.
     
  14. Craig Allen

    Craig Allen Member

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    No one is asking anyone to put away an excessive amount of money here - the beauty of the 401(k) is that it's a percentage of your income - no matter what level. But to not save anything at all is the height of irresponsibility to me. Kind of like the parents of 18 year olds who are panicking now that they have to pay for college, when they could have set up a college savings account 18 years ago.
     
  15. dirk_benedict

    dirk_benedict Supporting Member

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    Congratulations on your early retirement. How did you pull that off both tax free (evidently) and still maintain the retirement lifestyle you desire? Did you have any children to put through college or a mortgage in the interim?

    Not trolling, honestly curious to hear your experience.
     
    Last edited: Apr 9, 2015
  16. CowTipton

    CowTipton Silver Supporting Member

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    And who do you think will end up paying for it?
    We will.
     
  17. Madsen

    Madsen Member

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    most people are also in debt. the slivers of margin made off most investments are nothing in comparison to the interest they're already hemorrhaging.
     
  18. GCDEF

    GCDEF Supporting Member

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    Post makes no sense.
     
  19. pickaguitar

    pickaguitar 2011 TGP Silver Medalist Silver Supporting Member

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    I'd like it if the stock market didn't exist...but yes I play the game
     
  20. taez555

    taez555 Member

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    /thread
     
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