With all due respect, at one point six figure jobs must have been easy to come
by at one time if they gave them to people who didn't know enough to save
@HutteriteI resent that remark.I am 59 and making 1/3 what I made 10
years ago. I have diligently put away 10% into my 401k and have watched it
dwindle due to the subprime mortgage collapse. I paid off my house, bought used
cars and have never been to Hawaii or Cozumel.I invested in room and board
for my kids at college and sent my boys on missions.Basically, I work to
get a lousy health insurance plan.Underemployment is not funny and those
of us who are victims can't be blamed for a foolish government that crashed
the economy.My 401k has never come back to the pre-2007 values.
I've adjusted my stile of living to what my wages was. Who doesn't?
You can be riding high one minuet and shot down the next. That's life. Life
happens when you least expect it. It's hard to say to your self,
sometimes,I accept life. Ya might have a plan of an attract till you get hit.
it's up to you ta get back up or not. The story is about a man that has
earned my respect.
To Say No To Bo:I am sorry you haven't recovered from the
2008/2009 crash. The market certainly has. If you had been invested in quality
blue-chip stocks (or even high quality bonds!), and avoided the urge to trade in
and out, you would be at all-time highs as well.Take control. And
don't blame the market, "evil, greedy corporations", or any other
Ever since reading an article in the late 70's about the fragility of
Social Security and its likely demise around the time I was set to
"retire" (I'm 63), I decided that relying on anyone else,
particularly a government as inept and/or dishonest as ours has been for
decades.I use the word "dishonest" advisedly. How, other
than dishonest, can one describe the use of the word "Security" as part
of system designed and run just like the gigantic Ponzi scam it actually is?
And whose participants are therefore destined, inevitably it seems, to suffer
the same fate as those who trusted their "security" in someone such as
Charles Ponzi (after whom the scheme came to be named) or his most profligate
protege, Bernard Madoff?I can only hope I've stashed away
enough acorns to last through the really severe economic Winter that our
dishonest economic management will make much worse than it needs to be.
The sad thing is that many young people (especially those under 25) don't
save anything for retirement, and it's precisely those savings from the
early years that multiply so greatly by retirement age.
@carmanSorry, I don't play the market.I'm in the same mix
of Muts as before, managed by Fidelity.Without going into details,
I've spread the risk among 10 funds, heavy in large and mid caps with a
tiny bit in internationals.Hopium is not the same a results.
Say No: Sorry, I was a bit flip in my post. I was writing from the passenger
seat, as I often do. Underemployment isn't funny, you're correct. The
foolish component of the foolish governemnt that crashed the economy failed to
regulate the banking sector enough. I live in two worlds; don't have a
401K. I have RRSP's and a house in Canada, where the banking sector is much
more regulated and capitalised, and mostly run by old scotsmen. Subprime loans
are not part of the mentality there. Yes, my savings went down but they're
coming back now. I refuse to work for a lousy health insurance plan but will
work to pay taxes at home, and here, so I have access to a functional single
payer health care system. My health care strategy while in the US is primary
care and evacuation. There is a place for regulation and government in our
society, I live it every day and wonder aloud when people trash it all the time.
And, if you're willing to work shifts and live in camp, I know a couple
outfits in North Dakota that need help bigtime.
I am a little confused. I have never made anywhere near six figures. I am
saving like mad for retirement. I did not lose everything in the market drop.
In fact, I have never lost enough to be even with what I put in. I guess I just
don't get how rich people spend and invest their money. Since I don't
have a lot, my investments are a lot less risky (and less rewarding) but they
are still there.
I too respect this man. He has taken responsibility for his family in raising
his sons and putting them through college and caring for his aged parents....
and because of a series of life events he is working to support himself by
taking on two jobs: one as a cook in a restaurant and the other marketing food.
As I read through the comments already written I can see the differences in each
of their lives and choices made. Based on the article I again respect this man
because of his determination and his responsibility to care and love his
family. There is nothing wrong with honest work no matter what age you are.