A figure came out at the end of 2015 that said around 60% of people have less than $1,000 saved.


That's an astonishing figure.

Yeah

that's pretty bad

WTF are we going to do when all of those people decide to retire?

Social security will hold up for a little while, but at this point, anyone under the age of 50 or so who is counting on it may be in for a rude awakening.

Jesus...

Yeah, my savings definitely do NOT count on it

Depends on how you define broke.

I've been broke before, and I ain't planning to ever go back.

I just turned 50. I plan on having enough money to do whatever the hell I want and to live comfortably through my 80's. If I live longer than that, I will probably be a financial and medical burden to my wife and kids. At that point, I'm sure my kids will be plotting to kill me

We are doing okay on just what I make but my wife can't work (and get paid, her clinicals are a 40 hour a week job for two years unpaid) while in school doing her DNAP. Doing the whole one income thing sucks. Especially given we bought our house over three years ago when we both worked so our income to debt ratios are way off. We are getting by but I certainly can't buy some things I would like such as new golf clubs.

But when she is done it will definitely be worth it. Spending a lot on school is not a bad thing if done wisely. We are really racking up the student debt with her but when you are guaranteed a minimum starting salary of 140k with the potential for 180k right out of college that's a good investment.

Circle of life goes like this.

Your born
Parents put diapers on you so you can poop your pants.

You grow old
Your kids put diapers on you so you can poop your pants.

...once a man, twice a child.

Nope, still live debt free... bought me a Ram a couple years ago , did finance it to get the 5k discount but payed it off in full as soon as first payment came due.. replaced all the money I bought it with + about 25k... It's easy to save money when everything is paid for

We surely don't count on it. I leave it completely out of our retirement planning, meaning we invest and save more so that we can meet out retirement amount goal with it not included. If Social Security is there for us 30+ years down the road, we will be very financially secure. If it's not, we should be fine as well.

Would you rather die with $10,000,000 in the assets you can't take with you or die with $10,000,000 in debt that no one can ever collect from you? :hmmm:

I've lived a life of extremes

HIGH SIDE: flying business class 17 times to Hong Kong and Beijing for business, riding in limousines, flying in helicopters several times, owning a brand new Jaguar in 1986 at 23 years old, having $5,000 cash in my pocket all the time when I was in my early twenties, tons of hot escorts, eating and drinking at great restaurants, buying 5 houses in 1983 for rental properties, having a net worth of $8,000,000-$12,000,000 in 1999 during the dot com bubble, taking a 11 week vacation in 1987 to Fiji, New Zealand, Australia for a month, Barbados, Rio De Janiero 2 weeks, Cayman Islands, visiting 38 countries in my life

LOW SIDE: working for over 11 companies that didn't make it as startups or young businesses where I lost my job, selling all my belongings to have money for food and shelter in San Fran after a business collapse, sleeping in my for for 4 months, having a business I invested a lot of money and time into collapse after 5 years because a partner and his wife were secret crack and heroin addicts, losing my $25,000 deposit from a brand new home in Scottsdale's Pinnacle Canyon neighborhood because I took the money they gave me back and invested in Lucent on margin and it went to $6 from $45, working for 2 years for a startup at $20,000 a year in the DC area, having a crazy ex-girlfriend cost you $20,000 when you are just getting back in financial shape.

IT'S BEEN A CRAZY RIDE!!! :eek:

Never did count on it. I know I did not save enough the first few years-but feel comfortable now. Unless some President comes in and takes all of it.

Already looking at retirement options. Even though I have kids not out of college until 2026.

Sorry to hear that.. Hang tough man, it'll all work out...