Arguing with morons on bloomberg.

[sc281]

The comment from nicholas1987 ticked me off so I had to sign up there to reply. Now there is some old guy implying that because my generation doesn't have massive pension entitlements, that we can't make it on our own.

Was I in the wrong here? I certainly don't think so.

( I posted as 1pennysaved)

http://www.bloomberg.com/news/2012-03-13/majority-of-american-workers-have-less-than-25-000-in-savings-ebri-says.html

MerrillGrinch 27 minutes ago
Planning and saving for retirement should be a mandatory course at the high school level. The importance of early saving, the benefits of compounding over 40 years, the limitations of Social Security, and asset diversification should all be covered in detail. Too many people are simply ignorant of these concepts.

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nicholas1987 1 hour ago
Considering half of Americans make $26,000 a year or less--this is a no brainer.

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3 Likes
1pennysaved in reply to nicholas1987 18 minutes ago
That's a cop-out. My Grandpa told my brother and me "It's not what you make, but what you save that matters" I make more than that so I'm not an apples to apples example, but my brother sure is. Just turned 24 and has over $60k in the bank, with a $14/hr job as a parts guy. Why? Because he lives frugally, drives a 1997 ford ranger, rents a small 1 bedroom, doesn't buy new clothes/jewelry/tvs when the old stuff works or can be fixed on the cheap. He pays himself first and then budgets off of what is left to live on. Weird concept in our consumer culture, but how do you think wealthy people got wealthy? It's not an unknowable secret. Now if the $30k millionaire lifestyle, packed with iphones, jordans, abercrombie, or any other name brand is worth more to you than your own financial well being, then you have a point. You also have no one to complain to about money troubles.

(Edited by author 13 minutes ago)
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frank day in reply to 1pennysaved 11 minutes ago
Aside from you anecdotal experience, what Grampa didn't tell you is that he most likely had a defined pension plan and that he lived during the greatest runup in home prices in the nation's history. People have less discretionary income than they did 50 years ago. I know because I'm an old guy. I recommend you read Elizabeth Warren's two income trap.

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1pennysaved in reply to frank day 3 minutes ago
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Funny how you attack my grandpa, whose advice true of any time period in history btw, yet to fail to see that my little brother is living it WITHOUT a defined pension plan. I recommend you stop spreading your defeatist rhetoric and woe me mentality to my generation, after all you are relying on my generation to work our butts off to pay for those defined benefit pensions that your generation gave to themselves with no thought or care of the generational cost burden.

Start saving those extra pension pennies now, because when my generation is old enough to walk onto the political stage, we may not feel like paying for them anymore.

[sc281]

I know arguing on the internet is pointless, but I'm home with bronchitis so I have nothing better to do.

[Snatch Napkin]

I see nothing wrong, but my Grandfather told me the same thing. He also told me that SS would be long gone when I'm retired. IIRC, I was 7 when he told me that.

I didn't save like I should have, but I'm doing okay. I'm not relying on the Government to insure my retirement. I do have more eggs in the economy basket than I would have liked, but that will just be the difference in complete freedom and pleasantly comfortable. Had I gotten my head out of my ass sooner I wouldn't have to worry about that. I could have used it as a hobby like some of you ballers with stock skillz.

[juiceweezl]

You make great points, but the problem is it's to an idiot. Both sets of my grandparents were small business owners. They worked for everything they had and survived plenty of ups and downs -- without someone giving them freebies. There's a reason they're called the greatest generation of all time.

[sc281]

You make great points, but the problem is it's to an idiot. Both sets of my grandparents were small business owners. They worked for everything they had and survived plenty of ups and downs -- without someone giving them freebies. There's a reason they're called the greatest generation of all time.

I'm seeing that.

Here's the latest.

nicholas1987 in reply to MerrillGrinch 13 minutes ago
Many people simply cannot save and live paycheck to paycheck. Another Bloomberg article said 40% of working adults couldn't get $1000 together in 72 hours.

A full time minimum wage worker makes just $10,712 per year, well below the poverty line for a family of three. Even working two minimum wage jobs would be $21,500. After rent, utilities, health insurance, dental, car payment, car insurance, car registration, groceries, there isn't a whole lot left.

(Edited by author 12 minutes ago)
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1pennysaved in reply to nicholas1987 2 minutes ago
"Most people cannot save and live paycheck to paycheck"

But they sure can afford to new clothes, shoes, cable, and phones.

"40% can't get $1000 together in 72 hours"

Whose fault is that? People makes choices and live with choices. In this case the choice is should I save my money or spend my money?

"A full time minimum wage worker makes just $10,712 per year, well below the poverty line for a family of three. Even working two minimum wage jobs would be $21,500. After rent, utilities, health insurance, dental, car payment, car insurance, car registration, groceries, there isn't a whole lot left."

Who says they have to earn minimum wage? Heck my neighbor's 16 yr old kid mows lawns after school and on weekends and earns more than a mun wage earner would earn in a week. If they don't like where they work, or how much they make, leave and do it themselves.

The only thing missing in America these days is ambition. We've lost the do for myself attitude and have become a tamed dog, wandering to his food dish waiting for the handout from his master.

nicholas1987 in reply to 1pennysaved 14 minutes ago
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Why did you change 'many' to most? Your argument is based on assumptions and false premises.

>In this case the choice is should I save my money or spend my money?

Another fallacy--false dilemma.

>Heck my neighbor's 16 yr old kid

Another useless anecdote.

I'm going to go out on a limb and guess you're not exactly the most reasonable or educated person? And I'm guessing you are a Fox News junkie.





1pennysaved in reply to nicholas1987 1 hour ago
That's a cop-out. My Grandpa told my brother and me "It's not what you make, but what you save that matters" I make more than that so I'm not an apples to apples example, but my brother sure is. Just turned 24 and has over $60k in the bank, with a $14/hr job as a parts guy. Why? Because he lives frugally, drives a 1997 ford ranger, rents a small 1 bedroom, doesn't buy new clothes/jewelry/tvs when the old stuff works or can be fixed on the cheap. He pays himself first and then budgets off of what is left to live on. Weird concept in our consumer culture, but how do you think wealthy people got wealthy? It's not an unknowable secret. Now if the $30k millionaire lifestyle, packed with iphones, jordans, abercrombie, or any other name brand is worth more to you than your own financial well being, then you have a point. You also have no one to complain to about money troubles.

(Edited by author 1 hour ago)
Edit Reply
4 Likes
nicholas1987 in reply to 1pennysaved 9 minutes ago
Stating a fact is not complaining. Information and facts are a lot more useful than your irrelevant anecdotal experience. Cool story bro.

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1pennysaved in reply to nicholas1987 0 minutes ago
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Irrelevant? You put forth that people can't save because they only make $26k. I put an example of someone doing just that on $28k+/- and that's somehow irrelevant?

That 'cool story bro" just illustrated the difference between doers and whiners. Doers will take care of their business. Whiners will want some outside force (govt, parents, etc) to do it for them.

Judging by your SN you are only one year younger than I am, and a full year older than my little brother. That means you are a Man, now.. So Man up and take care of yourself.

[sc281]

I'm done with that.


It's amazing how pervasive the "do for me cause I cant for myself" attitude is today.

there was a time when it was shameful to ask for help, now it's the norm.

[Shorty]

"I can't save money because I spend it all!"

[forbes]

didnt want to quote the whole thing.. but the part of 40% couldnt get 1000 dollars in 72 hours... bullshit.. it is called liquidation.... sell those flat screens, stereos etc...

[Snatch Napkin]

I had a solid barg of a post to make, but then it sounded douchey.


However, I hear laughter can help heal illness, so you could always use that thread for comedic relief while looking at your bank statements and sipping on some warm apple cider.

[sc281]

i had a solid barg of a post to make, but then it sounded douchey.


However, i hear laughter can help heal illness, so you could always use that thread for comedic relief while looking at your bank statements and sipping on some warm apple cider.

lol

[slow99]

I'm interested to know where he gets the "half of all Americans make $26k or less" comment.

[sc281]

I'm interested to know where he gets the "half of all Americans make $26k or less" comment.

Ya got me.

[slow99]

Ya got me.

My idea would be the roughly $50-52k median household income divided by 2... which is obviously flawed methodology. Median income is somewhere around $38k IIRC. It's been a while since I checked, but it is isn't $26k.

[Broncojohnny]

You are arguing with someone who wants to justify their belief that they "just can't make it". The first step in making it is believing you can make it. There are plenty of sheep out there who just can't catch a break but have no problem wasting money on useless shit at every turn. You can spot these people when they start crying about how everyone simply has to have what are luxury items in order to survive. They don't want to take any personal responsibility for their position. It is a lot easier to blame politicians and the economy than to look in the mirror and blame yourself for buying useless shit and not being responsible.

[AnthonyS]

Al Smith denounced being a Democrat and told us all that Social Security was just a perpetual tax designed to make the middle class poor..... back in the '30s.

No one listens to the truth; they only hear the big clown promising them a free ride.