Deleted
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Post by Deleted on Mar 25, 2011 21:56:19 GMT -5
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resolution
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Post by resolution on Mar 25, 2011 22:47:39 GMT -5
I don't think this one would help me at all. My video game avatars do all kinds of athletic things while I sit in my chair eating snacks. If you want to see how some people respond to their avatars, there is a pretty good South Park episode about WoW.
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phil5185
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Post by phil5185 on Mar 26, 2011 0:06:51 GMT -5
I doubt that the 'virtual face' would have had much effect. (I participated fully since the 401k was invented). But in the late 1970's and early 80's only about 35% of employees participated (much like today). And the comments were the same - 'saving for retirement can wait until I am old'. IMO, much of the problem has to do with the math-challenged products of our US education system, they have no grasp of the 'time value' of money - the power of compounding.
The author is Jason Zweig, I wonder if he is a son (or relative) of the famous Dr Marty Zweig, one of the great investors of all time?
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Peace Of Mind
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[font color="#8f2520"]~ Drinks Well With Others ~[/font]
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Post by Peace Of Mind on Mar 26, 2011 0:15:23 GMT -5
This would not have worked for me. What did/does work is the ability to look at others in their situations (regardless of the topic) and make sure that never happens to me, to the best of my ability. I've always learned from other's mistakes.
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SVT
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Post by SVT on Mar 26, 2011 0:25:28 GMT -5
This would not have worked for me. What did/does work is the ability to look at others in their situations (regardless of the topic) and make sure that never happens to me, to the best of my ability. I've always learned from other's mistakes. Same here.
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Post by Deleted on Mar 27, 2011 14:38:18 GMT -5
This would not have worked for me. What did/does work is the ability to look at others in their situations (regardless of the topic) and make sure that never happens to me, to the best of my ability. I've always learned from other's mistakes. So do you think my generation would start saving more once they see how the boomers are strugling in retirement?
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phil5185
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Post by phil5185 on Mar 27, 2011 14:59:03 GMT -5
So do you think my generation would start saving more once they see how the boomers are struggling in retirement? Definitely - I think this has been in play for several years - younger people are paying attention to the plight of boomers. Newspapers and magazines have run articles about the 'me generation', 'I want it now', "I'll worry about retirement later' attitudes of boomers for yrs. The money went for mcmansions, beemers, boats, and 'eating out'. (The last one is a bigger societal change than you might think - 50 years ago people didn't 'eat out'. The upper middle class went to a restaurant a couple times a year for anniversaries, etc.).
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Deleted
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Post by Deleted on Mar 27, 2011 16:10:10 GMT -5
So do you think my generation would start saving more once they see how the boomers are struggling in retirement? Definitely - I think this has been in play for several years - younger people are paying attention to the plight of boomers. Newspapers and magazines have run articles about the 'me generation', 'I want it now', "I'll worry about retirement later' attitudes of boomers for yrs. The money went for mcmansions, beemers, boats, and 'eating out'. (The last one is a bigger societal change than you might think - 50 years ago people didn't 'eat out'. The upper middle class went to a restaurant a couple times a year for anniversaries, etc.). But would it be early enough to make enough of an impact. I mean if you are in your late 30's and 40's and you realise that your parents are struggling, is that enough time for you to make the change you need? And cutting back is not easy, it took a lot of arguments/discussions and logic to get my wife to realise that we really could not afford our $1670/month apartment and we needed to move once the lease was up. Even then, I had to give in to a few of her demands ( moving dowtown/in the city, hardwood floor, newer appliances, gas stove) and yes that eneded costing me $100 or so a month than I would like.. But I still end up saving at least 405/month. But what if we had a house? Not as easy. 2 car payments (which we do), kids etc. It gets harder to cut back.
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Apple
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Post by Apple on Mar 27, 2011 16:23:02 GMT -5
I'm a saver and maxed my 401k at work the second I was eligible (I was 21, it's since raised from a max of 10% to 15% to a dollar amount that is probably over 20%, I've stayed at 15% but may increase it when the house is built.) I have goals I want to achieve so that helps me save more than anything else.
At OMSI in Portland there is a little thing that will show you a picture of your aged self, it's good for a laugh but I'd never put anything more into it. If I remember right it will show age as a smoker vs non-smoker and a few things like that.
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Apple
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Post by Apple on Mar 27, 2011 16:24:15 GMT -5
As far as age in your question "is it enough time?" well, it's not ideal, but starting today gives you more time than starting tomorrow.
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DVM gone riding
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Post by DVM gone riding on Mar 27, 2011 16:40:44 GMT -5
yes cawiau I have great hope for our generation and I think seeing our parents struggle will help us a lot. I know I don't want to repeat my parents mistakes, starting with my mom never really using her degree.
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Post by Deleted on Mar 27, 2011 22:55:08 GMT -5
yes cawiau I have great hope for our generation and I think seeing our parents struggle will help us a lot. I know I don't want to repeat my parents mistakes, starting with my mom never really using her degree. I hope so but looking around at friends and cousins... I don't see them in any rush to save for tomorrow. those first couple of years are the hardest and it get easier; at least that is what I found out. And YEAH, finally got my wife to increase her 401K to 25%. She will be filling out the paperwork tomorrow
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cronewitch
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Post by cronewitch on Mar 27, 2011 23:45:21 GMT -5
You need to believe to the core that you will benefit. When married I could scrimp and save and did but as soon as I saved he would spend it. It would have been easy to give up trying.
Many people see friends and family die young so think why do without now when you might not ever get old. Some have other family members that try to get every cent they have. They think it will be easier to save as soon as. That as soon as keeps changing, after we get a house, the baby is out of day care, we pay off student loan, kids are olders, kids finish college, kids leave home then it will be easier to save so why struggle now when it is so hard.
Also people see others buying new cars and other public spending and don't want to be the one doing without. When your siblings have a house and a nice car and well dressed kids you don't want to rent, drive a beater and dress the kids in second hand clothing. Saving even 10K a year is a fortune for most young families. When you earn 30K each and have 2 babies to put in daycare it seems to make it very hard to save anything.
Also is the huge amounts people are saying you need to save, they know they can't save millions so don't start. If you are 25 and put away 100 a week for retirement it seems like a drop in the ocean while meaning you are living on much less, skipping going to a wedding to save on buying a dress and things to save a hundred hurts now and skipping doesn't seem to make any difference in your future.
Things go wrong, you lose jobs, get divorced, have accidents, things break, hurricanes and earthquakes and things happen. Many are stuck raising grandkids when their kids fail to support themselves. Look at the women who post here, no life insurance but sure parents will take in the kids if they have to.
Saving is much easier for me since I don't have a spouse or children. If I don't spend a dollar to day I will have an extra dollar in the future. If I don't order pizza this week I can order a pizza when I am 75 so it is easy to decide, I kinda want pizza but I have every thing to make grilled cheese sandwiches, sandwiches are faster, cheaper and both are melted cheese. I don't have kids whining about wanting pizza so will probably make something at home instead.
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cronewitch
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Post by cronewitch on Mar 27, 2011 23:45:46 GMT -5
This message has been deleted.
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Post by Deleted on Mar 28, 2011 0:08:33 GMT -5
Again cronewitch makes perfect sense and proves to me why it is better not to try to keep up with the Jones.
My wife wants to do so much and yes I know if we cut our 401K to the 6% match instead of 25 we would be able too; and she is always comparing us to our friends. But I rather go without now than go without at 72.
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sapphire12
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Post by sapphire12 on Mar 28, 2011 7:27:24 GMT -5
We, in general have a problem looking at the future. We think there will always be tomorrow. It's the same thing with our health. We abuse that when we are young.
Since I'm a rebel, I've always done what most are NOT doing. I'm healthy and I've been saving for retirement since I was 25.
Fact: If I rely solely on SS in retirement, I will be bringing home less money than I do now. As my statement currently reads, I will be bringing more money in retirement, than I do while working. ;D
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