Economy Who's to blame for Americans being massively in debt and poor?

[gonads20]

I think its young people not starting a retirement account in their teens and 20s. Just think if everyone started a Roth IRA at 18 and started putting a little money in it. I understand everyone is broke during their younger years but Im sure you could have found a little money at that age to put in a retirement account. I started mine at 22 and have a pretty decent amount in it and most of it is from compounding. I only started it because my boss sat me down and showed me hers and i was blown away by how much money it was.

When ever i see someone driving a jeep, big truck, BMW, etc I know that person is broke. Wealthy people drive used paid off cars.

 

[tastaylvr]

I think its young people not starting a retirement account in their teens and 20s. Just think if everyone started a Roth IRA at 18 and started putting a little money in it. I understand everyone is broke during their younger years but Im sure you could have found a little money at that age to put in a retirement account. I started mine at 22 and have a pretty decent amount in it and most of it is from compounding. I only started it because my boss sat me down and showed me hers and i was blown away by how much money it was.

When ever i see someone driving a jeep, big truck, BMW, etc I know that person is broke. Wealthy people drive used paid off cars.

Boomers own like 60% of all wealth. It's not because young people spend money stupidly. It's because everything is so expensive relative to their time. You can't buy a house with 5x median income. It requires more than double that. They also voted in policies for free education when they were young then voted it out when they were working to save on taxes. This is also aligns with public pensions. They are the most selfish generation and ruined the world for everyone else.

 

[Source]

What would be some good cards to look into for that?

Capital One QuickSilver is 1.5% all purchases. If you shop on Amazon a lot the Prime Card is 5% on all Amazon purchases, 2% gas and restaurants and 1% on all other purchases. It’s has some good travel perks as well. I think the Costco one is pretty decent iirc but I don’t know what they offer off hand. Those are a couple off of the top of my head.

 

[gonads20]

Boomers own like 60% of all wealth. It's not because young people spend money stupidly. It's because everything is so expensive relative to their time. You can't buy a house with 5x median income. It requires more than double that. They also voted in policies for free education when they were young then voted it out when they were working to save on taxes. This is also aligns with public pensions. They are the most selfish generation and ruined the world for everyone else.

Okay and? Cant fix what has already happened. Soon all boomers will be dead and that wealth will be transferred to the government and gen X. But since we're doing the comparison game Americans now are living pretty awesome compared to the rest of the world.

 

[tastaylvr]

Okay and? Cant fix what has already happened. Soon all boomers will be dead and that wealth will be transferred to the government and gen X. But since we're doing the comparison game Americans now are living pretty awesome compared to the rest of the world.

Actually that's not true. Boomers are actually holding the economy hostage with threats of liquidation. The economy would collapse if they just cashed out and watched the world burn.

 

[gonads20]

Actually that's not true. Boomers are actually holding the economy hostage with threats of liquidation. The economy would collapse if they just cashed out and watched the world burn.

K.

Back to my original point of you should start a Roth IRA in your 20's and that will set you up for a comfortable retirement when you get old and drive cheap paid off modest cars.

 

[pinger]

It seems to be a weird American hyper consumerism thing.

Is bizarre that people are paying tens of thousands of dollars over MSRP for vehicles. Doesn't happen in other countries

 

[tastaylvr]

K.

Back to my original point of you should start a Roth IRA in your 20's and that will set you up for a comfortable retirement when you get old and drive cheap paid off modest cars.

Do you understand that people now are doing the same thing as the past? Do you know what biggest difference is? It's income. People get paid less now.

You can talk all this shit about Roth IRA and investing etc but if you don't actually make enough money then it's all pointless.

Then you also need to be lucky enough to have parents that will let you live at home for free while you accumulate this wealth.

 

[nostradumbass]

Capitalism. Keeping up with the Jones's. Gotta have nice things. You're not enough without X_product. They're doing exactly what society and advertising is programming them to do.

In which non-capitalist societies do people not want nice things? They're just easier to get here. Russian and Cuban women aren't exactly low maintenance and frugal, and the new years greeting in China translates to "I hope you get rich".

 

[deviake]

In which non-capitalist societies do people not want nice things? They're just easier to get here. Russian and Cuban women aren't exactly low maintenance and frugal, and the new years greeting in China translates to "I hope you get rich".

Didn't say that, it is heavily promoted though, practically a lifestyle. Consumerism as a culture, debt based economy, then people le shocked that other people spend too much money.

Also, can't speak to Cuba so much, but China and Russia definitely have Capitalism.

 

[Fox by the Sea]

poor? lol. come on.

 

[panamaican]

O

K.

Back to my original point of you should start a Roth IRA in your 20's and that will set you up for a comfortable retirement when you get old and drive cheap paid off modest cars.

Only if you make enough money to max your contributions and invest wisely. And even that requires you have some other savings and retirement system outside of the Roth.

 

[aerius]

You are. All this shit would end overnight if just 5-10% of Americans exercised their 1st Amendment rights in front of their local, state, and federal legislatures to remove all the politicians and other shitheads who are responsible for the completely broken economic & financial systems in the US. But y'all just keep voting for the same assholes who are part of the problem, the only difference is the letter in front of their name.

 

[AtomicPanther]

It's people who can't separate social networking from reality. People see these people online, and think they should have the same lifestyle. That's not how it works.

 

[boingyman]

K.

Back to my original point of you should start a Roth IRA in your 20's and that will set you up for a comfortable retirement when you get old and drive cheap paid off modest cars.

Your statement has too many blanks and assumptions and from a personal finance standpoint it’s very generic advice. There are typically higher priority personal finance goals one should achieve first and other investments that prioritize before contributing to a Roth IRA. Just starting/contributing to a Roth IRA in your 20s means jack shit without context.

 

[Andy Capp]

Im just happy no bank gave me a credit card in my 20s i was a massive idiot. Now early 30s never had a credit card and learned to be frugal.

Now you should reward yourself for your discipline by getting a credit card that gives you loyalty points or cash back which you use for absolutely everything you can but which you also pay off in full every month.

I use a cash back card but I'm told if you find the right points card for you they're better value--I'm considering switching myself.

 

[Andy Capp]

This. I have 2 credit cards (one for my misc purchases, one for household joint stuff) I put everything on them and pay them off in full every month, my credit score is over 800 now and with cash back bonuses its basically free money.

Me too, exactly.

 

[gonads20]

O

Only if you make enough money to max your contributions and invest wisely. And even that requires you have some other savings and retirement system outside of the Roth.

I never said it was going to be easy. However, with some delayed gratification and sacrifice any young person can squirrel away some money into a Roth IRA or their companies 401k, etc (if their job offers). If you dont make enough money you can either get another job, find another job, or acquire the skills to get paid more. Saving/investing should be a priority

 

[gonads20]

Your statement has too many blanks and assumptions and from a personal finance standpoint it’s very generic advice. There are typically higher priority personal finance goals one should achieve first and other investments that prioritize before contributing to a Roth IRA. Just starting/contributing to a Roth IRA in your 20s means jack shit without context.

I disagree. Any young person who opens a retirement account that mirrors the S & P 500 and puts a percentage of the money they make into it will be better off than a person who does not.

 

[Bobby00]

Now you should reward yourself for your discipline by getting a credit card that gives you loyalty points or cash back which you use for absolutely everything you can but which you also pay off in full every month.

I use a cash back card but I'm told if you find the right points card for you they're better value--I'm considering switching myself.

Nah im good this thread sounds like a cult. I dont want to chase points to get more money back. Im fine with not spending a lot and saving most of my money. I say cult because countless people told me to get one. Everyone sounds like they work at the credit card company. You dont need one unless its connected to get a house which seems to be the case for you guys. Im good.