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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Chispas who wrote (911)	3/1/2004 6:49:56 AM
From: ChrisJP	Read Replies (5) of 116555

Dear ROBERT TRIGAUX, I've got a bone to pick about people who buy new $40,000 cars every 3 years, buy houses with mortgage payments they can barely afford, and run up large credit card debts. And now they're about 5 - 10 years away from retiring and they've suddenly discovered there's just about no way to save enough for retirement and still live the life they've become accustomed to. All I can say is -- stop spending and START SAVING ! I have little to no sympathy for you. We've ALL known for at least 15 years that Social Security would not provide much income for retired baby boomers. That's why IRAs and 401Ks were invented. If you had put $5000 - $10000 per year (with some company matching) into a 401K for the last 15 years, you'd have $200K saved already. Ten years from now, it'll be $400K - $600K. If you'd actually PAY OFF your mortgage principle instead of continually refinancing and "cashing out", you'd have another $200K available when you downsize your living space. $800K with maybe a 4% yield ... that's $32K/year. It isn't great, but its a start. Stop blaming Al for your own vanity and your inability to see past your noses. Chris

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