Skip to content
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Marketwatch)   Next up in retirement planning: determining how long you'll live on off-brand cat food and isolated bitterness   (marketwatch.com) divider line
    More: Followup, Ageing, Gerontology, Life expectancy, Retirement, Social Security Administration, Aging, Pension, Insurance  
•       •       •

863 clicks; posted to Business » on 14 Apr 2019 at 1:32 PM (14 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



59 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest


Oldest | « | 1 | 2 | » | Newest | Show all

 
2019-04-14 01:27:51 PM  
Ha, plebe! No cat food for me! I've saved enough for spaghetti AND ketchup!

Well, for the first few weeks, anyway...
 
2019-04-14 01:42:39 PM  
Isolated bitterness has kept me going for 45 years, here's to 45 more.
 
2019-04-14 01:42:52 PM  
Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.
 
2019-04-14 01:51:47 PM  

AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.


What growth rate are you working on to get that?

The total investment would be only $36k - eyeballing you'd need something like 12% growth per year or so to get $500k at the end?
 
2019-04-14 01:54:57 PM  

AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.


We used to have that kind of money, and then the wife got diagnosed with terminal GBM in 2017.  In a little less than 2 years, we're down to our last 15K.
 
2019-04-14 01:56:52 PM  
Canned tuna (aka fish slush) is cheaper than the good catfood around here.  And in Florida, its tax free
 
2019-04-14 01:56:55 PM  

Target Builder: AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.

What growth rate are you working on to get that?

The total investment would be only $36k - eyeballing you'd need something like 12% growth per year or so to get $500k at the end?


Also, to add, at approx 3% inflation that $500k in 30 years would have the spending power of around $200k today.

Someone with only $200k in their retirement fund at retirement is in for some major lifestyle adjustments.

Don't get me wrong, the time value is immensely important, but a HUGE portion of the population isn't saving anything close to what they need.
 
2019-04-14 02:04:23 PM  

Target Builder: AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.

What growth rate are you working on to get that?

The total investment would be only $36k - eyeballing you'd need something like 12% growth per year or so to get $500k at the end?


Invest in low cost index funds.  6.5% growth annually (market average is 10% so that's very conservative).  2.5% dividends automatically reinvested (totalling 9%).  Compunded quarterly (when dividends are paid)

Feel free to try it here:  https://www.bankrate.com/calcu​lators/r​etirement/investment-goal-calculator.a​spx

If you go with a more optimistic 12.5%, it yields $1.3M.  Again, time is more important than money.  $100/month is the price of a daily cup of coffee or bringing lunch to work.  It can easily be done it just takes discipline.
 
2019-04-14 02:04:25 PM  
Even off-brand catfood is crazy expensive.  A better choice is adult dog kibble.  When I was an undergrad a couple guys published a recipe book based on kibble.
 
2019-04-14 02:08:20 PM  

Target Builder: Also, to add, at approx 3% inflation that $500k in 30 years would have the spending power of around $200k today.

Someone with only $200k in their retirement fund at retirement is in for some major lifestyle adjustments.

Don't get me wrong, the time value is immensely important, but a HUGE portion of the population isn't saving anything close to what they need


Yes, that does not count for inflation.  Most people are not saving what they need.  $20k in adjusted dollars is still better than nothing.  And it assumes no increases whatsoever.
 
2019-04-14 02:08:44 PM  

AngryDragon: Target Builder: Also, to add, at approx 3% inflation that $500k in 30 years would have the spending power of around $200k today.

Someone with only $200k in their retirement fund at retirement is in for some major lifestyle adjustments.

Don't get me wrong, the time value is immensely important, but a HUGE portion of the population isn't saving anything close to what they need

Yes, that does not count for inflation.  Most people are not saving what they need.  $20k in adjusted dollars is still better than nothing.  And it assumes no increases whatsoever.


$200k rather...
 
2019-04-14 02:25:49 PM  
I'm going to hedge my bets on social security will be fixed and livable by then.

Lol, I'm kidding, I have issue I'm not going to make it to retirement.
 
2019-04-14 02:32:29 PM  

AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.


Inflation means a can of cat food will cost a hundred bucks.
 
2019-04-14 02:32:57 PM  
img.fark.netView Full Size
 
2019-04-14 02:38:40 PM  

Target Builder: Also, to add, at approx 3% inflation that $500k in 30 years would have the spending power of around $200k today.


Only three percent?! You're dreaming. We're going to see straight-up hyperinflation in the next 20 years. The ruling bund will start throwing money at the economy and their preferred constituencies in order to buy their support and stay in power. If you're over 60, and live in a red state, you will never need to eat pet food.

For all their talk about trying to avoid Venezuela's fate, they're following Chavez's (and Mugabe's) playbook to the letter!
 
kab
2019-04-14 02:40:54 PM  
Not even close to retirement, but I've got the isolated bitterness down pat.

Cat food will just be an adjustment.
 
2019-04-14 02:51:21 PM  

Fabric_Man: Target Builder: Also, to add, at approx 3% inflation that $500k in 30 years would have the spending power of around $200k today.

Only three percent?! You're dreaming. We're going to see straight-up hyperinflation in the next 20 years. The ruling bund will start throwing money at the economy and their preferred constituencies in order to buy their support and stay in power. If you're over 60, and live in a red state, you will never need to eat pet food.

For all their talk about trying to avoid Venezuela's fate, they're following Chavez's (and Mugabe's) playbook to the letter!


Another tax cut for corporations will make the US a capitalist paradise !
 
2019-04-14 03:00:06 PM  
Cat food
If it keeps the isolated bitterness I will be ok with it
 
2019-04-14 03:05:22 PM  
You know a person needs money to invest it right? And don't give me that "If you put $50 per month in a savings account" speech my MAGat friend repeatedly says like some befuddled grandfather. $50 ( or whatever assgrabbed amount grandpa's advice was ). Some of us just can't do it. it's so tight every month and getting tighter. And it has ALWAYS been that way for me no matter how many damned jobs or windfalls or absurd attempts I've made to get out of this hole. I'm not alone. Many of us are trapped by rent and fees and prices and charges that those not on the bottom just put on a credit card and pay interest and forget as if it never happened.

/ Still waiting for that trickle down since 1984.
 
2019-04-14 03:22:42 PM  
I've assumed for a while now that I'll retire as an expat to some country where you can live more cheaply than here and among other expats.
 
2019-04-14 03:31:11 PM  
If your employer offers a 401(k) or similar option, use it. If they offer matching, use it. Then add a bit more. That's really the simplest way to start saving for retirement. Don't get caught up on rates of return and all the mumbo jumbo...just put money into savings, regularly, try to keep costs to a minimum, and invest in broadly diverse investments. Do it for a long time. Seek financial advice from qualified professionals every now and then (every decade, perhaps).

Most of all, just put the money away. Start now.

/20 year financial professional/financial planner
 
2019-04-14 04:10:31 PM  
Way to bury the lede. A computer can number my days with a photograph?

This has WAY bigger implications than retirement planning as such.
 
2019-04-14 04:22:15 PM  
The is nothing one can be sure of in life. Retirement is something one should plan for but to expect to live to 100? You're a farking loon.

In other words, people have stupid expectations of retirement, and retirement planners encourage this. Guess what? If you own a house and have paid off the mortgage, you can live on a lot less. You will get social security and medicare. You may not get the jet set life of international travel you expected, but frankly if you put that off till you are 65, bad news but at any moment you could drop dead and then you can forget it.

My mother wanted to travel a lot in retirement, her and dad put a LOT of money aside, and they HAVE travelled a lot. Unfortunately, my mother has PSP (a wasting disease) which she found out just as she retired, and now is confined to a wheelchair. They have way more money than they will ever use, which is good for me if they don't give it all to charity, I guess, but I would rather they retired earlier and travelled more.

You do not need to die with assets unless you really want to pass them on. You may not have much but if you raised kids who did okay, they will probably keep you in the good cat food at least. You're still going to die at the end of the ride, and chances are not at 100.
 
2019-04-14 04:32:25 PM  

AngryDragon: Target Builder: AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.

What growth rate are you working on to get that?

The total investment would be only $36k - eyeballing you'd need something like 12% growth per year or so to get $500k at the end?

Invest in low cost index funds.  6.5% growth annually (market average is 10% so that's very conservative).  2.5% dividends automatically reinvested (totalling 9%).  Compunded quarterly (when dividends are paid)

Feel free to try it here:  https://www.bankrate.com/calcul​ators/retirement/investment-goal-calcu​lator.aspx

If you go with a more optimistic 12.5%, it yields $1.3M.  Again, time is more important than money.  $100/month is the price of a daily cup of coffee or bringing lunch to work.  It can easily be done it just takes discipline.


Still not seeing where you get your numbers.

$100 monthly over 30 years requires around 14% growth to hit $500k. Even Bernie Madoff didn't pretend to be able get that level of returns and he was running a farking Ponzi scheme.

The historic S&P growth is 10%, but that includes significant periods of high inflation too, inflation adjusted it averages 7%, including the post war boom and reaps the benefits of a current near decade of solid growth since the last recession. So 6.5% seems a mid range estimate, if not an optimistic one even.

You're also banking on an average dividend yield that's substantially higher than anything it has met in the last 30 years - it's only exceeded 2.5% four times while over half the time it's returned less than 2%, sometimes substantially so.

So you're looking at maybe 8.5% including dividends, which over 30 years will barely get you a third of the way to the $500k target per the calculator you linked.
 
2019-04-14 04:37:34 PM  
Meow.
 
Azz [TotalFark]
2019-04-14 04:47:45 PM  
I'm eating cat food right now and putting my whole paycheck into cryptocurrencies

Checkmate
 
2019-04-14 05:17:55 PM  
4 cans of cat food, or 5 packages of ramen, or two cans of potted meat or Vienna sausages all equal a dollar. While the cat food seems the deal it's hardly imported fare like Vienna sausages. For an extra dollar i can buy fancy toothpicks ( including those cocktail umbrellas ) and make it seem like I'm a globetrotting billionaire.

/ TBF I haven't eaten those things in a long time and now dammit ... sigh to the store.
 
2019-04-14 05:31:09 PM  

adamatari: The is nothing one can be sure of in life. Retirement is something one should plan for but to expect to live to 100? You're a farking loon.

In other words, people have stupid expectations of retirement, and retirement planners encourage this. Guess what? If you own a house and have paid off the mortgage, you can live on a lot less. You will get social security and medicare. You may not get the jet set life of international travel you expected, but frankly if you put that off till you are 65, bad news but at any moment you could drop dead and then you can forget it.

My mother wanted to travel a lot in retirement, her and dad put a LOT of money aside, and they HAVE travelled a lot. Unfortunately, my mother has PSP (a wasting disease) which she found out just as she retired, and now is confined to a wheelchair. They have way more money than they will ever use, which is good for me if they don't give it all to charity, I guess, but I would rather they retired earlier and travelled more.

You do not need to die with assets unless you really want to pass them on. You may not have much but if you raised kids who did okay, they will probably keep you in the good cat food at least. You're still going to die at the end of the ride, and chances are not at 100.


My mother also waited until she retired to travel.  She got cancer and went on very trips.
 
2019-04-14 05:33:19 PM  
Curt, that shiat is cheap, but it will kill you.  Or at least raise your health care bills. It's full of high sodium content,  bad fats, empty calories, few vitamins.  This is a common problem for the middle and  especially lower-classes; the "convenience" foods are what's affordable  and available in "food desert" areas of a ciry where rent is affordable but where there's no fresh food options. But the nutritive value you get versus the cost is a net loser, and you wind up with high blood pressure, The Di-beetus, etc.
 
2019-04-14 05:50:11 PM  

Target Builder: AngryDragon: Target Builder: AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.

What growth rate are you working on to get that?

The total investment would be only $36k - eyeballing you'd need something like 12% growth per year or so to get $500k at the end?

Invest in low cost index funds.  6.5% growth annually (market average is 10% so that's very conservative).  2.5% dividends automatically reinvested (totalling 9%).  Compunded quarterly (when dividends are paid)

Feel free to try it here:  https://www.bankrate.com/calcul​ators/retirement/investment-goal-calcu​lator.aspx

If you go with a more optimistic 12.5%, it yields $1.3M.  Again, time is more important than money.  $100/month is the price of a daily cup of coffee or bringing lunch to work.  It can easily be done it just takes discipline.

Still not seeing where you get your numbers.

$100 monthly over 30 years requires around 14% growth to hit $500k. Even Bernie Madoff didn't pretend to be able get that level of returns and he was running a farking Ponzi scheme.

The historic S&P growth is 10%, but that includes significant periods of high inflation too, inflation adjusted it averages 7%, including the post war boom and reaps the benefits of a current near decade of solid growth since the last recession. So 6.5% seems a mid range estimate, if not an optimistic one even.

You're also banking on an average dividend yield that's substantially higher than anything it has met in the last 30 years - it's only exceeded 2.5% four times while over half the time it's returned less than 2%, sometimes substantially so.

So you're looking at maybe 8.5% including dividends, which over 30 years will barely get you a third of the way to the $500k target per the calculator you linked.


I put away $50/month starting at 15 years old and I have $2.7 million in the bank at the age of 40. Prove me wrong!
/any number is achievable if you just make it up
 
2019-04-14 05:54:16 PM  
Putting away 100$/mo is an unattainable goal for almost everyone.
 
2019-04-14 05:57:31 PM  

Target Builder: AngryDragon: Target Builder: AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.

What growth rate are you working on to get that?

The total investment would be only $36k - eyeballing you'd need something like 12% growth per year or so to get $500k at the end?

Invest in low cost index funds.  6.5% growth annually (market average is 10% so that's very conservative).  2.5% dividends automatically reinvested (totalling 9%).  Compunded quarterly (when dividends are paid)

Feel free to try it here:  https://www.bankrate.com/calcul​ators/retirement/investment-goal-calcu​lator.aspx

If you go with a more optimistic 12.5%, it yields $1.3M.  Again, time is more important than money.  $100/month is the price of a daily cup of coffee or bringing lunch to work.  It can easily be done it just takes discipline.

Still not seeing where you get your numbers.

$100 monthly over 30 years requires around 14% growth to hit $500k. Even Bernie Madoff didn't pretend to be able get that level of returns and he was running a farking Ponzi scheme.

The historic S&P growth is 10%, but that includes significant periods of high inflation too, inflation adjusted it averages 7%, including the post war boom and reaps the benefits of a current near decade of solid growth since the last recession. So 6.5% seems a mid range estimate, if not an optimistic one even.

You're also banking on an average dividend yield that's substantially higher than anything it has met in the last 30 years - it's only exceeded 2.5% four times while over half the time it's returned less than 2%, sometimes substantially so.

So you're looking at maybe 8.5% including dividends, which over 30 years will barely get you a third of the way to the $500k target per the calculator ...


He said if you started saving at age 25. I assume most folks plan on retiring at 65. 65 - 25 does not equal 30. Add another 10 years to your compounding numbers and try again,
 
2019-04-14 06:21:16 PM  

Any Pie Left: Curt, that shiat is cheap, but it will kill you.  Or at least raise your health care bills. It's full of high sodium content,  bad fats, empty calories, few vitamins.  This is a common problem for the middle and  especially lower-classes; the "convenience" foods are what's affordable  and available in "food desert" areas of a ciry where rent is affordable but where there's no fresh food options. But the nutritive value you get versus the cost is a net loser, and you wind up with high blood pressure, The Di-beetus, etc.


Oh, the slashie tends to indicate snark here on Fark. Welcome! You must be new. Also, fark lectures AND judgment, Biscuit! The whole cocktail umbrellas bit? Nothing?

/ This farker must live near Cape Canaveral, everything is flying way over their head.
 
2019-04-14 07:24:00 PM  

mensan98th: I've assumed for a while now that I'll retire as an expat to some country where you can live more cheaply than here and among other expats.


Shocked it isn't more of a thing.  I mean, family ties, emotional connection to your existing home and neighborhood.   But still, sometimes it just doesn't make any damned sense. I know relatives who stayed in their totally-nothing-special New Jersey houses for years after they stopped working.  Property tax alone (on a 'paid off' house) was in the range of $900 a month.  And a lot of people do that.  Literally live 10 miles from NYC, haven't been there in years, and pay out the nose for the privilege!

I'm looking at doing what an old buddy of mine did.  Malaysian retirement visa scheme.  Proved that he was doing okay and not taking a job, gets a five-year renewable visa.  Rents a decent size place for about US $400/mon. Spends maybe $10 a day on food stalls and coffee shops. Maybe $150/month for internet and cell and utilities.  So, rent food and utils for less than property tax alone? Sweet.
 
2019-04-14 08:13:55 PM  

AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.


What social security is a 25 year old going to get when he is 70?
 
2019-04-14 08:16:39 PM  
Cat food isn't too bad once you find the right brand.

I'm getting the max match from my employer's 401k, and putting $50/mo into a Roth IRA plus a little extra once in a while. It's not much, but I have another 30+ years until retirement. Hopefully by then the wife and I will have a place that's paid off. Thankfully we have cheap hobbies and don't care about pop culture so we don't waste money on cable or movies.

And no kids. Talk about a money pit.
 
Azz [TotalFark]
2019-04-14 08:18:08 PM  

kittyhas1000legs: And no kids. Talk about a money pit.


/Borat voice: High five!
 
2019-04-14 08:22:19 PM  

Te Ne Cede Malis: AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.

What social security is a 25 year old going to get when he is 70?


I'm not understanding what your argument is here.  You're saying that because SS isn't going to be available, saving individually is pointless?  Or something?

Seems like that should be even more incentive to save.  Oh and BTW, we've been saying that since I was 25 many years ago.
 
2019-04-14 08:33:54 PM  

Te Ne Cede Malis: AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.

What social security is a 25 year old going to get when he is 70?


At this rate, None...
 
2019-04-14 08:39:05 PM  

MrSteve007: Target Builder: AngryDragon: Target Builder: AngryDragon: Time is more important than money.

If you invest $100 a month starting at 25 and never increase it a single penny through your entire life, but do it religiously, you will have $500k at retirement + SS.  It's not faith or magic, just simple math.

If you wait until your 40s, you're farked.

What growth rate are you working on to get that?

The total investment would be only $36k - eyeballing you'd need something like 12% growth per year or so to get $500k at the end?

Invest in low cost index funds.  6.5% growth annually (market average is 10% so that's very conservative).  2.5% dividends automatically reinvested (totalling 9%).  Compunded quarterly (when dividends are paid)

Feel free to try it here:  https://www.bankrate.com/calcul​ators/retirement/investment-goal-calcu​lator.aspx

If you go with a more optimistic 12.5%, it yields $1.3M.  Again, time is more important than money.  $100/month is the price of a daily cup of coffee or bringing lunch to work.  It can easily be done it just takes discipline.

Still not seeing where you get your numbers.

$100 monthly over 30 years requires around 14% growth to hit $500k. Even Bernie Madoff didn't pretend to be able get that level of returns and he was running a farking Ponzi scheme.

The historic S&P growth is 10%, but that includes significant periods of high inflation too, inflation adjusted it averages 7%, including the post war boom and reaps the benefits of a current near decade of solid growth since the last recession. So 6.5% seems a mid range estimate, if not an optimistic one even.

You're also banking on an average dividend yield that's substantially higher than anything it has met in the last 30 years - it's only exceeded 2.5% four times while over half the time it's returned less than 2%, sometimes substantially so.

So you're looking at maybe 8.5% including dividends, which over 30 years will barely get you a third of the way to the $500k target per the calculator ...

He said if you started saving at age 25. I assume most folks plan on retiring at 65. 65 - 25 does not equal 30. Add another 10 years to your compounding numbers and try again,


*Re-reads AngryDragon's post*

Well I'll be dammed. I'd have sworn I read them saying by 55, but clearly that's not the case.

Damn. My bad. Apologies to AngryDragon.
 
2019-04-14 09:17:57 PM  
My retirement plan has been ruined by global warming.

Soon there won't be any ice floes at all.
 
2019-04-14 09:55:41 PM  

TheSubjunctive: mensan98th: I've assumed for a while now that I'll retire as an expat to some country where you can live more cheaply than here and among other expats.

Shocked it isn't more of a thing.  I mean, family ties, emotional connection to your existing home and neighborhood.   But still, sometimes it just doesn't make any damned sense. I know relatives who stayed in their totally-nothing-special New Jersey houses for years after they stopped working.  Property tax alone (on a 'paid off' house) was in the range of $900 a month.  And a lot of people do that.  Literally live 10 miles from NYC, haven't been there in years, and pay out the nose for the privilege!

I'm looking at doing what an old buddy of mine did.  Malaysian retirement visa scheme.  Proved that he was doing okay and not taking a job, gets a five-year renewable visa.  Rents a decent size place for about US $400/mon. Spends maybe $10 a day on food stalls and coffee shops. Maybe $150/month for internet and cell and utilities.  So, rent food and utils for less than property tax alone? Sweet.


How's the Malaysian healthcare system?
 
2019-04-14 10:01:40 PM  
qph.fs.quoracdn.netView Full Size
 
2019-04-15 12:06:21 AM  

tjsands1118: How's the Malaysian healthcare system?


Like much of the middle-income world, basically fine. Better if you're near a population center and not only-by-boat malarial Borneo obviously. Not too fancy (although there's as fancy as you want in KL -- or Singapore), but fine really.  Think Argentina or Latvia or the less shooty parts of Mexico.  Eh.

I sorta look at that somewhat like Newt G was saying last week.. how much is 5% better worth to you? 3x the cost? 5x the cost?  Problem with his asking that question is you really don't have a way, when staying in the US to say, "I'd be fine paying Chile or Poland rates and getting Chile or Poland-level care".  Such doesn't exist in the US. Expatting is, to one degree, taking that argument.
 
2019-04-15 12:07:51 AM  

adamatari: You do not need to die with assets unless you really want to pass them on.


Your job is to build up wealth and pass it on to your family. Stop spending your kid's inheritance.
 
2019-04-15 12:16:18 AM  

Harry_Seldon: adamatari: You do not need to die with assets unless you really want to pass them on.

Your job is to build up wealth and pass it on to your family. Stop spending your kid's inheritance.


I don't have kids, and I would say it's very presumptuous of me to say that my parents owe me the fruits of their labor. They have supported me enough already.

Inheritance is just another way for rich people to keep the wealth to themselves. This is well known and strongly supported by evidence.
 
2019-04-15 12:39:33 AM  

adamatari: Harry_Seldon: adamatari: You do not need to die with assets unless you really want to pass them on.

Your job is to build up wealth and pass it on to your family. Stop spending your kid's inheritance.

I don't have kids, and I would say it's very presumptuous of me to say that my parents owe me the fruits of their labor. They have supported me enough already.

Inheritance is just another way for rich people to keep the wealth to themselves. This is well known and strongly supported by evidence.


I am responding to the wider audience. I have no clue about you. You're an anonymous stranger. The job of society is to save capital and reproduce the society. So, my job is to  leave a chunk of capital when I am done and pass it on as I see fit. If enough people aren't growing the family estate to pass on for their relations to invest, then we have a huge societal problem. We are just not saving enough. Period.
 
2019-04-15 12:52:03 AM  

Harry_Seldon: adamatari: Harry_Seldon: adamatari: You do not need to die with assets unless you really want to pass them on.

Your job is to build up wealth and pass it on to your family. Stop spending your kid's inheritance.

I don't have kids, and I would say it's very presumptuous of me to say that my parents owe me the fruits of their labor. They have supported me enough already.

Inheritance is just another way for rich people to keep the wealth to themselves. This is well known and strongly supported by evidence.

I am responding to the wider audience. I have no clue about you. You're an anonymous stranger. The job of society is to save capital and reproduce the society. So, my job is to  leave a chunk of capital when I am done and pass it on as I see fit. If enough people aren't growing the family estate to pass on for their relations to invest, then we have a huge societal problem. We are just not saving enough. Period.


That's were I disagree. Capital is only part of society because we want it to be. The purpose of society is just to exist en masse, any other attribution to it is simple personal, even reproducing.

I personally a society built only to save money and reproduce is a shallow and empty one that I do not wish to participate in.
 
2019-04-15 01:04:51 AM  

tjsands1118: That's were I disagree. Capital is only part of society because we want it to be. The purpose of society is just to exist en masse, any other attribution to it is simple personal, even reproducing.

I personally a society built only to save money and reproduce is a shallow and empty one that I do not wish to participate in.


Locust eat everything in their path.
 
2019-04-15 01:46:21 AM  

Harry_Seldon: adamatari: Harry_Seldon: adamatari: You do not need to die with assets unless you really want to pass them on.

Your job is to build up wealth and pass it on to your family. Stop spending your kid's inheritance.

I don't have kids, and I would say it's very presumptuous of me to say that my parents owe me the fruits of their labor. They have supported me enough already.

Inheritance is just another way for rich people to keep the wealth to themselves. This is well known and strongly supported by evidence.

I am responding to the wider audience. I have no clue about you. You're an anonymous stranger. The job of society is to save capital and reproduce the society. So, my job is to  leave a chunk of capital when I am done and pass it on as I see fit. If enough people aren't growing the family estate to pass on for their relations to invest, then we have a huge societal problem. We are just not saving enough. Period.


There is a difference between larger society conserving resources, culture, and so on, and families passing on personal wealth. Inheritance is a personal good but unchecked inheritance is a social evil. The Walton family is an example. Much like how wealth is a personal good but unchecked wealth hoarded by a few is a social evil. Hell, too large an amount of wealth is really pointless if not actively destructive.

I know that economists say that "it's not pie!" but in practice there GDP is finite and corporate income is finite, so in order for a CEO to make tens of millions a worker has to make less. Same with inheritance, especially since real estate is often included - if a few people keep inheriting all the damn real estate, the rest of us are left renting from them, or in a new feudalism (which was based on the wealthy controlling land).
 
Displayed 50 of 59 comments


Oldest | « | 1 | 2 | » | Newest | Show all


View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking





On Twitter




In Other Media
Top Commented
Javascript is required to view headlines in widget.
  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report