- Aug 4, 2009
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I used to be a financial planner and I never met one family no matter how strapped they said they were than couldn't find 100 a month to saveExcept they are few and far between among wage earners.
Concentration of stock ownership by wealth class in the United States
Wealth class Percent of all stock owned
Top 1% 33.5%
Next 19% 55.8%
Bottom 80% 10.7%
It's not out of reach people don't do it because politicians tell them the stock market is the same as gambling and they'd rather get 1% guaranteed interest than the growth found in the market
If you invested 100 a month from the time you were 18 until age 68 and assumed a very conservative rate of return of 8% you would have nearly 800K which is enough to provide you with over 5000 a month income for 20 years in retirement and no one will tell you you have to take required distributions and pay the higher regular income tax rates.
Anyone can invest and take advantage of the capital gains tax rate you are confusing don't and won't with can't
Actually, they don't do it because their paycheck goes for frivolous things like rent, heat, healthcare
Having thousands of dollars of spare money to sink into the stock market is a luxury most Americans don't have
We're talking 25 bucks a week not thousands of dollars at a time
Oh yes....the old pick yourself up by your bootstraps and you too can be a millionaire
That $100 a month saved for ten years will disappear with one stay in a hospital
No it won't because you're mandated to have health insurance now
Yes...and that $100 a month you had been saving for ten years will amount to about $15,000
Which will hardly pay the bill when you have to pay 15-20% of a hospital bill
One of the reasons the working poor cannot accumulate wealth
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