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Jeremy
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3 weeks ago
in the reform in retirement accounts that’s not coming on brip blap
I agree. I don't see why the government couldn't come up with a default, yet voluntary retirement account. Then, make it so that every employer has to offer it and if the employee wants to take part it just comes out of payroll just like their taxes or other 401k. Then make the investment choices very simple and relatively safe. This would at least provide EVERYONE the opportunity to save something easily under one standard plan. Think of something like the military TSP but for everyone.
At the same time, leave the options open for additional retirement savings via IRAs and the like for people who actually want more control, options, and to save even more. Some people know what they are doing and can really benefit from additional savings so they should have that option. But at the very least there should be a basic retirement savings plan that everyone has the option to enroll in and have it all managed the same. If people want to go above and beyond that, then then let them decide where to invest that money.
We just have to level the playing field. With things like 401(k)s where only some employers even offer it, and the ones who do having hundreds of plan sponsors to choose from it's almost a crap shoot for the average person. Are they going to have a job where they even have a 401k? If so, are they going to get raped with fees or be one of the lucky ones who actually get a low-cost plan with decent investment options?
IMO it isn't far to basically tell people they are on their own when it comes to saving for retirement while not even providing a basic and standard option that's available to everyone equally.
At the same time, leave the options open for additional retirement savings via IRAs and the like for people who actually want more control, options, and to save even more. Some people know what they are doing and can really benefit from additional savings so they should have that option. But at the very least there should be a basic retirement savings plan that everyone has the option to enroll in and have it all managed the same. If people want to go above and beyond that, then then let them decide where to invest that money.
We just have to level the playing field. With things like 401(k)s where only some employers even offer it, and the ones who do having hundreds of plan sponsors to choose from it's almost a crap shoot for the average person. Are they going to have a job where they even have a 401k? If so, are they going to get raped with fees or be one of the lucky ones who actually get a low-cost plan with decent investment options?
IMO it isn't far to basically tell people they are on their own when it comes to saving for retirement while not even providing a basic and standard option that's available to everyone equally.
3 weeks ago
in the reform in retirement accounts that’s not coming on brip blap
No arguments from me. But to be fair, you can invest in true real estate in an IRA. It can be vacant land, an investment home, or even rent it out and have the rent you collect go into the IRA.
Obviously, thanks to our complicated tax code it isn't the easiest thing in the world to set up, but it is an option.
Obviously, thanks to our complicated tax code it isn't the easiest thing in the world to set up, but it is an option.
4 months ago
in our family has an opportunity for startling change - and links on brip blap
I envy your situation. Hopefully we'll be in the same situation in a few years. I have to get out of Michigan because the winters are killing me. Hopefully in a year or two my career will give me the flexibility to move and we can move and settle down somewhere better before it's time for our daughter to start school.
4 months ago
in Henry Balanon- We go to Eddie’s Gourmet Restaurant in Oak Park.... on Henry Balanon
Hah, that's great!
One comment, and it's that some of the music seemed to be a bit loud compared to the rest of the audio. Otherwise, fantastic. If you ever get over to this side of the state, I can show you some "interesting" places.
One comment, and it's that some of the music seemed to be a bit loud compared to the rest of the audio. Otherwise, fantastic. If you ever get over to this side of the state, I can show you some "interesting" places.
7 months ago
in do you need a bailout? on brip blap
Not only do I overhear stuff like this at work, but I work directly with people who whine to me about needing a bailout. The sad thing is, since I know about these people and their lives, I know that nothing has changed from six months, a year, or even two years ago, yet they act like suddenly things are tough.
They still have their job. They are still making the same fixed mortgage payment they have been making for years, and most don't have any additional debt to speak of. Yet somehow, since everyone else is talking about how bad it is, and how the media says things are so terrible, they get into this mindset that they are in bad shape as well. I can pull up their numbers and show them that aside from their investments being down, they have even more money coming in now than they did just a year ago. But their attitude is sour just because that's what everyone is talking about.
So, then I ask why they need a bailout, and the answers are usually something along the lines of, "well, so and so is getting one, or this company gets one, so I need one." It has nothing to do with their actual situation, but they feel they deserve one anyway. I guess that's only natural. I wish I had some free money coming my way too.
But like you said, for those that already have bad habits, throwing money at the problem won't do any good. It might pay an extra bill or delay something another month, but until you tackle the root of the problem, nothing will be changed. Just look at all the people who receive an inheritance or win the lottery or something, and you hear about them being bankrupt a few years later. Money doesn't fix everything.
They still have their job. They are still making the same fixed mortgage payment they have been making for years, and most don't have any additional debt to speak of. Yet somehow, since everyone else is talking about how bad it is, and how the media says things are so terrible, they get into this mindset that they are in bad shape as well. I can pull up their numbers and show them that aside from their investments being down, they have even more money coming in now than they did just a year ago. But their attitude is sour just because that's what everyone is talking about.
So, then I ask why they need a bailout, and the answers are usually something along the lines of, "well, so and so is getting one, or this company gets one, so I need one." It has nothing to do with their actual situation, but they feel they deserve one anyway. I guess that's only natural. I wish I had some free money coming my way too.
But like you said, for those that already have bad habits, throwing money at the problem won't do any good. It might pay an extra bill or delay something another month, but until you tackle the root of the problem, nothing will be changed. Just look at all the people who receive an inheritance or win the lottery or something, and you hear about them being bankrupt a few years later. Money doesn't fix everything.
11 months ago
in 5 signs your job sucks on brip blap
Interesting. I love my job, but I still experience numbers 1, 2, and 3.
1. I groan and can't get out of bed because I seem to never get enough sleep, so I always want 5 more minutes.
2. A lot of time on the internet, sure. But the job entails a lot of down time that only requires me to be available to answer the phone or respond to email.
3. I don't have any co-workers and work independently, so it doesn't matter what time I leave, I'm the first and last one out the door :P
1. I groan and can't get out of bed because I seem to never get enough sleep, so I always want 5 more minutes.
2. A lot of time on the internet, sure. But the job entails a lot of down time that only requires me to be available to answer the phone or respond to email.
3. I don't have any co-workers and work independently, so it doesn't matter what time I leave, I'm the first and last one out the door :P
1 year ago
in are American kids stupid about personal finance? on brip blap
While I don't think kids are stupid when it comes to issues like these, I do think that the area of personal finance is something that is really learned by experience. Do half of the kids know that it is a bad idea to pay only the minimum? Sure. But how many really know how bad it is?
Until they have spent some time actually feeling the effects of struggling with debt, or have witnessed the power of compound interest in their own accounts, many people still won't get it.
It is one thing to understand the concepts, but it is another to really understand their true importance. Of course, those who understand the concepts may still experience bad decisions, but they will have the knowledge to rectify the problem much sooner than someone who is completely clueless.
Until they have spent some time actually feeling the effects of struggling with debt, or have witnessed the power of compound interest in their own accounts, many people still won't get it.
It is one thing to understand the concepts, but it is another to really understand their true importance. Of course, those who understand the concepts may still experience bad decisions, but they will have the knowledge to rectify the problem much sooner than someone who is completely clueless.
