Quote:
Originally Posted by Jazuela
I agreed with your post til you came to the above point. It is VERY hard to become a millionaire, if you don't earn enough to cover the bills AND save $550/month at the same time.
In fact, most of the country is unable to save $550/month, and some of the country doesn't even earn $550/month. The latter is definitely the minority.
But if it were that easy to do, then you'd see most people doing it. How to know it's not true: most people aren't millionaires. Most people have modest savings, live in modest homes, can pay their bills with enough left over for a week in Vegas, and put 3% of their modest paychecks into a matching 401k plan at work.
Once the kids are old enough for college, they're strapped for cash, and have to cut back on those Vegas vacations.
When they retire, they will be nowhere near being a millionaire. They'll live on a limited income that will allow them to live comfortably, but not extravagantly. MOST people will never be able to afford a $500,000 home. MOST people won't even be able to afford a $300,000 home, anywhere in the USA.
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If you want to get ahead in this country you have to start young. When I joined the work force, got married and had children we chose to have my wife stay at home and take care of the kids, etc. I felt compelled to work full time and also part time, did odd jobs on the weekends fixing things for people, cleaning out garbage and trash, picking up scrap metal and selling it, etc. I didn't have as good of a job as some of my friends but with the extra work I did I earned more than them. I was always able to save for retirement from the very beginning. Without exaggeration I worked a minimum of 55 hours a week my entire life until I retired and even then I worked in a store for a couple years to keep busy and add to my retirement savings. My children have the same work ethics. What I'm getting at is the opportunity to have a million dollars when retired was out there, all you have to do is go for it and watch how you spend it. I have to touch on college. There is nothing wrong with having your children work their way through college, living at home and having a job while going to school, it might take up to 8 years but you will start life out debt free, I know many, many people that have done this and there kids are doing the same, some employers will even help pay for college. Complaining about student loans is BS and in most cases should not even exist.