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Oh, and Spike, no you have not heard it all. Everyday it gets crazier and crazier. All you have to do is wait a few hours. Pete

He was born with a bad heart so didn't think he'd live long enough to retire. Then last year his doctor told him he was dead wrong and with all of the advances in medicine since he was born ~ 36 years ago, he would likely live to retirement age.

Fortunately he's still young enough so if he does start setting aside money, he'll be just fine.

I remember right out of college, the youngest generation was not saving as much as the Greatest Generation. One theory was that the younger generation grew up under the threat of nuclear war, remember the clock, and we thought we would all be dead.

After all, that would only be "fair."

If you believe in climate change, do stuff. Don't sit there and get depressed or do something stupid like not saving for the future. Heck, I think we have influenced climate and could do better with out stewardship of the environment overall, and I still think this (article) is a very poor approach to life!

That all said, no thread about that age group should be posted without this:

Without question.

They already do that for your Medicare premiums. The more you make, the higher your premiums.

That pizzes me off for two reasons in particular:

1. If it's 'insurance,' your income should have nothing to do with it.

2. I never see a doctor for anything other than for an annual physical. I'm fit and healthy beyond description, take no meds at all and never have, yet Medicare could care less.

They charge me the same as they charge someone of the same age and with the same income and who's 100 pounds overweight, smokes two packs a day, never exercises and takes all sorts of prescription drugs.

ROTFLMAO!!!!

Terry

I don't mind the rain, but the puppy is a Golden Retriever with long hair. So if she gets soaked, it's a total pain to dry her.

Then about 10:30, I gave it another try.

The plan was to do 4.2 miles and we were only 1/3 of mile from being home when a downpour hit.

I got under the nearest bushy tree I could find to wait it out. After :15 or so, the rain and small hail ended and we got home somewhat dryer than would have been the case otherwise.

For 28 years plus in every class, when timing is right because I see their interest waning on the subject at hand, I ask the students to raise their hands if they are going to college because they want to be rich someday. It takes a few seconds, but once a few brave souls admit why they are there, the rest, most of, follow. I then tell them they do not need to go to college, and I share the secret. Wealth creation is simply discipline.

Kevin's example is excellent. We have a Starbucks very close to the campus. Some of those drinks are more expensive than $5!

I walk them through taking $5 a day, 5 days a week, a Future Value of an Annuity placing that money once a month in an S&P fund (much less aggressive than Kevin's growth fund but trying to emulate the average risk adversity.) And I also use a real rate of return (I assume Kevin used a nominal) so they can think about how much purchasing power in today's money they will end up with. But is well over a million. I then run the same calculation using a 40 year calculation (for those that fail to take my advice immediately and wait until they are 30 to start saving) and they are shocked that it is half as much. They realize, time, the exponential function, is the driver.

I believe all of my business colleagues do the same. After this talk, I rarely see kids in class with Starbucks. Maybe they are faking me, but many show up with QT coffee.

I can't share the stories like Henry does, but after 28 plus years, I have had a few reach back out to me to say thanks, they have their first million. Some have said I should have taken more risk in my life, alas, I become the student. No higher compliment for a teacher.

Go back to my first comment about not learning this in college. We did not have software like Quicken, or hand calculators with FV/PV functions. I wrote my own, and even an amorotized loan schedule using a TI-16 or Commodore 64 saving them to a 5.25" floppy. Gave scores of these spreadsheets away.

Maybe I am too optimistic, but I think young people today have some big pluses we did not.

A country of wage slaves

We rent our basement to a couple of fantastic young ladies. They are extremely conscientious, great students, and have been raised right. They take great care of the apartment, keep it clean as it was when they moved in and always pay the full rent before it is due.

YET, one of them has a job this summer. She worked 4 hour days during the school year but is now working 8 hour days. She is finding an 8 hour day to be almost more than she can do.

She mentioned being tired after 8 hours and I chided her a little about that reminding her that she is still young and 8 hours should be a piece of cake. She listened, laughed a little, and agreed with me. She is planning to work in the medical field and that is where her current job is.

She is going to need to acclimate...