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Can you define what your "means" are? People try to live within their means however the scales are being tipped every year against them. there is a reason why the middle class is shrinking and it is the change in economy.
Lets think of it this way. in 2008 gas was $1.85 a gallon. it is now $3.70 a gallon. This is a product that is purchased as a "means" to live. It went up 100%! Lets talk about food. This too is a product needed as a "means" to live. It has increased 12-15% since 2008. Now the government says core inflation runs 2-3% a year, right? It is based on washers, dryers, refrigerators and the such. Of course these are products purchased regularly by everyone so sure inflation is only 2-3%. You believe that i bet i can sell you the Brooklyn Bridge!
REAL inflation is far higher then the government tells you. Just sit down and do a budget for yourself and you will be able to follow real inflation. I do!
How about your salary? did it rise 3-4% a year? you think that is keeping up with inflation?
the hidden real inflation leads to less discretionary income spent on dining out, and vacations because families ARE cutting back and trying to live within their means.
It is these reasons the middle class is shrinking.
Jan, I am glad for you in one way and sad to know you cannot look outside your world and see what is going on. I too am fortunate to be able to save that amount plus a year. I am 57 years old!!! however i CAN look beyond my world and see that today our children have it much harder then we did.
I have two children in their 30s who both have homes and bills to pay. One is raising our grandson. Her husband has a good job and she is a substitute teacher and has worked three days a week since the beginning of the year. My wife watches our grandson when she does work.
They are the typical family struggling to make it. 10+ year old cars, coupon cutting, buying gas thru the giant to save more.
We all need to step outside our fortunate lives and look at those who are not so fortunate or who are making it day to day but not able to save what the elite say we should.
I am sorry but knowing how crooked Wall Street is, hel if I am going to invest a fifth of my salary in anything. Why would I give it to people who are already are super wealthy? I mind as well just give a homeless guy the 10k and atleast I know someone of it would be used to help him/her out and not be put towards a new 4.1 million dollar home.
You would think after exposing it on TV people would learn, but they obviously haven't.
These articals are so out of touch. Written by the elite and out of touch with the Middle class.
With the average household income at around 60K it IS impossible to save $10,000 a year unless you are living at home rent free. Your take home pay is something close to $50,000. With Monthly bills: Mortgage payment of $2,000.00, cell phone,$100.00, electric, water, sewer, $250.00, Cable $125.00, Food $500.00, Insurance, taxes $500.00. Fuel and transportation costs $500.00 you are putting out $3,975.00 per month. or $47,700.00 per year. There are easily misc costs of $2,300 per year that i am missing.
I wish the people who write these articals would open their eyes to the real middle class!
This might not be for everyone but here is a idea.... Take the $10,000 and get a good sportsbook, like bovada or bodog or sportsbook or sportbook.com... and then find a NFL game that is a lock and should be a complete blow out, and then bet the underdog and get the points. and then watch the upset or watch the better team not cover in points and you would DOUBLE OR TRIPLE your deposit.
This may sound nuts, but 9 out 10 times, a sure bet is a sucker bet and u always pick the underdog and start the game with a big point lead, not to mention u can buy a point if your unsure, so the chances are you would win. THEN you withdrawel and put in a IRA or a vanguard divirsified stock fund and watch your money grow.
The trick is not to invest in a unproven sportbook, only get the ones i mentioned and dont keep betting, if you do just do 50 bucks a game at most, if u keep betting the house always wiins just like the casinos, the longer you play the more of a chance against you, its all MATH. :)
I don't ahve 10k to invest.
I like to be able to take 10k out of my 401K and not be penalize. This is the time in need and can help the economy.
It's not going to the stock market that's for sure.
Thanks for the helpful tips! Now could you please write one on 5 ways to come up with the 10 grand right now?
'Cause all I've got so far is:
1. Make friendly wager with Mitt Romney...
I know what it's like to live from pay cheque to pay cheque and that's not fun but you know what, that was my damn fault!
It's NOT HARD to walk to work, grow vegetables and go without things we don't actually need. ie soft drink and fast food. It's not good for us anyway.
I get paid $100 a week (I'm a student) and saving half of that for in case I need it, and I know I will.
I'm working hard and LIVING WITHIN MY MEANS! It's not quite saving $10,000 a year but I'm doing the very best I can and I think it's very important to have some 'Rainy Day' funds set aside
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