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Of that 50%, many have negative wealth due to eg credit card debt, many have zero wealth because they're poor, and many have all of their wealth tied up in hous
by muricula 5y ago
Of that 50%, many have negative wealth due to eg credit card debt, many have zero wealth because they're poor, and many have all of their wealth tied up in houses or cars. It's probably not ignorance so much as lack of savings to invest.
- throwawayboise 5y agoYou could buy a cheaper car, or a cheaper house, or cheaper clothes, and put the difference into an IRA. Yes some people must spend all their income on food and shelter. And government assistance stupidly penalizes people who try to save. But many people, even lower income people, could save a little. I think they have never been shown what the power of compounding can do over time. It is not intuitive, because the gains in early years are small.