Sobering post
this post was submitted on 24 Aug 2023
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If you just saved 5% of your pay in a 401k from the time you were 22 and invest in the stock market for 40 years and never get sick, quit your job to raise a family or care for loved ones, then you might become a millionaire. Not that a million would be enough to retire on after 40 years of inflation.
Also, this plan depends on the world economy continuing to grow at the same rate as it did in the past, never mind that this growth is toxic to the planet. But, hey you might see some financial freedom at that point.
Just stick with it.
Money makes money.
Feedback loop concentrates the money towards those with more money.
But why would more than half of Americans be financially free? Are more than half of all Americans already over 65 where they need to be financially free? If not, then it would be very odd that more than half would be close to financial freedom. It's an odd statement that makes you feel bad, but if you think about it, it would make no sense if it were true.
People who are surprised: Americans.
People who are not: the rest of the world.