| > >saving 10% of your salary >impossible for most people Part of me is tempted to look up statistics to make the point but if you are making more than 150% of the poverty line in the US, you can save 10% of your income, it is a choice not to. > >spend <30% of your gross income on housing >impossible for many (most?) places with jobs It all depends on where you are willing to live. Also, if you move to somewhere to get a job, before you accept the offer you should check to see if it is possible to move there and follow this guideline. If you, you shouldn't move there because you will become worse off. > refusing to borrow and cutting minor expenses is not a road to any kind of wealth for most people. it's a road to retiring poor. most people are on that road. Depends on what you count as minor expenses. If I cut out $100 a month of expenses starting at age 25, and put that in an index fund that grows at 8% until I retire at 67 it will be worth $412,077.88. If I want to retire a millionaire I need to save just under $250/month, which is 10% of a 30k a year job. At $30k I am a little sympathetic if you cannot save $250/month. If you are making $50k, it is a matter of choice. |
you're out of touch. this is not even the same type of job that the majority of people have access to. people's standard of living is far beneath what you suspect.
>If you are making $50k, it is a matter of choice.
try having a mortgage or high rent, a medical problem, kids, parents who need care, a car, student loans, clothing that aren't tatters, an emergency fund.... and all that comes before even baseline (necessary) entertainment / low-luxuries like internet access and padded chairs.
it isn't a matter of choice for most people. nevermind that 412k isn't enough to retire on if you have any of those burdens above. sure, they could spend $20 a week less on beer. but why would they?