Now all you poor people out there stand by for a lesson on what you should have done.
And what is wrong with having a lesson on what you should have done? I am happy that I was able to learn from those who did well instead of just hating and envying them. As a result, I learned how to do the right things and I am now doing well for myself!
Yep. It's not like life is over. It's never too late to start saving,and get out of debt. There are many good suggestions on this thread.
Graduated high school, worked briefly for Ford, then a decade in the Navy, not a high paying positon. Its probably fair to say he entered the work force in his early 30s.
Peak earnings, upper 70s.
Its fair to assume thats not a 25 year average.
Since he works, hes been paying income and ss tax on all his earnings, at least a quarter.
$700 per month mortgage, thats not living large in Chicago any more than a $200 per month auto payment is. Im willing to assume hes been just as extravagant in other expenses.
In those circumstances, expectations of saving enough to support a $70m retirement income at 59 arent realistic. Its a function of our tax system.
He makes no criticism of his employer for firing him on the spot, in fact complements the employer.
Hes not interested in lawsuits.
All he says is its tough to get a job when youre 50, which it is, and he might have to work the rest of his life to support himself, which he might.
Government help doesnt come up at all. Other than the Peotone airport, which would be a local economic boom.
His solution
Is there a solution? Harry suggested two. One is the responsibility of the employee: He must keep himself employable by continuing his education and upgrading his skills. If you want a job, you must have a skill set that employers value. Such as? Management is an important one, he said.
Thats good advice for everyone.
Just how is that going to help anyone, unless you want to hold that horror story up to scare a few children.
I am retired so I don't need your lesson, the poor guy couldhave used some useful suggestions, but......
Who among you would give their son a stone, when he asks for water.