SAVE FOR THE FUTURE, WHY?
My father lost all of his savings when the banks failed in the 1930’s. Never the less he taught me to aim my sights on saving for my future. There was no social security when I was born in 1930. I got my card in 1938 when I helped a blind man in a news stand at 8 years old. Americans then and now who planned for social security to provide their retirement income are mentally imbalanced.
We did not have much when I grew up but neither did our neighbors. It took me most of my life to accumulate enough savings to retire in 1994 and I have deeply enjoyed my last 17+ years. When the economy in 2008/2009 tanked it wiped out some 30% of my savings. When the second wave hit a few weeks ago I had been able to regain about 80% of my losses and the axe fell again.
Having more than my share of children and grand children to advise like my father, I also urged them to avoid some of the bells and whistles and save for their future. Nothing could be worse for me than have to rely on my heirs to get me through old age. I imagine I am not alone in my feelings. I never had to support my parents and they made it to 83 and 94 by themselves. My dad never owned his own home or a plot of land but he was happy. When my mother died at 94 she has enough resources to cover her funeral with little to spare. No one ever left me anything and nothing was expected.
When the economic downturn came I got calls from my children for advice on protecting their savings as some had followed my advice. They were aware that my savings had been depleted and expected council on what to do.
Looking back on traveling all over the world to be successful, including over 2500 nights in hotels the last ten years I worked. This work was in 32 countries and 49 states and countless flights from 9 to 16 hours in the air. I have suddenly decided my decision to provide for my retirement was possibly flawed. In addition to losing some 25% of my savings value, inflation has diminished my buying power significantly. Why?
I go to the grocery store and stand behind fully able people use food stamps, yet they have I phones, nice clothes, a decent car and usually with a handicapped parking permit. I have paid income taxes all of my life to support their lifestyles. Why?
I watch my children scrape by to make sure their kids get more education by borrowing and I have helped some of my grand children get student loans as a co-signer. Then I study how Pell grants and reduced tuition is available for those who will not work and a President and many in Congress who are proposing that the government pay to educate illegal aliens for a path to citizenship. Why?
I do not know how other successful Americans feel about busting their buns to share the wealth but I am mad as hell. Watching the politicians discover new ways to rob us of our savings to support people who won’t work is not the American dream I told my kids to seek.
I feel that our Congress and President have an obligation to serve all Americans. They pamper the very people that keep them in power by buying their votes. They spend more money finding dead people to vote for them than they do to actually help anybody.
I suppose I should tell my family to just spend all you have and when you are out of money the government will take care of you. Kids get free meals, families get free food stamps, free healthcare and free education if you do not have any resources. If this is the American way then I am glad my days are nearly over. The progressives have ruined this great country and the majority of the people really do not even care. Why? There is no longer the incentive to be successful as Washington will find a way to take your savings one way or another. Why should anyone save for the future if they have to share with those who refuse to even try to be successful? Home ownership savings have been destroyed for the next several generations by greedy politicians.
I encourage anyone to challenge my positions with facts. I hope someone out there can tell me what to tell my children about investing for their future. My good friend, Tadpole, told me to invest in gold. Those who put their life savings in gold will have their savings wiped out; it’s just a matter of time. The people will awaken someday and demand that Congress and the President stop the ill fated path to a Socialist Democracy. Decent people will always hopefully desire to have a better life without using someone else’s money.