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Reply to "Down and Out on $250K/year...."
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[quote=Anonymous]What you say is not true. You are saying that for a stream of incomes, people cannot put anything aside. For those living below the poverty level, that is certainly true (they have actual gaps between what they need and what they earn, and have to use things like food stamps to bridge the gap). But above some level of poverty, people don't put money aside because the choices increase, and the utility from spending is simply higher than the utility from saving. That makes sense to me, because I do the same thing. I should be saving more for retirement, but my income allows me to make other kinds of investments (like in my children's schooling) that I prioritize above my retirement (foolishly, for sure). I don't think saving for retirement is the be all and end all. That's not how I judge someone's financial acumen. To me, someone struggling to move to a higher rent area so their kids can go to a better school IS making the right choice. [/quote]
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