ihatejoe wrote:
If Trump were still president I might be a millionaire too. Covid ruined Trump's reelection campaign and ruined my world. Everything in my world was fine til the last week of February 2020 and it has been a steaming pile of Sh!t ever since. Because of Biden I am going to have to work to 70 in order to retire.
Us conservatives have such a hypocritical viewpoint at times. When comes to helping the poor and less fortunate we rely on the age old "pull yourself up by your boot straps" attitude and tell people they can make something of themselves if they just work hard. Yet when we have a president we don't agree with, we blame them for our financial struggles.
I'm not an expert but utilizing index funds for a long period of time is as stable of a plan as any, because history shows over many years, you are going to have appreciation in your assets. Index funds are well diversified which is a smart strategy for people who don't want to pay exorbitant broker fees and aren't knowledgeable enough to invest in individual assets. Plus it's still a guessing game when trying to time the market and bet on individual stocks. Will the economy collapse at some point and our assets drop in value? Absolutely, and that's why it's about the long term and being in the game for a long time. Additionally, living within your means is a essential factor to long term financial stability.
Someone mentioned living off of 70k which is a very nice lifestyle for many. I can't live on 40k right now, but when we eliminate the mortgage, daycare, commuting cost, it is absolutely feasible for me to do with my family and that's what we are striving for as we build up our retirement accounts.