THE Question Asker wrote:
Flagpole wrote:[quote]THE Question Asker wrote:
I agree with what you are saying about emotional spenders. I don't think ALL of those that do so are emotional spenders though. Some people just get in the mindset that debt is always going to be there. Their parents have always had debt, they hear that you need two incomes to make it in this world, they hear that the average American has more than $10,000 in credit card debt and that the average 45-year-old has less than $25,000 saved for retirement. For some people it just takes exposure to another point of view. For some it requires hitting bottom (car repo, eviction due to no paying rent, etc.). For some though, there is no hope -- they will have to make it on Social Security.
Listen to what you said about those that believe there is no hope (...some people get in the mindset...) Again, some feeling results from these beliefs. It will always come down to the emotions, feelings, and subconscious. The remedy would always be advice that installs feelings that yield positive cash flow. (Picture a reservoir that is almost empty, imagine being thirtsy, whenever you want to buy something, see the dry reservoir and imagine being thirsty.. hahahahaha!) These tactics are no different than a commercial selling something.
As far as those with no hope on SS you mention, my Mom fits that perfectly. She spends from the hip with pure emotion and feeling and rarely seems to question what she is doing. She was clearly programmed to consume. I control what I give her and give her clear bounds with the money I give her. It is too late to change her. The grip QVC has on women is insane!
I'm not about to teach old dogs new tricks. With my way of investing, it wouldn't help them anyway as early and often takes advantage of TIME to help the money grow. For people 45 and younger though who have 20+ years until retirement, it is not too late to get your act together and become debt free and invest for the future. I know there are steps people can take who are older than that but haven't yet set anything aside, but I'm not experienced with that. I guess if I woke up at age 50 and had NO savings I would find a way to live super cheap and try to bank 50% of my take home pay for the next 15-17 years until I could retire. Some will decide they can never retire, but I just can't look at my later years like that.