The underlying tone of this documentary is that there needs to be more government policy to ensure retirement. Also, there was a lot of blame being thrown around and a sense of entitlement. These people were unwilling to take personal responsibility for their own financial decisions.
The solution is just the opposite: less government policy and more individual freedom and responsibility. That would require a free market, a sound monetary system, and an increase in the incentive to save/invest by lowering taxes on it across the board, not just in a single vehicle like the 401k. Unfortunately, it looks as thought he public wants the opposite and a government takeover of retirement is inevitable.
I agree. I think an important message from the video is that people can go to an American school for 12 to 16 years without ever having one lesson or even a conversation on financial education. They show up to their first job out of school and their first conversation or thought about investing is in a 401k packet (which most people don't read).
100% of the study during school years is based on how to hopefully develop tools to EARN income. The average family never discusses money at the dinner table (mine did not), and it is only a select few that decide to pick up a book after school that can begin to have an understanding of how the financial system, investing, etc. actually works.
I think the problem is a combination of a lack of education in the school system and the lazyness of the average American who chooses not to take the time to study a subject. They would rather complain that the government is not doing enough to help them.
The underlying tone of this documentary is that there needs to be more government policy to ensure retirement. Also, there was a lot of blame being thrown around and a sense of entitlement. These people were unwilling to take personal responsibility for their own financial decisions.
ReplyDeleteThe solution is just the opposite: less government policy and more individual freedom and responsibility. That would require a free market, a sound monetary system, and an increase in the incentive to save/invest by lowering taxes on it across the board, not just in a single vehicle like the 401k. Unfortunately, it looks as thought he public wants the opposite and a government takeover of retirement is inevitable.
I agree. I think an important message from the video is that people can go to an American school for 12 to 16 years without ever having one lesson or even a conversation on financial education. They show up to their first job out of school and their first conversation or thought about investing is in a 401k packet (which most people don't read).
ReplyDelete100% of the study during school years is based on how to hopefully develop tools to EARN income. The average family never discusses money at the dinner table (mine did not), and it is only a select few that decide to pick up a book after school that can begin to have an understanding of how the financial system, investing, etc. actually works.
I think the problem is a combination of a lack of education in the school system and the lazyness of the average American who chooses not to take the time to study a subject. They would rather complain that the government is not doing enough to help them.