Bankruptcies dont worry me... what worries me is

[BYU71]

Originally Posted by YOhio

Are you offering to include the younger generation of Cougarguarder's in your will?

Only the ones who are not mad at me because I paid on net not gross.

[BarbaraGordon]

Originally Posted by creekster

Barbara, didn't I read that the stuidy to which you refer did not include 401k and IRA savings?

Yes.

But:

Even by a broader definition of savings that includes retirement accounts, the outlook is bleak: The Fed's survey shows that the percentage of households contributing to their savings dipped to 56.1% in 2004, down from 59.2% in 2001.
A recent study by the Spectrem Group, a research firm, supports the Fed's findings. Participation in company 401(k) retirement plans fell from 80% in 1999 to 70% in 2005. Those who stay in the plans are contributing less. The average contribution rate was 6.9% of salary last year, down from 8.9% in 1999.

[creekster]

Originally Posted by BarbaraGordon

It wasn't a study, it was a report by the Federal Reserve.

WHoa trigger. Those three days can't get here soon enough, I guess.

Study or not, I thought the negative savings rate was only true if you did not include non-taxable savings, which is suggested by your quotation, correct? This is a minor point that is not meant to detract from the larger point here, which is obviously a good one.

[jay santos]

I'm one of those guys making less money to live in Zion with five kids and a stay at home mom. I don't plan on bankruptcy and I should have enough to retire in style. My life couldn't be more perfect, as far as I'm concerned. So Haddow and anyone else in his camp can bite me.

[FMCoug]

Originally Posted by jay santos

I'm one of those guys making less money to live in Zion with five kids and a stay at home mom. I don't plan on bankruptcy and I should have enough to retire in style. My life couldn't be more perfect, as far as I'm concerned. So Haddow and anyone else in his camp can bite me.

Which is great. You're obviously doing it right, living within your means, saving for retirement, etc. But the problem is that that seems to be the exception in Utah, not the rule. So many want to live the commandments by being a single income family, live in Utah, have a bunch of kids, and pay tithing, but still live the same lifestyle as "the world".

[BarbaraGordon]

Originally Posted by creekster

WHoa trigger. Those three days can't get here soon enough, I guess.

Hm. I believe you must have misinterpreted my tone, which is probably another failure on my part.

Yes, you are correct.

However, the trend is the same regardless of whether 401ks are included. Americans are spending more and saving less.

That was my point.

[jay santos]

Originally Posted by FMCoug

Which is great. You're obviously doing it right, living within your means, saving for retirement, etc. But the problem is that that seems to be the exception in Utah, not the rule. So many want to live the commandments by being a single income family, live in Utah, have a bunch of kids, and pay tithing, but still live the same lifestyle as "the world".

I also believe this low income to stay in Utah thing is a bit of a myth. I work for a large corporation and the salaries for the Utah office are same as other areas. If you get a master's in accounting and can't find a job and end up as a realtor, that's a different story.

[FMCoug]

Originally Posted by jay santos

I also believe this low income to stay in Utah thing is a bit of a myth. I work for a large corporation and the salaries for the Utah office are same as other areas. If you get a master's in accounting and can't find a job and end up as a realtor, that's a different story.

It may vary by industry but I know for a fact that salaries in my field are much lower in Utah than elsewhere.

[Indy Coug]

Originally Posted by jay santos

I also believe this low income to stay in Utah thing is a bit of a myth. I work for a large corporation and the salaries for the Utah office are same as other areas. If you get a master's in accounting and can't find a job and end up as a realtor, that's a different story.

I worked as an entry level actuary in SLC and after a year took another job in Indiana at the same job level for a company that is in a lower cost of living area than SLC and whose salaries are slight below industry average.

I got a 58% pay increase.

[jay santos]

Originally Posted by Indy Coug

I worked as an entry level actuary in SLC and after a year took another job in Indiana at the same job level for a company that is in a lower cost of living area than SLC and whose salaries are slight below industry average.

I got a 58% pay increase.

I know these situations exist, but you might have been able to get a similar raise in Utah changing jobs, and you might have been able to reach upper management faster. Maybe not. There's a lot of factors. It's not just about Zion.

As an MBA, I would be making more in consulting or investment banking, but my lifestyle is much better, I enjoy what I do, and I'm not poor.

I can golf 18 with a cart on beautiful golf courses for less than an hour's wage. And I can take off pretty much anytime I want to get that round in. Take that Haddow.