The Great American Do-It-Yourself Retirement Fraud, Brought to You By Big Finance & Co.

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14. Yep

But in many areas it is hard to put aside 15% for savings when you are servicing debt. Now if you are young can have a roommate have no dependants putting aside 15% is much easier and in a few years you will be able to acquire your own place. I admit when I first got out of college I did not save. I balled out, fancy car, every gadget in the world ect...., then a client who I thought was rich died. He had no savings and very little life insurance within 1year his family moved from there 8,000sqft home into the condo/townhome of the oldest child. It was bad. This guy drove a 200k+ S65 had a huge boat, wife never worked, kids spoiled with everything. When his youngest need money for college local doctors raised money. That taught me to slow down get out of debt and try to stay out of it, and save. Had that doctor actually owned the house (had huge mort on it) or the cars or the boat maybe they could have sold it but in reality all he was doing was servicing the debt.

You see the middle class is what makes the banks rich. We spend our lives servicing debt. Homes, cars, education, personal loans, credit cards, furniture, electronics all are often "bought" by the middle class with credit and that debt must be serviced. We pay more than 100% more than purchase price for most things. Outside of a home mortgage most of these debts are ours because we bought into the middle class scam. It should be called the debtor class that's all we are.

That's why we must work to educate the middle class.