Quote (Thor123422 @ Aug 11 2020 12:18am)
If more people did this the economy would grind to a halt. We've built our model on cheap credit, not savings. There's no incentive to save at any level of the economy for this reason.
What is your prediction than for retirement time for millennial and gen Z? If there's no incentives to save are they just expecting to drop dead after their career or never stop working?
Quote (Plaguefear @ Aug 11 2020 02:30am)
In australia we passed laws preventing evictions due to covid and gave assistance.
6 months of income for me + my partner is $140,000, having that sitting in a bank would be costing me a fortune with the current garbage interest rates.
If you cant survive for a year or more with no income after earning that much you have increased your lifestyle or personally leveraged yourself beyond your means. Wealth builds wealth but it doesn't mean every dollar gets leveraged x5 and personally backed.
Having adequate living costs is just that, living. It does not mean you're keeping 6 months of mortgage payments for the 9 properties you own sitting in a savings account.
This post was edited by SBD on Aug 11 2020 08:53am