In this video, I talk with author and economic analyst John Sneisen about the importance of self sustainability and financial responsibility as the pension ponzis throughout the world start crumbling at their foundations.
The the UK Department For Work And Pensions announces that six million middle class workers are not saving enough for retirement. This is a big problem, but when compared to pensions throughout the world, it all fits into the script.
Pension funds are seeing massive shortfalls throughout the world and the reality is, the very entity that wants you in debt and poverty and benefits from such an occurrence is also the same entity behind the pension systems. The banking system and government. It's a massive ponzi scheme and keeps individuals dependent on that said system with some terribly risky bank rather then saving for themselves and being responsible with money.
People need to be self sustainable and financially responsible. People need to put money where they want to put money without the force of the state. Voluntary interactions is the true free market, not government coercion and force tell you you must save money here or there.
People under 30 are very unlikely to ever get their pension. So preparing themselves so they are comfortable later in life is very important.
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I keep telling my folks that pensions will probably cease to exist by the time they retire, or the pensions will pay so little when adjusted for inflation that it will be a pittance, but they are so indoctrinated with the currently system that they refuse to take seriously anything I say.
Real eyes realize real lies!
truth
Remember George Carlin? «And now they're coming for your social security money. They came for your retirement money. They want it back! »
My advice: Follow the yellow brick road to Oz and seek the assistance of the Wizard.
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Scary!
That van down by the river is starting to look pretty good!
I get laughed at by bank employee questioning their deposit security and other issues. I switched to a credit union that don't do derivatives and have a different deposit insurance than banks. Hopefully less likely of a wipe out if things do go south.
I try telling people that it won't be there for them and they don't want to hear it. That's okay. The people I really care about listen to me :).
Wooow this is really a huge problem that is facing the societies financially, and I believe investing in diverse businesses could save anyone who could practice it and commit to it, especially in digital currencies,, too many people got wealthy investing their money in cryptocurrencies.
Personally I invested a small amount of money $200 in digital currencies in the beggining of 2017 now it has been doubled 10 times,, I have now $2k which is a good thing imagine if I was financially able to start with $20k it would be $200k by today,
and I am not a professional trader,, but only investment put money in and let grow.
Cheers
You said it brother. It may be even worse in the U.S. I was raised to believe that you better be saving for retirement by your 30's or earlier. Yet so many people I know refuse to even put 1% into a 401k because they just can't afford it. Their monthly Spotify, Netflix, Vaping, etc. habits are just too important ;)
I'm hoping my crypto investments play out long term, but I'm also investing traditionally!
Great info. I am on a medical pension and this is a really scary thought. Luckily I saved enough maybe just enough to make it, Thanks again
Yes, just ask the clapping soccer moms.
Most people think that they should work work work and then save up until they think they have enough money to last them until they die... I think that's the scariest thing to think about in life.
But why can't we have little "mini" retirements throughout your life? I like the idea of just not working for a solid few years here and there during your life. It'd be way better to do it while you're young and you can enjoy it.
It's a shame that people think the norm is mandatory
Pretty funny. You should have been awake the day they promised you all that crap and put stars in your eyes.
Find a career or projects that you love working on and you will find you don't even want that much vacation time.
That's cuz we're normies. ; )
Well the idea is right but they have to pay off those that theirs are due. Nice post.
We need to prepare for the worst through Crypto.
Cryptos are a great way to save, but its too risky at its current stage to be widely accepted. Truth is, its impossible to grow your wealth, while its safe.
Social security is theft, taxation is theft, inflation is theft. They are just doing the same thing with fancy names.
Downer.
The rules are rapidly changing when it comes to finances @joshsigurdson
Ne bileyim
The good thing is that the whole corporate resort / condo / isolated retirement bullshit will die. People will really on groups/friends - cohabitate - share economy ... almost commune style at times to survive / it will bring people closer and refocus priorities. The whole western corpo culture of retire golf courses and travel to tahiti shit will be gone... it's all non-sustainable and stupid anyways... people will be less isolated and more integrated with real human culture / peace
I agree with the idea that many of us will never see our pensions. I do pay in to a pension myself (and just turned 30) I am hopeful that I will see it when I am older. However, I have prepped myself with other investments to make sure that I have enough when I retire if I don't receive the pension. Now if I do get it, i'll be super comfy when I am older!
pls translate for me im turk
Thanks for this post
Time to do a video on infinite banking. Let's get people out of traditional banking.
Quite interesting and educative content. Good one.
In the UK pensions just seem totally unsustainable in their current state. There our largest portion of spending costing even more than the NHS. People are living longer and the qualification to receive pensions seems to be declining. When pensions were introduced in 1910 you had to live to 70 to receive it, with the average lifespan being 55 years. In the current paradigm you have to live to 68, when the average lifespan is 80. It just seems unrealistic to think we can have the average person living off the state for 12 years at the end of their life.
Thank you for sharing this post with us.
Nice post thank you
As I see it - the main "problem" is that people live longer - so if X money was divided by Y years they have to live, now its "x/(y+some more) and it just isn't enough any more - one option could be putting more money to the pension each month. the question is - can we rise it by a reasonable amount that will leave the person with enough for his years before pension? years in which he wants not only to scrap a living but to enjoy - go to restaurants, vacations etc...
Totally agree, the pension system is just outdated and proven not working over and over again... I think blockchain will drastically change this, allowing people safe enough money for the "retirement" time...
Honestly, I hope the pensions all fail. Its outrageous that government employees, who are arguably incompetent and work for the government as they are unemployable in the real world, receive a monthly check after they EARLY retire. Meanwhile, hardworking folks can't retire, can't even conceive of retiring, have only what they have saved......As it should be
With this population explosion for my generation use of pension funds is a dream
Might want to keep onto that change a bit more ;)))
I've been a fan for a while. keep up the good work :)
Pensions are pretty much down to union workers now, and government employees.
The whole welfare state will go bust, not just the pensions while governments will confiscate more and more to return less and less until w end up paying a lot for nothing.
Guys - thanks for another great video!
John briefly mentioned infinite banking. I'd be really keen to hear this concept explained in detail. Do you think you might be able to create a post/video explaining it and how one can get started?
Employer: Say "insert favored pronoun here", I want you to work for me. Tell ya what, I'll pay you a substandard non-living wage for oh, say, 30 maybe 40 years, during which time you'll work for me as hard and as long as I want. Then, if I haven't fired you for some, any or no reason at all between then and now, my company will promise to pay you 300% of the total of your wages during that 40 years of labor in small increments until you die.
You: Ok. when do I start?
Me to employer: Uhm....wft? are you nuts? Yea right. You actually talked people into this gig? They actually said yes to that??! wow!
My answer to employer: Naw, if you want me to work for ya, you'll pay me what i'm worth every day and i'll quit when the job is done. Take it or leave it.
All these years my family and acquaintances have been telling me what a loser I am because I never bought a house and never contributed to a retirement plan. Ha ha. We're all gonna be in the same retirement poorhouse.
Everyone should take responsibility for their own retirement as best they can. You cannot count on anyone else to do it for you. Live below your means and save/invest all your extra money. That is the only way to be sure you have what you need to retire.