Monday Musings

Reader Maurice sent this comment, “Saving really is a choice, 7-11 coffee vs Starbucks, buying four Bob Evans breakfast sandwiches from the grocery store vs one from McDonald’s, buying a refurb from Amazon vs new from Best Buy. People spend more time researching their Final Four brackets than the house they buy. Sorry if people do not want to hear the truth.”

So, Maurice is saying that for most people who don’t save money, it’s more a matter of they won’t than they can’t. What do you think? I agree with Maurice. Taking the Bankrate article at face value, well over half of Americans are not saving. Given what people earn who are in the 51st-60th percentiles in income, by definition they must be “wasting” money.

A certain segment of the population believes that all people who are less well-off are simply oppressed and/or unlucky. I vehemently disagree. One does not have total control over life outcomes, but luck is not 98% of those outcomes and many, if not most, of those less well-off are not oppressed, they just make bad decisions.