The Prison of Financial Mediocrity • Hacker News Board

Re: The Prison of Financial Mediocrity

#31

Post by RickJWagner » Mon, Dec 29, 2025, 5:46 PM UTC

ninalanyon wrote: post #29

readthenotes1 wrote: post #21

Earlier quoted context omitted.

Well, trust the multi-millionaire bogleheads :)

> anyone has a good chance of success. .. discipline is the primary factor. You have to live below your means, there is no exception. The people living on two dead end jobs that don't properly feed their families and leave them vulnerable to dismissal if their car breaks down so they can't get to work really do not have 'a good chance of success'. They are not in a position to live below their means without imposing…

Sure, ok.

But there are many, many people who can find financial success with a little knowledge and discipline. The FIRE community is full of people on all points on the journey.

On the other hand, giving up and spending what you make assures you won’t become wealthy.

For many people, it’s a choice. For a few, circumstances and bad luck drive the end result. I think it’s wise to prepare as if you’re in the capable majority, not the unfortunate minority.

Re: The Prison of Financial Mediocrity

#32

Post by rickydroll » Mon, Dec 29, 2025, 10:52 PM UTC

skybrian wrote: post #13

> Companies offered pensions. … Staying at one company for 20 years is now a career liability, not an asset. This was already old news during the dot com era. The question is whether 401k plans and job-hopping still works out in the end. To do that, though, you need to be able to switch jobs enough times, which isn’t easy when jobs are hard to find.

> The question is whether 401k plans and job-hopping still works out in the end.

It can, but it is a fragile "still works out in the end." It fails when a damaging event occurs near the time you need the money, such as a late-in-life divorce, job loss, illness, or financial collapse of investment vehicles. Winning at the 401(k) game means enough people losing their money through unlucky investments, and you get a cut of their losses.

Thought experiment: imagine everyone had enough income that they could save 10% in a 401 (k). BLS numbers say 10% of us wages is 1.1 trillion. Can you imagine the impact on the stock market if it received $1.1 trillion every year for 30 years? Where would that money be invested?

Re: The Prison of Financial Mediocrity

#33

Post by wakawaka28 » Tue, Dec 30, 2025, 1:15 AM UTC

kubb wrote: post #28

wakawaka28 wrote: post #22

Earlier quoted context omitted.

Do you seriously expect middle aged people to not have like double or more in savings compared to young people? I think you need to do some calculations... We may not all be on equal footing, but life is a game of skill and chance. It's easy to look at some people who, for example, made money from buying a house, while forgetting all those who didn't actually gain anything. Playing by the same rules is what makes it…

Ah, you’re determined to believe that everyone is playing by the same rules. Carry on. You need that to live. Unfortunately that very belief is perpetuating the issue you’re complaining about, but your worldview may very well hinge on you not making the connection.

We generally do play by the same rules in life. No system of rules is going to be perfect, but we have basically the most fair system in the world.

>Unfortunately that very belief is perpetuating the issue you’re complaining about, but your worldview may very well hinge on you not making the connection.

We just have different beliefs about what makes a thing fair. I think your worldview depends on tearing down the foundations of civilization, and I would like for you and everyone like you to recognize it sooner rather than later.