read an excellent post by Seth Godin titled,"Understanding luxury goods" where he goes on to talk about how the internet and luxury are coming into conflict, and this got me thinking about knowledge workers and those in the skills trades (think
engineers, athletes, doctors, consultants, actors, etc.). In Godin’s
article he states, “A luxury good gets
its value from its lack of utility and value. A typical consumer would look at
what it costs and what it does and say, "that's ridiculous." When a
good like this comes to market, it sometimes transcends the value equation and
enters a new realm, one of scarcity and social proof. The value, ironically,
comes from its lack of value. ….” and he is correct. It is NOT the
utility of the item that gives its value, it is actually the fact that others
admire you for owning it.
So, as Godin goes on to say, “Discount
luxury goods, then, are an oxymoron. The factory outlet or the job lot seller
or the yoga studio …
Remember, not only did you
contribute to Social Security but your employer did too. It totaled 15%
of your income before taxes. If you averaged only $30K over your working
life, that's close to $220,500.
If you calculate the
future value of $4,500 per year (yours & your employer's
contribution) at a simple 5% (less than what the govt. pays on the money
that it borrows), after 49 years of working you'd have $892,919.98.
you took out only 3% per year, you'd receive $26,787.60 per year and it
would last better than 30 years (until you're 95 if you retire at age
65) and that's with no interest paid on that final amount on deposit! If
you bought an annuity and it paid 4% per year, you'd have a lifetime
income of $2,976.40 per month.
The folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madhoff ever had.
my butt, I paid cash for my social security insurance!!!! Just because
they borrowed the money, doesn't …