Who’s really poor?
There is a great article in today’s USA Today. It is about David Merich, a “self-described corporate dropout.” It goes on about how he has taken advantage of being laid off by his firm, a financial services company, to take a break from his formerly stressful lifestyle. The key is this: his financial net worth, after this last year’s declines, is more than $650k. Wealthy by almost any standard, right? Wrong. According to the US government, since his annual income is about $10k, he is living in poverty. This is who goes into those statistics that you see all the time about Americans living in poverty, and who is used to justify increased government welfare programs.
Another point to be made is the one about the 7P’s. According to USA Today’s financial analyst, at the current rate of withdrawl and with his current income and lifestye, Mr. Merich should be able to continue this way indefinitely. This just goes to show that if someone plans and works to execute that plan, it is very possible to retire in comfort at a relatively early age. Why don’t people want to work for what they can get, instead of whining about they deserve?