Fortune 500 execs "overpay" and throw jobs to their - golfing buddies (big one), frat buddies, military buddies, board of directors or political connection's relatives or just people that give them a nice quid pro quo, etc. - all the time. Big bidness sure isn't immune to crony capitalism in the USA. I don't think it's because of "progressive thinking". Just couldn't let that one slide. LOL. Interesting thread tho.
This thread is about people 50+ years in age for whom the job market is grim. If they use their capital to start a business and fail, there likely will not be a well-paying job that they can find to rebuild their capital and try again. Plan B will be working at a McDonalds or Walmart or maybe worse, living under a bridge and collecting recyclable bottles and cans to earn money. Before anyone rushes out and tries to beat the odds, they need to assess the consequences of the odds beating them.
Exactly. Get small until you turn around. Best of luck. The way I see it, the economy is turning around despite the politicians and the bankers. The new tech boom is only in its nascent stages. It's going to be big. Don't bet against America(ns).
I know you didn't mean me - no offense taken. Been through a few cycles and had ups and downs and looking back its hard to see that I was "sheltered". I can tell you, I was the guy that got in really early and stayed until everyone else had gone home. My first job in this industry was great - the harder you work, the more money you earn - what a concept! Seriously, the thing about living below one's means, being frugal and investing is a game changer. You start early, compound interest really works for you, and you can absorb losses better with time to learn from your mistakes. As I said, I have 2 children and the "general" employment prospects are much tougher now (IMO) compared to when I graduated. The one thing I have tried to teach them is to think critically and independently.
I'm surprised that in a trading forum I have yet to see any mention of turning to trading professionally. I've been working on my trading skills for some time and for the last couple years I have been achieving consistent results that can now replace much of my income (and growing while I'm still working), and that's enough because my wife and I have been living below our means for years. I work in IT and for years my company has been laying off, especially in the US (they are hiring overseas at much lower rates) and squeezing as much as they can out of those of us left in the US. Well the writing is on the wall and I'm looking forward to being laid off because I'm done with this industry and done with looking for another job that I don't want where I will be asked to work 60 or more hours but paid for 40. Trading is not so different than any other endeavor. With hard work and persistence success can be achieved.
look at this way with trading and investing you could be doing this at at 90 years old so ify ou aer 30 years of age you 60 years ahead of you. look at buffet he is 80 years of age... one of the best daytraders is 75 years of age. been daytrading for 30 years,,not a losing days for 30 years. and doesn't use any automated trading strategies..all manual trading. no computer assisted trading. CAT
This is one reason I turn to trading too. I did freelance IT work for many years. Things changed after the tech crash but there were still jobs. Now, there is almost nothing for folks my age where I am. I want something I can do at 70 or 90 as long as I have decent health.
I have mixed feelings about jobs. I was looking for a painter to paint my house. Ironically, the lowest anyone wants to go is $35 an hour (I mean real painters with experience). Most want around 40+. Now, just about anyone can paint with a few hours of training. These same people then complain that they do not have enough work. I completely understand the need for people to have to make at least 35+ an hour to make a living wage, after all most of the middle class is getting crushed by: 1. Property Taxes 2. Insurance (Overpaid Doctors, Nurses, Lawyers) 3. Big Government at local, state and federal level 4. Unnecessary wars Looking above, we all pay for these unproductive money drains, hence, the inflated prices for services rendered. Unless, the taxes are down, insurance is down, service prices cannot go down, and we will not be competitive. As far as starting a new business goes, try doing it. I just came from an average bar and a glass of beer cost me $7 with tip. Now, I could have had the same beer at home for $1. Do I think the bar is ripping people off, not really, they have too many expenses to meet and on the top of that list are the property taxes and insurance that is crushing all businesses.