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Comment by izacus | Hacker News Reader

What exactly are they keeping their assets in? A house that they can't sell and make that worth liquid? A retirement account they cannot withdraw without huge costs and compromising old age? Where else?

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Uh, you ever hear of taxable investment accounts? Online brokerages, mutual funds, etc?

The number of Americans who have any significant investments that aren't part of a retirement account is small.

People with < 6000$ on their savings account? Most of the population? Very very unlikely.

I'm pretty sure "most of the population" has at least seen advertisements for ETrade. Probably too complicated for them though. That's why they'll be working until 85 or eating cat food in retirement...

The amount of condescension/lack of empathy in your comment is astounding. Haven't logged in in 2 years, had to log in to say that. And before you worry that I downvoted you, I still don't have enough karma to do so.

Thanks, I appreciate it!

In case you are wondering why you're comment is being downvoted, the issue is not that investing is too complicated for most of the population, it's that most of the population lacks the money to invest in the first place. When you add up the cost of keeping yourself fed, clothed, and sheltered, along with the cost of kids, and maybe also a stay-at-home-spouse as a dependent, and deducting contributions to retirement accounts, health insurance, and other good ideas, there is not much left over for most working Americans. That is assuming you even get all the way down that list, which many cannot -- a scary number of people have far less in their retirement accounts than they would need to live on in their final years.

The fact is that it has never been easier or cheaper for individuals to invest in a reasonably diverse portfolio and grow their wealth. The problem is that the average American has no wealth to grow:

https://www.cnbc.com/2017/08/24/most-americans-live-paycheck...

Thanks, but I totally understand why it was being downvoted. I have seen and heard all of that before.

I am fairly convinced, based on the spending attitudes of many people I know, that even if they had extra money, they still would not invest. They would just spend it on a new 4K TV, new car, or a bigger house that they don't need. Most people seek immediate gratification.

Lack of financial education is another symptom of being poor.

The average HNer probably has, yes. The average American, quite possibly not.

1) Credit card availability

2) Home equity line

3) Retirement account

It's not painless. Losing money never is. But you said "wipe out" not "will pay fees and lose 10% of net worth."

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