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|Subject: Re: Detroit files for bankruptcy||Date: 7/19/2013 8:19 PM|
|Author: just1trader||Number: 35026 of 35835|
Investing in junk bonds is not an answer for the widows.
Why do you imply that ‘widows’ need to be protected from certain types of asset-class risks (and, therefore, excluded from their concomitant asset-class rewards) , but not ‘widowers’? Are you saying that single females whose husbands have died are less capable of supporting themselves than once-married males whose wife has died? Single or married, divorced or never-married, every adult has the responsible to support him or herself. That can include learning how to invest, but needn’t do so, because investing/trading are merely one of the many choices by which a person can make living.
Secondly, retiring’ isn’t a right that society needs to provide to anyone. It’s an earned privilege. Them that don’t save enough surplus income in their working years will never be able to stop working. For them that truly are incapable of earning a modest, basic living there are beaucoup social safety nets. I’ve been the beneficiary of them more than once due to economic displacements. So, I’ve lived on that side of the tracks, too. But this is a rich, rich country that overflows with opportunities to find work. It’s work most consider beneath their aspired social class. So they refuse to do it, preferring to wallow in self-pity, envying “the rich” and whining about “social (in)justice”. But blue-collar wages spend just as well at the grocery store and gas pump as money from those oh so clean, oh so prestigious white and pink collar work.
I don’t disagree that there is in this country a huge, self-perpetuating class that enriches themselves at the expense of others. But such thieves are irrelevant at the householder level at which most people should be trying to live their lives. Can’t afford a new car every two years? Can’t afford a bigger house than your neighbor? Can’t afford wide screen TVs and the latest cell phones? Can’t afford gym and club memberships? So what? None of that materialism creates health or happiness. And the true irony of giving up that expensive junk is that it now becomes possible to afford it, because one now has the surplus capital needed to invest and the time to learn how to do it properly.
Traders have a saying, “Scared money never wins”. And the way that proverb should be interpreted is this. If you lack the resources to take on the risks you should be taking on, then you will end up making what will prove to be even far riskier de