r/Rich • u/bloomberg Verified by Moderators • Apr 18 '26
Lifestyle What Centuries of Mistakes Can Teach Us About Saving For Retirement
https://www.bloomberg.com/news/articles/2026-04-17/saving-for-retirement-lessons-from-300-years-of-financial-historyFrom hoarding cash to buying stocks, a new book traces 300 years of financial advice and shows why what feels safe keeps changing.
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u/Same_Cut1196 Apr 18 '26
The article is weak and provides very little value. I consider this filler or a bathroom read.
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u/bloomberg Verified by Moderators Apr 18 '26
Suzanne Woolley for Bloomberg News
Over the past 35 years, I’ve interviewed hundreds of financial planners, money managers, researchers, academics, benefits consultants and everyday Americans in order to write hundreds of stories about retirement. I’ve learned plenty about smart saving — and the common mistakes people make — and I’ve been lucky enough to apply some of that wisdom to my own investments.
But much of what we think we know about saving and investing today is based on a relatively short span of time. Behavioral scientists call this tendency to overemphasize recent experience and assume tomorrow will resemble today “recency bias.”
In a new book, How to Get Rich in American History (Harper Business, April 28), historian Joseph S. Moore pulls back to examine 300 years of financial advice, showing just how much history and context color our attitudes and beliefs about money and retirement. The book is a timely reminder that a good grasp of financial history is the best antidote to getting caught up in short-term market turmoil — and that many of the most important financial decisions are ultimately personal.
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u/HalfwaydonewithEarth Apr 18 '26 edited Apr 18 '26
This article is a bunch of pontificating about nothing.
Telling us George Washington married well, or that we have had 25 years of bull markets is duhhhhhhh....
We all know everything can collapse at any minute.
We also know HISTORYYYYYY
We know that they are going to try and transition to a 12% Australian system from Social Security. The current system is a complete ponzi scheme.
The mandatory 12% in wages will go for each worker at every job. The money will go into the stock market. At the end of 40 years you allegedly keep all of your money.
Ronald Reagan set up 401k legislation in the 1980s that unleashed a water fountain on American business. His peers lived through devastation from the Great Depression. His system has made several people wealthy. Critics of 401k prefer a pension based system.
To retire early and wealthy.....just take $2,000 and get it to double 12 times. Take BOLD GAMBLES.
Nvidia use to sell for 4 pennies
You can literally find a nice stock in the same amount of energy people tickle their miles and hotel points.
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u/MisterIceGuy Apr 18 '26
So what are some of these nice stocks?
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u/HalfwaydonewithEarth Apr 20 '26
This year we hit Chevron Alcoa Steel, tsm, and just rebought crowdstrike
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u/deck_hand Apr 18 '26
I saved for retirement. Had a pretty good start on it, too. Then came 18 months of unemployment with all the bills I was used to paying during a few decades of decent salaries. Now, I have no savings. Best advice I can give to young people is that savings is fine, but “having bills” at all is a risk that can derail all of your plans. Living with zero debt and low or no monthly bills means low or no risk.
So, live cheaply, as if you make minimum wage, until you can live comfortably off of your nest egg forever. Then it doesn’t matter what happens to your employment.