The key is to live below your means. If you can't afford to contribute to an IRA, something is wrong with your lifestyle. It's not all about today, it's about tomorrow.
Why do you think we have so many homeless? They can not afford a house or an apartment, so they move into a tent in some alley or park. For many, it is only about today. Surviving another day.
i'm confused... they are homeless because the "average joe" does not have enough stock losses to make a differences on their taxes?
In many areas the issue is housing supply among other factors that drive of prices, so is unregulated foreign ownership.
Once housing costs exceed a third of gross income savings becomes challenging and if you make 60-70k a year paying $2,000 in rent (40% of someone earning 60k) then that is not a stable situation. It's easy to say live below your means and for many people that is the problem but for those who are homeless or living with their parents into their 30's this is a reality.
If many regions there is a lot of NIMBY's who don't want low cost housing built for whatever reason. I hear the moronic Toronto city council bicker about housing expansion on a weekly basis because a lot of the councilors are useless NIMBY's
Yes some people are idiots with money and in my business I see high earners with no money and moderate earners on the path to be millionaires, however saving today is far harder than 30 years ago.
One argument made in our recent Canadian election is that increased supply causes all prices to go down and those who can afford to benefit from the real estate market don't want prices to drop so if you can keep supply down you will.
There is a mismatch where people are getting paid less that what they can support and prices are two high and its a complex situation. Many people are getting paid much less than 30-40 years ago when inflation is taken into account and prices are much higher for at least real estate in the US, Canada, Australia, the UK, New Zealand etc.