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The older you get the more of income you should have am I right?

Terrible title. My first thought was "Having more money makes you physically older."

There are way more informative ways to phrase this that are equally "buzzy." E.g. "The richer you are, the longer you'll live."

Or is it you get older the richer you get?

There are people whose income have remained at around the same level throughout their lives and their living costs are higher year after year. There are those who work extremely hard towards their dreams and had no success. There are also those who have lost their jobs and their houses because they could not keep up with their mortgages.

Age doesn't necessarily translates into riches  :-\

You are all wrong. The title of this thread simply means that:

The reality of the hubris of polymorphism is rather excessive in its trendiness. That's all. (http://phrasegenerator.com/)

Hmm it is not working in my situation :)

My income is changing -- or ++ year by year ... I cannot say I will have more BTCBTCBTC when I get older ...
I hope that ... but I dunno ... As for now I was earning more 5 years ago then I am earning now ;(

Heck no.  Companies tend to look for the youngest and brightest these days.  And the Older you are the less chance you will be able to keep up with the younger crowd and advance in the field in my opinion.  The job market is getting tougher for young adults and seniors so again no I don't think wealth comes with age.

In short, yes.
Those with stable incomes and dual incomes are able to set aside a portion.
Over the years it compounds and starts adding up.
After a while you look at the statements and think, 'wow, it really has been worth it'.

No of that is to say that a person should not enjoy their money when they are able. My wife and I go on 1-2 vacations every year. We could very easily just add it to out retirement, but feel we will enjoy it more no and we work so hard to be able to enjoy what we earn.

I think it is the other way around. As we get older, our medical expenses will increase, and our ability to work for long hours will proportionately decrease. So.. the net disposable income will decline with age.

confusing title! Variant "The richer you are, the longer you'll live." i don't like too. Live rich die young!

I agree with this.  My private medical insurance now costs triple digits per month (that is a lot in Canada).  I can't crash on friend's couches any more or borrow their cars because I am older and responsible.  I take a couple pills a day now due to heart complications - those cost money.  I have more possessions so I need more insurance.  I do more on the internet so I pay for a private VPN.  

Luckily in my occupation they want someone older and wiser rather than younger and cheaper.  :)

It totally depends how smart you work.

Sad to hear this. But at least when compared to the US, it is better. I read in another thread here that medical insurance for someone in his 30s costs around $200 per month in the US.

I suppose it would depend on the plan.
I am 32 years old and pay $79/month for my health insurance.
Being self-employed, I pay the full amount, but have no issue with the cost.

Another completely logical and more reasonable assumption is that healthier people tend to be wealthier. Maybe they can afford better food, personal trainers, or whatever. They're more likely to be conscious of their body image, too - especially women. It's common for men in high business positions to wear make-up to look their best. Possibly being wealthier, is a result of looking your best, which is a result of better health.

Well... sometimes the medical expenses can ruin you financially. I know once incident (one of my close friends) where the insurance company rejected a claim for Kidney transplant. It cost him around $300,000. He wasn't that wealthy, and his entire savings were blown away. Now he is in deep debt. Feeling bad for him.... as he is just 36 y.o.

It depends on many things - country where do you live - is perhaps  one of the most important points...

:) 

I'm pretty sure the last few record holding oldest people on earth were not millionaires. I wonder how big of a factor diet is.

There is another fact though. Most of the self-made billionaires were over 60 years of age (perhaps with the exception of a very few, such as Sergey Brin, Dustin Moskovitz and Mark Zuckerberg). I will admit that there are quite a lot of young billionaires. But most of them inherited their wealth from their parents, for example Albert von Thurn und Taxis and Scott Duncan.

All things considered the truth is this isn't the case.  If this were the case people would not be in so much debt and the problem only getting worse.

 most people believe this to be true. I think its because older ppl have done more jobs than the young

Maybe I'm just stating the obvious, but there probably is also a correlation between the quality of one's diet and the level of education. Education in turn is correlated with income. But I don't think that can explain the difference between the 91-100% and the 81-90%.

I'm guessing it's not a huge factor. Being wealthy often has an effect of being conducive to a strong commitment to a realm. So you're well-to-do here on Earth, so it's in your best interest to stick around and to try to enjoy it as long as possible.
On the other hand, generally a materially-oriented poor person will think, "there is nothing for me here, and it won't be so bad to move on to something else." This thinking will lead toward more reckless behavior, even if nothing else. In reality such thinking will actually change your being in a very profound way and without any reckless behavior it can create a bad circumstance.
But people are complex. Some very poor people can live for 120 years. A very rich person can die in their 30's or 40's from a drug OD, or from reckless driving in a Ferrari, or from pissing off an immoral business/political opponent and getting a hit put on you, to name just a few possibilities. Some people stick around because they want to see their grandkids, and they'll be damned if they die before then. Then as soon as their grand kids reach 5 years of age, they think, "I'm done here" and die.

Maybe a few decades or so ago that was the case but I don't think that claim could be so easily made currently.

Partially but you also get more debt paying of the house or the mortgage is the biggest one then the car
In essence they have your soul different form of debt bondage :P

The older someone is the bigger chances are his parents died so the bigger chances are he inherited

If you build a career, odds are you will get more income as you get older; if you invest wisely you will get wealthier as you get older as well

Most people inherit property from their parents when they are in their 30s or the 40s, and not in their 60s and the 70s. The latter part is also doubtful. Most of the people retire after working up to 55 or 60 years age.

Or maybe people with money have more opportunities to make healthier life decisions due to a different set of life stresses (how will I look at this social function versus how will I keep the lights on and the kids fed).

When you are less worried about survival you can concentrate on other things


Do you mean in the states? In western countries or in the world?

In Europe people may inherit something at 30 but their parents die when they are 55-60

The older you are the more chances you inherited so I think it support OP statement

Maybe it is a mindset that you get when your older that makes you better to gain wealth, generally speaking.

Think its just the older you get the better the chances and opportunities to acquire money you get

As time goes by, the more experience you gain, the wiser you become.

Career prospects actually decrease once you cross 45 years or so. I am not talking about the top management positions, but about the middle level and lower level occupations.

Age matters but doesn't always help.

I know so many old poor people who come to me looking for Investment advise.

By that time its too late for most of them.

What use is a 10 year mutual fund investment at 83 ?

Kr,

Malcolm O

www.cryptovest.co.uk

Their children and grand-children would benefit out of it. For example, if someone is 83 year old, and believes that his heirs will irresponsibly spend all his wealth if he gives to them in cash and property, would opt for a 10-year mutual fund investment which can't be closed prematurely.

Their children possibly.

However I was talking about them not their children or loved ones.

Their children would also benefit from inheritance tax on the investment holdings.

Kr,

Malcolm O

Well if your smart you would put life insurance on your parents if they dont have any, then after you pay they pass you will be 100,000 richer by time your older,  I heard many americans are doing it like this to have extra at retirement.  Better then playing lottery

Please don't hate me.

Insurance companies are not dumb.

The life insurance usually is to cover the mortgage or working income.

So its great if they purchased it when they were younger 30-50.

But if they are 80 and ask for life insurance... they will not get very far I promise you that.

Also again its the elderly person we are talking. Not their spouse or their children.

What if they have no children and no wife/husband ?

Its sad but it happens alot.

Kr,

Malcolm O

I agree. Especially the American insurance companies. That's why I hate them so much. And I am not just talking about the life insurance. Look at the Mediclaim / health insurance also. Is it even possible for a 80 year old to get a decent Mediclaim?

>.>  ...

I won't lie 85% of the products are rip offs however there are some bargains out there but its all about shopping around and negotiating. ( Very few do either)

The only times I have heard of great deals on insurance is when the 80 year old already rich.

Kr,

Malcolm O

Buffet made a lot of money with his investments in the insurance business

I heard so many negative stories about insurance companies trying to steal my friends that I don't trust them much

Yo don´t spent as much as you are young so your get richer.

Well im talking about getting insurance when they are in there 40s and 50s, this is the secret of how people make money on there parents I know this jewish lady who did that on her father cause we all know men usually are the first ones to go.

I don't understand what you are talking about

If you don't cheat or know better when you take an insurance you are ev<0

In regards to life insurance: I'm not sure if you're just ignorant or trolling, but either way, I will educate you.
Insurance companies are for-profit businesses with a single goal...to make money for themselves and their shareholders. Some of the highest paid employees of any insurance company are the actuaries. They come out with actuarial tables giving the life expectancy for any particular person with any particular medical history (they are not legally able to make actuarial tables based on race or ethnicity). Insurance companies have access to the Medical Information Bureau and National Prescription database so that a consumer that "forgets" about something on their application, could be properly vetted. Insurance companies are also able to require an applicant to complete paramed exam up to a full physical as a condition of getting the coverage.
Everything is priced in when an insurance company makes a premium offer to the consumer. The insurance companies will make (roughly) the same profits off of a 30 year old, non-smoking, female as they would off of a 70 year old male smoker.
There is no such thing as pulling a fast one over on the insurance company (obviously I'm speaking in general, there will always be the occasional outlier).

It should be that way but sometimes the older you get the less money you have as an income.. probably as an entrepeneur yeah more older you get more experience you have and u make more money

Compare the average annual medical costs in the US / EU with those in Singapore / UAE / Hong Kong.etc. There is no difference in quality, but the former is almost 5 times more expensive than the latter. And the primary reason is those insurance companies.

There are insurances companies in Singapore UAE HK but less government, less taxes and less action of the state on the market

When the state intervenes the prices always go up, we saw that for the university tuition costs as well

Well... don't know much about the healthcare sector in UAE / Hong Kong, but I can say with confidence that the taxes in Singapore are at the same level as those in the US. The only difference is that the Singaporean government prevents the medical sector from getting too much exploitative.

ok so I did a quote just to show you that you dont know what your really talking, met life quote, Ill over ball it for you  
so say my mom is 55 which is true, smoker yes, health is good.  20 year plan.  Knowing my family history we die very young, so this is a gamble.  Here we go ill over ball the quote to 150 Usd a month that Ill have to pay for her, for 100,000 return if she dies before the 20 years is up.  again a gamble.  so ill have to pay 36,000 USD over the course of those years.  How are they making any money from that?

P.S dont call me a troll when you are also in a sig campaign

I doubt she has more than 36% chance of dying before 75 and the money you gave us is worth more than the money you will get since you give it first


Singapore has way more economic freedom; income tax in S ranges from 0 to 20% compared to 10 to 39.6% in the US and the marginal rates don't go up for way lower incomes in S

Honestly I think the fact is if you put in the time in a particular field you will be paid better based on the experience you have acquired over time.  This is why I'm sort of on the fence and don't see a simple answer to this question.

It should be easier to get rich when you are young and poor because you are smarter, healthier, stronger, you are ready to work harder for less money and you are more likely to innovate but rules, laws and the state protect those you have at the detriment of those you haven't so the rich get richer and the poor have a harder time to become rich than they would have in a free society

Agreed. Life expectancy in the Western world is currently going over the 80 mark, and for the women, it is even higher. For example, the average life expectancy in the UK is 81.0 according to the WHO in 2013. For the women, it is 82.5 years. And who knows, in the next two decades it can go over 85 years as well.

Women outlive men due to socialized medicine, not their gender.
http://www.news.com.au/lifestyle/health/men-die-earlier-but-womens-health-gets-four-times-more-funding/story-fneuzlbd-1226794504245

Of course there are older studies which indicated that, back in the 1990s, women received about 9 times more.  The trend has been more money has been diverted to male health and men are starting to embrace healthier food choices but there's still a bias in socialized medicine, albeit this is trivial since socialized medicine is going to the shitters in most countries

It totally depends how smart you work.

Totally agree, but can't accept that young ones are smarter, than old ones, cause there are a lot of things in this world to learn about.

You can say that the younger ones adapt to the new technology more quickly when compared to the middle-aged and elderly. And in today's job market, that matters a lot.

The younger have a faster mind, better reflexes and coordination but the old have better experience

well, the title is not totally wrong especially for middle class people, people mid and high middle class, that works as managing staff in companies, lawyers, doctors ....ect ect, tends to get higher salaries with experience that comes with age of course (it's not necessary always true but in general it is) and usually during the middle of the carrier, they get to buy house(s), flat(s) and stuff on a loan that they pay over the years, by the end of their career they usually have more than decent salaries, no loan to pay, living a decent life in a decent house and stuff, and they can afford more stuff by then, hence you seen people at their 60s just getting their Porsches or Ferraries, while when they were in the middle on their carriers they had your average sedan, is being in the high middle class can be considered as rich, well it's all about perspective really, but for the average joe it can be considered as rich

No, the income stream does not depend on age, it depends on the transactions and the amount. Companies will not pay you to take them over financially  :)

If you are saving you have accumulated more when you are old than when you are young and you enjoy the compounded interests of your savings

I have seen bankrupt pensioners, who don't have a penny in their savings bank accounts. I have also seen young people (in their 30s) with massive bank balances.. so this is not always the case.

Well that is true but one has to wonder what the story is
Chances are those 30 year old massive bank balances could have lost it all just because of the thing called time by the time they reach their senior years
You know gamble it all one night in Vegas lol

I was talking in average obv!

30 years old with a large balance often means it's their parent's money

Not always, but quite often it is so. But there are exceptions, such as Mark Zuckerberg who became a billionaire when he was still in his twenties. Also, in Western countries, inheritance reaches the heirs only when they get in to the 50s or 60s, as a result of the growing life expectancy. 

Not always true. Slower and dumper as one get older. Productivity goes down and less income.

Yeh most people get more $ per hour, so that automaticly makes you more richer the older you get.
But would that be fair is the question because you will proberly do less work and will also the easier work proberly.
And the young people do all the hard work but get payed the least.

The OP must be thinking it's 1970 or something. That old American economy is gone. In fact purchasing power is dropping every year and many people are retiring into poverty after a lifetime of middle class work. 

It depends on how much you save during the working years, and what you doing the savings. If you spend all you earned, your debt is likely to pile up the older you get. If you save and leave the money in a savings account, the savings will be eaten away by inflation, purchasing power of the savings will drop. Only those who save and invest successfuly will get richer the older he gets, which may be a minority in the population.

ya thats kind of true but do yo remember why we got into debt in the first place?  Many people get rich only if they can not buy the fancy cars,  name brand anything and try to save buying your items at a thrift show.  I see many people were rich when the got older because of spending habits alone.

Good point. I think it's funny how many people think being rich is all about spending money. As though they got rich that way. My wealthiest friends are proud cheapskates. They don't even care about money, just wining. They can't stand to see some other guy get a higher score then they have.

And not to mention the large number of people who are laid off and are unable to find alternative employment. The older you get, the chances of re-employment gradually vanishes.

Well I guess we should have added the condition that you get richer the older you get if your income beats the rate of inflation and the devaluation of your dollar.

well this is why you have to save for a rainy day and get more skills, the more skills you have the better it is to keep an income, look at me no job. Still im able to put money away for retirement in a safe not bank, and yeah in a cold wallet some of my btc is stored.  Its all about adapting to changes, which many cant do.

As in a sense of determinism, no, why should you have more income by just getting older? Obviously you're more dependent on medical expenses but that is a social issue.

Most people get more income as they grow older because they have invested in themselves either by furthering their educational levels or through work experience.

That was what I was saying. The older you get, that much more difficult it becomes to acquire new skills. For younger people, it is easy. But once you get in to the 40s and 50s, it is very difficult.

Sounds like an ageist statement if I have seen one.  There are students over age 40 (even 60) in universities and they seem to be just as capable, as the younger students, in finishing their degree (and learning new things).

Older people don't suck at learning new skills - they just become complacent (apathy) or get tied up with responsibilities which prevents them from learning skills or going back to school.

 

I don't have any doubts about their conviction or self-belief. But all I am saying is that it takes much greater effort from their side, when compared to the younger population.

Don't forget medical cost will get higher as you get older.

Your income alone may not cover these fee.

Both my parents have advanced degrees in microbiology, and both have spent decades working in that field. When they reached the pay ceiling for those positions, both of them, despite being in mid-40s, researched what positions are in high demand, took computer and programming classes in the evenings, and switched to software development with different concentrations (mom for database design, dad for human resource management systems). Both are now making more than twice what they used to.
If it took them any more effort than it did to learn their initial degrees and skill, they didn't show it.

Where I live, people over 60 years of age pay 10x medical premiums when compared to those in the 30s and 40s. That is, if they are able to find an insurer willing to enroll them.

 

This thread leads the reader to conclude that there are no poor old people.

Like if to get rich anyone could just sit and wait for time to pass.

Some parents die younger or give a portion of their capital to their children when they are 25-45 so they start well in life

Only some. Most of the parents wait until their children start their own family, and get more mature on dealing with money. On my part, I know a few students in their early 20s, who struggled to finance their education despite being born to filthy rich parents.  ;D

When do you start a family? 25-40

When I say something you can always say "not always" because I saying something is true in average; in my last post I was saying that "sometimes parents give a portion of their capital..." ;D

In most of the Western nations, those who are reasonably well-off normally get married at the age of 35-40. I am talking about both the males and females here. The people are getting more career-centric.

Canada, France 30years old; Germany 31; USA 28years old is the average age at first marriage according to Wikipedia

It would be interested to get our hands on a study that showed the average age compared to the revenue, capital or studies; I would think the age is a tiny bit more for wealthier and more educated people

Yes... but in general, those living in the rural areas, and those employed in various blue-collar jobs usually get married by 25-28 years of age, while those urban elite usually marries much later.

80% of the population is urban in western countries

we mostly agree, stop arguing ;D

Generally speaking yes. The experience you gain over the years, particularly when you have qualifications and accolades, you will earn a lot more. Senior roles pay a noticeable better wage, depending on the job you are in, of course.

For low skilled jobs you only get a small seniority raise as you get older

You need to change jobs when you reach your maximum potential on a job if you want to make more or you can enjoy your free time to spend time with your family and friends ;)

I said the urban elite, i.e those who work in white-collar professions. Those who work in blue-collar professions usually get married much earlier. But the first group which I mentioned wait until they are 35 or 40.

Either 35 or 40? Find me the exact average age and we will start talking instead of saying pseudo-truth based on your perception of the world