The truth is a 401k is not enough to invest in your dreams in New York City, it can only be saved for a rainy day. What I'm trying to say is that if you want to buy a house with an investment of a 401k it couldn't do, the house would cost too much and then on top of that you have the mortgage or bills to pay. Making $20,000 a year and saving it until your retirement wouldn't be enough, for someone who didn't go to college and just has a High School Diploma. I'm sorry but that's the truth, my financial depression is that I wish I could have had finished college and made more money. I can't raise a family with a 401k because it wouldn't be enough for a family to raise, things are expensive in New York City, I don't know how people can do it.
I could only say that when I do hopefully retire with a 401k+ after 20 years or 24 years of hard work I can just have saved my money and enjoy my pension after paying the bills with some of the retirement check, that's my goal, that and my social security check at the age of 65 years old. I just hope that in time I go back to college and study something I like to become and make more money within the years of my 401k plans, to afford the things I wish I could have, I would just continue to pray for prosperity. I'm just speaking for myself for one person because I couldn't take care of someone else needs or wants like starting a family of my own.
New York City is being bombarded with inflation the rise of taxes, rent, food, clothes, etc. I cant imaging the people that are in debt because of a college education or a loan they took, how difficult it could be for them and by the way the more money you make the more money they take away in taxes from your check and your rent. So trying to save some money and keeping up with the economy could be difficult for someone who is trying to save up for something like a house and trying to get out of an expensive apartment. So yeah...
Israel Lopez
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