It’s indeed a hard point to get across when you’ve been indoctrinated (we all are about something) that leaving it to the government is a better option. For example, people in Europe obsess about retirement plans, but rarely consider the possibility for creating their own private future financial plan.
Yeah, I have one of those (compulsory) retirement plans. Even if it's tax-free, its yield is incredibly crappy compared to my own (very conservative) investments in broad index ETFs.
I would gladly put ALL my savings into my own retirement plan instead of the government's money hole if I was allowed. But I am robbed of that choice...
Because some people just can't. It's nice and easy when we are closed in our tech bubble, but it's not so good for everyone else.
I'll gladly pay my taxes knowing that the current retired people that didn't have the possibility to save up, can survive today. Also hoping that happens to me in case a horrible thing happens to my financial situation.
It’s not an all or nothing question, I just highlighted where the thinking tends to go towards here in Europe. Not saying eliminate retirement plans, but also take into account your financial future if you can. Have that as a goal.
After experiencing both thought systems as an outsider (I'm neither European nor American) it feels like American system wants to win life and European system wants to live life. I honestly do not want to create my own financial future plans. I find investing and dealing with my own money incredibly stressful and distracting. I do not care for investing nor do I want to care. I want a guarantee that I will have a minimum lifestyle and the time saved can be used to enjoy right now.
People like me, who take stress when it comes to such things, love European system but people who find it trivial to invest in markets and such find the American system better. I wonder how many people think like me and how many like Americans. I have met Americans who don't think like what I just categorized as the American mindset, and European which are opposite to. So I really cant just take the populations and answer my own question.
