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Patrick Donohoe and co-host Chunga talk about the 2 biggest demographic issues that could sink the U.S. economy! It sounds pretty grim, but don’t be fooled by the negative tone. There’s an awful lot of opportunity to build wealth for both young and old Americans that choose to plan wisely.
Issue #1 – College
– Cost of tuition – 50k for private 25k for public
– Debt – 1.5T – can remember when it crossed 1T not too long ago
– Parents paying for inflated tuitions & Opportunity Cost
– Average Salary: 7% of median income – 25% median income
Issue #2 – Baby Boomer Care
– Average boomer has 160k saved – 600/month for 20 years
– Health Care = 377k average cost
– Don’t have a clue about social security – they are always making changes – changes starting as early as January – Making a shift to a lower income for the highest taxable amount
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