http://finance.yahoo.com/focus-retirement/article/110636/5-little-known-facts-about-social-security;_ylt=AmABrNS7Xfzpo08rPXA7Biu7YWsA;_ylu=X3oDMTE1YXY4Z3FtBHBvcwMzBHNlYwNmaWRlbGl0eUZQBHNsawNsaXR0bGUta25vd24-?mod=fidelity-managingwealth&cat=fidelity_2010_managing_wealth
“According to my annual printout, I've put over 180k into SS. Just turned 62, and I get my first check next month, about $1700. So it'll take about nine years to get MY money back. People say I should wait and get a bigger check in 4-8 years. I say @#$%, I want MY money back. I could croak tomorrow. If I last 105 months, then I'm getting YOUR money. Thank you in advance.”
“About 50 years ago, famed economist, Milton Friedman presented a very interesting and simple thesis on how money can be spent:
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If you spend your own money on yourself you are interested in both the amount you spend and the value you receive.
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If you spend your own money on someone else you are still very interested in the amount you spend, but not nearly as interested in value.
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If you spend someone else's money on yourself you are interested in value, but you are likely to be relatively insensitive to the amount you spend.
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If you spend someone else's money on someone else you are not particularly interested in the amount you spend or value that is delivered.
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I'll add to this:
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Government obviously fits the fourth scenario. However, to make matters worse, government actually has incentive to be less sensitive to amount and value. Since our representatives like to brag about how much money they bring home from the federal coffers and managers working for government are often paid based on the size of their department's budget and the number of people under management, there are actually incentives to spend more, but few incentives to realize real value from spending.”
Replies (1)
“According to my annual printout, I've put over 180k into SS. Just turned 62, and I get my first check next month, about $1700. So it'll take about nine years to get MY money back. People say I should wait and get a bigger check in 4-8 years. I say @#$%, I want MY money back. I could croak tomorrow. If I last 105 months, then I'm getting YOUR money. Thank you in advance.”
“About 50 years ago, famed economist, Milton Friedman presented a very interesting and simple thesis on how money can be spent:
-
If you spend your own money on yourself you are interested in both the amount you spend and the value you receive.
-
If you spend your own money on someone else you are still very interested in the amount you spend, but not nearly as interested in value.
-
If you spend someone else's money on yourself you are interested in value, but you are likely to be relatively insensitive to the amount you spend.
-
If you spend someone else's money on someone else you are not particularly interested in the amount you spend or value that is delivered.
-
I'll add to this:
-
Government obviously fits the fourth scenario. However, to make matters worse, government actually has incentive to be less sensitive to amount and value. Since our representatives like to brag about how much money they bring home from the federal coffers and managers working for government are often paid based on the size of their department's budget and the number of people under management, there are actually incentives to spend more, but few incentives to realize real value from spending.”
Replies (1)
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