So I've got a lot of comments about people being old and rich--as a response to my first post. I guess I was jumping the gun on that one. You see, social security (that big ass deduction on everyones' paycheck) will not be able to help people anymore when we get that old, so basically, when you stop working, you better hope that someone will help you, because the government wont. This is important part-- stock as much money as you can in your ROTH IRA. Why ROTH? Well, because you do not get penalized when you take that money out to pay for things like 10% of your down payment for your first house, an emergency medical bill, or higher education.
If you invest in the stock market and make money, the government taxes you. And if you VOTE FOR OBAMA, you will be taxed HIGHER. So DONT VOTE FOR HIM lol jk. You can vote for him. Anyway, these guys (democrats) are looking to increase capital gains tax, and so when you have a ROTH IRA, you do not PAY those taxes when you take out your money for the purposes I mentioned above. But then again, for every other excuse, like taking money out to buy an iphone, you WILL get taxed. And money doubles about every 6 years in the stock market, considering a return of %12 a year... Id love to hear someone tell me not to save money. I dare you!
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Also, if you vote for Obama he will take that money he taxes you and make sure people have health care, and that your parents can get social security, and that we improve our education system, and basically have a better country
So for goodness sakes, don't vote for Obama.
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