Bet On Yourself
If this is fiscal responsibility, I would hate to see what a spendthrift government would look like. No matter how you slice it, the government is bankrupt. Of course they don't have to play by any of those rules. As a fiat currency the US government has been counterfeiting for over 100 years. The Fed prints the paper, lends it the government and then plays with interest rates. Basically, it is legalized counterfeiting.
Presently there is $37T in debt. That debt has exploded since 2008. The debt at end of 2007 was $4T. Just 16 years later it's almost 10x more. Let that sink in for a moment. Now, try and think like Uncle Sam. There is now almost $40T in qualified retirement accounts. These includes $401K, IRA's, SEP, Keough and any other ERISA type plan. Of that $7T is in 401k's. The vast majority is in IRA's.
With your qualified funds Uncle Sam is your partner. That means the government is tied to your funds. They will determine how much tax you will pay, how much you can distribute, when you can distribute it and most importantly, they have access to your funds. If you don't think so, just consider what happens when banks fail and how the government intervenes. It is government intervention that creates inflation. They not only counterfeit the currency, but they also determine what the value is in the free market.
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So, why bet on yourself? There are several major reasons. First you have a better chance of financial independence in the free market. Creating business to develop tax advantaged income, capital appreciation and an exit strategy for you and your family is part of betting on yourself. You get to create your own share price; this shifts the market risk to YOU. Any fees and expenses all stay in your pocket. You are no longer tied to Wall St and Uncle Sam. You are free to succeed or fail in the free market (of course the government will still intervene and create obstacles). Staying partnered to the government creates risk over which you have zero control. Uncle Sam can tell you when, where, how and why. I don't know about you, but I certainly am not interested in that type of one-way partnership.
The great lie has been the focus of retirement. The truth is retirement has been the marvelous excuse that government has built through Wall Street and the financial services industry and media. The story is I'm from the government and here to help you. Look at this wonderful plan to put away dollars today, take a tax deduction (at the lowest tax rate you will ever have), grow the money tax deferred (into the highest tax rate you will ever have). Of course, the growth will come from Wall Street, which means you now have market risk, inflation risk, capital risk. Beyond the risks you get to pay fees and expenses on average 3% a year before your risk even starts to build a return. All this to save money for retirement. This is a pure pathway to failure. Not the government's failure mind you, they just assure you lose so they can continue to counterfeit and spend money they don't have.
In conclusion, for the majority of middle class, they have two assets that can be strategically used to create financial independence. In order to bet on yourself you simply need to learn how to strategically apply these assets for your present and future success.