Homelessness jumps 12% in L.A. County and 16% in the city; officials ‘stunned’

 

In a hard reality check for Los Angeles County’s multibillion-dollar hope of ending homelessness, officials reported Tuesday that the number of people living on the streets, in vehicles and in shelters increased by about 12% over last year.

The annual point-in-time count, delivered to the Board of Supervisors, put the number of homeless people just shy of 59,000 countywide. Within the city of Los Angeles, the number soared to more than 36,000, a 16% increase.

 

And as in past years, most — about 75% — were living outside, fueling speculation of a growing public health crisisof rats and trash near homeless encampments downtown.

The findings in L.A. follow a string of similarly dire point-in-time counts from across California, as government officials struggle to respond more forcefully to the state’s abject lack of affordable housing. The shortage is driving up rental prices, forcing people onto the streets at a rapid pace.

“At this point of unprecedented wealth in the county of Los Angeles, we are equally confronted with unprecedented poverty manifesting itself in the form of homelessness,” Supervisor Mark Ridley-Thomas told The Times.

In a statement, Los Angeles Mayor Eric Garcetti called the increase in homelessness “heartbreaking,” but said he was hopeful about the city’s recent work to alleviate the crisis, including an investment of $42 million to respond to public health concerns and intensify street-based services.

“This work has never been for the faint of heart, and we cannot let a set of difficult numbers discourage us, or weaken our resolve,” Garcetti said in a statement to The Times.

But among others in L.A. County, the point-in-time count crushed the optimism from last year’s tally, when a modest decrease in homelessness was recorded. The uptick left officials struggling to understand how the tide could have turned so badly in a year when millions of dollars had been spent rolling out new initiatives to move people into shelters and permanent housing.

 

#FantasticFriday Success Principles: Did you know that Wealth is a Mentality and a Mindset?

#FantasticFriday Success Principles: Did you know that Wealth is a Mentality and a Mindset? Well, Poverty is a condition. In today’s #vlog, Rory talks about the importance of speaking into existence what you believe.
You are Wealthy!

Avoid the 401(k) Tax Traps

Here’s an article on Millionaire Grant Cardone talking about 401(k)’s.

After graduating from college, Grant Cardone was broke and swimming in $40,000 of student debt, he writes in his new book, “Be Obsessed Or Be Average.” By 30, he’d made his first million. Since then, the 58-year-old has built five companies and a multi-million dollar fortune.

The self-made millionaire refuses to play by anyone else’s rules, particularly when it comes to saving money. “I would never, ever invest money in a 401(k),” Cardone tells CNBC. “Why would I go to work, have my employer give me another $6,000 a year, and then take that money and send it off to Wall Street, where I can’t even touch it for 30 years? I wouldn’t do that.”

The popular retirement plans are “traps that prevent people from ever having enough,” Cardone writes on his website. “The 401(k) is merely where you kiss your money away for 40 years hoping it grows up.”

Rather than focusing on saving, focus onearning — you can’t save your way to millionaire status, he says.

“Wall Street is telling you to invest little bits, early. They don’t believe in your ability to earn money,” Cardone tells CNBC. “People need to show the ability to produce more revenue — not invest it — first. People get rich because they produce revenue, not because they make little investments over time.”

And don’t just focus on earning — focus on earning big, says Cardone. “Keep stacking that paper until you have a hundred grand in the bank. I know this is very unrealistic for a lot of people, but the reason it’s unrealistic is because you’ve been conditioned to think small.”

Cardone is promoting saving the money you earn, but counter to most advice, he says to put the money in a good old-fashioned savings account — where your money is accessible at a moment’s notice — until you have at least $100,000. Then, you can start investing.

“Put your saved money into secured, sacred (untouchable) accounts,” he writes on Entrepreneur. “Never use these accounts for anything, not even an emergency. … To this day, at least twice a year, I am broke because I always invest my surpluses into ventures I cannot access.”

It’s important to note that the median retirement savings for all families in the U.S. is just $5,000, and the median for families with some savings is $60,000, according to the Economic Policy Institute (EPI). And many families have zero saved. Employer-sponsored retirement plans are meant to help address this and are a good option for many people. But of course, to Cardone’s point, they won’t help you get rich quickly or invest in opportunities today.

He’s not the only self-made millionaire to encourage this kind of thinking. After studying wealthy people for more than 25 years, self-made millionaire Steve Siebold found thatrich people set their expectations highand aren’t afraid to think big.

After all, as he writes in “How Rich People Think,” “No one would ever strike it rich and live their dreams without huge expectations.”

Written by Kathleen Elkins (CNBC)