Charles Ponzi was born in Italy in 1882,
four years before our ClockTower.
By 1920 he was in American prison.
He died in 1949, but not before his name became synonymous with a swindler’s money-making scheme.
Ponzi Schemes are a fraudulent form of investment so prone to collapse that they are illegal in dozens of countries.
But here in America we call this “Social Security.”
Based in the same concept that new investors pay off older ones, Social Security launched in 1935 with 15 workers paying in for every one retiree taking out.
By 2005 that ratio had fallen to 3 to 1.
In 15 years that will shrink to 2 to 1, but in just 36 months the system will begin to pay out to baby boomers more than it takes in from younger workers.
If you are below the age of 30,
save and invest your money now.
Time is on your side.
But there’s a good chance Uncle Sam won’t have your back.