? Really he is not up to standards.Quote: onenickelmiracleObjection. This man deserves his own corner. Maybe 2 corners or just a wall. Additionally I think 2/3 of his posts should not count towards top contributors. Most of the time it is triple posts and really not adding anything at all and he is abusing a technicality. I don't know why he wants to post so uselessly, but I don't want to see his name up there. If you have to promote him as a mod to fix it, do it.
I don't like him either.
I'm not coming back until he is permanently banned whenever this is.
Quote: billryanYou'd be surprised how many people simply don't factor taxes into their plans. That and thinking medicare is going to provide you with free health care.
That and thinking that having a million dollars is enough to retire comfortably on.
Quote: SOOPOOThat and thinking that having a million dollars is enough to retire comfortably on.
that is a horrible post coming from a wealthy person (a Doctor) who falsely projects that most people have spending habits equal to his
you can absolutely retire comfortably with a million dollars if your idea of comfort doesn't include luxury cars - palatial dwellings, expensive restaurants, expensive useless jewelry and many other things that wealthy people feel obliged to waste their money on...............the primary reason they do this is that America is theoretically a classless society................buying a $400 pair of pants makes them feel separate and above the teeming crowds who they see as below them...............it gives them the illusion that they are actually part of a higher, better class
assuming you don't encounter a catastrophe such a needing inordinate amounts of medical care
and if that happens even $5 million wouldn't be enough
true story:
I was at the ticket counter at Dulles Airport when a man was screaming this at the Manager:
"you mean to tell me you can't get me an aisle seat when I just paid $10,000"..................round trip Austrian airlines Vienna and back First Class
can you imagine paying $10K to go to Vienna and back?.........get on the web and you could do it at least at that time for about $1K
the man donated a used car to Austrian Airlines
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Quote: SOOPOOThat and thinking that having a million dollars is enough to retire comfortably on.
I'd imagine most people retire with far less than a million dollars. It isn't that hard.
The Rule of 4 says that you should withdraw no more than 4% of your total portfolio each year. Assuming you're earning at least 4% in returns, you can effectively live off of interest-earned without touching your principal balance.Oct 16, 2019
Quote: rxwineOff the inter tubes quote
The Rule of 4 says that you should withdraw no more than 4% of your total portfolio each year. Assuming you're earning at least 4% in returns, you can effectively live off of interest earned without touching your principal balance.Oct 16, 2019
That also doesn't take into account your social security or any pensions you have. A couple who has a million dollars in the bank and is drawing $25,000 or more in SS will be fine.
He also says that investors who think they will be able to cash out big profits without getting huge tax bills are fooling themselves.
Unlike many, who argue that bitcoin will go up because it usually does, he made a fairly convincing argument that bitcoin will be regarded as "digital gold" and have a place in portfolios as a hedge.
He also says that there are almost 5,000 digital currencies around today and he doesn't see more than a dozen or two surviving.
I like looking at them as assets. It makes more sense than thinking of it as a currency.
Quote: billryanOn another forum, one of the most successful traders I know wrote that he is now bullish on bitcoin. He thinks bitcoin is an asset, not a currency and that when fully developed, bitcoin should be valued at $72,000. At $60,000 he didn't think it had enough potential for new investors, but at $34,0000 he now thinks there is enough upside to invest. He thinks $50,000 by years end and $72,000 in 18 months.
He also says that investors who think they will be able to cash out big profits without getting huge tax bills are fooling themselves.
Unlike many, who argue that bitcoin will go up because it usually does, he made a fairly convincing argument that bitcoin will be regarded as "digital gold" and have a place in portfolios as a hedge.
He also says that there are almost 5,000 digital currencies around today and he doesn't see more than a dozen or two surviving.
I like looking at them as assets. It makes more sense than thinking of it as a currency.
I guess there is no way to know how much BTC this person owns?
I've known him for 20 years and it was fun watching him progress from sharing a small walk-up to getting his own place to buying a one-bedroom coop to recently buying a huge duplex.
However much he currently has in bitcoin, I'm sure it could go to zero and he'd call it a bad day. He's really big on certain REITs and rare earth metals although he screams to diversify.
He thinks bitcoin has a certain market cap and since there will be a finite amount of bitcoin, coming up with a value for each one is math.
Quote: billryanI'd imagine most people retire with far less than a million dollars. It isn't that hard.
Of course I know that. I used the word ‘comfortably’. You can only safely get a % or 2. That’s $20k a year if you are not tapping into the principal. This ‘rich doctor’ has a small house, drives a 2014 Hyundai, and lives in low cost Buffalo. The only expensive thing I have is my wife, and she is worth every penny.
Quote: SOOPOOI used the word ‘comfortably’..
how ridiculous
you don't know what you're talking about
there's probably 50 million retired people in the U.S. who have less than $1 million
and a hell of lot of them are quite comfortable, thank you
a husband and wife are both retired and each draw $2500 per month from S.S.
that's $60,000 per year with minimal taxation because it's S.S.
their house is paid for
their property taxes and utilities add up to less than $10,000 per year
their spending on food not including restaurants is about $12,000 per year
if they want they can do a reverse mortgage and generate more income
unless there are exceptional medical needs they don't even need to touch their savings
you do the math
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Quote: billryanThat also doesn't take into account your social security or any pensions you have. A couple who has a million dollars in the bank and is drawing $25,000 or more in SS will be fine.
That is assuming that you have some other form of income like SS. I would think it would be difficult to retire at an early age with only $1 million. My goal when I was younger was to accumulate $3 million and retire. My father retired at 47 years and never worked again but he had a full pension. I was hoping to retire at a younger age than he did but that plan fizzled out.
Quote: SOOPOOThis is a silly argument, by the way. One that will not result in any minds being changed. How about ending it this way.... If I had less than $1 million I could not retire comfortably. If you had less than $1 million you could retire comfortably? Agree?
that is fine - I don't want to continue the discussion either
my problem with your original statement is that it was a blanket one
you basically assumed all others in the U.S. had financial and material goals similar to yours
it was very wrong and quite surprising to me that you could even think that
as if you were saying people without more than a million dollars were doomed to struggle and scuffle about
can you imagine the reaction if a popular newspaper columnist wrote a column asking for sympathy because he only had a million and not much more?
but as you say, it's time to move on
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Quote: lilredroosterthat is fine - I don't want to continue the discussion either
my problem with your original statement is that it was a blanket one
you basically assumed all others in the U.S. had financial and material goals similar to yours
it was very wrong and quite surprising to me that you could even think that
as if you were saying people without more than a million dollars were doomed to struggle and scuffle about
can you imagine the reaction if a popular newspaper columnist wrote a column asking for sympathy because he only had a million and not much more?
but as you say, it's time to move on
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Yes time to move on but your newspaper suggestion reminded me of a real life situation.
I worked through the 90's 9-5 making $15 an hour for this guy. He was a millionaire with a lot of holding in world trade center located business.
After 9-11 he was crying how bad his economic outlook was. He was going to have to be on a low budget and watch his spending.
A few days later he asks me to call a limo to pick him up. I asked if that was a wise expenditure and said "I thought you said you were broke"
He screamed back over the phone "I AM BROKE. I ONLY HAVE $850,000 LEFT TO MY NAME".
He knew my salary yet didn't seem to care what that made me think.
A year later I had left his employ and was running my own business
Quote: lilredroosterthat is fine - I don't want to continue the discussion either
my problem with your original statement is that it was a blanket one
you basically assumed all others in the U.S. had financial and material goals similar to yours
it was very wrong and quite surprising to me that you could even think that
as if you were saying people without more than a million dollars were doomed to struggle and scuffle about
can you imagine the reaction if a popular newspaper columnist wrote a column asking for sympathy because he only had a million and not much more?
but as you say, it's time to move on
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We would start a Kickstarter campaign for the poor fellow. I'm picturing the unfortunate family. They must have to fly coach and send his children to public schools. The horror.
Being self employed without defined/required business hours, frequent travel lifestyle and a hobby of backpacking/hiking trips that require more time than money have influenced me to develop the belief that unless you’re a silver spooner life is essentially a personal choice of balance between freedom and comfort.
The more “things” one requires to be “comfortable” the more they are willing or have to give up their freedom (of time/labor, activity choices, location etc) to purchase or maintain that comfort.
Guys like Floyd Mayweather or running back Adrian Peterson can never retire comfortably regardless of how much money they made. Guys like Mr. Moustache can quit “full time” working after about 10 years of a decent job, it doesn’t mean you never do any work again you just don’t have to have your life revolve around it if you don’t want it to.
Quote: billryan" Don't work for your money. Let your money work for you."
That's assuming you have money.
Low wage workers can't catch a break like that. Almost everything they do, even opening a bank account comes with minimum requirements that make saving to get ahead almost impossible or requiring a decade plus of suffering for a small come-up
Quote: darkozThat's assuming you have money.
Low wage workers can't catch a break like that. Almost everything they do, even opening a bank account comes with minimum requirements that make saving to get ahead almost impossible or requiring a decade plus of suffering for a small come-up
that's very true and very sad
our society in many ways influences people to compete and better themselves to become higher wage earners
but the reality is - many are just not going to be able to make it into the higher wage category for whatever reason - many because they're just not smart enough
the competition is fierce
so our society has to grapple with the issues of how to deal with people who cannot provide a decent living for themselves
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Quote: lilredroosterthat's very true and very sad
our society in many ways influences people to compete and better themselves to become higher wage earners
but the reality is - many are just not going to be able to make it into the higher wage category for whatever reason - many because they're just not smart enough
the competition is fierce
so our society has to grapple with the issues of how to deal with people who cannot provide a decent living for themselves
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Tell them to move to Las Vegas. Las Vegas has many more high income jobs for the uneducated as I have ever seen. I have a daughter that works as a waitress because she earns a lot more than she was paid after college working at Deloitte. One of my best friends is a union carpenter making $62 an hour.