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Mmm I thought there was a law that helped reduce the effects of property tax hikes.
Yes in California; No most everywhere else.
It is not uncommon here in Park City, UT for houses to bear a property tax burden of $40,000 to $60,000 per year. I know a guy with a property tax of $98,000 per year.
A million dollars is not that much money. Most people I know have assets exceeding a million dollars. They are working people. No Bentleys, Rolls,or exotic cars. They live in nice but not wealthy neighborhoods. They have adult kids now ,starting their own families. It just isn't a big deal having a million dollars. Now if your talking 25 million and up, that's when you'll find the exotic cars and fancy waterfront homes.......
True - but at the same time, any career public servant with a reasonable pension has the retirement income of a multi-million dollar portfolio. The new 1% are public sector employees with gold-plated pensions & Cadillac health care.
Us Federal Employees sure don't get that. We only get 30% Max last 3 years averaged....
I see this chestnut bandied about regularly, and it is absolutely pointless in most analysis. How many people do you know took their net worth from cash and lump summed into the market right at it's peak? I'm sure someone did but that isn't how most people invest, middle class people like in our example would likely be investing regularly over time with annual contributions.
How do you know if the market or stock is at its peak? There are some companies out there that never suffered from huge loss and grew pretty steady. You must be a billionaire if you know when the market is at its peak because then you can cash out and buy it at low. People everyday say apple and amazon is at its peak, I been hearing this for years and every year it surpasses peoples expectations. I think right now people are saying Facebook is at its peak. Today now Nasdaq has surpassed its peak at 2000. Does this mean nasdaq is at its peak and time to sell tech shares? Lot of tech companies are doing good and guess what people are investing in these companies today. Coca cola right now just recently passed its all time high from 2000s. Does this mean its time to pull out and not invest. It is really hard to guess when a company is at its peak and will fall. Looking at 2001 it might have seemed obvious that the tech sector was going down but at the time it was not obvious.
In our example I thought someone took 140k and invested it in the market? that seems like a lump sum. How do you know what middle people do too? I have noticed that middle class people do not share the same ideals when it comes to finance and investing. Some people save every cent and put it in the bank. Some put a good chunk of their net worth into a house. Some choose to spend all of their income on things. I have bumped into someone that put a huge chunk of money in the stock market. Right now a large chunk of my money is in the stock market. I have never bumped into a middle class family with incredible diverse investments. You would be surprised to see how many people invest at the peak or when stocks sharply rises. If one was alway cations and plays it safe I have no idea how they will be making money. And get this I know someone who bought land in 2007-2008 and had put all his money to get LOAN for some business venture. This guy did everything wrong and I thought he was insane. When the market recovered his business boomed and now is making 300k - 600k a year. I have also known some people that completely left the stock market after taking huge losses, I have no idea what happened to them. Maybe the people I know and me are the outliers of middle class I do not know.
Us Federal Employees sure don't get that. We only get 30% Max last 3 years averaged....
There is often a Health Benefit that can kick in as early as age 50...
There are Federal Employees and there are Federal Exempt Employees... like appointed Judges that receive 100% of pay for life for the top positions.
Employee benefits are dependent on the type of appointment. Full benefits are typically available for full-time or part-time appointments expected to last for at least one year and one day. Limited benefits may be available for temporary full-time or part-time appointments of less than one year and for term law clerk appointments.
There is often a Health Benefit that can kick in as early as age 50...
There are Federal Employees and there are Federal Exempt Employees... like appointed Judges that receive 100% of pay for life for the top positions.
Employee benefits are dependent on the type of appointment. Full benefits are typically available for full-time or part-time appointments expected to last for at least one year and one day. Limited benefits may be available for temporary full-time or part-time appointments of less than one year and for term law clerk appointments.
I suppose in the end I'm way better off than private sector suckers but I still envy state employees.
Twelve of my friends became Oakland Police Officers... all with two year Admin of Justice Degrees... all are now retired with 100 to 180k pensions and life time medical...
It was not always like this... when my uncle was a deputy most worked second jobs until they made rank... having a family was put off... much different today...
New Grad Registered Nurses at SF General were starting at 100k seven years ago... it is harder now for a fresh grad to get in today... but the wages are good.
Twelve of my friends became Oakland Police Officers... all with two year Admin of Justice Degrees... all are now retired with 100 to 180k pensions and life time medical...
It was not always like this... when my uncle was a deputy most worked second jobs until they made rank... having a family was put off... much different today...
New Grad Registered Nurses at SF General were starting at 100k seven years ago... it is harder now for a fresh grad to get in today... but the wages are good.
I'm waiting to become regular but the position I'm in is not really middle class in the Bay Area (poverty really) and so it has little demand here. Anywhere else I'd be Middle class just by myself (I would make more than the Median Household income by myself).
True - but at the same time, any career public servant with a reasonable pension has the retirement income of a multi-million dollar portfolio. The new 1% are public sector employees with gold-plated pensions & Cadillac health care.
There are no guarantees public servant pension will be paid in the future, I would rather get paid upfront in the corporate sector. This way I can always take my money and leave, instead of being at the mercy of local government not defaulting on pension obligations.
There are no guarantees public servant pension will be paid in the future, I would rather get paid upfront in the corporate sector. This way I can always take my money and leave, instead of being at the mercy of local government not defaulting on pension obligations.
Until the corporation says "bye bye we can hire desperate interns for 1/8th your price" Some people like the government because of the job security.
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