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Old Yesterday, 02:44 PM
 
2,527 posts, read 1,621,179 times
Reputation: 5455

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Quote:
Originally Posted by ukrkoz View Post
Well, let's look at it this way.


USA is moved form the world policeman/do as I please, position. Hence, now it has to rely on its own, not on pumping wealth from places else.

Dollar is no more one and only international currency. Breton Woods is done and over and gold is back. Dollar is moved to the third position, replacing gold. .
There is outright political civil war in the country, between old liberal clans and the new power, represented by Trump.
Current government has to revamp entire country to return its industrial potential and power to where it was before..


Those are not easy times indeed....
I wasn’t aware the dollar was the one and only reserve currency. There are several. It just happens to be the dominant one.

But uh yeah sure, the USD is third behind gold and mystery currency...even though the dollar is still 2/3 of foreign reserves.

I’ll take your word for it.
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Old Yesterday, 04:06 PM
 
3,214 posts, read 1,966,214 times
Reputation: 2183
Quote:
Originally Posted by pipsters View Post
You can either shake your fist at how lousy your luck is or change it.

I chose to change my luck. When I was in high school (2000) I couldn't imagine earning $35,000 a year. The year after I graduated college I made $12,700 or something. Combined our income wasn't even $30,000. Ha. Little did I know what the real world was like. But I was a millionaire at 35.
  • I bought a house.
  • I paid cash for a car ($21k)
  • I paid off all our student loans (equivalent to about $60k in today's dollars)
Everyone always has an excuse for why they can't succeed. Not many have an excuse for why they did.
what did you do?
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Old Yesterday, 10:58 PM
 
1,083 posts, read 376,680 times
Reputation: 3319
Quote:
Originally Posted by llowllevellowll View Post
Hey, I absolutely agree that people overspend and it costs them financial freedom. But you just admitted that you wanted to throw money down the drain because you could afford to throw money down the drain.

You cost yourself a significant amount of money with an ill-advised decision by purchasing a car with all-cash, and again, these are the types of poor financial decision making that can cost families that aren't as fortunate as yourself.

So before we accuse others of not maximizing their own potential financially, we have to see that we don't always make the best decisions ourselves. .....we are fortunate to have a greater margin for error than others.
....
Honestly, this is a gross over-generalization.
Clearly you do not yet have enough money to pay cash.

People who have 5-10% of NW in cash as a normal asset allocation, and use 1/5 of that, or a mere 1% of their total NW to buy a Lexus in cash is not necessarily a 'bad' decision'.
So we lose a tenth of a percent.
BFD!

ETA:Guess I should have decoded your name first before posting....
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Old Yesterday, 11:08 PM
 
Location: San Josť, CA
3,134 posts, read 5,687,729 times
Reputation: 2647
Quote:
Originally Posted by PamelaIamela View Post
Honestly, this is a gross over-generalization.
Clearly you do not yet have enough money to pay cash.

People who have 5-10% of NW in cash as a normal asset allocation, and use 1/5 of that, or a mere 1% of their total NW to buy a Lexus in cash is not necessarily a 'bad' decision'.
So we lose a tenth of a percent.
BFD!

ETA:Guess I should have decoded your name first before posting....
How would it be clear that I don't have enough to purchase a small asset with cash? Surely someone who owns property and has made a down payment can purchase a car without financing.

The clearly is that I have struck a cord with someone else who purchased a car with cash. The net worth % of a person makes absolutely no difference in the mathematical equation. Unless your investments during this time won't out-perform a 0-2.9% loan amount, then yes, it is a poor financial decision regardless of how much money you have. Even in what people deem a poor economy, my investments in REITS are up 18% for the past 16 months?

Listen, I don't make the rules. If you want to be mad, go be mad at numbers.

After reading the OP and then seeing your post, I think what this is all about is the act of telling people that you paid cash for a vehicle, and that really gets certain people going. It must be a real ego booster to go around telling people that you have no less than $20, 30, or perhaps $40,000 of liquidity right at your whim. For me, it doesn't get me off. I'd rather assume that I have little and continue making good decisions with what I have. In fact, I just sold the only car I ever purchased new to a friend who was in a tough spot; and when I do decide to buy another car, I'll probably find a cheap manual on Craigslist that someone undervalues, tool around in that for awhile, and sell that too.

Showing everyone my toy doesn't really get me going; it's the ones bragging that they paid all cash for an overpriced Toyota that you have to question. Different strokes, yeah?

Last edited by llowllevellowll; Yesterday at 11:18 PM..
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Old Yesterday, 11:31 PM
 
1,083 posts, read 376,680 times
Reputation: 3319
Quote:
Originally Posted by llowllevellowll View Post
How would it be clear that I don't have enough to purchase a small asset with cash? Surely someone who owns property and has made a down payment can purchase a car without financing.

The clearly is that I have struck a cord with someone else who purchased a car with cash. The net worth % of a person makes absolutely no difference in the mathematical equation. Unless your investments during this time won't out-perform a 0-2.9% loan amount, then yes, it is a poor financial decision regardless of how much money you have. Even in what people deem a poor economy, my investments in REITS are up 18% for the past 16 months?

Listen, I don't make the rules. If you want to be mad, go be mad at numbers.

After reading the OP and then seeing your post, I think what this is all about is the act of telling people that you paid cash for a vehicle, and that really gets certain people going. It must be a real ego booster to go around telling people that you have no less than $20, 30, or perhaps $40,000 of liquidity right at your whim.For me, it doesn't get me off. I'd rather assume that I have little and continue making good decisions with what I have. In fact, I just sold the only car I ever purchased new to a friend who was in a tough spot; and when I do decide to buy another car, I'll probably find a cheap manual on Craigslist that someone undervalues, tool around in that for awhile, and sell that too.

Showing everyone my toy doesn't really get me going; it's the ones bragging that they paid all cash for an overpriced Toyota that you have to question. Different strokes, yeah?
Your arithmetic is quite off.
I did not buy my car to impress people, much less tell them how I paid for it.
People need to impress me.
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Old Today, 12:42 AM
 
10,724 posts, read 8,180,575 times
Reputation: 26795
Quote:
Originally Posted by ukrkoz View Post
Well, let's look at it this way.


USA is moved form the world policeman/do as I please, position. Hence, now it has to rely on its own, not on pumping wealth from places else.

Dollar is no more one and only international currency. Breton Woods is done and over and gold is back. Dollar is moved to the third position, replacing gold. .
There is outright political civil war in the country, between old liberal clans and the new power, represented by Trump.
Current government has to revamp entire country to return its industrial potential and power to where it was before..


Those are not easy times indeed....
You're completely off base.

1. The gold standard isn't coming back.
2. There is no return to industry. Uneducated, blue collar folks are being fed a load of BS as to the return of coal mines and factory work. We live in a global world and US companies will always look overseas to reduce costs for manufacturing.
3. As far as industrial power, have you considered the impact and the role of technology? Even in the case of coal mining, they have developed coal mining robots that are more cost effective than using people. Trying to keep Americans uneducated and hoping for low skilled factory jobs is a sad approach by the current government.
4. It's the current government that's decimating healthcare and removing all types of consumer protections. These will have a huge impact on the economy and personal finances.
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Old Today, 01:03 AM
 
Location: San Josť, CA
3,134 posts, read 5,687,729 times
Reputation: 2647
Quote:
Originally Posted by PamelaIamela View Post
Your arithmetic is quite off.
I did not buy my car to impress people, much less tell them how I paid for it.
People need to impress me.
The OP declared how much he shelled out for his cash payment to everyone on the board. Maybe you should have read the thread before you went off your rocker.

Right.
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Old Today, 05:41 AM
 
Location: Boston
6,838 posts, read 1,992,092 times
Reputation: 4961
7 pages of tears. All boils down to you want and voted for politicians that sold you a bill of goods/regulations you're unwilling to pay for. Vote smarter, stop struggling. You were chumped.
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Old Today, 05:59 AM
 
1,852 posts, read 490,718 times
Reputation: 2558
Quote:
Originally Posted by skeddy View Post
7 pages of tears. All boils down to you want and voted for politicians that sold you a bill of goods/regulations you're unwilling to pay for. Vote smarter, stop struggling. You were chumped.
Voting has nothing to do with it.

The electoral college is bought and paid for. No representation without compensation.
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Old Today, 06:25 AM
 
864 posts, read 640,509 times
Reputation: 1066
Quote:
Originally Posted by PamelaIamela View Post
Your arithmetic is quite off.
I did not buy my car to impress people, much less tell them how I paid for it.
People need to impress me.
He's become oddly distracted by this car thing. The poster I responded to inferred why people think the economy is bad. I took the cash for car statement as buying a "normal" car amount, ie one can say they paid cash for a car but if it was $3000 that doesn't really mean a whole lot. Not bragging about paying $x for a car. It wasn't that nice of a car, it was a Prius. Lol. It is my wife's. My car is 24 years old. I don't need to impress people. I don't really care what anyone else thinks about me.

He stated:

Quote:
Originally Posted by llowllevellowll
And unless you're truly producing something, inventing something, etc, then your success is so very replaceable by the next person walking down the street. The moral of the story is that none of us are as special as I think you tried to intimate early on in this thread.
Which was literally my whole point in all of this. If I (and wife, who grew up poor) can do it, so can anyone else. People just make horrendous financial and life decisions one after another. What we did was nothing special, just a worker bee. And we even made tons of financial mistakes on the way, I cringe at the money lost from not investing early on.

Last edited by pipsters; Today at 06:35 AM..
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