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Old 07-15-2019, 05:49 PM
 
Location: Washington Park, Denver
7,261 posts, read 6,810,827 times
Reputation: 7894

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Quote:
Originally Posted by CentralUSHomeowner View Post
I'm sorry but that statement is completely inaccurate.
Hmmm letís see...If you need an MRI are you going to have to choose between it and feeding your kids?

If you get a speeding ticket, what is it going to change in your life? Will you miss a meal, possibly lose your license or end up in jail because you canít pay the ticket? Get fired because you canít drive anymore?
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Old 07-15-2019, 05:51 PM
 
Location: Bay View, Milwaukee
2,271 posts, read 4,269,515 times
Reputation: 2940
Quote:
Originally Posted by CentralUSHomeowner View Post
I'm sorry but that statement is completely inaccurate.
Yes, it is accurate. The word "sometimes" is key.
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Old 07-15-2019, 05:53 PM
 
Location: Niceville, FL
7,850 posts, read 16,355,983 times
Reputation: 8053
Quote:
Originally Posted by Listener2307 View Post
I just don't buy it. No group of people is subject to being incarcerated without committing a crime. If one group commits more crimes than another, they should be locked up without regard to a "we got enough of those" arbitration.
There is discrimination written into many criminal statutes, especially in drug crime areas. Take crack vs. power cocaine.

https://www.criminaldefenselawyer.co...-penalties.htm

Quote:
A person convicted of a first offense of possessing five grams of crack had to be sentenced to five years in federal prison. By contrast, under the 1986 Act a coke-snorting user had to be caught with 100 times that amount of powder cocaine (500 grams, or over a pound) in order to face a similar five-year mandatory minimum sentence. This 100-to-one ratio was not the product of reasoned analysis of the relative dangers of the two forms of the same drug; rather, Congress batted around various arbitrary ratios (including 20-to-one) and settled on the 100-to-one ratio during floor debate on the Act. As Representative Dan Lungren (who helped draft the Act) said, ďWe didnít really have an evidentiary basis for it.Ē (156 Cong.Rec. H6202 (July 28, 1986).
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Old 07-15-2019, 06:11 PM
 
Location: Shreveport, LA
1,349 posts, read 1,027,834 times
Reputation: 680
Quote:
Originally Posted by PriscillaVanilla View Post
Being poor and destitute sometimes means you can't make the same decisions that a rich person would make.

I heard someone say that a person who worked for minimum wage could invest all their money. Think about that for a minute. If you earned minimum wage you'd need all your money for food, bills, rent. You can't go invest it. You might be able to save coins in a jar, that's about it.

It's easy to criticize other people but hard to walk in their shoes.

Also, it's important to remember that how a poor person does with their finances is none of our business anyway, especially if they are being self-sufficient.
Working 2 full time minimum wage jobs and eating at food banks and sleeping on the street and/or renting a place with a roommate you could maybe invest some moneyóI have no where near that discipline, personally, but an exceptional person could do it.
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Old 07-15-2019, 06:24 PM
 
Location: Texas
10,867 posts, read 4,158,798 times
Reputation: 21510
Quote:
Originally Posted by Magic Qwan View Post
Working 2 full time minimum wage jobs and eating at food banks and sleeping on the street and/or renting a place with a roommate you could maybe invest some money—I have no where near that discipline, personally, but an exceptional person could do it.
This comment might be valid if I had stated that "no one" who is poor could invest money. I never said there were exceptions. But personally most poor people I know are just trying to figure out how to survive from one day to the next, so investing is the farthest thing from their minds. They have to worry about where their next meal is coming from. They don't have the luxury of time to sit around on bogleheads and talk about stocks and bonds.
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Old 07-15-2019, 06:24 PM
 
248 posts, read 117,740 times
Reputation: 340
Quote:
Originally Posted by mathjak107 View Post
As long as we are cherry picking time frames why pick one of the worst 20 year periods which actually had bonds beat stocks..

Why not pick one like 1982 to 2002 which was 14% cagr ....20 years ago I was earning 90k selling electrical supplies, no college, here in ny ....a typical accumulation period really goes out more than 20 years ....for most of us it can run 30 - 40 years .... 20 year time frames for equities can be all over the map but going out 30 seem to have a reversion to the mean and most come out very close in the 9% range
Was trying to pick the last twenty - so that it applies to a person now at this current time - were they able to achieve $1M over the last 20 years on a modest income like the PP said?
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Old 07-15-2019, 06:31 PM
 
2,829 posts, read 774,918 times
Reputation: 5038
Quote:
Originally Posted by sparkypeanut View Post
No way!

What was a 'modest income' 20 years ago in 1999? $30,000?
Well... letís see. In 1999, I was hiring freshly minted EEs with no experience straight out of engineering school at about $85,000 to $90,000. Newly minted MBAs fresh out of biz school with engineering undergrads and 3 years experience would receive offers in the $120,000 range.
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Old 07-15-2019, 06:35 PM
 
248 posts, read 117,740 times
Reputation: 340
Quote:
Originally Posted by RationalExpectations View Post
Well... letís see. In 1999, I was hiring freshly minted EEs with no experience straight out of engineering school at about $85,000 to $90,000. Newly minted MBAs fresh out of biz school with engineering undergrads and 3 years experience would receive offers in the $120,000 range.
I'm not sure that's what the PP had in mind by 'modest income 20 years ago'.
You and your staff made more than average and so did I - but I was not referring to you or me.
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Old 07-15-2019, 06:41 PM
 
Location: Brawndo-Thirst-Mutilator-Nation
16,832 posts, read 16,984,678 times
Reputation: 13021
Don't pile yourself into debt, don't buy a bunch of stuff that you don't NEED........that will put you way in a position to financially succeed.
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Old 07-15-2019, 06:46 PM
 
146 posts, read 32,705 times
Reputation: 390
Book is on point. Great at math? you're cool. Connected? you're cool. Otherwise your college education isn't worth diddly.

Last edited by winston196; 07-15-2019 at 07:16 PM..
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