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Looks like a good fund. I'm home looking over his hospice at the moment so there's no more switching opportunities. Apparently he's already had to tap his CD's except for 1. First started in 1984. A decent sum then. Should be just enough to get him in the ground now. He was awesome, but jeez he'd get mad when I'd try and tell him to move his money into a fund.
Whatever, he's got enough to finish. We start and end at 0 right?
Could've been better, but could've been worse, I guess.
That's a good point to know. The super long vesting periods pretty much acted as handcuffs for many people.
The modern day keeping up with the Joneses, and everyone can see a lot more and richer Jones now. The borrowed money is an issue in and of itself. Increase the loan availability pushes up the prices of assets overall. I've read that 15 years loans used to be the norm, and 5 and 10 years loans were not unheard of. People buying their homes through the 70's rode quite a bubble.
For the consumption. I mean, big screen TVs, iPhone, laptop, appliances and smart control over all can be had for an entire house for less than $10K now. Unless someone thinks there's a heap of art, gold or currency, I don't even understand why people have burglaries anymore. The difference between a Ford and a Lexus isn't much, especially spread over the longer term of a loan now. It's the workplace that drives a lot of it. You don't want to appear to be the person who can't dress themselves to a tee, understand the latest technology or be seen as a lower class. School/daycare competition is fierce for kids. Residence competition is fierce all over.
Recall again the backdrop of revolving door companies with no employment stability. A lot of that flashy consumption is defensive in nature.
One would think no employment stability at revolving door companies would make people more financially conservative. Instead, people consume more and complain about the lack of job stability--as if it's a new thing. People are such irrational creatures it just frustrates the h*ll out of me sometimes.
I've read that 15 years loans used to be the norm, and 5 and 10 years loans were not unheard of.
Sort of but the truth is much more blurry. Before the Federal Government created the 30 year mortgage, mortgage terms were much shorter, but most people didn't typically pay them off in that shorter time period, they would simply refinance them at the end of the term. And that's exactly how mortgages in other countries like Canada work today - the practical effect is that they are much more susceptible to interest rate swings but took roughly the same amount of time to fully pay off as today.
Think about it this way: if all those farmers owned their land and homes outright, then why are there so many country songs about losing the farm during the depression? They were mortgaged to the hilt, that's why.
One would think no employment stability at revolving door companies would make people more financially conservative. Instead, people consume more and complain about the lack of job stability--as if it's a new thing. People are such irrational creatures it just frustrates the h*ll out of me sometimes.
Your suggestion makes sense, but the other side of the coin is...in a revolving door situation, who do you trust and who do you support in an organization? The person showing up dressed to impress with a nice ride, right zip code and the right hobbies projects better than the person who shows up looking...poorer. Each organization depends, but in a drive for cultural stability, if any of 5 people CAN do it, then the one that fits closest to their way of looking at things will be the one chosen. Knowing the functions of your smartphone help convey that you are tech savvy and up to date. Having the look that is trendy shows you are with it.
On the externally facing side, it still matters. If you have a project to perform, and someone shows up in a 04 Camry wearing dated duds, they're going to have to sell much harder before you're going to give them the reins to that project. Even in my wife's lowly dry cleaning store, she's spent money for a modern seating area and has fashionable handbags because it helps convince her upper end clientele that she knows and understands her fashion and will take good care of their high end clothing. It helps distinguish her from people that see a small Asian lady with a store and jump right to cheap.
In short, you need to build confidence quicker in order to get the opportunity, and humans are hardwired to accept these things. There's many studies showing attractive people make more than unattractive people. They get more opportunities because people like to work with them. They like to work with them because there's something pleasing about just them. Plastic surgery isn't just about vanity, it's getting to the look that sells....yourself.
Now, I'll hedge that by saying it's a phenomenon I saw the most of here in Silicon Valley, but to a smaller degree it still mattered in other areas. As jobs get dumbed down more and more, these attributes start to increase in importance.
If you really wonder why people in the US struggle, despite the OP's obvious success and Flashes1's success, I'd recommend reading "Hand to Mouth" by Linda Tirado.
Personally, I live comfortably but completely understand there are people in the US who try as hard as they can and they're still struggling. I get it. This thread just seems kind of mean-spirited.
I totally agree. Someone give these losers an e-cookie. Their mommies should have held them more. Only a terribly insecure, self-loathing person with grandiose importance can't help but sympathize with so many Americans who are struggling.
And I bet the vast majority of those things are self inflicted. People who don't make good decisions, keep their minds and bodies in good shape, exhibit poor judgment, have poor work ethic and attitude, etc. etc.
This is America. There's a whole sea of money just waiting to be plucked out there---but you got to play the game the right way to get it.
Quote:
Originally Posted by MinivanDriver
Jesus Tapdancing Christ. What a bunch of arrogant nonsense from some whelp who knows nothing.
What if someone has a chronic disease that exceeds maximum healthcare coverage? My sister-in-law and her husband, a CFO for an international manufacturer, has a son who, at age three, was diagnosed with a virulent form of cancer. They wound up exceeding their healthcare coverage by quite a bit and went about a hundred thousand dollars in the hole after running through their savings, their stock portfolio and putting a second mortgage on the house. My sister-in-law had to quit her job to shuttle their son to treatment.
Now imagine if the husband in that relationship didn't have an amazing job with almost unlimited benefits? They would have been wiped out. They would have had to file for bankruptcy. In fact, in the time my nephew (Who survived and has been cancer free for six years) was treated, they got to know a lot of families who had to do just that. Good families, hard-working families who did all the right things, had insurance, had savings, and still wound up taking it in the teeth.
My former employee was the same. She had a terrible, two-year struggle with cancer. One year into her treatment, she and her husband learned that he, too, had terminal cancer. She died back in September. He is hanging on by his fingernails for the sake of their two teenaged sons. They went through not one, but two separate health insurance policies. The poor kids will wind up with nothing.
This isn't some freak statistical rarity, by the way. It happens all the time. So next time you prate on about "poverty is always the fault of the poor" or some other half-witted nonsense dredged up from binge listening to talk radio, do yourself a favor and leave your cosseted world to wander up and down the halls of the infusion unit of a cancer center. Then stroll into the waiting room filled with family members who are desperately scraping together their last shekels to keep a child, a spouse, or a parent alive and tell them how their impending bankruptcy is all their fault. I'll video the results.
I don't wish ill on anyone, but I would love to see you go through some difficulty in your life just to watch that smug, simpering attitude of yours disappear.
I was going to make a comment/rebuttal, but no need to repeat. I will just give examples of what I've been through:
Daughter 3 yrs of depression, 3 attempts, 3 plus years in and out of hospitals and halfway houses - she's a nurse in the Army, a aptian. She's fought through a lot to accomplish what she had.
Wife's oldest sister dies of pancreatic cancer at 50 after a year long fight
Two years later her mother dies of pancreatic cancer st age 70. She died on her birthday. My wife was born on the same day.
My Dad now has dementia, and Mom lymphoma, and I have taken over their financial and medical things
Been through several f'd up job situations
Wife had gallbladder removed, chronic pain, had to quit work and go out on disability - in pain 24/7
I'm a CPA who owns my own company. I've been beaten down, but I keep on getting up. Something had to give, and to survive finances drew the short straw, and I couldn't even begin to explain my life to you in any sort of detail. And nor could you to me. Life takes it's toll. Lost an income, fell behind, struggle to keep house, life permanently altered with wife's illness. Maybe I'm too tired to cook and eat out too much. Maybe this or that - list is extensive.
I am happy to see people succeed. Of course I'm jealous, but I'm accountable for my situation. I point fingers only when deserve, and I point the finger at myself often. I'm tired of those currently on Easier St looking down on those on Hard Luck Blvd. SUre some people really worked hard to destroy themselves. But some just face life. Self inflicted wounds are real, but that's almost never even close to the entire story.
There's NO REASON to not be at least Middle Class. I graduated with a 2.2 GPA in both college and high school, and I have a 7 figure net worth before the age of 50.
However, I'm the first one in the office, I do as my boss tells me, I don't complain about unimportant things, and I married a hard-working and honest woman. I don't do drugs and I keep my body and mind in shape.
I have very little sympathy for poor people.
I think you could have compassion for people that struggle to have things. If everyone had a 7 figure net worth--who would be cleaning your office? taking your trash to the landfill? making your shoes, clothes? etc?
I worked in a factory during one of my Summer college years--I learn to appreciate people from all walks of life. They work hard, very hard for their pay. Normally the conditions are not that great either. I have always said that was one of my worst and best jobs I ever had--it taught me to appreciate those workers.
So enjoy your office job. Please be sure to appreciate those that are cleaning the office, the bathroom, making sure your a/c works and so forth--they don't have a 7 figure net worth, but they are certainly making your life easier.
Your suggestion makes sense, but the other side of the coin is...in a revolving door situation, who do you trust and who do you support in an organization? The person showing up dressed to impress with a nice ride, right zip code and the right hobbies projects better than the person who shows up looking...poorer. Each organization depends, but in a drive for cultural stability, if any of 5 people CAN do it, then the one that fits closest to their way of looking at things will be the one chosen. Knowing the functions of your smartphone help convey that you are tech savvy and up to date. Having the look that is trendy shows you are with it.
On the externally facing side, it still matters. If you have a project to perform, and someone shows up in a 04 Camry wearing dated duds, they're going to have to sell much harder before you're going to give them the reins to that project. Even in my wife's lowly dry cleaning store, she's spent money for a modern seating area and has fashionable handbags because it helps convince her upper end clientele that she knows and understands her fashion and will take good care of their high end clothing. It helps distinguish her from people that see a small Asian lady with a store and jump right to cheap.
In short, you need to build confidence quicker in order to get the opportunity, and humans are hardwired to accept these things. There's many studies showing attractive people make more than unattractive people. They get more opportunities because people like to work with them. They like to work with them because there's something pleasing about just them. Plastic surgery isn't just about vanity, it's getting to the look that sells....yourself.
Now, I'll hedge that by saying it's a phenomenon I saw the most of here in Silicon Valley, but to a smaller degree it still mattered in other areas. As jobs get dumbed down more and more, these attributes start to increase in importance.
Don't hate the player, hate the game, Right?
My response would be one of these:
#1. You can play the game to look good, but you only do the bare minimum necessary. You don't have to be totally gung ho about the latest gadget and the newest car. Maybe a 2004 model won't do. But could it be a 2009? A 2012 car bought used? Not all of this sh*t is necessary. People convince themselves it is when it isn't. My coworkers don't even know what I drive. It sits in the parking garage all day just like their cars do. (Actually those who know me are a tad jealous because I walk to work and only take my car out for errands or on weekends.) If you can't skimp on the cars and gadgets, then do it with your largest expense--housing. Surely, the boss isn't going to come to your place and not give you the promotion because it's not big enough or new enough.
#2. If I am wrong and #1 really is true (which I doubt), and you truly can't save any money because of all the social expectations at work, then your workplace is a trap. It's not worth working for that employer or in that profession because it is designed to keep you broke. I could never and would never work in a job/profession like that. And I earn a below average income in a high cost of living area--so I don't want to hear about how it's impossible to save.
Last edited by mysticaltyger; 07-09-2017 at 11:36 PM..
I feel bad for people who struggle to make ends meet. There are many people who suffer from medical problems that prevent them from making a decent living. There are also many people who are struggling due to poor life choices they made themselves. Poor decisions make people poor. I was fortunate in that I worked for the federal government for more than 30 years and was able to retire at age 55 with a government pension of $2000 a week.
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