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Old 08-27-2019, 02:01 PM
 
2,603 posts, read 677,801 times
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Quote:
Originally Posted by ysr_racer View Post
Her could have been driving a Rolls Royce, instead of a 10 year old Buick. Foolish
Marcus Lemonis, the star of TV's The Profit, was asked about regrets. He said when one of his companies went public, he bought a Rolls Royce, and he regretted it. He said he always felt like a fool driving it (OK, he didn't say "fool." He used more colorful language than is allowed here on C-D.)
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Old 08-27-2019, 02:23 PM
 
4,525 posts, read 2,698,436 times
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Quote:
Originally Posted by RationalExpectations View Post
Marcus Lemonis, the star of TV's The Profit, was asked about regrets. He said when one of his companies went public, he bought a Rolls Royce, and he regretted it. He said he always felt like a fool driving it (OK, he didn't say "fool." He used more colorful language than is allowed here on C-D.)
Oh, I don't know.

C-D is pretty liberal with colorful languages, except the really hard words, like the F word.
Especially if people get creative about spelling the "naughty words".

If he felt like an a$$ driving it, that would be allowed.

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Old 08-27-2019, 02:26 PM
 
4,525 posts, read 2,698,436 times
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Quote:
Originally Posted by ysr_racer View Post
ddil?
Dear Daughter In Law.

A real sweetheart to the op, as much as the Dear Son.


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Old 08-27-2019, 02:29 PM
 
10,535 posts, read 12,480,385 times
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Quote:
Originally Posted by RationalExpectations View Post
Marcus Lemonis, the star of TV's The Profit, was asked about regrets. He said when one of his companies went public, he bought a Rolls Royce, and he regretted it. He said he always felt like a fool driving it (OK, he didn't say "fool." He used more colorful language than is allowed here on C-D.)
He is an odd guy (I like the show but feel it is likely too scripted). Him and I think a lot a like, things he doesn't like are things I see wrong with the business also but I wouldn't think he would be much fun to hang out with.......he thinks too much/probably can't turn that part off even when having dinner with friends.

Cars are very "localized"........Rolls Royce in Palm Beach is literally a yawn, a Rolls Royce in Daytona Beach (just a couple hundred miles north) is likely a traffic stopper, everybody looks to see what Nascar driver is likely behind the wheel. Even in some low key wealthy areas (Bar Harbor, ME for example) a Rolls would certainly be too flashy.
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Old Yesterday, 06:05 PM
 
Location: Sierra Vista, AZ
16,147 posts, read 20,943,520 times
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Quote:
Originally Posted by TuborgP View Post
The following is from the link:

If well-off retirees are more frugal than necessary, they end up denying themselves the fruits of a lifetime of hard work. Their heirs eventually benefit, but the vitality of the American economy suffers. “Wealth is getting more and more concentrated among households that are averse to spending it,” says Matt Fellowes, a former Brookings Institution fellow who’s founder and chief executive officer of United Income, a retirement planning startup. “It’s trillions and trillions of wealth that is not benefiting anyone except asset managers.”
I have been retired for over 20 years and I disagree. I am comfortable with a bit of a cash glut. My house and cars are paid for, I don’t want or need another house or bigger house, my wife doesn’t want more to clean. Enough is fine. Years ago I would have leased a fancy car but I am not going anywhere. I have what I need. The last thing I am about to do is hire someone to manage what I have. I DON’t want to or need to show off.
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Old Yesterday, 08:17 PM
 
580 posts, read 121,434 times
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Quote:
Originally Posted by TuborgP View Post
The following is from the link:

If well-off retirees are more frugal than necessary, they end up denying themselves the fruits of a lifetime of hard work. Their heirs eventually benefit, but the vitality of the American economy suffers. “Wealth is getting more and more concentrated among households that are averse to spending it,” says Matt Fellowes, a former Brookings Institution fellow who’s founder and chief executive officer of United Income, a retirement planning startup. “It’s trillions and trillions of wealth that is not benefiting anyone except asset managers.”
I'm one of those silly, somewhat anxious people who thinks that there'll be a push for the .gov to extract cash from tax deferred accounts. There's just way too much money sitting there at the same time there is way too much demand for it in the case of retirees with no savings + SS/Medicare lack of funding.
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Old Today, 05:05 AM
 
456 posts, read 978,206 times
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Quote:
Originally Posted by City Guy997S View Post

Cars are very "localized"........Rolls Royce in Palm Beach is literally a yawn, a Rolls Royce in Daytona Beach (just a couple hundred miles north) is likely a traffic stopper, everybody looks to see what Nascar driver is likely behind the wheel.
Well said per my experience. I have been to FL many times over several decades to fish, primarily near Destin, Tampa Bay and NE shores. Got a call from a friend in Ft. Lauderdale asking if I could come down and teach him surf fishing... Off I go.

It was crazy how many extremely expensive vehicles I saw. I saw more Ferrari's, Lamborghini's, Rolls Royce, etc in an afternoon than I have in my entire life, and it was no big deal... Drive by a 7-11 and there was a late model Bentley, pull up to the park and a new Rolls Royce was soaking up the sun in the lot... None of this compares to the boats/yachts I saw... $1-$5 million, a dime a dozen, $10 million +, plenty around.

Quote:
Originally Posted by StrawberrySoup View Post
I'm one of those silly, somewhat anxious people who thinks that there'll be a push for the .gov to extract cash from tax deferred accounts. There's just way too much money sitting there at the same time there is way too much demand for it in the case of retirees with no savings + SS/Medicare lack of funding.
Yep, I'm waiting to get means tested even for SS... Nothing like 'playing by the rules', trying as best you can to take care of yourself living below your means, and investing in the country so that it too would grow, deferring gratification so later you would have exponentially more.

Sure, bad fortune can strike anyone; Just the same all of the folks that said I was cheap, stingy, whatever because I did not carry massive debt, go on $$$$$ vacations twice a year funded by C card, 'buy' newish vehicle every 3 years, setting aside a large % of income to investing, are now the ones who can't come up with the rent, have to decide between groceries or a new water heater, etc... Yep, looks like I will have to come to their rescue... That's fine, come get it at the end of my pitchfork. As long as this country continues to absolutely reward bad, irresponsible behavior the situation will only grow worse. What a mess, and so much for 'American values'.
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Old Today, 07:02 AM
 
Location: Wooster, Ohio
1,058 posts, read 805,080 times
Reputation: 1530
Quote:
Originally Posted by TuborgP View Post
https://www.bloomberg.com/news/artic...n-their-wealth

I suspect there are a number in the forum this might represent!
This is a fundamental misconception with many people, even economists who should know better. I do not have piles of cash in my gun safe, nor do I have gold buried in the backyard. My money is invested in index funds, municipal bonds, an annuity, and in a checking account. This money is not lying around in safes; it is being used to grow companies, finance public works, and to provide loans to borrowers.
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Old Today, 07:33 AM
 
Location: The Triad (NC)
28,878 posts, read 62,958,486 times
Reputation: 32892
Quote:
Originally Posted by StrawberrySoup View Post
...that there'll be a push for the .gov to extract cash from tax deferred accounts.
There's just way too much money sitting there...
Perhaps. But if you really want to worry
look at the measures under discussion to tax assets (vs income).

Quote:
Originally Posted by Prospect
Contrary to the skeptics, taxing wealth is both feasible and constitutional.
It’s also the most progressive form of taxation available.
https://prospect.org/article/shaky-c...ealth-taxation
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Old Today, 08:04 AM
 
3,015 posts, read 2,749,084 times
Reputation: 5746
Quote:
Originally Posted by mshultz View Post
This is a fundamental misconception with many people, even economists who should know better. I do not have piles of cash in my gun safe, nor do I have gold buried in the backyard. My money is invested in index funds, municipal bonds, an annuity, and in a checking account. This money is not lying around in safes; it is being used to grow companies, finance public works, and to provide loans to borrowers.
You are absolutely correct!! The assumptions and the conclusions of these "financial planners" really show how ignorant they are of how the financial system works.
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