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I agree. I never had neither and am certainly richer than my coworkers who buy new cars every 4 years.
I do enjoy my Acura MDX which i bought with 90K miles and the F150 XLT crew I bought with 75K miles.
When I lived in a really small house and my co-workers lived in these big houses on breaks they'd be scribbling on paper how much OT they had to work to put extra payments on the house. I live in a bigger house now but it's paid for. My car is 8+ years old (paid for). I'd love to get a new or newer car but every time I get tempted and see the price that thought goes bye bye. I'll have to do it though ugh.
Originally Posted by whogo View Post
Capital markets will supply me with 2/3rds of my income in retirement. I started out as a manual laborer 40 years ago.
Quote:
Originally Posted by FJR1
Hush now. The unemployable liberal knows what is best for you.
Yep whogo, financial independence partially through capital markets is part of that game plan just as it is for many people. If Trumps policies increase profitability of companies and they increase dividends, us little people will be better off. Liberals don't want us to understand that in order for our investments to do well, the companies we invest in must do well, instead liberals would rather rail against businesses and the rich.
We had to give up things along the way to achieve it too. Your right FJR1, liberals think they know what's best and are very short sighted because they think if we have extra, instead of putting it away and investing for our future, they think we should give it away.
When I lived in a really small house and my co-workers lived in these big houses on breaks they'd be scribbling on paper how much OT they had to work to put extra payments on the house. I live in a bigger house now but it's paid for. My car is 8+ years old and I'd love to get a new or newer car but every time I get tempted and see the price that thought goes bye bye. I'll have to do it though ugh.
I added a 12X18 small game room this year to my house, cost about 15K. The house is paid off. Paid cash. I am old enough now I can have a few luxuries. I'll probably have the truck till I die since I only put about 8K a year on it now. Probably trade in the MDX in six years when it is at 200K.
I think most young people fail to understand us old people did not always have what we have now. They expect to get out of school and make 75K with their Sociology degree.
I typically buy 2 year old vehicles with the bumper to bumper warranty intact (usually under 36K). Some vehicles that do not depreciate much in the 1st couple years i could see buying new. I have noticed used Impalas can be had pretty cheap and they are pretty nice cars since the 2014 remodel.
The point is hard work isn't enough. An ingredient, yes. But by far, far, far and away, super far and far away, the biggest factor in why someone is a billionaire or ends up with a making a lowly 85k is capital markets.
And as such to make sure we have something called fariness, you can't just make believe people are smarter or work harder. Luck and timing and Gov policy come into play.
I understand what you're saying. What I believe is that it takes a combination of both to reach high levels of wealth. Or at least having a team around you that can help you get to that level.
Let's take someone like Floyd Mayweather. The guy has worked hard his whole life at boxing and is very talented as a result. Lots of athletes in his "league" don't have nearly the amount of wealth that he does. What separates him from the rest? Is it because he's an awesome businessman? Probably not. But he has a strong team of financial advisors and investors. Mayweather started at poverty and is worth half a billion. Then you look at P. Diddy, Dr. Dre, etc. These guys all came from nothing, weren't stellar students, but somehow amassed hundreds of millions of dollars.
What am I saying with all this? You don't have to be rich to play in the markets. Anyone can learn and use loopholes because, well, they're legal. If you want to be rich, emulate the rich. Learn what they know. Otherwise, you just end up sounding bitter.
Quote:
Originally Posted by whogo
There is a positive correlation even with manual labor. With manual labor it requires being self-employed or highly skilled.
Right. Not knocking manual labor. But that in itself never got anyone rich. Maybe principles learned while doing manual labor, but how far does one expect to go if they don't branch out into other positions?
I added a 12X18 small game room this year to my house, cost about 15K. The house is paid off. Paid cash. I am old enough now I can have a few luxuries. I'll probably have the truck till I die since I only put about 8K a year on it now. Probably trade in the MDX in six years when it is at 200K.
I think most young people fail to understand us old people did not always have what we have now. They expect to get out of school and make 75K with their Sociology degree.
I typically buy 2 year old vehicles with the bumper to bumper warranty intact (usually under 36K). Some vehicles that do not depreciate much in the 1st couple years i could see buying new. I have noticed used Impalas can be had pretty cheap and they are pretty nice cars since the 2014 remodel.
Yep, media, commercialism, trying to keep up with the Jones's, jealousy sets the young up with unreasonable expectations.
Instead of encouraging consumerism, the young should be taught and encouraged to build wealth / financial independence... If you save $x (starting seed money) and buy x amount of a companies stock which will pay you $x amount in dividends each quarter, you had to work x hours to make that money (play mind games to get started). I was just as susceptible to consumerism but changed my thinking. It's paid off. As Robert Kyosaki said...
The Poor: Spend every penny the get (survival) The Middle Class: As they become more successful they buy liabilities (things that take money out of their pocket) and they get caught in the rat trap, The Rich: Buy assets that put money in their pocket that pay for their living expenses and liabilities.
I typically buy 2 year old vehicles with the bumper to bumper warranty intact (usually under 36K). Some vehicles that do not depreciate much in the 1st couple years i could see buying new. I have noticed used Impalas can be had pretty cheap and they are pretty nice cars since the 2014 remodel.
Yes buying a 2 year old car is what I'll probably do. The other option is to buy at a time when they are offering 0% interest, invest money to pay the payment. The 2 year old car is the better option I would think.
Yes buying a 2 year old car is what I'll probably do. The other option is to buy at a time when they are offering 0% interest, invest money to pay the payment. The 2 year old car is the better option I would think.
Yep, usually, you can finance used at about 3%.
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