Glad to hear shes getting out...dont pick her up in the GT350
How the hell are we supposed to retire?
- Thread starter rlb
- Start date
rick81721
Lothar
Glad to hear shes getting out...dont pick her up in the GT350
Haha yeah using the Durango, we practiced yesterday getting in and out @ rehab.
THATmanMANNY
Well-Known Member
I'm not hating on anyone. Bravo to any rich MF'ers out there.
Title should read: Do not take financial advice from a mountain bike forum or anyone in fact!
Corporations and individuals with loads of money can push anything higher because the risk is low for them.
Do you own research and make your own choices/speculation but always a solid idea to get in early/low. Human beings are naturally emotional. Don't get sucked into the "fact" that everyone is getting rich except you because the majority of people are not! and they do not have the means or resources to do so. In fact, give back to the community monetarily or with your time and knowledge.
I'm rich with unconditional love, good health, and family that I love. No weird uncles or aunts.
With gratitude,
Manny
Title should read: Do not take financial advice from a mountain bike forum or anyone in fact!
Corporations and individuals with loads of money can push anything higher because the risk is low for them.
Do you own research and make your own choices/speculation but always a solid idea to get in early/low. Human beings are naturally emotional. Don't get sucked into the "fact" that everyone is getting rich except you because the majority of people are not! and they do not have the means or resources to do so. In fact, give back to the community monetarily or with your time and knowledge.
I'm rich with unconditional love, good health, and family that I love. No weird uncles or aunts.
With gratitude,
Manny
Gnick
Active Member
i lost my job last month - for the first time in my 12 year career i didn't leave on my terms. I knew it was coming, but it was still a shock when it actually happened and I got home and realized that i had to figure shit out. Especially with a family and living on one income. I had enough savings to last a while, but burning through that is scary. The other thing i was thinking about that missing 6 or so months of 401k contributions could be devastating to someones retirement goals. there has got to be a better way.
luckily i was able to find a job fairly quickly, but the sting of knowing that you can lose it at any time will never go away.
luckily i was able to find a job fairly quickly, but the sting of knowing that you can lose it at any time will never go away.
rlb
Well-Known Member
Sorry to hear of your wife's accident but glad shes recovering well. Hope's back to normal ASAP!
rlb
Well-Known Member
exactly - there technically is no limit. a lot of silicon valley is invested in it. lots of the smaller hedgefunds are in it. i believe there is some big money in it tho. you'll read some of the old school bankers claim they would never get in it and not to trust it, but they are in it. or hedging it.
its a serious risk for retail investors now. it was then and is now. early birds are winning. one solid scare and its dead in the water. what that scare is? god knows. but too much is being made on it for it to ever 'just go away'. you ask my investment guys where i work about it? they say its a full view of how irrational our markets truly are. all the thinking in the world doesn't matter with stuff like this tho. you either have the constitution to play it, or you don't. its a hot a flame that's for sure.
It should bring liquidity and it will eliminate counter party risk when it becomes an exchange traded product. I highly doubt it will stabilize prices. Keep in mind that using counter parties outside a US exchange you are subject to counter party risk.
it is still currency speculation (sort of - it is more commodity trading??). someone paying real, government backed money into a pool of coin holders (remember if someone is buying, someone is selling, and it is demand based value) who have agreed to use it in exchange for goods - but what percentage of bitcoin is being used to purchase items? I bet it is rather small, compared to being used as a commodity.
i noticed i can pay microsoft in bitcoins - do you think they are "banking" them or selling them?
oh, and since the coins are in a wallet, they can be spent without actually claiming the gain. this is where the exchanges are going to find lots of government regulation in the future.
say you took a coin a few years back in exchange for your 26r, and now you could pay that coin to buy your kid a car. Who is going to tax the gain?
As of right now, you need to self-claim it. The technology saves every transaction, so yeah, the IRS can figure it out if motivated.
what if you "earn" the bitcoins by mining? are you a business? other income?
minimally, it is interesting because it is playing out right before us, and the end game (stabilization?) is not written.
here's an article that helped me get my head around how bitcoin works and where they actually come from - in case anyone reading this is wondering how the hell the whole system works. its pretty basic but i think explains it pretty well.
https://www.cnbc.com/2014/01/23/cnbc-explains-how-to-mine-bitcoins-on-your-own.html
https://www.cnbc.com/2014/01/23/cnbc-explains-how-to-mine-bitcoins-on-your-own.html
I believe this is sort of like stock purchase sales where which block was sold and the corresponding loss/gain for tax purposes were the responsibility of the person, where now it's being done by the brokerages. The exception is Bitcoin is harder to track. If you've kept it out of exchanges like Coinbase, it's basically anonymous.
In your car example, you owe the taxes on the increased value from the sale like other commodity trading. But similar to online sales tax, it's not really enforced. But with the values of Bitcoins now, the IRS may be going after people, like they are with Coinbase users.
Death and Taxes. It's all taxable in the eyes of the government. If you mine bitcoin you owe taxes on it, minus the costs to mine it. I don't know if it's at current value, or value when sold, I'm not an accountant.
I'm willing to bet most companies accepting Bitcoin are just selling immediately. They're not in the business of currency speculation. Remember when that first Tesla was purchased with Bitcoin (which is probably worth millions now), that dealership thought it was no big deal as they just immediately on the same day of the sale converted that Bitcoin to cash to pay for the car.
-Steve
gtluke
The Moped
Overstock has been keeping half in btc. I'm sure whoever made that decision just got a raise.
rlb
Well-Known Member
SAD. Our dollar is the best dollar. Believe me.
interesting:
http://money.cnn.com/2017/12/07/technology/bitcoin-energy-environment/index.html
it is communist network news, but an interesting take on the power consumption.
http://money.cnn.com/2017/12/07/technology/bitcoin-energy-environment/index.html
it is communist network news, but an interesting take on the power consumption.
1speed
Incredibly profound yet fantastically flawed
FTFY.
as we approach 2 years into this thread, let's take a look at what has happened. I know everyone wants to move money between funds, so assume they played the market - both us/international
the US chart - using vtsax (a low load, no-fee, total market fund) went from a low of 47.60 when Rob was seeing his investments drop - to a current 66.38 - so about a 40% gain.
international - vtiax (again a low load, no-fee total intl fund) went from a low of 22.36 at the same time, to 30.19 - a bit more than 40%.
there were peaks in 2011, 2014, but the current market is higher than both - this probably means that it will fall back thru the trend line at some point - it always does.
---
all in all, expect your investment to double every 10 years (that is 7% return) - That isn't counting any employer match. (which as Dave notes, is an executive privilege thing - they can afford to put more in, and it is often done as a match on % of income - say 2/3 or the first 6% - up to limit - well if the executive has 6% of their salary above the limit they get 2/3 the limit. most people don't make $250,000+ per year - so they get 2/3 of the first 6% - yes confusing - real world - executive makes $250k, 401k limit 15k, executive puts in $15k, gets $10k match, Tech makes $50k, puts in 15k (which is almost impossible) company matches 2/3 of 6% of salary - they get $2k match) - some of the rules have changed here - that is how it was back in the 80s at AT&T.
Why do people have small amounts of money in their retirement fund after putting money in all these years? 401k started in 1978 - so most of us except for @thegock, don't predate it.
1. they don't put enough in
2. they don't consistently contribute (every paycheck)
3. they don't put more in when they get a raise
4. they take withdrawls
5. they liquidate when they change jobs
6. They get gunshy on market dips (buying opportunities)
7. Are conservatively invested when market rebounds
Even if you found the best stock in the world, you still have to have a significant amount of money to invest to make a significant amount of return to retire!
$1,000btc/US turning into $1,000,000btc/US? The good news is that it was affordable.
Anyway - back to the time honored way.
Keep plowing away retirement money - every paycheck.
10% can be tough - but it is probably 8% of net if you do it pre-tax, (independant people do a ROTH)
Minimally, whatever an employer will match.
Don't try to play the market (sector or timing) - just invest in a market fund. you'll always chase the gain with the info available
If you need a loan against it for something short term, think hard before doing it - and pay it back, you owe it to your future.
If you change jobs - roll it into a vanguard IRA account (or other) - split it between those funds above and maybe some bonds (10%)
Ride the waves - i've watched 50% and 30% disappear(2x) 87, 2000, 2008.
oh, don't buy a boat with a motor.
this year marks 30 years of consistent investing. Even the last few years, with significant income reduction, i've put $$ away - but the time has passed, and
it isn't going to make a difference. It is the money saved while in our 20s and 30s that is leading the way now. I can expect the small current investments
to double, but it is the rest of money doubling that will make it comfy 10 years from now (or 12 or 15, or 8) matters not.
the market has doubled twice since 2009 (vtsax) - off the 2008 low. It has doubled more than 3x since 1987 PEAK. (sp500) - the market recovered from the 87 crash in less than 2 years.
I started my 401k in 86 ish, and got hammered! scared the crap out of me. but it recovered, and the ability to look at the charts made it convincing.
mess with this retirement calculator - http://www.bankrate.com/calculators/retirement/retirement-plan-calculator.aspx
quick hint - save $5k a year starting at 30, you'll have $600k at age 64. without increasing the contribution. Yeah, it is $100/wk, but it is your future. don't fuck with it.
if you managed to start at 22 (just investing another $40k,) you'd have almost twice that.
PS - I don't like the investing options in a 529, but the tax and financial aid treatment is favorable, and the designee can be changed in the family....but ya gotta do that too.
every paycheck. And give the family the link to donate, instead of 10 onsies, they can throw $25 in the fund.
it's an endurance event. Don't treat it like a race in february.
my match was doing sooooo well (match is done with company stock). then some bad news hit, then more. match isn't doing so well anymore. and i can't pull the match out of company stock until a certain time period passes.