Net Worth at age 55

[Burned_Out]

Any opinion on why the House Impeachment committee failed? They had 3 years of "investigations" and came up with nothing worthy of impeachment.

When you say "corrupt" you're referring to nothing factual that can persuade a Republican House to impeach.

Any evidence was disregarded by the democrats and their corupt media.

---

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[Burned_Out]

You were talking about the price of eggs. As a physician making half a million dollars a year, you should be able to splurge for the free range, extra special brown eggs and not even flinch. My suspicion is you are spending a lot of time watching a certain channel or getting fed a lot of articles on a feed and are more outraged by the thought of inflation than by actually feeling inflation. If you are truly feeling inflation then you should revisit your spending habits and financial plan because it should not phase you at your income level. If you are looking to buy a house then this is a good time to really think about your “wants and needs” when it comes to a home so that you do not overspend. Not buying the “doctor McMansion” was one of the best decisions I ever made.

As for myself, I am far richer now than I was 3 years ago. My savings rate has hovered around 40% in a HCOL area and I still buy the fancy eggs (though I may get chickens soon).

Inflation affects people of any income level. Telling people to resist their spending habits and trashing their financial plan is just plain elitist, commie democrat hogwash. People have to pay more nowadays for their needs. Who are you to judge what people's spending habits are? In inflationary terms, the gains you may have made in wages or in the stock market now are worth less in dollar terms than what they were before Biden's term. Concerns about inflation are resetting the current stock market expectations for interest rate cuts and driving valuations down.

So what if your savings are up 40% in HCOL,?!@#$ You think you doing well means everyone else shouldn't be complaining? How conceited of an attitude is that? In the terms of GravelRider, "let them eat cake!"

 

[rowsdower88]

In inflationary terms, the gains you may have made in wages or in the stock market now are worth less in dollar terms than what they were before Biden's term

This is just wrong. If you look at actual studies, the gains in wages outstripped the losses to inflation. See above citations.

Most Americans are more prosperous now than in 2019, and the largest increases in wage growth were seen at the lowest income quintiles.

 

[GravelRider]

Inflation affects people of any income level. Telling people to resist their spending habits and trashing their financial plan is just plain elitist, commie democrat hogwash. People have to pay more nowadays for their needs. Who are you to judge what people's spending habits are? In inflationary terms, the gains you may have made in wages or in the stock market now are worth less in dollar terms than what they were before Biden's term. Concerns about inflation are resetting the current stock market expectations for interest rate cuts and driving valuations down.

So what if your savings are up 40% in HCOL,?!@#$ You think you doing well means everyone else shouldn't be complaining? How conceited of an attitude is that? In the terms of GravelRider, "let them eat cake!"

This thread is about financial planning and anticipated net worth by a certain age (at least it was). It seems to me that someone making half a million dollars a year complaining about the price of eggs should revisit their spending habits and maybe come up with a budget. For example, if eggs are getting too expensive, maybe consider beans as an alternate protein source. I sit down once or twice a year to review my spending and see where I can tighten some spending and loosen some spending. If you would rather berate me and call me names, instead of discussing the financial implications of buying free range eggs, that’s up to you. If it’s conceited and elitist to be disciplined toward achieving certain goals for me and my family then I’ll wear those terms with pride.

 

[We'llBeDoneIn15Minutes]

A point many seem to be missing. An overall 20% inflation rate this administration is not related solely to the price of eggs. I'm not sure how that point got past so many.

 

[anonperson]

This thread is about financial planning and anticipated net worth by a certain age (at least it was). It seems to me that someone making half a million dollars a year complaining about the price of eggs should revisit their spending habits and maybe come up with a budget. For example, if eggs are getting too expensive, maybe consider beans as an alternate protein source. I sit down once or twice a year to review my spending and see where I can tighten some spending and loosen some spending. If you would rather berate me and call me names, instead of discussing the financial implications of buying free range eggs, that’s up to you. If it’s conceited and elitist to be disciplined toward achieving certain goals for me and my family then I’ll wear those terms with pride.

It's death by a thousand cuts. The issue isn't financial choices. The point is, there has been significant inflation with this current administration. Yeah, salaries and income have gone up, but so has the cost of nearly everything else.

I used eggs as an example. The absolute increase is small, any physician can afford a few Dollars more, but this isn't isolated. Beef, chicken, etc have so increased in price. It's just more money out of my pocket.

-"The price of groceries has significantly increased and isn't coming down"

"Bro, WTF if you make $500k a year, if doesn't matter"

-"The price of housing has gone up, both to rent and own"

"Dude, go live somewhere else"
------------------------------------------------------------------------

If the rise in costs of goods isn't bothering you that's fine.

There's a significant portion of the population who is bothered by it. If this continues it will absolutely affect their voting patterns.

 

[chessknt]

It's death by a thousand cuts. The issue isn't financial choices. The point is, there has been significant inflation with this current administration. Yeah, salaries and income have gone up, but so has the cost of nearly everything else.

I used eggs as an example. The absolute increase is small, any physician can afford a few Dollars more, but this isn't isolated. Beef, chicken, etc have so increased in price. It's just more money out of my pocket.

-"The price of groceries has significantly increased and isn't coming down"

"Bro, WTF if you make $500k a year, if doesn't matter"

-"The price of housing has gone up, both to rent and own"

"Dude, go live somewhere else"
------------------------------------------------------------------------

If the rise in costs of goods isn't bothering you that's fine.

There's a significant portion of the population who is bothered by it. If this continues it will absolutely affect their voting patterns.

But that is the problem--voting Republican isn't going to fix inflation either because it isn't something as simple as who is president despite what the right wing propaganda machine wants their voters to believe. This problem is owned by both parties, blaming Biden is 100% politics and 0% reality.

 

[rowsdower88]

It's death by a thousand cuts. The issue isn't financial choices. The point is, there has been significant inflation with this current administration. Yeah, salaries and income have gone up, but so has the cost of nearly everything else.

I used eggs as an example. The absolute increase is small, any physician can afford a few Dollars more, but this isn't isolated. Beef, chicken, etc have so increased in price. It's just more money out of my pocket.

-"The price of groceries has significantly increased and isn't coming down"

"Bro, WTF if you make $500k a year, if doesn't matter"

-"The price of housing has gone up, both to rent and own"

"Dude, go live somewhere else"
------------------------------------------------------------------------

If the rise in costs of goods isn't bothering you that's fine.

There's a significant portion of the population who is bothered by it. If this continues it will absolutely affect their voting patterns.

If your wages rise faster than your expenses, are you better or worse off? I don't know how to make it simpler. Maybe an example would help clarify:

All of my expenses were $1 last year and my wages were $2. This year, my expenses cost me $1.10 and my wages were $2.25. Am I better off this year or last year? (I didn't change what I bought and I worked the same number of hours etc...)

For the majority of Americans, especially low income Americans, this is the scenario they are faced with. (And many seem to be struggling to understand...)

Real wages are up from 2019. We are more prosperous now than in 2019.

 

[GravelRider]

It's death by a thousand cuts. The issue isn't financial choices. The point is, there has been significant inflation with this current administration. Yeah, salaries and income have gone up, but so has the cost of nearly everything else.

I used eggs as an example. The absolute increase is small, any physician can afford a few Dollars more, but this isn't isolated. Beef, chicken, etc have so increased in price. It's just more money out of my pocket.

-"The price of groceries has significantly increased and isn't coming down"

"Bro, WTF if you make $500k a year, if doesn't matter"

-"The price of housing has gone up, both to rent and own"

"Dude, go live somewhere else"
------------------------------------------------------------------------

If the rise in costs of goods isn't bothering you that's fine.

There's a significant portion of the population who is bothered by it. If this continues it will absolutely affect their voting patterns.

Ok, so what do you think a President can do about it? It’s a global phenomenon.

 

[triggermaster]

Ok, so what do you think a President can do about it? It’s a global phenomenon.

Cut half the government budget. Eliminate entire departments. Veto 100 billion dollar money laundering foreign war bills.

 

[GravelRider]

A point many seem to be missing. An overall 20% inflation rate this administration is not related solely to the price of eggs. I'm not sure how that point got past so many.

I’m skeptical that you are “feeling” that inflation rate. That is my point. It’s a number that economists use to monitor the economy and it generates headlines. The other poster used the example of a price of eggs to express how much his quality of life has suffered in the past 3 years. I was giving a counter example that my increase in pay has far outpaced the increase in the cost of eggs, so I am not “feeling” the inflation that is causing the other poster to suffer such a significant loss in the quality of his life. If his pay hasn’t increased, maybe it’s time to ask for a raise or get a new job. Rising costs of everything, as you say, is as good a time as any to evaluate your budget and maybe time to find cheaper eggs (i.e. Costco). That is all.

 

[GravelRider]

Cut half the government budget. Eliminate entire departments. Veto 100 billion dollar money laundering foreign war bills.

Removing lobbyists and special interest influence groups from government would go a long way to fixing our dysfunctional government, but that is never going to happen.

 

[triggermaster]

Removing lobbyists and special interest influence groups from government would go a long way to fixing our dysfunctional government, but that is never going to happen.

I don’t like Trump and didn’t vote for him, but at this point I would vote for anyone who will slash the size of government. If that’s not an option I’ll vote for whoever will stop illegal immigration and maximize deportations.

In addition to cutting government there should be more tax brackets on the higher end for both income and capital gains and charitable tax deductions should be eliminated.

 

[caligas]

I think they care about issues. Speaking for Republicans, not myself:
Strong border, anti-abortion, police support, tax cuts, defense spending, no cuts to old people's entitlements etc

I think that’s mostly true except they voted down border security legislation. Obviously you can cherry pick some aspects of bill to scapegoat but it was a pretty generous compromise by the dems.

 

[triggermaster]

I think that’s mostly true except they voted down border security legislation. Obviously you can cherry pick some aspects of bill to scapegoat but it was a pretty generous compromise by the dems.

It’s already the law. We don’t need a bill or a compromise. Dems just want to process illegal immigrants more quickly not to actually be a country with borders.

Stay in Mexico, Razor wire, worker ID, no benefits for illegal immigrants no matter how long they’ve been here, no birthright citizenship for illegals.

 

[BLADEMDA]

This is a financial thread. I doubt anyone's political views will be changed here. The trials against Trump may be enough to sway 2% of the voting public to go with Biden. That's the Dem playbook. Convict Trump so he loses the election. So, let's see how the trials go because as of today Trump wins the election in November. But, if he gets convicted of a felony or two the polls may change swinging the election to Biden.

Regardless, can we get back to a financial thread? I do see how inflation can impact your portfolio. High taxes as well will have an impact. The Fed won't be cutting rates in 2024 which will impact the stock market.

 

[Dr. Rude]

This is a financial thread. I doubt anyone's political views will be changed here. The trials against Trump may be enough to sway 2% of the voting public to go with Biden. That's the Dem playbook. Convict Trump so he loses the election. So, let's see how the trials go because as of today Trump wins the election in November. But, if he gets convicted of a felony or two the polls may change swinging the election to Biden.

Regardless, can we get back to a financial thread? I do see how inflation can impact your portfolio. High taxes as well will have an impact. The Fed won't be cutting rates in 2024 which will impact the stock market.

Five year TIPs auction today. Indicated real yield above 2%. Historically attractive. I have a chunk in for today. Brokerage IRA.

 

[GravelRider]

It’s already the law. We don’t need a bill or a compromise. Dems just want to process illegal immigrants more quickly not to actually be a country with borders.

Stay in Mexico, Razor wire, worker ID, no benefits for illegal immigrants no matter how long they’ve been here, no birthright citizenship for illegals.

And my Trump-flag waving neighbor should be arrested or at least fined for hiring them to trim his bushes and blow his leaves (especially on a Saturday morning). You want to stop illegal immigration? Remove the incentive that brings them here. Despite the narrative that they are coming here to rape all the women, they are coming to earn a living. If you want to stop illegal immigration then fine every single business or person that hires an illegal immigrant. Boycott businesses that use illegal immigrants….not just your local landscaper, carpenter, and restaurants, but the farms, fishermen, and slaughterhouses too. If you really want to stop illegal immigration then put your money where your mouth is…and be prepared for some real spike in prices. The fact is, much like outsourcing manufacturing to China, our economy is addicted to cheap labor. I would even go so far as saying one of the reasons the American economy has been so resilient compared to other economies is that despite the rise in wages for most American citizens, we still have a healthy stream of cheap labor in the form of documented and undocumented immigrants. Does that mean we shouldn’t clean up the border and fix the immigration system? No, but I do think a certain political party benefits from the narrative that the immigration system is in chaos so they are not inclined to actually fix it. Immigrants (legal or illegal) are a vital part of our economy and unfortunately cable news channels are not inclined to discuss the nuances of that and are instead trying to manufacture outrage.

Here’s a recent article from the liberal commie rag that at least tries to tease out some of the economic challenges with immigration.

Immigrants in Maine Are Filling a Labor Gap. It May Be a Prelude for the U.S.

A wave of rapid immigration is taxing local resources around the country and drawing political ire. But it might leave America’s economy better off.

www.nytimes.com

 

[PainInTheAnes]

I’m skeptical that you are “feeling” that inflation rate. That is my point. It’s a number that economists use to monitor the economy and it generates headlines. The other poster used the example of a price of eggs to express how much his quality of life has suffered in the past 3 years. I was giving a counter example that my increase in pay has far outpaced the increase in the cost of eggs, so I am not “feeling” the inflation that is causing the other poster to suffer such a significant loss in the quality of his life. If his pay hasn’t increased, maybe it’s time to ask for a raise or get a new job. Rising costs of everything, as you say, is as good a time as any to evaluate your budget and maybe time to find cheaper eggs (i.e. Costco). That is all.

I’m a little surprised how sanguine you all are about inflation. Here’s a real world example of how it’s affecting us.

Say you had a 450k job in 2019. No state tax, single, standard deduction.

Take home pay on 450k is 320k in 2019 by two calculators I found.

Say you got lucky and your salary kept pace above inflation (a truly optimistic statement, and not true for the vast majority of docs) and now you make 600k. A 33% increase in pay when inflation by the governments’ numbers has been 22% total since 2019.

Tax on 600k, single, standard deduction is 200k. Take home pay is 400k

Take home pay has increased by 25%. On pace with inflation.

Interest rates are 50% higher than what they were on home purchases compared to 2019. Unless your home didn’t appreciate at all, you’re looking at almost 75-100% higher mortgage costs on the same home from 2019. Hardly keeping up with our lavish salary increases that require a person to live out of a suitcase.

To suggest we’re more prosperous than 2019 based on locums rates and the fact that eggs are negligible to us is preposterous.

2019 it was so cheap to travel I could just up and leave on a random weekend or visit family easily with half the salary I have now. The prices for airline fares on southwest have at least DOUBLED compared to 2019. And their product is worse too! So you’re getting hosed on both the price and the product. Shrinkflation anyone? Blame the corporations if you want, they can only do this in a world where no one knows what a dollar is worth anymore.

 

[GravelRider]

I’m a little surprised how sanguine you all are about inflation. Here’s a real world example of how it’s affecting us.

Say you had a 450k job in 2019. No state tax, single, standard deduction.

Take home pay on 450k is 320k in 2019 by two calculators I found.

Say you got lucky and your salary kept pace above inflation (a truly optimistic statement, and not true for the vast majority of docs) and now you make 600k. A 33% increase in pay when inflation by the governments’ numbers has been 22% total since 2019.

Tax on 600k, single, standard deduction is 200k. Take home pay is 400k

Take home pay has increased by 25%. On pace with inflation.

Interest rates are 50% higher than what they were on home purchases compared to 2019. Unless your home didn’t appreciate at all, you’re looking at almost 75-100% higher mortgage costs on the same home from 2019. Hardly keeping up with our lavish salary increases that require a person to live out of a suitcase.

To suggest we’re more prosperous than 2019 based on locums rates and the fact that eggs are negligible to us is preposterous.

2019 it was so cheap to travel I could just up and leave on a random weekend or visit family easily with half the salary I have now. The prices for airline fares on southwest have at least DOUBLED compared to 2019. And their product is worse too! So you’re getting hosed on both the price and the product. Shrinkflation anyone? Blame the corporations if you want, they can only do this in a world where no one knows what a dollar is worth anymore.

Housing costs are definitely a problem. Mortgage rates are not at historic highs, however. If anything, the cheap money years that proceeded the current environment was the exception. Comparing today’s mortgage rates to 2019 is not a fair comparison. Housing costs are not a function of just mortgage rates either. It’s an issue far more complex than just looking at a single mortgage rate or inflation rate number. Homeowner’s insurance rates keep increasing, but we still have politicians denying the existence of climate change because their take from the oil industry outpaces the rate of insurance increases.

 

[triggermaster]

And my Trump-flag waving neighbor should be arrested or at least fined for hiring them to trim his bushes and blow his leaves (especially on a Saturday morning). You want to stop illegal immigration? Remove the incentive that brings them here. Despite the narrative that they are coming here to rape all the women, they are coming to earn a living. If you want to stop illegal immigration then fine every single business or person that hires an illegal immigrant. Boycott businesses that use illegal immigrants….not just your local landscaper, carpenter, and restaurants, but the farms, fishermen, and slaughterhouses too. If you really want to stop illegal immigration then put your money where your mouth is…and be prepared for some real spike in prices. The fact is, much like outsourcing manufacturing to China, our economy is addicted to cheap labor. I would even go so far as saying one of the reasons the American economy has been so resilient compared to other economies is that despite the rise in wages for most American citizens, we still have a healthy stream of cheap labor in the form of documented and undocumented immigrants. Does that mean we shouldn’t clean up the border and fix the immigration system? No, but I do think a certain political party benefits from the narrative that the immigration system is in chaos so they are not inclined to actually fix it. Immigrants (legal or illegal) are a vital part of our economy and unfortunately cable news channels are not inclined to discuss the nuances of that and are instead trying to manufacture outrage.

Here’s a recent article from the liberal commie rag that at least tries to tease out some of the economic challenges with immigration.

Immigrants in Maine Are Filling a Labor Gap. It May Be a Prelude for the U.S.

A wave of rapid immigration is taxing local resources around the country and drawing political ire. But it might leave America’s economy better off.

www.nytimes.com

Yeah, worker ID with huge fines. We can have seasonal labor that comes to work legally then goes home. Best of both worlds.

 

[pgg]

Yeah, worker ID with huge fines. We can have seasonal labor that comes to work legally then goes home. Best of both worlds.

That'd be an excellent solution.

Of course, one party has been willing to entertain that plan or one like it, and one party has degenerated into a cult that says they're rapists coming to pollute the blood of America.

 

[rowsdower88]

(a truly optimistic statement, and not true for the vast majority of docs

Any evidence to support this statement?

It honestly doesn't seem like people understand what it means when I say "real wages have increased".

https://home.treasury.gov/news/featured-stories/the-purchasing-power-of-american-households

This isn't true for many other industrialized countries, so when you take your expensive flight for vacation your dollar is going significantly further than it did in 2019.

 

[rowsdower88]

To suggest we’re more prosperous than 2019 based on locums rates and the fact that eggs are negligible to us is preposterous.

By what metric are you judging this? Vibes?

When I say "real wages have gone up" and you say "things are more expensive now", there is a disconnect there. I don't know how to bridge this disconnect because I don't know how to get your vibes. You can see data on wages and inflation though.

If you want to figure out your example with taxes included, then you would need data trending for household income after taxes and transfers and separate it by income quintile. If you found that, I'd like to see it. It's theoretically possible for the top income quintile to come out worse from 2019-2024, but I'm skeptical.

 

[PainInTheAnes]

Any evidence to support this statement?

It honestly doesn't seem like people understand what it means when I say "real wages have increased".

https://home.treasury.gov/news/featured-stories/the-purchasing-power-of-american-households

This isn't true for many other industrialized countries, so when you take your expensive flight for vacation your dollar is going significantly further than it did in 2019.

Primary care 2019: 273000

New MGMA Research Finds Physician Compensation Increased in 2019

/PRNewswire/ -- Medical Group Management Association (MGMA) released its 31st annual Provider Compensation and Production Report, the most comprehensive view...

www.prnewswire.com

Primary care 2023: 298000

Physician compensation 2023: The good, the bad, and the ugly | MDLinx

www.mdlinx.com

Anything else? This isn’t just about physicians, and it’s not just about anesthesiologists within physicians.

No matter how many ways the .gov folks massage the numbers to meet their political goals, the people aren’t buying it. That includes both liberal and conservative people that I know.

If a party can’t convince people that what they see in their daily lives isn’t real, then their data either isn’t true or their arguments suck. Either way, people aren’t buying it and there will be a consequence for that.

I don’t buy it. And I don’t care what’s happening in even more poorly run, more liberal countries. I care that it costs double to get across the country than what it used to and the planes are late more. I don’t need some twit on a .gov site to tell me that I’m just fooling myself.

 

[rowsdower88]

Primary care 2019: 273000

New MGMA Research Finds Physician Compensation Increased in 2019

/PRNewswire/ -- Medical Group Management Association (MGMA) released its 31st annual Provider Compensation and Production Report, the most comprehensive view...

www.prnewswire.com

Primary care 2023: 298000

Physician compensation 2023: The good, the bad, and the ugly | MDLinx

www.mdlinx.com

Anything else? This isn’t just about physicians, and it’s not just about anesthesiologists within physicians.

No matter how many ways the .gov folks massage the numbers to meet their political goals, the people aren’t buying it. That includes both liberal and conservative people that I know.

If a party can’t convince people that what they see in their daily lives isn’t real, then their data either isn’t true or their arguments suck. Either way, people aren’t buying it and there will be a consequence for that.

I don’t buy it. And I don’t care what’s happening in even more poorly run, more liberal countries. I care that it costs double to get across the country than what it used to and the planes are late more. I don’t need some twit on a .gov site to tell me that I’m just fooling myself.

Good info and it's nice to see citations.

I retract my skepticism towards doctors wages - in general. I don't see anesthesia separated out in your sources.

It's not about convincing people through massaging the numbers. When you see higher prices at the store there's a bad vibe you get and I don't think (most) people get a similarly good vibe when they look back on the year and realize they're materially better off. It's combating a cognitive bias.

When you see that high airline price you get upset. You don't internalize that it might actually be easier for you to pay that fare, which is true for most Americans especially lower income Americans.

 

[PainInTheAnes]

Good info and it's nice to see citations.

I retract my skepticism towards doctors wages - in general. I don't see anesthesia separated out in your sources.

It's not about convincing people through massaging the numbers. When you see higher prices at the store there's a bad vibe you get and I don't think (most) people get a similarly good vibe when they look back on the year and realize they're materially better off. It's combating a cognitive bias.

When you see that high airline price you get upset. You don't internalize that it might actually be easier for you to pay that fare, which is true for most Americans especially lower income Americans.

What I’m saying is that the share of my disposable income that is going towards a mortgage has skyrocketed (doubled) compared to what it would’ve been in 2019 for the same house, so the wage increases haven’t mitigated the other inflation factors. If you factor in housing costs, then it is more difficult for me to afford the plane ticket and other things if I had an inflation adjusted salary from 2019 in 2024.

I know a lot of people who budget and have budgeted for many years. Their prices for the things that they buy are up way more than the quoted 22% from the government. Things like airline tickets, hotels, restaurants, entertainment for children and education/caretaking for them have gone up at a rate much higher than their disposable income has.

The problem is that the CPI is an imperfect measure. It doesn’t account for stuff people actually are buying in many cases. Inflation on the things that I actually bought in 2019 is way higher than the cpi figures.

Factor in people getting crushed with higher fica/medicare taxes and you start evaporating those wage gains in short order. The post tax dollar is less than it was by a fair amount for the same salary, and it doesn’t go nearly as far.

 

[rowsdower88]

What I’m saying is that the share of my disposable income that is going towards a mortgage has skyrocketed (doubled) compared to what it would’ve been in 2019 for the same house, so the wage increases haven’t mitigated the other inflation factors. If you factor in housing costs, then it is more difficult for me to afford the plane ticket and other things if I had an inflation adjusted salary from 2019 in 2024.

I know a lot of people who budget and have budgeted for many years. Their prices for the things that they buy are up way more than the quoted 22% from the government. Things like airline tickets, hotels, restaurants, entertainment for children and education/caretaking for them have gone up at a rate much higher than their disposable income has.

The problem is that the CPI is an imperfect measure. It doesn’t account for stuff people actually are buying in many cases. Inflation on the things that I actually bought in 2019 is way higher than the cpi figures.

Factor in people getting crushed with higher fica/medicare taxes and you start evaporating those wage gains in short order. The post tax dollar is less than it was by a fair amount for the same salary, and it doesn’t go nearly as far.

If you're arguing that CPI is an imperfect measure, that's fine. There are alternatives.

The whole point is we use a basket of goods to assess inflation, we don't just say mortgages are more expensive therefore people are worse off because other typical expenses may have gone down or haven't increased by as much. Not everyone is buying a house every year, mortgages can be refinanced into lower rates, etc...

How many people refinanced when rates were 2-4% and are now set for the next 20 years with those low rates? Probably a lot.

Edit:

Some people's biggest expense this year won't be a new mortgage but will be a new big screen TV. Those people are super happy because TVs are crazy cheap now.

 

[BLADEMDA]

And my Trump-flag waving neighbor should be arrested or at least fined for hiring them to trim his bushes and blow his leaves (especially on a Saturday morning). You want to stop illegal immigration? Remove the incentive that brings them here. Despite the narrative that they are coming here to rape all the women, they are coming to earn a living. If you want to stop illegal immigration then fine every single business or person that hires an illegal immigrant. Boycott businesses that use illegal immigrants….not just your local landscaper, carpenter, and restaurants, but the farms, fishermen, and slaughterhouses too. If you really want to stop illegal immigration then put your money where your mouth is…and be prepared for some real spike in prices. The fact is, much like outsourcing manufacturing to China, our economy is addicted to cheap labor. I would even go so far as saying one of the reasons the American economy has been so resilient compared to other economies is that despite the rise in wages for most American citizens, we still have a healthy stream of cheap labor in the form of documented and undocumented immigrants. Does that mean we shouldn’t clean up the border and fix the immigration system? No, but I do think a certain political party benefits from the narrative that the immigration system is in chaos so they are not inclined to actually fix it. Immigrants (legal or illegal) are a vital part of our economy and unfortunately cable news channels are not inclined to discuss the nuances of that and are instead trying to manufacture outrage.

Here’s a recent article from the liberal commie rag that at least tries to tease out some of the economic challenges with immigration.

Immigrants in Maine Are Filling a Labor Gap. It May Be a Prelude for the U.S.

A wave of rapid immigration is taxing local resources around the country and drawing political ire. But it might leave America’s economy better off.

www.nytimes.com

I want every person entering the USA, legal or illegal, screened prior to entry. I want all those "gottaways" found and deported. I support work Visas. The current Biden Immigration "plan" is a danger to all of us. Biden must be voted out of office because he has been the worst President for illegal immigration in the history of the USA. Again, I support legal immigration and work Visas but vetting must occur before tragedy strikes here in this country. Safety is the important thing in our nation and Biden has failed to keep us safe; this will eventually manifest as higher crime rates due to Venezuelan gang members or terrorists coming across our border.

More Americans say they are worried about illegal immigration, terrorism in 2024: Survey

The number of Americans who say they are worried about illegal immigration and future terrorist attacks rose over the past year, according to a recent poll. The Gallup survey, released Friday, foun…

thehill.com

 

[abolt18]

May as well close this thread at this point, as no one seems to be able to drop the politics and focus on the actual topic.

In response to the above clip about Dave Ramsey saying you can spent 8-10% if your money each year in retirement: this is consistent with what he's been saying for a long time, however crazy it is.

Then at the other end you've got Blade sharing all the people's recommendations to stick with a 2% withdrawal rate. Woof!

I have no desire or intention to die with more money than I have when I retire. I have no problem with slowly whittling away at principal.

In reality, the Trinity study, from which we get the SWR of 4%, used static asset allocations, and fixed inflation adjusted withdrawals, leading to a near 100% likelihood of not running out of money in retirement and USUALLY ending up with more money than you had when you started retirement. But in reality, life is not static, your spending does not need to be static, and your investments do not need to be static. If the stock market tanks, you can pull back on your spending for a few years. If it's soaring, you can increase your spending. I think you can likely spend somewhere in that 3-5% range with some flexibility and willingness to adjust based on market fluctuations. Also, investing in a way to reduce your sequence of returns risk earliest in retirement and adjusting it overtime changes all these calculations to err more on your side to favor spending more. Just my opinion.

 

[finalpsychyear]

May as well close this thread at this point, as no one seems to be able to drop the politics and focus on the actual topic.

In response to the above clip about Dave Ramsey saying you can spent 8-10% if your money each year in retirement: this is consistent with what he's been saying for a long time, however crazy it is.

Then at the other end you've got Blade sharing all the people's recommendations to stick with a 2% withdrawal rate. Woof!

I have no desire or intention to die with more money than I have when I retire. I have no problem with slowly whittling away at principal.

In reality, the Trinity study, from which we get the SWR of 4%, used static asset allocations, and fixed inflation adjusted withdrawals, leading to a near 100% likelihood of not running out of money in retirement and USUALLY ending up with more money than you had when you started retirement. But in reality, life is not static, your spending does not need to be static, and your investments do not need to be static. If the stock market tanks, you can pull back on your spending for a few years. If it's soaring, you can increase your spending. I think you can likely spend somewhere in that 3-5% range with some flexibility and willingness to adjust based on market fluctuations. Also, investing in a way to reduce your sequence of returns risk earliest in retirement and adjusting it overtime changes all these calculations to err more on your side to favor spending more. Just my opinion.

Agreed with this. Simple 3-4 percent for those retiring sub 50 with a few years of expenses in a side account should suffice. Im keeping it that simple otherwise u can trick urself into never retiring if u overthink it.

 

[rowsdower88]

I want every person entering the USA, legal or illegal, screened prior to entry. I want all those "gottaways" found and deported. I support work Visas. The current Biden Immigration "plan" is a danger to all of us. Biden must be voted out of office because he has been the worst President for illegal immigration in the history of the USA. Again, I support legal immigration and work Visas but vetting must occur before tragedy strikes here in this country. Safety is the important thing in our nation and Biden has failed to keep us safe; this will eventually manifest as higher crime rates due to Venezuelan gang members or terrorists coming across our border.

More Americans say they are worried about illegal immigration, terrorism in 2024: Survey

The number of Americans who say they are worried about illegal immigration and future terrorist attacks rose over the past year, according to a recent poll. The Gallup survey, released Friday, foun…

thehill.com

Increasing border security is going to increase the national debt.

The national debt increasing is an existential threat to the value of the dollar, government solvency, and my 401k.

I'm against increasing border security.

/s

 

[BLADEMDA]

Here’s a look at the five most-costly states for single workers, based on how much money residents would need to earn each year to live comfortably.

1. Massachusetts: $116,022
2. Hawaii: $113,693
3. California: $113,651
4. New York: $111,738
5. Washington: $106,496

 

[GravelRider]

Here’s a look at the five most-costly states for single workers, based on how much money residents would need to earn each year to live comfortably.

1. Massachusetts: $116,022
2. Hawaii: $113,693
3. California: $113,651
4. New York: $111,738
5. Washington: $106,496

That’s an odd data point to post. Which states have the highest average income? Without even looking, my guess is that at least 4 of those states are in the top 5 in terms of average income.

 

[triggermaster]

May as well close this thread at this point, as no one seems to be able to drop the politics and focus on the actual topic.

In response to the above clip about Dave Ramsey saying you can spent 8-10% if your money each year in retirement: this is consistent with what he's been saying for a long time, however crazy it is.

Then at the other end you've got Blade sharing all the people's recommendations to stick with a 2% withdrawal rate. Woof!

I have no desire or intention to die with more money than I have when I retire. I have no problem with slowly whittling away at principal.

In reality, the Trinity study, from which we get the SWR of 4%, used static asset allocations, and fixed inflation adjusted withdrawals, leading to a near 100% likelihood of not running out of money in retirement and USUALLY ending up with more money than you had when you started retirement. But in reality, life is not static, your spending does not need to be static, and your investments do not need to be static. If the stock market tanks, you can pull back on your spending for a few years. If it's soaring, you can increase your spending. I think you can likely spend somewhere in that 3-5% range with some flexibility and willingness to adjust based on market fluctuations. Also, investing in a way to reduce your sequence of returns risk earliest in retirement and adjusting it overtime changes all these calculations to err more on your side to favor spending more. Just my opinion.

Dave Ramsey didn’t articulate it adequately, but I think that’s basically what he was saying. If you gain an average of 10% per year, you could withdraw 10% per year indefinitely. It’s not that crazy. As long as you withdraw 10% of your current wealth per year and not 10% of what you had the day you retire, you’ll never run out of money. Odds are pretty good that you’ll have less and less spending money over time, but you won’t run out. Plus, your non medical expenses will go down over time anyway. You aren’t traveling, buying fancy cars, or eating out constantly on your 80s probably.

I don’t recommend 10% withdrawal or anything because you risk a significantly decreased lifestyle over time, but it’s also not insane. It depends on how old you are when you start withdrawals and how the stock market does going forward.

 

[nimbus]

It’s already the law. We don’t need a bill or a compromise. Dems just want to process illegal immigrants more quickly not to actually be a country with borders.

Stay in Mexico, Razor wire, worker ID, no benefits for illegal immigrants no matter how long they’ve been here, no birthright citizenship for illegals.

Dairy farmers from red counties in Wisconsin would like a word. So would red voting California Central Valley farmers. In reality, we need “illegal” immigrants as much as they need us. If people didn’t hire them, they would not come. While we whine about the price of eggs, immigrant labor subsidizes our food.

No Right to Medical Care, Compensation for Injuries or Time Off: How Immigrant Dairy Workers Go From Vital to Disposable

Immigrant workers are essential to Wisconsin’s dairy industry. But when they get injured, they’re often cast aside.

www.propublica.org

31 California Farmworker Facts You Should Know - La Cooperativa Campesina de California

Here are 31 farmworker facts that every Californian should know.

lacooperativa.org

 

[Dr. Rude]

Five year TIPs auction today. Indicated real yield above 2%. Historically attractive. I have a chunk in for today. Brokerage IRA.

New 5-year TIPS gets a real yield of 2.242%, 2nd highest in 15 years

By David Enna, Tipswatch.com The Treasury’s auction of $23 billion in a new 5-year Treasury Inflation-Protected Security — CUSIP 91282CKL4 — resulted a real yield to maturity of 2…

tipswatch.com

 

[nimbus]

Cut half the government budget. Eliminate entire departments. Veto 100 billion dollar money laundering foreign war bills.

Yeah. Let’s cut Medicare to $10/unit.

 

[triggermaster]

Yeah. Let’s cut Medicare to $10/unit.

Strawman.

 

[nimbus]

Strawman.

Budget Basics: Medicare

Medicare is an essential health insurance program serving millions of Americans, and a major part of the federal budget and our fiscal outlook.

www.pgpf.org

What to Know about Medicare Spending and Financing | KFF

This brief provides an overview of Medicare spending and financing, based on the most recent historical and projected data from the Medicare Trustees and the Congressional Budget Office (CBO). The brief highlights trends in Medicare spending and key drivers of spending growth, including higher...

www.kff.org

 

[nimbus]

Yeah, worker ID with huge fines. We can have seasonal labor that comes to work legally then goes home. Best of both worlds.

Dairy season is year round. So is chicken season.

 

[Splenda88]

It's death by a thousand cuts. The issue isn't financial choices. The point is, there has been significant inflation with this current administration. Yeah, salaries and income have gone up, but so has the cost of nearly everything else.

I used eggs as an example. The absolute increase is small, any physician can afford a few Dollars more, but this isn't isolated. Beef, chicken, etc have so increased in price. It's just more money out of my pocket.

-"The price of groceries has significantly increased and isn't coming down"

"Bro, WTF if you make $500k a year, if doesn't matter"

-"The price of housing has gone up, both to rent and own"

"Dude, go live somewhere else"
------------------------------------------------------------------------

If the rise in costs of goods isn't bothering you that's fine.

There's a significant portion of the population who is bothered by it. If this continues it will absolutely affect their voting patterns.

Inflation is most likely the result of printing the $$$.

Guess what! both parties are culprit

 

[Splenda88]

This is a financial thread. I doubt anyone's political views will be changed here. The trials against Trump may be enough to sway 2% of the voting public to go with Biden. That's the Dem playbook. Convict Trump so he loses the election. So, let's see how the trials go because as of today Trump wins the election in November. But, if he gets convicted of a felony or two the polls may change swinging the election to Biden.

Regardless, can we get back to a financial thread? I do see how inflation can impact your portfolio. High taxes as well will have an impact. The Fed won't be cutting rates in 2024 which will impact the stock market.

I think abortion will play a far bigger role.

They estimated that the dems overperformed by 4-6 points in the last midterm and that is huge. I guess these liberal women want to have abortion on demand

 

[Dr. Rude]

I think abortion will play a far bigger role.

They estimated that the dems overperformed by 4-6 points in the last midterm and that is huge. I guess these liberal women want to have abortion on demand

Nah. The Republicans want to be able to get an abortion for their mistress, daughter, or for an oops baby.

 

[triggermaster]

Dairy season is year round. So is chicken season.

Yeah, cut back on welfare and Americans will do those jobs. If they have to pay more too, so be it. I’d rather pay the price it takes to employ Americans than to flood the country with people who can’t even speak the language.

 

[agammaglobulin]

Dairy farmers from red counties in Wisconsin would like a word. So would red voting California Central Valley farmers. In reality, we need “illegal” immigrants as much as they need us. If people didn’t hire them, they would not come. While we whine about the price of eggs, immigrant labor subsidizes our food.

No Right to Medical Care, Compensation for Injuries or Time Off: How Immigrant Dairy Workers Go From Vital to Disposable

Immigrant workers are essential to Wisconsin’s dairy industry. But when they get injured, they’re often cast aside.

www.propublica.org

31 California Farmworker Facts You Should Know - La Cooperativa Campesina de California

Here are 31 farmworker facts that every Californian should know.

lacooperativa.org

“The economy needs these people” as an argument to support illegal immigration is really poor. If we need people for a certain part of our economy, we should screen and allow those people in. The EXACT person, with exact qualifications could, and should, be given citizenship or a work visa. letting millions of people across to get some small percent of the correct fit for our economy doesn’t make sense.

Immigration should be divided into 3 parts: (1) refugee - people being targeted and/or endangered in their native country. (2) worker visa - we want those working on cutting edge topics working here (3) Education - want to attract the brightest to learn here and stay here.

How immigration currently is broken down - Dems “if we let in 10s of millions of people, they’ll eventually vote for us and we’ll forever be in control”

 

[triggermaster]

“The economy needs these people” as an argument to support illegal immigration is really poor. If we need people for a certain part of our economy, we should screen and allow those people in. The EXACT person, with exact qualifications could, and should, be given citizenship or a work visa. letting millions of people across to get some small percent of the correct fit for our economy doesn’t make sense.

Immigration should be divided into 3 parts: (1) refugee - people being targeted and/or endangered in their native country. (2) worker visa - we want those working on cutting edge topics working here (3) Education - want to attract the brightest to learn here and stay here.

How immigration currently is broken down - Dems “if we let in 10s of millions of people, they’ll eventually vote for us and we’ll forever be in control”

Mostly true except refugees should have to stay in the first safe country they enter, which is never this one.

 

[ambiturner]

I’d just like to point out how fascinating it is that a positive thread about people retiring with $10 million and buying ski homes turned into an inflation and immigration doom fest after a single bad week for the markets and inflation data.

 

[We'llBeDoneIn15Minutes]

“The economy needs these people” as an argument to support illegal immigration is really poor. If we need people for a certain part of our economy, we should screen and allow those people in. The EXACT person, with exact qualifications could, and should, be given citizenship or a work visa. letting millions of people across to get some small percent of the correct fit for our economy doesn’t make sense.

Immigration should be divided into 3 parts: (1) refugee - people being targeted and/or endangered in their native country. (2) worker visa - we want those working on cutting edge topics working here (3) Education - want to attract the brightest to learn here and stay here.

How immigration currently is broken down - Dems “if we let in 10s of millions of people, they’ll eventually vote for us and we’ll forever be in control”

"The Economy needs these people" has always been a dumb argument to justify unskilled uneducated illegals crossing the border and crushing the safety nets. I'm pretty sure that has never helped an economy.

 

[We'llBeDoneIn15Minutes]

And my Trump-flag waving neighbor should be arrested or at least fined for hiring them to trim his bushes and blow his leaves

Damn that is so openly racist and xenophobia that it made me laugh.
So every Hispanic working a leaf blower is an illegal.
😂😂😂