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10-06-2010, 09:01 PM | #67 |
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I suggested him because he's easily accessible. Go ahead, give him a call and let us all know when you're calling his show. I'm sure you'll make quick work of such a lightweight.
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10-06-2010, 09:18 PM | #68 |
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The fact that you cite the NY and Seattle times is not ad hominem at all. Again, if you were AT ALL open to basic economic principles, the inherently misaligned incentives in such organizations are enough to make anyone reasonably skeptic.
But herein lies the problem. You have your opinion, I'm not going to change it. At this point I no longer care. I attempted to point out some reasons as to why this scenario your convinced of is far from an inevitability. You present some admissible evidence of your claims, and I completely cease to take you seriously (which I had all but done upon your initial post). That's fine man, have a great retirement. I've gone too far into it with you already. I'm not going to continue a discussion of economic forecasting with someone who cannot draw supply and demand curves without looking them up on wikipedia yet who has read a bunch of articles and has therefore gleaned the economic background and understanding to make such adamant predictions. I'm not claiming I have it all figured out, but that I have it a helluva lot more figured out than you. |
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10-06-2010, 09:42 PM | #69 | |
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First off, I really don't read/trust any of those a whole lot. But the facts presented in those links can be found in a variety of sources - take your pick. I actually went out of my way to find mainstream sources for those links to avoid the "wacko blogger" internet argument defense tactic (which you basically employed on the radio show host anyway). So, the Seattle Times article for example was based on data from the Census Bureau. Would you consider that a reasonable source? Simply slamming the source as unreliable out of hand and not addressing the content of the article proves nothing. But I do agree with you that we have our separate opinions. Honestly, I bet if we sat down for a beer we'd probably have a hell of a conversation. I really doubt you're the type to call someone an idiot to their face over a simple disagreement on economics. Otherwise you would have had a very short career. But the internet provides us all a chance to put on the Rambo suit, and you have lots of posts and friends here so I get that. In the end, time will prove one of us right. Personally I think we're looking at the fall of Rome part 2 in some form or fashion (beyond just economics) within our lifetimes. The shit is coming from way too many angles for something to not eventually give. And I honestly feel sorry for those that don't see it coming. Peace. |
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10-06-2010, 10:01 PM | #70 |
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Ok, fine. A few comments:
1) Where data comes from and how it is interpreted are two entirely different things. There is a reason there are entire courses dedicated to analyzing and critiquing "econ" articles by popular news sources. I read the news, but am careful what to take from it. Clean, simple, undiluted facts. It is very easy to misinterpret or draw inaccurate conclusions from statistics, intentionally or unintentionally. The fact is, in these stories or editorials, the evidence/analysis is presented at such a rudimentary level it is very naive, right or wrong, to base opinions on such. 2) I've called plenty of people ignorant and idiots. It's not in the sense that overall, in everything they do, they're idiotic, but more that in this particular instance, their hardheadedness is making them out to be as such. I hope in your experience with a few MBAs, it was in the same sense. This is not to say that a few letters automatically makes someone an expert, but in the sense that you clearly aren't either, I'm not sure your assessment of them was entirely level headed. 3) I actually got curious and watched the radio host. No different from any other political radio host, just more anti-establishment and conspiracy theorist than most. Frankly, I won't call him, because there is no point to. I can just as summarily prove him wrong to myself as he can prove me wrong to himself. At the end of the day, I'll be on the "winning" side of things (his words), while he'll still be hosting a 2 bit radio program complaining about "the system" is holding you back. |
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10-07-2010, 12:18 AM | #73 |
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10-07-2010, 12:39 AM | #74 |
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That cat is smarter than some people I know.
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10-07-2010, 01:24 AM | #75 |
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Aren't we more worried about deflation right now than hyperinflation?
http://online.wsj.com/article/SB1000...googlenews_wsj also http://www.inflationdata.com/inflati...inflation.aspx Unless I'm reading the wrong sources, it doesn't seem hyperinflation is our issue right now. |
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10-07-2010, 01:40 AM | #76 | |
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I also don't get how someone is retiring at 67 with only $430k to his name. What the hell did he do with all his money? Assuming he started working @ 22 he had 45 years to save up money. That means he saved up $9,555 PER year if you include the mortgage payments as "money saved." I just don't get it. I'm a 20 year old with a net worth of ~$40k. I don't think I'm doing too bad . |
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10-07-2010, 08:30 AM | #77 | ||
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Quote:
http://www.usinflationcalculator.com...-1913-to-2008/ http://www.bls.gov/news.release/pdf/cpi.pdf |
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10-07-2010, 09:37 AM | #78 | |
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Do you have a house. Mortgage's are not cheap especially if you are living beyond your means. Then the upkeep costs and other items to go along with the house. Let alone kids when you have them(I don't either and I don't exactly look forward to the financial aspects of a child). I mean break it down, 2k mortgage, 1k bills(not adding in groceries etc.) another 1k in living expenses. That's 4k a month to live, this is also not factoring in children and this is living modestly. Then add in occasionaly buying furniture, tv's, appliances, landscaping, etc etc. Say you were taking home 6k a month after taxes you honestly don't think all of the 2k left over will actually make it into a saving account? I always laugh at my wife since she doens't understand how much things actually cost. Like when we went to look at cars. She was adament that our payment would not exceed 300/mo with minimal down. Once she realized that would hardly get us a civic she woke up and got it. Now we're looking to get a couch. She was thinking 2k for a nice sectional, yeah if you want garbage. Try 3k at a min and if you want leather up that to around 6k+. Shit is expensive. And when you add in living excessivly it's even more expensive. Which is why saving gets pushed to the back of the bus for people.
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10-07-2010, 12:07 PM | #79 |
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I think it's an extremely difficult assessment to make. I’m 29 and have zero debt outside of my car payments. I have an MBA and no student loans (thanks to inherited money that could only be spent on education. Yes I realize how fortunate I am every day.)
I live my life as close to a 100% cash-only basis as possible and my credit score is excellent. I bought my car pre-owned and got a pretty nice deal because it was a manual. I save 15% of my take-home each month and put another 7% away to my 401(k) with matching of my first 5%. Due to the economy being shaky, we haven’t gotten our usual merit increases at work in a while, so that makes things a little harder. I also live in a pretty expensive city (Miami). Aside from having my education paid for (which is WONDERFUL), I was never given any money from my parents, so I basically just started out from scratch upon graduation. A lot of the kids I went to school with got a nice check for getting through grad school, so they’re probably a little bit ahead of me in the savings department if they’re smart. I still wish I had more cash on hand, but who doesn’t. I don’t necessarily become fixated on the big number all the way down the line, I just try to live responsibly and reasonably each day and make sure my savings goes up every two weeks, even if it’s only by a little bit.
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10-07-2010, 07:48 PM | #80 | |
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No wonder people act like morons at work... |
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10-07-2010, 09:13 PM | #81 |
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^ those numbers wouldn't be surprising. Only a small portion of society comes out of school with a decent starting salary (if they go to school at all). The rest scrape by in their 20's and many over extend themselves.
Those of us lucky enough to land high paying careers within the first few years of our careers often loose perspective. When you hang out with people of similar means you can easily forget how little the average person makes. |
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10-07-2010, 10:16 PM | #82 | |
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So depressing. |
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01-19-2018, 10:22 PM | #84 | |
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How’s everyone’s saving going? |
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01-19-2018, 11:14 PM | #85 |
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01-20-2018, 12:08 AM | #86 |
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Google doesn’t always give an accurate answer, buddy, which is why I asked for a source.
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01-20-2018, 01:28 AM | #87 |
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https://www.joshuakennon.com/1821745...00000-or-more/ 1,821,745 households in the United States have investment portfolios worth $3M or more. This group contains: 893,344 households with $3,000,000 to $5,000,000 679,242 households with $5,000,000 to $10,000,000, and 249,159 households with $10,000,000+ There are approximately 125 million households in the U.S. Thus, having investments valued at $3M puts you in the top 1.4% of all households. By that standard, I'd say it's unreasonable to expect the average person to accumulate $2.5M by age 60. |
01-20-2018, 10:01 AM | #88 |
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As my grandpa alwAys told me: it's not how much you make, it's how much you save.
I have many friends that make over 100k with no savings. 2,000-3,000 rent, 500-1,000 car payment, they go out for dinners a few times a week. Now add 1-2 international trips, some random expenses and they basically live paycheck to paycheck. I thing every professional should target $2M by 65. Maxing your 401k should put you around this number. |
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