Bad w/ Money: I just paid for a fat bitches Electric Cock Zapping Sex Toy in Kentucky

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monster on a stick: Apr 29, 2013

Krispy Kareem posted:

No, it's upper middle class.

We seem to be forgetting there is stratification within each income class. You can separate that even further by age or education level. Public school teachers around here cap out at $80k. In some select areas they can blow past $100k. You are saying one of those public school teachers with zero other assets besides their monthly paycheck can now be considered rich?

Yes, the only thing that factors into whether you are rich or not is whether you make more than the median household income in the US, your assets have zero to do with this. Please pay attention next time James :smug:

# ? Dec 22, 2016 21:19

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# ? Jun 4, 2024 07:30

Droo: Jun 25, 2003

potatoducks posted:

Believe it or not, disagreeing with someone about the definition of the word "rich" isn't really raising anyone's blood pressure here.

No dude, we are all having capitalist nerd heart attacks over his posts.

# ? Dec 22, 2016 21:19

Tiny Brontosaurus: Aug 1, 2013; by Lowtax

Droo posted:

No dude, we are all having capitalist nerd heart attacks over his posts.

You stalk me so much you have long-simmering fury at my election posts and you still think I'm a dude?

# ? Dec 22, 2016 21:20

EAT FASTER!!!!!!: Sep 21, 2002; Legendary.

# ? Dec 22, 2016 21:23

ChickenOfTomorrow: Nov 11, 2012; god damn it, you've got to be kind

EAT FASTER!!!!!! posted:

# ? Dec 22, 2016 21:30

slap me silly: Nov 1, 2009; Grimey Drawer

EAT FASTER!!!!!! posted:

# ? Dec 22, 2016 21:34

Krispy Wafer: Jul 26, 2002; I shouted out "Free the exposed 67"
But they stood on my hair and told me I was fat; Grimey Drawer

Tiny Brontosaurus posted:

You know how some people, me included, keep talking about things like "percentiles"? It's specifically to avoid this kind of stupid hair-splitting, because "class" includes all kinds of cultural factors that don't have anything concrete to do with income. A household making more than $100,000 per year is in the top ten percent of American household incomes. The family in that household could be educated or not, highbrow or not, financially secure or not, and it wouldn't do one goddamned thing to change the fact that their household has a higher income than most other households in the country. If Buford S. Hicksquatter and Hiram P. Moneybags both live in 100k income households they are both in the same income bracket even if they'd cross the street to avoid each other.

Dimbulb, again, I did not say billionaires aren't rich. I agree with your precious Everybody. Billionaires are rich! Gosh they're so very very rich, and maybe someday you'll get to be one if only you argue on the internet hard enough.

But percentiles are not entirely clear even if they lack loaded language. The difference between the top 50% and the top 10% is probably 50k. The difference between top 10% and top 1% is many orders of magnitude.

If you want to determine who is rich you look at the proportion of overall wealth held by each group, not what percentile one year's income happens to slot into.

# ? Dec 22, 2016 21:36

slap me silly: Nov 1, 2009; Grimey Drawer

EAT FASTER!!!!!! posted:

# ? Dec 22, 2016 21:36

Krispy Wafer: Jul 26, 2002; I shouted out "Free the exposed 67"
But they stood on my hair and told me I was fat; Grimey Drawer

monster on a stick posted:

Yes, the only thing that factors into whether you are rich or not is whether you make more than the median household income in the US, your assets have zero to do with this. Please pay attention next time James

That's kind of my point.

We are debating whether $100k/year is an accurate benchmark for "rich". Was there another variable I missed because the only number I've seen is 100 grand.

Edit: oh poo poo a mod. So how about them bad with monies?

# ? Dec 22, 2016 21:41

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

Sometimes you just have to jump on a deal when you see it and figure it out later.

quote:

I just bought 6000 Square Feet of Land as an investment, what can I do with it in order to get a good return on this investment.

So, I've bought this piece of land in India. When I first saw this property I instantly pictured a nice Farmhouse on this land that I would eventually build. For a few days now, I've been thinking about all the different ways in which I can get a good return on this investment. What I've thought up of so far

- build 3 houses (2000 Square Feet each) and sell them
- build an apartment complex
- wait for 5 years and then sell it

also, I've been thinking of giving 2000 square feet each to my elder sister and my younger sister and keep the remaining land for myself (not expecting any returns in this scenario).

What I'd like to know from you all is what else can be done with this piece of land in order to get good returns!

# ? Dec 22, 2016 21:54

potatoducks: Jan 26, 2006

EAT FASTER!!!!!! posted:

I knew a guy who bought a horse and it was really expensive and he couldn't afford it. The end.

# ? Dec 22, 2016 21:59

potatoducks: Jan 26, 2006

Tiny Brontosaurus posted:

Dimbulb

Dude you're hurting my feelings here. I didn't even think we were really arguing.

# ? Dec 22, 2016 22:03

Bhodi: Dec 9, 2007; Oh, it's just a cat.; Pillbug

I can't be rich, I've only got one horse!

# ? Dec 22, 2016 22:15

Haifisch: Nov 13, 2010; Objection! I object! That was... objectionable!; Taco Defender

Here, have some bitcoin to talk about

"People are selling cheap prepaid cards out of the goodness of their hearts, right?" - the people who actually needed to be told this

quote:

Reposting here since r/churning considered it off-topic - trying to get as many eyes on this as possible. If it sounds too good to be true, it probably is - people are selling prepaid debit cards on Local Bitcoin, among other Bitcoin escrows. In many cases these are stolen prepaid cards, obtained through various scams, including ransomware and phishing schemes. In some cases stolen standard debit card numbers are being touted as prepaid cards. These users are building up good reviews selling legit cards and then fencing large sums of these prepaids before they disappear. No matter how good their seller rating is, you cannot trust it. If you get caught buying or using these stolen cards, whether online or in-person, you will be named to the FBI Internet Crimes division and/or local police who may be investigating, and you will have to attempt to clear your name or face prosecution. If you are using these stolen prepaids to pay down balances on credit cards, loans, or utilities you can expect to have the payments reversed (prepaids CAN be charged-back), find yourself on the MATCH list, and have SARS reports filed against you. Just DON'T buy prepaids from any private seller, especially on Local Bitcoin.

Source: I work in risk management for a major payment processor and am sick of seeing otherwise smart people fall victim to this racket and ruin their credit, if not lives.

"Bitcoin will round out my portfolio nicely, yes?"

quote:

(this is throwaway because i don't want my main account linked to my portfolio..)

i have been following the developments of BitCoin for a year now and wanted to make it a small part of my portfolio (mostly a personal mix of German stocks) .

i think that digital currencies offer a chance for less friction on the financial markets and BitCoin seems to be attracting more serious actors lately (Nasdaq). I have been reading the book "The Age of Cryptocurrency" and it brings up interesting facts but also shows it has a long way to go (opportunity ??)

http://fortune.com/2015/03/06/bitcoin-boys/ http://www.investmentnews.com/article/20150325/FREE/150329958/nyse-and-nasdaq-embracing-bitcoin http://www.bloomberg.com/news/articles/2015-03-24/bitcoin-getting-serious-as-nasdaq-nyse-step-into-digital-craze

my question. I've tried asking questions in the / r / bitcoin subreddit but reactions are very biased (not! surprising). i want some exposure in the technology/ currency without having much risk. Buying BitCoin is risky i think but there seem to be a lot of hacks and i'm not that good with computers to feel confident.

it's come to my attention that listed on OTC is an ETF that resembles 0.1 bitCoin per unit. but i can't find out of it has a 1 on 1 peg to BitCoin or not.

http://moneymorning.com/2015/03/03/the-first-bitcoin-etf-offers-easy-way-to-profit-from-virtual-currency-gbtc/

http://www.otcmarkets.com/stock/GBTC/quote

any advice is welcome !!

"PUT IT ALL ON BLACK, WOO" (bolding theirs)

quote:

I have converted 100% of my remaining net worth into BTC over the past day and am waiting on the sidelines to buy the quarterly as soon as we see a decent red candle. All cash, all savings in bank, all sellable assets (that I could liquify) now in BTC. I have enough in the bank to pay reoccurring payments like netflix and gym membership for a month, and 1 month of credit card payments.

I am 100% putting my life into this rally, will dollar cost average buy the quarterly over christmas break every day/every dip. We are seriously on the verge of breaking the ATH in 2017 and I WILL NOT BE LEFT ON THE SIDELINES.

gently caress the fiat system and the corrupt governments and banks of the world, gently caress the robbery and thievery that is debt slavery. Bitcoin is freedom and I will be on the right side of history.

THIS IS MY ONE SHOT AND I WILL NOT LIVE IN REGRET.

And not bitcoin, but someone who sounds like a drama queen is mystified they're not finding a job(bolding mine):

quote:

So I've been jobless and looking for the last 7 weeks...I have gotten nowhere. I work in the hospitality industry, and it's small, I stuck up for myself when it came to legal concerns and got burnt out of my job. Now when I apply I get asked what happened. When I answer with what happened I get looked at oddly. When I say I left, they check up and the previous employer puts them off. And if I don't put it on my resume then the prospective employer finds out after speaking with other people in the industry. (I'm a "showy" cocktail bartender with more ego behind the bar than most and also like the customer based attention 😜)

DAMNED IF I DO, DAMNED IF I DON'T.

So. I have $25.23 in my account. Am paying a car off ($70.63 a week) and have no income, no good job prospects and can't get unemployment benefits....

Help

# ? Dec 22, 2016 23:54

grenada: Apr 20, 2013; Relax.

The income derail stealing the thunder from the soylent derail was brilliant. One of the better derails in this thread. Watching D&D and GBS regs make BFC nits heads spin is GWM.

# ? Dec 23, 2016 00:15

Loan Dusty Road: Feb 27, 2007

laxbro posted:

The income derail stealing the thunder from the soylent derail was brilliant. One of the better derails in this thread. Watching D&D and GBS regs make BFC nits heads spin is GWM.

Agree, way better than horses.

Loan Dusty Road fucked around with this message at 00:47 on Dec 23, 2016

# ? Dec 23, 2016 00:44

Nettle Soup: Jan 30, 2010; Oh, and Jones was there too.

I don't know her too well, but my next door neighbour has two kids, is split from her abusive partner, is on housing benefits which is barely covering the cost of her council house and yet somehow also owns a horse, boarded at local stables. She worries about money a lot...

She's recently got a little pomeranian-type dog. I asked her how she managed to afford that and she said "We have her on an agreement from the breeder, after two years they'll take her back, breed from her, keep the puppies and then give her back to us"

That seems like a terrible way to get a dog...

# ? Dec 23, 2016 01:00

EAT FASTER!!!!!!: Sep 21, 2002; Legendary.

I mean at the point that there are so obnoxiously many derails - and really only the narrative voice about what is probably a reasonable level of consumption, expenditure and earning has any actual consistency - the Bad With Money thread is just the stream of consciousness thread for BFC. But I don't think anyone really actually minds that, and it's why a lot of people rotate in to participate, including noted troll Tiny Bronto.

# ? Dec 23, 2016 01:02

Switchback: Jul 23, 2001

potatoducks posted:

Dude social security is a 12.4% tax if you're self employed. Insane enough as it is.

JFC thread is moving so fast! What is this, Christmas break? Go do some work on your creation-only non-consuming income-producing hobbies!

This is boring so ignore if you want but one of my expat buddies mentioned that his tax accountants (based in the US) have him pay into SS. Mine (Americans based here in Singapore) do not advise me to pay into SS. Who is better/worse with money?

Details:
-He is about 10 or 15 years older than me (I am 30)
-He is trying to become a local citizen and wants to renounce his US citizenship (both him and his wife). Dual US and Singaporean is not allowed.
-I have US and Canadian citizenship, my husband is British and Australian (3 universal healthcare systems). We have savings, do not qualify for any tax-advantaged accounts in the US, but I'm under the income limit so I still don't owe any taxes.

Am I being reasonable to think I can self-fund my retirement and am OK to not put into SS? I would contribute again if I moved back to the states, but I may never do that. I'm looking at him having contributed ~$20k/year for the past 12 years they have been abroad, but if he renounces he won't see any benefits. So who is likely to be less hosed when we get old?

# ? Dec 23, 2016 01:22

Droo: Jun 25, 2003

Switchback posted:

Am I being reasonable to think I can self-fund my retirement and am OK to not put into SS? I would contribute again if I moved back to the states, but I may never do that. I'm looking at him having contributed ~$20k/year for the past 12 years they have been abroad, but if he renounces he won't see any benefits. So who is likely to be less hosed when we get old?

I mentioned earlier that social security pays out in a very regressive manner. It looks at your 35 highest earning years of average monthly socialsecuritytaxed income and then calculates a monthly payout. based on a formula below. I will use AMI to mean "average monthly income" as I just described.

Payout = 0.9 * (AMI up to $816) + 0.32 * (AMI $816-$4917) + 0.15 * (AMI over $4917)

Those exact dollar amounts are a couple years about of date but the gist is the same today I'm sure.

So based on that, you will see an outsized benefit from paying social security tax on about $10k per year for 35 years. Because of the way it is calculated, you can also get the same benefit from paying social security tax on $100k for 3.5 years. I made a spreadsheet doing these calculations once when I was curious how retiring early would affect a social security payout, which is kind of the same idea.... the numbers below show you your monthly benefit if you had maxed out social security each year for X years, starting in 1979. It gives you a sense of the regressiveness of the payout. (Note: you need 10 years/40 quarters of actual work to qualify).

code:

5 year benefit 	 $837.79
10 year benefit	 $1,237.20
15 year benefit	 $1,648.96
20 year benefit	 $2,061.43
25 year benefit	 $2,248.25
30 year benefit	 $2,441.72
35 year benefit	 $2,642.95

So you can see, if you max it out for just 5 years you'll get just about a third of what you'd get if you max it out for 35 years. Assuming it generally continues to operate this way until we all die, it makes sense to make sure you at least max out that 90% tier. In order to hit that, you need just about $25,000 recorded in the "Paid by you" social security earnings history, or taxes on about $400,000 of income in your lifetime.

If you are in a unique enough position to have a choice on whether to pay or not, I would gamble that at least that much is worth paying. I doubt that money above that level would be worth it.

# ? Dec 23, 2016 01:37

Konstantin: Jun 20, 2005; And the Lord said, "Look, they are one people, and they have all one language; and this is only the beginning of what they will do; nothing that they propose to do will now be impossible for them.

Nettle Soup posted:

I don't know her too well, but my next door neighbour has two kids, is split from her abusive partner, is on housing benefits which is barely covering the cost of her council house and yet somehow also owns a horse, boarded at local stables. She worries about money a lot...

She's recently got a little pomeranian-type dog. I asked her how she managed to afford that and she said "We have her on an agreement from the breeder, after two years they'll take her back, breed from her, keep the puppies and then give her back to us"

That seems like a terrible way to get a dog...

It's actually a fairly common thing for champion show dogs, but I somehow doubt that's the case here.

# ? Dec 23, 2016 02:02

Spermy Smurf: Jul 2, 2004

Haifisch posted:

Here, have some bitcoin to talk about

You guys gotta start linking these. Just copy the reddit url into the quote= thing.

# ? Dec 23, 2016 02:04

Pompous Rhombus: Mar 11, 2007

Switchback posted:

JFC thread is moving so fast! What is this, Christmas break? Go do some work on your creation-only non-consuming income-producing hobbies!

This is boring so ignore if you want but one of my expat buddies mentioned that his tax accountants (based in the US) have him pay into SS. Mine (Americans based here in Singapore) do not advise me to pay into SS. Who is better/worse with money?

Details:
-He is about 10 or 15 years older than me (I am 30)
-He is trying to become a local citizen and wants to renounce his US citizenship (both him and his wife). Dual US and Singaporean is not allowed.
-I have US and Canadian citizenship, my husband is British and Australian (3 universal healthcare systems). We have savings, do not qualify for any tax-advantaged accounts in the US, but I'm under the income limit so I still don't owe any taxes.

Am I being reasonable to think I can self-fund my retirement and am OK to not put into SS? I would contribute again if I moved back to the states, but I may never do that. I'm looking at him having contributed ~$20k/year for the past 12 years they have been abroad, but if he renounces he won't see any benefits. So who is likely to be less hosed when we get old?

A group I follow on FB recently had an expat tax advisor posting advice, surprisingly it turns out that renouncing your US citizenship doesn't necessarilymean you can't collect SS. In most cases you will wind up paying a 25.5% non-resident alien tax on your benefits though.

Singapore is known for a low tax rate so this wouldn't apply to you, but for others: rather than using the Form 2555/foreign earned income exemption that gives you that flat ~100k, apply for exemption from US income tax based on local taxes paid, which then allows your foreign income to be elliglble for a Roth IRA contribution. (Whether your country of residence considers Roth withdrawals tax advantaged is another matter, of course.)

There is an expat finances thread in here somewhere but it may have dropped into archives. I've got some stuff I need to figure out in this same vein (US/Australia retirement stuff), but not a massive hurry as I've got more immediate financial concerns than making additional contributions to retirement :-\

# ? Dec 23, 2016 03:19

Grumpwagon: May 6, 2007; I am a giant assfuck who needs to harden the fuck up.

Spermy Smurf posted:

You guys gotta start linking these. Just copy the reddit url into the quote= thing.

Agreed, but they're usually easy enough to google.

# ? Dec 23, 2016 05:09

Teeter: Jul 21, 2005; Hey guys! I'm having a good time, what about you?

Is your horse ill?

# ? Dec 23, 2016 06:05

therobit: Aug 19, 2008; I've been tryin' to speak with you for a long time

Dustoph posted:

Agree, way better than horses.

Perhaps we could start betting on hoe many posts it takes for a mod to come in and post the derail bird.

# ? Dec 23, 2016 07:15

LLCoolJD: Dec 8, 2007; Musk threatens the inorganic promotion of left-wing ideology that had been taking place on the platform

Block me for being an unironic DeSantis fan, too!

There's a lot of 90th percentile talk, but what is that as a percentage of the median? "Rich" is subjective, but to me "rich" does not mean "$35k/year [pre-tax] more than working stiffs." The Honda comment was spot on.

Nettle Soup posted:

I don't know her too well, but my next door neighbour has two kids, is split from her abusive partner, is on housing benefits which is barely covering the cost of her council house and yet somehow also owns a horse, boarded at local stables. She worries about money a lot...

Safe as horses.

# ? Dec 23, 2016 16:12

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

Wowzers.

quote:

I'm 21, in a CRAZY situation, and will likely own anywhere between $100k-400k in cash within the next two years, but any wrong decision I make may lead to a parent committing suicide. What should I do?

I'm in a weird situation that still feels fictional, because it's one of those stories you only hear about other people having, and I have no idea what to do. I'll try to keep things short, but I'm not very concise and the littlest details are important. For the sake of my identity, I'm going to change a lot of the details up. So if something sounds weird, that's why. Instead of saying 'my mother' or 'my father' I'm going to say "MP" for "My parent".

A parent of mine ran into a terrible situation with two people that were very close to my parent. They stole lots of money from MP and, as partners, ruined MP's business from the inside out before leaving MP's life and living together.

These people later told the child protection services that MP did something sexual the child of one of the two people, whom dated MP for over 10 years.
MP upon hearing about this, confessed that they had only touched the child's chest and no bad intentions or sexual-incident had occurred, but introduced the subject as though I may never forgive them, which makes it hard to believe (as well as a few other actions that were made). Police showed up numerous times claiming to have a warrant asking for MP, I told them MP wasn't there. I told MP and MP signed everything over to me, gave me basic instructions and advice, and fled the state to live in hiding.

I now own one warehouse on commercial property which has over $100,000 worth of stuff in it, probably somewhere close to $200k-300k in it, not including the property itself which is worth $50-100k. Two houses; one 10% unfinished and the other 80% unfinished and unlivable. On the low end, both houses are worth at the very least $40,000. The unfinished one has 4 acres and will cost $40-60k to fix up, but would make a better home. I currently live in the house that's 80% finished, but it's a lovely house.

I also own several cars, like 5-7 working older vehicles.

MP has stayed in touch with me and has stated that they believe they have "gone crazy" and are flipping the gently caress out, extremely anxious/stressed, manic, and suicidal.

MP has $200,000 untaxed no-hassle in a life insurance plan and I'm the beneficiary.

I am left managing 2 corporations, several properties that have to be mowed, and a ton of bills that needs to be paid for various things including utilities. This is not as easy as it would normally be, because MP used a lot of loopholes and weird corporate tricks to bypass laws. Fortunately MP left behind the business we both ran which generates income and roughly $3k in cash and a very loyal and devoted friend who will help me with things. I also fear that I may do something illegal because I forget something MP told me to do. MP liked to walk inside of "grey area" for legality.

I've been alone for 4-6 months now managing everything, but things are slowly falling apart and I fear that at any moment the entire kingdom will collapse. Two months in a row I've fell behind on money trying to do the work that MP used to do majority of. I'm having lots of difficulty getting motivated and doing the tasks that I never did, because MP did them.

MP doesn't know I know this, but they told their loyal friend (my helper) that the main reason they are considering suicide is to get me the $200k and help me survive and not collapse. If I do bad, MP kills themselves to help me.

I can always go to the other parents house and live there for free as a last resort, but it's ideal that I just sell everything off and do something useful with the cash. MP agrees.

Several plans have been presented to me by MP:

1. Sell everything but one house and use the money to pay my cost of living while I don't stress about money and spend 2-3 years researching, studying, and investing all my time into creating a new career, business, or method of generating income that fits within my goals and living the rest of my life.

2. Sell everything (but one house), invest the money, and get a job to support me while I continue to roll-over all my profits from investing until I have $1 million and live off that money traveling the world.
3. Sell everything but both houses and pay to have the better one fixed up and live in it while I sell the crappier house I currently reside in.

4. Sell everything and travel the world until all the money is gone and possibly live a lovely live, but full of memories for my few years of travel.

5. Hold out for a year and maybe MP's family member and their family can stay in this house with me, pay most of the bills, and help me fully-build up the other house for free in exchange for this house. This family member can only come after a year (everything could collapse before then).

6. Sell everything and live somewhere else with MP and our loyal friend, who do everything that could potentially get MP caught.

7. MP comes back home and may likely go to jail. I can still do the other options involving selling everything, but the property I keep will likely be registered as a sexual offenders place of living. MP cannot live in this city for fear of killing one or both of the people who put him in this situation.

8. Sell everything and move to another country, likely a Nordic country or Germany.

Keep in mind that I can continue this business but I do not enjoy it, and it's stressful to do because the two people that trashed MP's life both plagiarized the local business down to the T and are now a local competitor who has far more vigor. It's also 2 passionate adults against one 21 year old.

As you can see, my situation is rightfully hosed. I'm young and I'm inexperienced. The only things I have going to me are that I'm fairly attractive, intelligent and charming enough to be likable by most people, and I have tons of assets and potential (if I choose wisely).

Part of me wants to choose #1 and #2 while waiting for #5, except I'm not sure I want to live in this city if I have the opportunity to move to another city or country. And choosing #1 could fail.

I'm being given an opportunity that very few people are ever presented with, but it may come with the loss of MP.

If #7 happens, which it appears as though it's going to happen, I need to create something that MP can come back to in case they go to prison. If MP has nothing to come back to, they will commit suicide because they are tired of working that kind of life and their death will benefit me. But if I choose #1 or #2 and succeed, I can support MP and they will not commit suicide.

"I have experienced a lot of life, more than most people, and I'm.. just tired of it. There's nothing more I need to experience. I kind of want to just move on to other things, or end this existence. At least my death will benefit you. Everything I've ever done has been for you. All my hard work was for you." - MP

Tl;dr My parent may have molested a child, left behind everything they ever worked for ($200-400k in properties and equipment), may commit suicide and leave behind $200k in life insurance, and I have absolutely no idea what to do with this potential or how to possess the courage or confidence to make any decision.

What would you do?

Edit: Another part I forgot to mention is that I cannot talk about this situation to anyone other than the loyal friend. This is my first time telling people. Everyone else just thinks MP got stressed over the partner incident and took off to clear his head and probably test my ability to show that I'm responsible and can live on my own.

Also all the properties and vehicles are paid off. MP and myself owe no debts to anyone.

Edit: Link. The reddit thread in GBS has a no linking rule and I reflexively don't include it here usually.

https://www.reddit.com/r/personalfinance/comments/3hnrf3/im_21_in_a_crazy_situation_and_will_likely_own/

# ? Dec 23, 2016 16:21

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

Ron Paul

quote:

22y/o Silverbug here. Opening a Roth IRA. 26k/year. What to know?

For my birthday this year, my parents have offered to help me open up a Roth IRA. I'm a heavily committed Silverbug, but since I believe in a diverse portfolio, I'm not against the idea.

Since I believe that the USD will eventually lose it's status as the world's reserve currency, I want to ensure that my retirement fund is safe from the possibilities of a bank holiday in case hyperinflation happens. Obviously, I subscribe to a very Austrian school of economic thought.

I don't trust any debt-based fiat currencies that are not backed by precious metals, as historically it is mathematically inevitable that they will fail. See: Weimar, Germany; Zimbabwe.

quote:

If you think the US will lose its monetary status, you might as well stock up on years of food supply. That would be a much better alternative in my opinion. Also have a gun ready

Way ahead of you there =)

# ? Dec 23, 2016 16:31

BEHOLD: MY CAPE: Jan 11, 2004

BWM - historically, it is mathematically inevitable that they fail

# ? Dec 23, 2016 16:44

Uncle Enzo: Apr 28, 2008; I always wanted to be a Wizard

This thread shows that just earning a lot of money is no guarantee you won't end up with nothing left at all. SS provides security you can't buy anywhere. People should be grateful for the opportunity to contribute. Trying to say that you shouldn't have to pay the same rate as other people is trying to dodge your fair share.

It's really weird that the people who've by-definition benefited the most from society feel they shouldn't have to help pay for it.

# ? Dec 23, 2016 16:45

Guest2553: Aug 3, 2012

Lotta people itt who don't understand the difference between wealth and income :cmon:

GWM: doing your own tax returns using free software to save money
BWM: receiving notice that you owe the IRS money because you used 2014 w2 slips in the 2015 tax year

at least I had a 401k contribution that offset most of the difference so I only had like 100 bucks in arrears. Oops :downs:

# ? Dec 23, 2016 17:09

EAT FASTER!!!!!!: Sep 21, 2002; Legendary.

Laugh if you want, but a truly diverse personal wealth strategy should include the means to provide given the possibility of personal, local, regional, national or global catastrophe.

# ? Dec 23, 2016 17:13

Krispy Wafer: Jul 26, 2002; I shouted out "Free the exposed 67"
But they stood on my hair and told me I was fat; Grimey Drawer

Leon Trotsky 2012 posted:

Ron Paul

I won't lie, even though I know it's a terrible idea I'd totally keep a stash of silver. Realistically gold is stupid because how are you going to buy some post-apocalypse canned beans with a gold Krugerrand. But something like silver in smaller gram denominations could totally work. Although if fiat currency fails and monetary policy is reduced to precious metals and bullets, then silver bullets may be the best option.

therobit posted:

Perhaps we could start betting on hoe many posts it takes for a mod to come in and post the derail bird.

I like it. But you'd can't derail with weddings or buying versus renting because those are trigger words around here.

What is everyone's favorite metal to hoard in a financial apocalypse? I'm keen on copper because it can be a currency and you have a head start on the next bronze age.

# ? Dec 23, 2016 17:15

Uncle Enzo: Apr 28, 2008; I always wanted to be a Wizard

EAT FASTER!!!!!! posted:

Laugh if you want, but a truly diverse personal wealth strategy should include the means to provide given the possibility of personal, local, regional, national or global catastrophe.

quote:

I bought a share of a nuclear-hardened bunker in French Guiana, now I want to sell

# ? Dec 23, 2016 17:15

Uncle Enzo: Apr 28, 2008; I always wanted to be a Wizard

Krispy Kareem posted:

I won't lie, even though I know it's a terrible idea I'd totally keep a stash of silver. Realistically gold is stupid because how are you going to buy some post-apocalypse canned beans with a gold Krugerrand. But something like silver in smaller gram denominations could totally work. Although if fiat currency fails and monetary policy is reduced to precious metals and bullets, then silver bullets may be the best option.

I like it. But you'd can't derail with weddings or buying versus renting because those are trigger words around here.

What is everyone's favorite metal to hoard in a financial apocalypse? I'm keen on copper because it can be a currency and you have a head start on the next bronze age.

I hoard, buy, and collect steel. But then I do some metalworking, so my real post-apocalypse plan is to set myself up hammering leaf springs into swords for the local warlord.

# ? Dec 23, 2016 17:17

Droo: Jun 25, 2003

$10,000 worth of silver weighs 42 pounds right now, that sounds fun to carry around during the trumpocalypse.

# ? Dec 23, 2016 17:18

pig slut lisa: Mar 5, 2012; irl is good

Leon Trotsky 2012 posted:

Wowzers.

Edit: Link. The reddit thread in GBS has a no linking rule and I reflexively don't include it here usually.

https://www.reddit.com/r/personalfinance/comments/3hnrf3/im_21_in_a_crazy_situation_and_will_likely_own/

Holy poo poo :stare:

p.s. Thank you for including a link, I always like to go look at the comments and having a link makes that much easier

BEHOLD: MY CAPE posted:

BWM - historically, it is mathematically inevitable that they fail

lol

# ? Dec 23, 2016 17:20

EAT FASTER!!!!!!: Sep 21, 2002; Legendary.

Droo posted:

$10,000 worth of silver weighs 42 pounds right now, that sounds fun to carry around during the trumpocalypse.

Having 50 pounds of silver in your home safe seems like a pretty acceptable apocalypse asset, honestly.

For an asset that costs you $12,000 and yields roughly 800 1-ounce physical coins (to split amongst your family and budget as needed) this probably puts you in a workable position if the monetary system fails.

I mean Judas killed Christ for 30 pieces of silver, so you'd have the cash on hand to kill almost 27 Messiahs if the international monetary system comes crashing down.

# ? Dec 23, 2016 17:33

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# ? Jun 4, 2024 07:30

Krispy Wafer: Jul 26, 2002; I shouted out "Free the exposed 67"
But they stood on my hair and told me I was fat; Grimey Drawer

EAT FASTER!!!!!! posted:

Having 50 pounds of silver in your home safe seems like a pretty acceptable apocalypse asset, honestly.

For an asset that costs you $12,000 and yields roughly 800 1-ounce physical coins (to split amongst your family and budget as needed) this probably puts you in a workable position if the monetary system fails.

I mean Judas killed Christ for 30 pieces of silver, so you'd have the cash on hand to kill almost 27 Messiahs if the international monetary system comes crashing down.

And there are always lots of Messiahs during times of turmoil.

How much platinum can you scrape off out of a catalytic converter?

# ? Dec 23, 2016 17:39

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