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totalnewbie posted:Well the 5-7% returns is in nominal terms, so you include inflation in that value. If you were to adjust for inflation then it cancels out on both sides and you would need, clearly, 3.1% real returns to break even. But it's pretty hard to tell what of your gains are real and what is inflation, so. The loan rate is already nominal, you don't need to add inflation back in. You can compare nominal loan rate to nominal investment rate straight across.
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Jan 25, 2018 00:18
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It’s because millennial are busy saving money by killing every single industry, as news media is so apt to point out.
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Jan 25, 2018 00:19
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I'm only going to award that guy the "good with money" stamp if he was already itemizing and will be able to deduct 100% of the interest on what has got to be some type of mortgage.
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Jan 25, 2018 00:19
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Hoodwinker posted:Please describe the length and girth of your dick: If you have that much faith in the average person's ability to calculate net worth then you must not have been reading this thread for very long my dude.
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Jan 25, 2018 00:49
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In some places investment loan interest is deductible, so borrowing to invest can give you as little as half the nominal rate.
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Jan 25, 2018 00:50
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AreWeDrunkYet posted:Wasn't the savings rate of people who grew up through the Depression higher also? Makes sense that some people would be a bit more cautious after seeing a lot of people lose everything in the late 2000s. The unemployment rate for college graduates is also insanely low (like 2%) and Millennials are the most educated generation, so maybe they benefit from that. But it probably means non-college millennials are getting a disproportionate load of the bad stuff. But I'm sure seeing their parents freak out after their home suddenly went $100k underwater helps.
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Jan 25, 2018 01:07
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Krispy Wafer posted:I didn't see this posted. 1 in 6 Millennials have over $100k in savings and nearly half have $15k saved up. So a few things. 1) This isn't net worth, so it doesn't account for student loans, mortgage, etc. It's just money in accounts. 2) It's not terribly surprising that the top 16% or so of people are doing well; the median is more informative (and 47% at $15k between all accounts isn't exactly mind-blowing, though it is good news). 3) Millennials are getting pretty old now so many of them have had a decent opportunity to save up over 10-15 years, particularly in the ten or so years following the crash. Vox Nihili fucked around with this message at 01:24 on Jan 25, 2018 |
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Jan 25, 2018 01:21
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Dogcow posted:If you have that much faith in the average person's ability to calculate net worth then you must not have been reading this thread for very long my dude.
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Jan 25, 2018 02:13
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Reported for self posting
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Jan 25, 2018 02:20
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There's no checkbox for: shaped like a corkscrew.
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Jan 25, 2018 02:22
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Moneyball posted:Reported for self posting
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Jan 25, 2018 02:25
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http://ponzicoin.co/home.html
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Jan 25, 2018 02:49
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omg, the text at the bottom This has gotten crazy out of hand, I apologize but we will no longer be selling PonziCoin on this site because this was a joke. I cannot terminate the contract but I will not be selling any coins that I own.
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Jan 25, 2018 02:51
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GoGoGadgetChris posted:omg, the text at the bottom It's even funnier given these bits of the FAQ: quote:Q: This seems like a great investment opportunity! I need to get back all the money I lost in BitConnect, so can I put my entire pension fund/college fund/retirement savings/second home mortgage in?
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Jan 25, 2018 03:15
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BWM 2018: I invest my companys funds in a ponzi and they run wit da money.
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Jan 25, 2018 03:39
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Vox Nihili posted:So a few things. 1) This isn't net worth, so it doesn't account for student loans, mortgage, etc. It's just money in accounts. 2) It's not terribly surprising that the top 16% or so of people are doing well; the median is more informative (and 47% at $15k between all accounts isn't exactly mind-blowing, though it is good news). 3) Millennials are getting pretty old now so many of them have had a decent opportunity to save up over 10-15 years, particularly in the ten or so years following the crash. Oh sure. All of that is true. But I found another statistic had the average 401k balances at around $88k, but the average Millennial balance at $92k. Which means the average is being dragged down by people who've had decades more to save. By all accounts Millennials are saving more earlier than older generations.
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Jan 25, 2018 03:44
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Saving money by killing the Olive Garden.
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Jan 25, 2018 03:51
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FrozenVent posted:Saving money by killing the Olive Garden. Bullshit, they love endless breadsticks.
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Jan 25, 2018 03:54
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Krispy Wafer posted:Bullshit, they love endless breadsticks. That’s not at Olive Garden though... It’s in my pants.
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Jan 25, 2018 04:04
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Krispy Wafer posted:By all accounts Millennials are saving more earlier than older generations.  ), it's not hard to see why.That and it's easier than ever to find good info about personal finance(including retirement savings), instead of relying on some schlub at Edward Jones or hearsay from your parents/friends for it.
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Jan 25, 2018 04:07
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Check back in ten years and see how much of those kids' money went to keeping their broke parents from starving in retirement. 
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Jan 25, 2018 04:15
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Sundae posted:Check back in ten years and see how much of those kids' money went to keeping their broke parents from starving in retirement.  
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Jan 25, 2018 04:25
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Let them starve.
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Jan 25, 2018 04:28
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They should have stocked up at Costco before we killed them. 
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Jan 25, 2018 04:32
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SlapActionJackson posted:The loan rate is already nominal, you don't need to add inflation back in. You can compare nominal loan rate to nominal investment rate straight across. Oh right, because loan interest + inflation = real dollars.
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Jan 25, 2018 04:39
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https://www.reddit.com/r/legaladvice/comments/7rg45m/texas_invested_my_company_money_in_ponzi_and_lost/?st=JCQB8Z5D&sh=49a47982 Was this posted yet because lolololol "I didnt do nothin wrong tho." ahahahahaaaaa
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Jan 25, 2018 04:47
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FrozenVent posted:That’s not at Olive Garden though... It’s in my pants. I doubt it, but I would believe you last as long as one Olive Garden breadstick
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Jan 25, 2018 05:36
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Budgie posted:https://www.reddit.com/r/legaladvice/comments/7rg45m/texas_invested_my_company_money_in_ponzi_and_lost/?st=JCQB8Z5D&sh=49a47982 drat, how did people miss this one?
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Jan 25, 2018 05:37
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Moneyball posted:drat, how did people miss this one? Phanatic posted it last page.
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Jan 25, 2018 05:44
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Midjack posted:Phanatic posted it last page.  no this is the first I’m seeing it. Definitely isn’t the third time it’s been posted here.
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Jan 25, 2018 06:08
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Krispy Wafer posted:Oh sure. All of that is true. But I found another statistic had the average 401k balances at around $88k, but the average Millennial balance at $92k. Which means the average is being dragged down by people who've had decades more to save. That's really awesome, can you share the source?
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Jan 25, 2018 06:14
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Haifisch posted:Considering how common fears are about social security evaporating by the time we reach retirement age combined with general assumptions that the economy has been wrecked enough that we'll probably never have things as nice as our parents did while working a similar class of job(no comment on how realistic either is, because Could've had a slight payroll tax increase on high earners but hey, seeing 20-30 years of my SS contributions vanish into the ether is freedom. Edit: It took me like 5-7 years to find a decent 401K match. Every company used 2008 to take them away. Where the gently caress are all these millenials finding jobs that have them?!!? Blinkman987 fucked around with this message at 06:34 on Jan 25, 2018 |
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Jan 25, 2018 06:29
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Blinkman987 posted:Could've had a slight payroll tax increase on high earners but hey, seeing 20-30 years of my SS contributions vanish into the ether is freedom. You do realize that SS is a "pay-as-you-go" scheme, meaning your SS contributions have already vanished into the ether (aka your grandparents bank accounts), regardless of what is done to "fix" SS this time around.
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Jan 25, 2018 06:58
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SlapActionJackson posted:You do realize that SS is a "pay-as-you-go" scheme, meaning your SS contributions have already vanished into the ether (aka your grandparents bank accounts), regardless of what is done to "fix" SS this time around. Yes, and I'm sure you understood that I'm talking about SS being solvent unless you're being unintentionally obtuse instead of the standard intentionally obtuse
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Jan 25, 2018 07:35
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Higgy posted:
Investing in Bitconnect still makes me laugh though. I've been watching the pump on youtube where those youtuber returns were entirely commissions. I should investigate to see if the comments on the videos are death threats.
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Jan 25, 2018 07:54
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Krispy Wafer posted:Oh sure. All of that is true. But I found another statistic had the average 401k balances at around $88k, but the average Millennial balance at $92k. Which means the average is being dragged down by people who've had decades more to save. I can see there being a difference whereby older generations, particular those who've worked in government, have actual pensions rather than retirement accounts with their own money in it which presumably wouldn't show up in these figures.
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Jan 25, 2018 11:16
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feedmegin posted:I can see there being a difference whereby older generations, particular those who've worked in government, have actual pensions rather than retirement accounts with their own money in it which presumably wouldn't show up in these figures. Probably, but the problem with pensions is that you're tied to one job for life. Unless you've also contributed to a IRA, by the time you've got 10+ years in, your employer has you by the short hairs. Like I don't know anyone who got a pension who actually liked their job by the end. Almost everyone of my parents, uncles and aunts, and grandparents hated their companies by the time they retired. You can earn more by moving jobs and taking your retirement with you. You just actually need the forethought to save on your own. Vox Nihili posted:That's really awesome, can you share the source? I can't find the article now, but I think it was on Forbes. I did find a bunch of other articles that play into the same results though. https://www.usatoday.com/story/money/personalfinance/2017/07/26/millennials-may-far-retirement-but-think-ahead-401-k/510665001/ https://www.planadviser.com/millennials-better-savers-than-boomers/ Considering 401k contribution and participation rates increase with age, those are some pretty good numbers.
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Jan 25, 2018 13:44
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I worked at a place that had a solid gold pension plan. Turnover was super low, people were miserable and you couldn't change anything because you'd upset the old timers. I'm talking referring to print outs for repetitive entries and transferring data from one database to another by retyping it. When I left I pulled the money out and put it into an RSP. Glad I didn't spend another 30 years there.
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Jan 25, 2018 14:19
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Krispy Wafer posted:Probably, but the problem with pensions is that you're tied to one job for life. Nah, once you're vested, you can just get another job somewhere else and you'll still get a pension payout. It won't be as high as if you stayed for 40 years, but that's true of companies with 401(k) matching as well.
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Jan 25, 2018 14:50
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Inept posted:Nah, once you're vested, you can just get another job somewhere else and you'll still get a pension payout. It won't be as high as if you stayed for 40 years, but that's true of companies with 401(k) matching as well. Listening to people bitch about pensions, there's a big difference between 25 years of service and 30 years. I imagine a handful of 5 to 10 year service pensions would be miserable. As for company 401k vesting, most do it in 5 years or less. I get it, defined benefit is generally better than defined contribution in that it requires zero effort and if you want more you can save more. But it also means you have to work at the same job forever in order to make a decent retirement.
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Jan 25, 2018 15:18
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