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Me, but I’m working on it.
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Feb 28, 2018 05:19
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Pick posted:PS one million dollars is nowhere near what you need to be "set for life" however it is an extremely double-plus good start. sure it is, just buy a small farm in a very cheap rural area and grow exotic mushrooms or apples or something for supplemental income
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Feb 28, 2018 05:31
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JonathonSpectre posted:I know someone who received a $1,000,000 trust when they turned 18 due to their parents dying when they were young. Not quite a million, but I knew a friend of a friend who got 300k in stocks when her dad died. Previously she was a penniless meth head who lived couch to couch. After her windfall she partied it up and even took all her friends on an all expense paid trip to Vegas for a week to party it up some more. In less than a year she was back to being a penniless meth head living couch to couch. Also I wish I could buy something that could fit 21 people for $500k in my area. For that you can get a slightly more upscale single family home. Pick posted:It's enough that even with inflation, the interest/growth would be a very substantial supplement to any regular income. After a quick google search, if you just dump that in an index fund its like 70k a year passive income, which I would say is a bit more than supplemental.
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Feb 28, 2018 06:17
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after a quick google search you are bad at finance
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Feb 28, 2018 06:18
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no he's right. the blind economist's assumption is that dumping your poo poo in an index fund will see compounding growth of ~7%/yr. in practice economies are volatile and dictated entirely by chaos and fortune, so your projected growth comes with risk attached
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Feb 28, 2018 06:21
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oh my god
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Feb 28, 2018 06:23
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just lol if you aren't frugal and miserly enough to make 1 million dollars last 25 years
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Feb 28, 2018 06:36
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vudan posted:Probably myself. Often blame mental illness for being lazy and unproductive. I am also filled with hate and jealousy. Same
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Feb 28, 2018 06:49
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Pick posted:It's enough that even with inflation, the interest/growth would be a very substantial supplement to any regular income. At modest market returns you could keep that churning out 50k a year. That is extremely liveable especially if you have an extra 50 hours a week to pursue anything you want
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Feb 28, 2018 07:27
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yeah $1M returning 5% yearly is 50k/yr falling from the sky, and there are multiple ways to self-fund a pension-like instrument that will not only guarantee that return but also provide spending power step-ups. if you have an instrument like this then you are by definition financially independent, as your finances do not depend on a job, a benefactor, or whatever. the complication is that many of them require you to keep the money in the instrument for a good 5-8 years (depending on the instrument) before you can make any withdrawals. so no, this would not have been an instant set for life setup, but if this dumbfuck had gone to a registered investment advisor instead of the car lot, she could have been done working in 5-8 years. those 5-8 years would not have been a barrel of laughs but unless you literally loving died you would have a retirement better than many 65 year olds currently have at ~25.
Coolguye fucked around with this message at 07:55 on Feb 28, 2018 |
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Feb 28, 2018 07:52
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my parents were the ones to consciously choose to bring me to existence, but they've never taken responsibility for any of my countless sufferings that would have never happened had they never gone through with their conspiracy to birth life in order to sanctify this bizarre contract called "marriage".
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Feb 28, 2018 08:12
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Duckbox posted:My uncle is an unemployed ex-meth head with an undiagnosed (that I know of) but unmistakable personality disorder/mental illness that causes him to lapse into extreme paranoid thinking (or outright delusions) when stressed and gives him a sort of super power for deflecting blame. If the dog runs off, suddenly he's convinced he's seen a malevolent dog catcher stalking the neighborhood. If the neighbor complains about him blocking the driveway, he'll conjure up a decades-long and heavily embellished list of grievances to explain what it's really about. No problem is simple or staight forward. There are no accidents. Everything bad in his life someone's fault and it's always someone else. why would anyone miss this shithead if not for family ties (a spook)? what's one instance of this individual being a positive influence on anyone's life or a source of joy to anyone in any form? all you've mentioned is this human shaped piece of meth-infused toxic waste being a huge pain to everyone who ever gave a poo poo about him.
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Feb 28, 2018 08:20
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What is inflation, what are capital gains Again, a million is a good start but it’s foolish to think it’s a sufficient lifetime cushion especially in a country with US health care expenses Pick fucked around with this message at 10:39 on Feb 28, 2018 |
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Feb 28, 2018 10:37
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TF is this? If a million isn't enough head start then you were hosed from the beginning. If you can't leverage that into more then wealth just aint for you.
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Feb 28, 2018 11:14
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Pick posted:What is inflation, what are capital gains obviously you manipulate your finances so that on paper you have zero income and qualify for medicaid
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Feb 28, 2018 13:01
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Pick posted:What is inflation, what are capital gains pick, securities vehicles exist to handle these issues. variable annuities with a guaranteed step-up 4-5% exist. you can even get versions that will never annuitize your money, so when you die one of your descendants can take the money and do the same thing with it. metlife has a VA that does all of the above (5% guaranteed return, with more if the market does better, and 5% guaranteed payout). income from this counts as ordinary income same as pay and because it is not liquid it is not subject to capitol gains until you take the money out of the vehicle (which you might never do). 50k/yr is not living it up but a lot of people make do on a lot less. if you are a reasonable person with reasonable goals you can get a silver or gold level plan on the health insurance exchange to lock in your potential health care costs, live modestly, and just do whatever it is you want to do using the returns of this $1M. this is just math. just because you're not aware of the instruments people with wealth use to maintain and grow it don't mean they don't exist.
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Feb 28, 2018 23:07
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I know they exist but you are talking about a country with emergency health expenses that dwarf these returns. Again it’s a good loving start but at least have a part time job or you are likely to get stuck in an emergency situation you can’t cover. Autistic baby? Care facility in your 80s? You don’t stay a 30 year old healthy single man forever.
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Feb 28, 2018 23:39
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Basically you’d be betting nothing ever goes wrong, which is a stupid loving bet. People need dental procedures in the drat $30k range.
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Feb 28, 2018 23:41
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That hypothetical 30k dental expense would be covered by less than a year of interest  . I don't get how the monetary equivalent of a decade+ of full time work is some trivial sum.
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Feb 28, 2018 23:53
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I actually strive for no personal responsibility. Not having kids and having a chill job is great! But I guess that's different from being in denial over it?
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Feb 28, 2018 23:57
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What kind of place do you think a "psh, just one million?" statement comes from? Not a humble one that's for sure
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Feb 28, 2018 23:57
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The BOE fit a mil is actually around a reliable 4% a year and again you guys still seem confused that taxes and inflation exist Put it into index funds and you seem to be lacking a plan for if the market ever goes down (that never happens!!) The recommendation is minimally a mil to retire, you ain’t riding by from 18 on that unless you’re living like a ..... ohhhhh.... like a goon......
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Mar 1, 2018 00:03
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Oh no you might have to get a part time job at McDonald's to cover a complete jaw reconstruction. Reeeeeeee
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Mar 1, 2018 00:14
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ultimateforce posted:Me, but I’m working on it. same here. I could do better at any time. I'm a jerk to people on purpose because I drink a lot again. excuses, excuses. The light at the end of the tunnel is usually a septic pump warning light, and you get a shitspolosion inside a commercial building. I complain a lot but do nothing to solve the problem. It's easier, but not.
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Mar 1, 2018 00:15
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oh no, taxes and investments exist, guess i don't want this million dollars after all, pshaw
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Mar 1, 2018 00:21
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"Here's a million dollars at age 18" "Ugh, thanks I guess. Can't live off of this in an upper-middle class lifestyle so I guess I'll just blow it in a year."
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Mar 1, 2018 00:37
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There's all sorts of fun or useful jobs that still provide health insurance that I could afford to work if I had 50k coming in guaranteed.
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Mar 1, 2018 00:40
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CheesyDog posted:There's all sorts of fun or useful jobs that still provide health insurance that I could afford to work if I had 50k coming in guaranteed. Yes exactly, THAT is what it does
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Mar 1, 2018 00:43
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  Panthera onca
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Mar 1, 2018 00:44
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Taxes exist on interest but they exist for having a job too so it is kinda weird you seem really hung up on that part. Paying taxes on $50k of interest is the exact same thing as paying taxes on $50k of earned income
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Mar 1, 2018 00:45
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why keep up with the joneses? tell um to gently caress off and go to hell and put a cigarette out on their welcome mat, but only if you're a certain "type". Anyways, my list is unless of the sins I have committed, towards humanity as a whole, but everyone likes me right? right? I'm saving enough money to buy land somewhere in the desert and become a hobo. thats my life.
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Mar 1, 2018 00:45
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Kung Food posted:Taxes exist on interest but they exist for having a job too so it is kinda weird you seem really hung up on that part. Paying taxes on $50k of interest is the exact same thing as paying taxes on $50k of earned income Capital gains gets taxed at 15%. Idk if it's still true now, but I recall reading an IRS report stating that the average taxed income for the top 500 earners in the US was around 15.6% or something. The average taxed income for the whole nation was like 15.8%, so living off your index fund actually decreases your tax burden 
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Mar 1, 2018 00:54
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I know you are here pick, is the death grip of life finding you? whats your excuse?
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Mar 1, 2018 01:44
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Creed Reunion Tour posted:
thats a sweet set of balls
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Mar 1, 2018 02:07
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https://www.youtube.com/watch?v=JPR108kwNo4
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Mar 1, 2018 02:12
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Pick posted:Yes exactly, THAT is what it does if you have $1 million dollars the government of canada will fast track you to citizenship
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Mar 1, 2018 02:16
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Pick posted:I know they exist but you are talking about a country with emergency health expenses that dwarf these returns. Again it’s a good loving start but at least have a part time job or you are likely to get stuck in an emergency situation you can’t cover. Autistic baby? Care facility in your 80s? You don’t stay a 30 year old healthy single man forever. this is precisely what insurance is for, and it is obtainable on the exchanges now, despite the party in power's best efforts to the contrary. and yes, you, specifically you, can get it, because i am a type 1 diabetic and i can get it. i literally could not be a bigger risk because i am guaran loving teed to require medicine to keep me alive. and yes, it is compatible with a 50k/yr budget for everything. i know because i have made that budget. Pick posted:The BOE fit a mil is actually around a reliable 4% a year and again you guys still seem confused that taxes and inflation exist bottom line is if i had a million dollars right now, i could in fact put a real retirement plan into motion, using only those resources. it would take 5-7 years for it to mature (depending on the lockup period for the income vehicles i'd choose) but these vehicles would handle inflation, they would allow me the upside of the market while shielding me from the downside, and they would guarantee me a certain level of spending power equivalent to 50k a year in 2018 dollars for the rest of my life, and i have a spending plan that would allow me to live a decent, middle-class life on that money without having to do work. you can claim it's not enough until you're blue in the face but you're, like, objectively wrong if your goal is to have $4,250 a month to live on for the rest of your days. if your goal is to live in a manhattan penthouse then yes, 1m is not enough and is not even a 'good start'. but there's dozens of cities that you could make a very comfortable life in on that budget. Coolguye fucked around with this message at 02:24 on Mar 1, 2018 |
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Mar 1, 2018 02:17
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Coolguye posted:this is precisely what insurance is for, and it is obtainable on the exchanges now, despite the party in power's best efforts to the contrary. https://www.youtube.com/watch?v=sg7q7WePzwc
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Mar 1, 2018 02:30
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You can’t have a condition that makes you harder to insure than me? Lol anyone w/ my post history on hand?
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Mar 1, 2018 03:06
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You’re high on the business and money subforum but you’re low on reality
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Mar 1, 2018 03:09
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