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Posted: 2/6/2022 12:27:54 AM EDT
[#1]
Quote HistoryQuoted: LOL no. That’s an inaccurate statement. Quote HistoryQuoted: Quoted: Holy fuck, no wonder you don’t understand money. Wealth IS income. It fucking prints it. LOL no. That’s an inaccurate statement. Wealth generates income. Is that more accurate for you? No wonder millennials are so fucking broke. They don’t understand money. They think it grows on trees. Oh wait!!! It does grow on trees!!!!! That tree is called wealth. |
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Posted: 2/6/2022 12:29:54 AM EDT
[#2]
Quote HistoryQuoted: Wealth generates income. Is that more accurate for you? Quote HistoryQuoted: Quoted: Quoted: Holy fuck, no wonder you don’t understand money. Wealth IS income. It fucking prints it. LOL no. That’s an inaccurate statement. Wealth generates income. Is that more accurate for you? Not always. Plenty of people have money and assets just sitting and not producing any kind of return. Plenty more probably have investments with a decent return, but they might not outpace inflation, so their earning power will decrease faster than it can compound. |
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Posted: 2/6/2022 12:31:31 AM EDT
[#3]
Quote HistoryQuoted: Not always. Plenty of people have money and assets just sitting and not producing any kind of return. Plenty more probably have investments with a decent return, but they might not outpace inflation, so their earning power will decrease faster than it can compound. Quote HistoryQuoted: Quoted: Quoted: Quoted: Holy fuck, no wonder you don’t understand money. Wealth IS income. It fucking prints it. LOL no. That’s an inaccurate statement. Wealth generates income. Is that more accurate for you? Not always. Plenty of people have money and assets just sitting and not producing any kind of return. Plenty more probably have investments with a decent return, but they might not outpace inflation, so their earning power will decrease faster than it can compound. Well that’s their own dumb ass fault then. |
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Posted: 2/6/2022 12:32:31 AM EDT
[#4]
Quote HistoryQuoted: Sacrifice…. when the fact is building a successful life is nothing BUT sacrifice for the first 20 years. The first 20 years SUCKS, your Working shit shifts, doing low man jobs, working overtime, working holidays, weekends, birthdays, taking cheap vacations or taking no vacation / skipping your vacation to save money etc. Expecting to step out of school and expecting to have your parents lifestyle it took them 30 years to build / afford, and have the same big house, nice cars, 4 weeks vacation, never do shit jobs etc is delusional. Perhaps the two most valid points of the thread. Rather than “things” being tougher now than they ever have been in the history of Man, IME…wait for it…”things” are much easier now than they ever were. Think about it, it that long ago: No smartphones. No internet. No online brokerages (had to call [landline] or go into your broker’s office to place orders). Limited investment options. No Uber (you owned a car, bike or took a bus). Buying a home: had to do it physically by visiting each property. The list goes on and on. Everything seemed to take a long time. I guess from what the millennials are saying, they wish they were boomers. Ironically, if I could be born tomorrow, I do it. |
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Posted: 2/6/2022 12:36:15 AM EDT
[#5]
Quote HistoryQuoted: Stop turning the economy off to save 85 years olds from a cold. Quote HistoryQuoted: Quoted: Quit buying stupid shit and quit buying the ''next generation'' of electronic stuff that is ''obsolete'' [even it it's not] in 6 months to a year. Stop turning the economy off to save 85 years olds from a cold. What if I agree with both? |
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Posted: 2/6/2022 12:37:40 AM EDT
[#6]
Quote HistoryQuoted: Holy fuck, no wonder you don’t understand money. Wealth IS income. It fucking prints it. Quote HistoryQuoted: Quoted: Quoted: Quoted: That is literally the more ignorant response that could possibly be posted. Fitting for arfcom I guess. 7 figure salary is not confortable? LOFL   No shit. If I made 7 figures, I'd work maybe another 8 years and then buy a bunch of rental houses and some very stable stocks that pay good dividends and just live off the rent revenue. I wouldn't be making much more than I am right now, but it would be sustainable and free me up to pursue things I actually care about. Net worth isn’t income. People who have a million or two in net worth will be in trouble with the inflation. Especially in retirement. Holy fuck, no wonder you don’t understand money. Wealth IS income. It fucking prints it. Yeah, no it’s not. It depends on the type of assets you have. Then the market place for those assets. |
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Posted: 2/6/2022 12:39:10 AM EDT
[#7]
Quote HistoryQuoted: Well that’s their own dumb ass fault then. Quote HistoryQuoted: Quoted: Quoted: Quoted: Quoted: Holy fuck, no wonder you don’t understand money. Wealth IS income. It fucking prints it. LOL no. That’s an inaccurate statement. Wealth generates income. Is that more accurate for you? Not always. Plenty of people have money and assets just sitting and not producing any kind of return. Plenty more probably have investments with a decent return, but they might not outpace inflation, so their earning power will decrease faster than it can compound. Well that’s their own dumb ass fault then. Welp, I can see you’re also financially illiterate in the business world. |
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Posted: 2/6/2022 12:42:09 AM EDT
[#8]
if they would just learn to code...
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Posted: 2/6/2022 1:00:42 AM EDT
[#9]
Quote HistoryQuoted: Ok. There has never been a better time to increase wealth than the last 10 years. I believe in thou shalt not covet btw. If one complains about free money, rising wages, low interest, inflationary environment with a labor shortage and hasn’t been taking advantage…well that’s your problem. Not mine. Concur: with all of the options (pun) and vehicles for investing today, startups, crowdsourcing, etc., making $ has never been easier. |
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Posted: 2/6/2022 1:01:45 AM EDT
[#10]
Quote HistoryQuoted: Wealth generates income. Is that more accurate for you? No wonder millennials are so fucking broke. They don’t understand money. They think it grows on trees. Oh wait!!! It does grow on trees!!!!! That tree is called wealth. No. Wealth can generate income. Or it could not. It might generate regular income or it might be realized as a capital gain at sales time. For tax purposes wealth and income are very different. |
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Posted: 2/6/2022 1:02:39 AM EDT
[#11]
Quote HistoryQuoted: Concur: with all of the options (pun) and vehicles for investing today, startups, crowdsourcing, etc., making $ has never been easier. Quote HistoryQuoted: Quoted: Ok. There has never been a better time to increase wealth than the last 10 years. I believe in thou shalt not covet btw. If one complains about free money, rising wages, low interest, inflationary environment with a labor shortage and hasn’t been taking advantage…well that’s your problem. Not mine. Concur: with all of the options (pun) and vehicles for investing today, startups, crowdsourcing, etc., making $ has never been easier. You mean, with all that government support for easy money. |
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Posted: 2/6/2022 1:08:52 AM EDT
[#12]
Quote HistoryQuoted: There is going to be a lot of pain when the pent up resentment is released and America makes a hard swing to the left. A swing which will ironically hurt those swinging the most. |
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Posted: 2/6/2022 1:14:49 AM EDT
[#13]
I haven't seen a single problem "fixed" by blaming someone else.
Can't wrap my head around it. Certainly the process and details have changed, but I'm pretty sure becoming successful is no more dependent on a well developed victim/martyr mindset than it was in my day. Get your own house in order and don't worry about what the other guy does. |
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Posted: 2/6/2022 1:16:40 AM EDT
[#14]
Quote HistoryQuoted: Money Machine Go Brrrr and " Two Weeks to Flatten the Curve" has fucked everyone...(except Amazon.) How much Amazon stock do you own? My buddy is 32, had a 5 year plan to buy a home. This is year 5. He has $65,000 cash, maybe more, saved up. Problem? He was expecting to buy a home for $300k and those same homes are going for $550k now. Even funnier, rent has skyrocket but I don't think he's wages have gone up much in the last few years. I'm telling him bite the bullet and pay PMI, but he's terrified of another housing bust and getting stuck with +$100k in negative equity. Which homebuilder stocks do you own?  |
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Posted: 2/6/2022 1:25:45 AM EDT
[#15]
Quote HistoryQuoted: LOL no. That’s an inaccurate statement. Quote HistoryQuoted: Quoted: Holy fuck, no wonder you don’t understand money. Wealth IS income. It fucking prints it. LOL no. That’s an inaccurate statement. Spidey is absolutely correct. I take in 6 figures per year in dividends…that’s >$100k income generated by my wealth. You know what I do with it? Buy more wealth (stock)…which…wait for it…increases my income. Wealth = income. |
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Posted: 2/6/2022 1:26:37 AM EDT
[#16]
How the fuck is anyone supposed to "invest" for stability and income when even my 401k is in negative territory and no one gives a fuck about managing your wealth until you have $1,000,000 to give them?
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Posted: 2/6/2022 1:28:40 AM EDT
[#17]
Quote HistoryQuoted: Spidey is absolutely correct. I take in 6 figures per year in dividends…that’s >$100k income generated by my wealth. You know what I do with it? Buy more wealth (stock)…which…wait for it…increases my income. Wealth = income. Do you have any assets don’t generate a monthly or annual return? If you have any, or if they exist, then wealth=/=income. |
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Posted: 2/6/2022 1:37:32 AM EDT
[#18]
Quote HistoryQuoted: How the fuck is anyone supposed to "invest" for stability and income when even my 401k is in negative territory and no one gives a fuck about managing your wealth until you have $1,000,000 to give them? Negative return, not negative value. Which would you rather do, buy low or buy high? IOW, keep buying. Manage it yourself; that what I did to generate my F8-sized portfolio. |
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Posted: 2/6/2022 1:39:54 AM EDT
[#19]
Quote HistoryQuoted: Do you have any assets don’t generate a monthly or annual return? If you have any, or if they exist, then wealth=/=income. Of course; I’m not counting those. I hold them for their growth potential but they could easily be converted into passive income generating assets. |
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Posted: 2/6/2022 1:40:50 AM EDT
[#20]
Quote HistoryQuoted: I wonder if they completed the survey on their $1,000+ IPhone wearing $200 shoes while drinking an $8 Starbucks coffe? |
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Posted: 2/6/2022 1:41:08 AM EDT
[#21]
Quote HistoryQuoted: Negative return, not negative value. Which would you rather do, buy low or buy high? IOW, keep buying. Starting a career in your early 30's sucks, after years of school and then years of making enough for Ramen and dog food, it sucks to start late and catch up. |
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Posted: 2/6/2022 1:41:25 AM EDT
[#22]
Quote HistoryQuoted: The don't care attitude, really failed being stewards of America. Damn latchkey 70's kids are Gen Z without the autism and internet. Lol, Gen X never had the numbers to make any difference. We voted and it didn’t matter. |
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Posted: 2/6/2022 1:42:44 AM EDT
[#23]
Quote HistoryQuoted: Spidey is absolutely correct. I take in 6 figures per year in dividends…that’s >$100k income generated by my wealth. You know what I do with it? Buy more wealth (stock)…which…wait for it…increases my income. Wealth = income. Quote HistoryQuoted: Quoted: Quoted: Holy fuck, no wonder you don’t understand money. Wealth IS income. It fucking prints it. LOL no. That’s an inaccurate statement. Spidey is absolutely correct. I take in 6 figures per year in dividends…that’s >$100k income generated by my wealth. You know what I do with it? Buy more wealth (stock)…which…wait for it…increases my income. Wealth = income. That’s only stocks. There’s many other ways to develop wealth. Real estate is one of those that goes directly counter to what you’re saying. You only gain income off say, raw property by selling it. In the meantime it’s simply costing you money via taxes and up keep. This is literally business 101. Assets don’t always build income. But they can build wealth. My trucks for example, do nothing but burn money. I have over 100 CDL vehicles. They cost me millions of dollars a year to keep running, between fuel, maintenance, drivers wages, etc. They, are not income producing assets. Otherwise, they would be taxed accordingly. I make money off the goods I sell. If I could hire FedEx to deliver my shit, I would. But they won’t / can’t do what I do. Thus, I have my own fleet that does it. However, if I were to sell my company: they’re part of my net worth because they’re worth tens of millions of dollars. Another example is your house. If you live in your house: it costs you money every day you live there. Taxes, utilities, up keep, etc. you only make money on your house if you sell it properly. Otherwise, it’s your asset that could deprecate or appreciate depending on market conditions. |
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Posted: 2/6/2022 1:45:32 AM EDT
[#24]
Quote HistoryQuoted: Of course; I’m not counting those. I hold them for their growth potential but they could easily be converted into passive income generating assets. Quote HistoryQuoted: Quoted: Do you have any assets don’t generate a monthly or annual return? If you have any, or if they exist, then wealth=/=income. Of course; I’m not counting those. I hold them for their growth potential but they could easily be converted into passive income generating assets. So there you have it. Wealth=income is a false statement. |
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Posted: 2/6/2022 1:45:44 AM EDT
[#25]
Quote HistoryQuoted: I wonder if they completed the survey on their $1,000+ IPhone wearing $200 shoes while drinking an $8 Starbucks coffe? Might as well when a pick up is $90,000, an acre of land is tens of thousands dollars more than it was a few years ago, snd a house is absolutely out of reach. |
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Posted: 2/6/2022 1:51:44 AM EDT
[#26]
Quote HistoryQuoted: Oh I'ma keep buying, it just never seems to help. Starting a career in your early 30's sucks, after years of school and then years of making enough for Ramen and dog food, it sucks to start late and catch up. Trust me, you just have to keep at it. I though the same when I started: I once had a broker ask me why I had one share of a particular ($75) stock in one of my smaller accounts. I told him because I saved my quarterly dividends for years to have enough to buy one share…when it was $12…by the time I had enough to buy a second share it had appreciated so much I didn’t want to buy another share. I still have that one share to remind me of how I started…with nothing. At first you’re scraping up dollars to buy a share or two, then you’re getting a few hundred here and there…and you reinvest it. Before long it’s thousands, then tens of thousands, etc. |
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Posted: 2/6/2022 1:52:38 AM EDT
[#27]
Quote HistoryQuoted: So there you have it. Wealth=income is a false statement. Did anyone say all wealth = income? OK, for the literalists: a percentage of my wealth generates passive income in the form of dividends and rent. |
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Posted: 2/6/2022 2:04:01 AM EDT
[#28]
Quote HistoryQuoted: That’s only stocks. There’s many other ways to develop wealth. Concur, but stocks are one way to build wealth and income with very little capital…literally a few dollars…and this thread is about people not having enough money to “live” or buy a “nice” home, let alone a second rental property or starting a business. |
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Posted: 2/6/2022 2:09:58 AM EDT
[#29]
Quote HistoryQuoted: There are also a bunch of perverse incentives for my generation that push many toward spending rather than saving. One, with interest rates as low as they have been and inflation being as high as it is... you lose money when you save because your dollars are losing purchasing power. Additionally, you have to look at the very real demoralizing feeling of looking at your debts and coming to the not unreasonable conclusion that you're never going to get out from under them. If you happen to get an extra few hundred dollars here and there, are you going to throw it at a debt when you know it's barely a drop in the ocean in the hopes that someday 20-30 years from now you're in a better spot... or, do you spend it on a little bit of instant gratification? Obviously, the objectively correct decision is to put it toward those debts because even little bits here and there help to knock out some of the principle. But a fair percentage of my generation are on "income based repayment" plans which don't even cover the interest on their outstanding balance, so even that extra few hundred dollars here and there really won't shorten the timeline on their debt. Given that my generation has already been indoctrinated into instant gratification... the decision to blow a few hundred to a thousand dollars on something that can be enjoyed right now versus shoveling it toward a debt that will never go away starts to make a little more sense. Deferring gratification only makes sense if you believe that you'll actually get to experience greater gratification further down the line. But if you've lost hope to the point that you start to think that deferring gratification really means permanent denial of gratification... you start to stop giving a shit about saving because money in hand now is worth a hell of a lot more than more money 20 years from now you don't believe you'll ever see. Many people here will shit on your post, but what you said, and the way you stated it is very much the truth. |
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Posted: 2/6/2022 2:13:04 AM EDT
[#30]
Quote HistoryQuoted: Concur, but stocks are one way to build wealth and income with very little capital…literally a few dollars…and this thread is about people not having enough money to “live” or buy a “nice” home, let alone a second rental property or starting a business. Quote HistoryQuoted: Quoted: That’s only stocks. There’s many other ways to develop wealth. Concur, but stocks are one way to build wealth and income with very little capital…literally a few dollars…and this thread is about people not having enough money to “live” or buy a “nice” home, let alone a second rental property or starting a business. Spidey literally said “wealth = income.” Word for word. I refuted that. And now you agree. My entire point from beginning, is with the monetary policy in place, currently, that wealth is going down. As wealth is independent of income. Because your wealth can neither produce more income than inflation will eat and it is harder to build wealth, period due to increased costs. In another post, I said it’s a hard time to build wealth. But it’s a great time to use debt wisely. If you own a house right now, like own own, paid off - you could easily get debt in it, and make more money off it. I averaged ~27% last year in the market. Libor rate last year was 0.22% Easy time to build income off debt. Thus, gain wealth from debt. If you have wealth, it’s been a fantastic time to build income. If you have no wealth, it’s a terrible time to try to build it, thus limiting your income. Which now, is being eaten by inflation. Which will continue you to eat whatever little wealth you have. If any. |
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Posted: 2/6/2022 2:15:12 AM EDT
[#31]
Quote HistoryQuoted: Did anyone say all wealth = income? OK, for the literalists: a percentage of my wealth generates passive income in the form of dividends and rent. Wealth=income by definition means all wealth. The truth is that there are many ways to make income with wealth but much wealth will never make income. |
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Posted: 2/6/2022 2:18:35 AM EDT
[#32]
Millennial here, I'm 36, and not worth 8-figures like the other 36yo posting in this thread.
 But props to you sir, that's awesome.A house I purchased with my wife (now ex-wife) in 2013 for $210k and sold in 2017 for $212.5k is now supposedly worth about $340k, or a 60% increase in 5 years. A house we purchased in 2017 for $510k is now supposedly worth about $700k, or a 40% increase in 5 years. Unfortunately I don't own either of the houses we purchased when I was married because we got divorced in late 2020, and now I'm in an apartment. FML. I'm still trying to financially recover from the divorce.I make pretty decent money now (finally hit 6-figures...not amazing but not horrible, either) with a job upgrade a few months ago. But even with that, how am I supposed to afford a house when home prices in my area have risen about 50% in the past 5 years, with most of that happening in the past 2 years? That's insanity. So I'm stuck between a rock and a hard place -- rent is going up a lot, and housing prices are increasing faster than I can save for a reasonable down payment.
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Posted: 2/6/2022 2:18:40 AM EDT
[#33]
@Foxtrot08
It’s also a much better time to own assets than to actually make goods and services. At least, that’s been true for us. The construction company is dragged by delays starting projects due to pandemic/pandemic response/shortages, etc. but the real estate portfolio gained 40% in two years not counting the $600,000 paid in rent. |
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Posted: 2/6/2022 2:22:03 AM EDT
[#34]
Quote HistoryQuoted: That is literally the more ignorant response that could possibly be posted. Fitting for arfcom I guess. Quote HistoryQuoted: Quoted: I wonder if they completed the survey on their $1,000+ IPhone wearing $200 shoes while drinking an $8 Starbucks coffe? That is literally the more ignorant response that could possibly be posted. Fitting for arfcom I guess. It is probably the most accurate statement on ARFCOM on all day long. If you want to spend $1400 on a cell phone, $200.+ on tennis shoes, and close to $10.00 on a cup of coffee... you really are in no position to bitch about "not having enough money." 
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Posted: 2/6/2022 2:22:33 AM EDT
[#35]
Quote HistoryQuoted: @Foxtrot08 It’s also a much better time to own assets than to actually make goods and services. At least, that’s been true for us. The construction company is dragged by delays starting projects due to pandemic/pandemic response/shortages, etc. but the real estate portfolio gained 40% in two years not counting the $600,000 paid in rent. Sure. My competition is suffering right now from supply chain woes because of being inventory lean. I sit on 20-30 million in inventory. Which costs me money as I loan money to pay for it. I have inventory. My competitors don’t. Who gets to sell a product to a customer? My inventory is an asset now. Where as before it was absurd for us to carry that much inventory. That’s a change in 1 year, due to situations out of my control. But it paid off. That being said, it’s a huge investment in facilities to hold that inventory. Again, assets that don’t generate income. That you can’t go lease for a bit. But now when we can get inventory - I can buy large quantities and hold us over shortages for months. |
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Posted: 2/6/2022 2:25:47 AM EDT
[#36]
Quote HistoryQuoted: It is probably the most accurate statement on ARFCOM on all day long. If you want to spend $1400 on a cell phone, $200.+ on tennis shoes, and close to $10.00 on a cup of coffee... you really are in no position to bitch about "not having enough money." If you have the median household income and are saving for the median house at a rate of 10% of income per year, spending $3000 a year on bullshit instead of saving it will increase your saving period from 11 to 21 years. Now, you all are going to say “see!” But the real story here is what does it do to the economy when people have to save 10% of their income for 11 years to buy a house? |
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Posted: 2/6/2022 2:27:09 AM EDT
[#37]
You’re doing well. Just in time has huge risks associated with it, as your competitors are finding out.
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Posted: 2/6/2022 2:27:46 AM EDT
[#38]
Quote HistoryQuoted: I sit on 20-30 million in inventory. So, 1 tanker load of premium unleaded, with today's gas prices.
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Posted: 2/6/2022 2:32:57 AM EDT
[#39]
Quote HistoryQuoted: So, 1 tanker load of premium unleaded, with today's gas prices. Quote HistoryQuoted: Quoted: I sit on 20-30 million in inventory. So, 1 tanker load of premium unleaded, with today's gas prices. That’s currently around 23,000 before tax. 86,000 gallons and change of synthetic blend 5w30 is a bit more. 10,000 gallons or so of 888-46 is probably our single most expensive inventory product. |
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Posted: 2/6/2022 2:40:53 AM EDT
[#40]
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Posted: 2/6/2022 2:41:26 AM EDT
[#41]
The biggest irony is the boomers have been the biggest benefactor of the Fed's socialistic asset value boosting welfare regime, and millennial have been the biggest victims.
Our economy is currently being driven by the Fed's wealth effect policy. The purpose of the wealth effect is to artificially drive up asset prices so people feel wealthier than they otherwise would be and in turn go out and spend money which "stimulates" the economy. An absolutely foolish and unsustainable policy which has widened the wealth gap.  Failed To Load Title Many boomers can't comprehend this. We have an official Fed policy that is intentionally designed to artificially increase asset values, and we wonder why all the younger people with fewer assets feel disaffected. Shrink this balance sheet back to zero, stop manipulating interest rates down and younger people can finally start getting some skin in the game.   Engine of Inequality |
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Posted: 2/6/2022 2:42:48 AM EDT
[#42]
Quote HistoryQuoted: Sure, the last 10 years if you had money. If you didn’t have money, it’s an awful time to try to increase wealth. Quote HistoryQuoted: Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: Stop spending all your money to impress people on social media you dumb fuck millennials!!!! I honestly think this is the biggest cause of their problem. That and being subscriptioned to death. Hear me out…we all know the keeping up with the jones Is a thing for many many people, for a long time. Now with social media they’re trying to keep up with 100s of other people of vastly different careers to show off “look how great my life is!” Their entire sense of self worth is based on feedback from who can post the most expensive vacation, fine dining, cars and house pictures. And they’re competing with hundreds of “friends” Oh, and not being able to cook at home eating out for every meal…that will kill your money. First we had iphones and starbucks as the blame. Next up was spotify and streaming services... Now we have millennials can't cook. All stops out of the big boomer book of problems! Those are all unnecessary expenses. I don’t waste my money on any of that cash draining shit save for a smart phone. And I understand being subscriptioned to death…that 10/20 dollars a month adds up across all the subscriptions. $2 a month for a subscription to shit post on an internet forum also, is by definition, an unnecessary expense. For most people, spending $1000 a month on ammo to shoot, is also very unnecessary. But on arf, if you don't do that - "it's your funeral." If you don't have 10,000 rounds loaded up in pmags, are you even prepped bro? My point is, everyone lives life differently. What is, the coined "American dream" differs from person to person. Differs from income level to income level. What I want out of life is absolutely absurd compared to others. Some people are happy with their 2 acres and 2000sqft house as their retirement home. Chances are, I'll never stop working, and at my income level, I think I'd be okay with about 4000 acres of property. That being said, the widely accepted definition of "The American Dream" is this: The American dream is the belief that anyone, regardless of where they were born or what class they were born into, can attain their own version of success in a society in which upward mobility is possible for everyone. Notice: Their own version of success. Right now, the problem is - there is very little upward mobility. Really, the future looks bleak - most, will be facing being pushed down economically. Statistically - its already happening. I guess my main point is it’s really really easy now to waste money and be nickel and dimed to death these days. Just grab an Uber! Before you know it your cashflow is gone. All gone! Eaten up with nothing to show for it. I think my keeping up with jones with what is now 100 jones instead of just 2 neighbors holds a lot of merit. Keeping up with the jones has always been a thing. And it has always been a bad thing, I mean, whether your religious or not - it's literally in the bible. "Do not covet your friend's home. Do not covet your friend's wife, his slave, his maid, his ox, his donkey, and all that your friend has." Before subscriptions, it was cable TV. Or long distance phone calls. Or 70's motel porn. Whatever it was back then, I wasn't born yet. Being responsible is, always, part of life. Those who aren't responsible, will fail - in ANY generation, past, present, or future. Again, my point isn't that society shouldn't be responsible for their own expenditures. Just that our government, is ruining our ability to be responsible, with our expenditures, by making our money worthless. Ok. There has never been a better time to increase wealth than the last 10 years. I believe in thou shalt not covet btw. If one complains about free money, rising wages, low interest, inflationary environment with a labor shortage and hasn’t been taking advantage…well that’s your problem. Not mine. Sure, the last 10 years if you had money. If you didn’t have money, it’s an awful time to try to increase wealth. Optimists, in their enthusiasm, don’t understand the full import of what’s going on. We see this beautiful mushroom cloud of wealth building over the investor class, but don’t anticipate the inevitable fallout on our society. For the lucky few, there’s also the question of whether we are truly getting richer, or whether we are simply treading water as most around us sink. For example, my net worth is up by 1000 TVs, but it’s not up much at all, as measured in good Acreage. We all hope the optimists are right. |
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Posted: 2/6/2022 2:46:11 AM EDT
[#43]
Quote HistoryQuoted: Optimists, in their enthusiasm, don’t understand the full import of what’s going on. We see this beautiful mushroom cloud of wealth building over the investor class, but don’t anticipate the inevitable fallout on our society. For the lucky few, there’s also the question of whether we are truly getting richer, or whether we are simply treading water as most around us sink. For example, my net worth is up by 1000 TVs, but it’s not up much at all, as measured in good Acreage. We all hope the optimists are right. Quote HistoryQuoted: Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: Stop spending all your money to impress people on social media you dumb fuck millennials!!!! I honestly think this is the biggest cause of their problem. That and being subscriptioned to death. Hear me out…we all know the keeping up with the jones Is a thing for many many people, for a long time. Now with social media they’re trying to keep up with 100s of other people of vastly different careers to show off “look how great my life is!” Their entire sense of self worth is based on feedback from who can post the most expensive vacation, fine dining, cars and house pictures. And they’re competing with hundreds of “friends” Oh, and not being able to cook at home eating out for every meal…that will kill your money. First we had iphones and starbucks as the blame. Next up was spotify and streaming services... Now we have millennials can't cook. All stops out of the big boomer book of problems! Those are all unnecessary expenses. I don’t waste my money on any of that cash draining shit save for a smart phone. And I understand being subscriptioned to death…that 10/20 dollars a month adds up across all the subscriptions. $2 a month for a subscription to shit post on an internet forum also, is by definition, an unnecessary expense. For most people, spending $1000 a month on ammo to shoot, is also very unnecessary. But on arf, if you don't do that - "it's your funeral." If you don't have 10,000 rounds loaded up in pmags, are you even prepped bro? My point is, everyone lives life differently. What is, the coined "American dream" differs from person to person. Differs from income level to income level. What I want out of life is absolutely absurd compared to others. Some people are happy with their 2 acres and 2000sqft house as their retirement home. Chances are, I'll never stop working, and at my income level, I think I'd be okay with about 4000 acres of property. That being said, the widely accepted definition of "The American Dream" is this: The American dream is the belief that anyone, regardless of where they were born or what class they were born into, can attain their own version of success in a society in which upward mobility is possible for everyone. Notice: Their own version of success. Right now, the problem is - there is very little upward mobility. Really, the future looks bleak - most, will be facing being pushed down economically. Statistically - its already happening. I guess my main point is it’s really really easy now to waste money and be nickel and dimed to death these days. Just grab an Uber! Before you know it your cashflow is gone. All gone! Eaten up with nothing to show for it. I think my keeping up with jones with what is now 100 jones instead of just 2 neighbors holds a lot of merit. Keeping up with the jones has always been a thing. And it has always been a bad thing, I mean, whether your religious or not - it's literally in the bible. "Do not covet your friend's home. Do not covet your friend's wife, his slave, his maid, his ox, his donkey, and all that your friend has." Before subscriptions, it was cable TV. Or long distance phone calls. Or 70's motel porn. Whatever it was back then, I wasn't born yet. Being responsible is, always, part of life. Those who aren't responsible, will fail - in ANY generation, past, present, or future. Again, my point isn't that society shouldn't be responsible for their own expenditures. Just that our government, is ruining our ability to be responsible, with our expenditures, by making our money worthless. Ok. There has never been a better time to increase wealth than the last 10 years. I believe in thou shalt not covet btw. If one complains about free money, rising wages, low interest, inflationary environment with a labor shortage and hasn’t been taking advantage…well that’s your problem. Not mine. Sure, the last 10 years if you had money. If you didn’t have money, it’s an awful time to try to increase wealth. Optimists, in their enthusiasm, don’t understand the full import of what’s going on. We see this beautiful mushroom cloud of wealth building over the investor class, but don’t anticipate the inevitable fallout on our society. For the lucky few, there’s also the question of whether we are truly getting richer, or whether we are simply treading water as most around us sink. For example, my net worth is up by 1000 TVs, but it’s not up much at all, as measured in good Acreage. We all hope the optimists are right. Those who get what I’m try to say, get it. The rest consider the fact hooked on phonics didn’t work for me. |
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Posted: 2/6/2022 2:49:18 AM EDT
[#44]
Quote HistoryQuoted: Inflation has yet to catch up to monetary supply and policy. We’re just seeing the start of it. I’m really surprised at the number of economically illiterate people there are on arfcom. Does everyone think you can print 20 trillion in 10 years and everything will be fine? Quote HistoryQuoted: Quoted: Quoted: 2. The goal post keeps moving, faster and faster, for financial success. This isn’t hidden. Just a quick search on the terrible arfcom search engine pulls up 4 active threads in the last week, in GD about rapid inflation. When Reagan took over inflation was way higher than it is now. IRA's had just been enacted and I remember getting a 20% interest rate on my 5 year Certificate of Deposit for my IRA. I figured at some point the inflation would go down. It did and I was out of work for over a year due to the steps taken that ravaged the economy. 3 years later the bank was begging me to trade that CD in for a lower rated CD. Told them to fuck right off. Everyone goes through tough times at various points in their lives. Suck it up. Inflation has yet to catch up to monetary supply and policy. We’re just seeing the start of it. I’m really surprised at the number of economically illiterate people there are on arfcom. Does everyone think you can print 20 trillion in 10 years and everything will be fine? This. You ain’t seen nuthin yet, chile. |
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Posted: 2/6/2022 2:52:44 AM EDT
[#45]
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Posted: 2/6/2022 3:16:42 AM EDT
[#46]
Quote HistoryQuoted: Those who get what I’m try to say, get it. The rest consider the fact hooked on phonics didn’t work for me. Quote HistoryQuoted: Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: Stop spending all your money to impress people on social media you dumb fuck millennials!!!! I honestly think this is the biggest cause of their problem. That and being subscriptioned to death. Hear me out…we all know the keeping up with the jones Is a thing for many many people, for a long time. Now with social media they’re trying to keep up with 100s of other people of vastly different careers to show off “look how great my life is!” Their entire sense of self worth is based on feedback from who can post the most expensive vacation, fine dining, cars and house pictures. And they’re competing with hundreds of “friends” Oh, and not being able to cook at home eating out for every meal…that will kill your money. First we had iphones and starbucks as the blame. Next up was spotify and streaming services... Now we have millennials can't cook. All stops out of the big boomer book of problems! Those are all unnecessary expenses. I don’t waste my money on any of that cash draining shit save for a smart phone. And I understand being subscriptioned to death…that 10/20 dollars a month adds up across all the subscriptions. $2 a month for a subscription to shit post on an internet forum also, is by definition, an unnecessary expense. For most people, spending $1000 a month on ammo to shoot, is also very unnecessary. But on arf, if you don't do that - "it's your funeral." If you don't have 10,000 rounds loaded up in pmags, are you even prepped bro? My point is, everyone lives life differently. What is, the coined "American dream" differs from person to person. Differs from income level to income level. What I want out of life is absolutely absurd compared to others. Some people are happy with their 2 acres and 2000sqft house as their retirement home. Chances are, I'll never stop working, and at my income level, I think I'd be okay with about 4000 acres of property. That being said, the widely accepted definition of "The American Dream" is this: The American dream is the belief that anyone, regardless of where they were born or what class they were born into, can attain their own version of success in a society in which upward mobility is possible for everyone. Notice: Their own version of success. Right now, the problem is - there is very little upward mobility. Really, the future looks bleak - most, will be facing being pushed down economically. Statistically - its already happening. I guess my main point is it’s really really easy now to waste money and be nickel and dimed to death these days. Just grab an Uber! Before you know it your cashflow is gone. All gone! Eaten up with nothing to show for it. I think my keeping up with jones with what is now 100 jones instead of just 2 neighbors holds a lot of merit. Keeping up with the jones has always been a thing. And it has always been a bad thing, I mean, whether your religious or not - it's literally in the bible. "Do not covet your friend's home. Do not covet your friend's wife, his slave, his maid, his ox, his donkey, and all that your friend has." Before subscriptions, it was cable TV. Or long distance phone calls. Or 70's motel porn. Whatever it was back then, I wasn't born yet. Being responsible is, always, part of life. Those who aren't responsible, will fail - in ANY generation, past, present, or future. Again, my point isn't that society shouldn't be responsible for their own expenditures. Just that our government, is ruining our ability to be responsible, with our expenditures, by making our money worthless. Ok. There has never been a better time to increase wealth than the last 10 years. I believe in thou shalt not covet btw. If one complains about free money, rising wages, low interest, inflationary environment with a labor shortage and hasn’t been taking advantage…well that’s your problem. Not mine. Sure, the last 10 years if you had money. If you didn’t have money, it’s an awful time to try to increase wealth. Optimists, in their enthusiasm, don’t understand the full import of what’s going on. We see this beautiful mushroom cloud of wealth building over the investor class, but don’t anticipate the inevitable fallout on our society. For the lucky few, there’s also the question of whether we are truly getting richer, or whether we are simply treading water as most around us sink. For example, my net worth is up by 1000 TVs, but it’s not up much at all, as measured in good Acreage. We all hope the optimists are right. Those who get what I’m try to say, get it. The rest consider the fact hooked on phonics didn’t work for me. They both understand precisely what you were saying with regards to Wealth vs. Income. Their counter argument was basically them saying, “Na Na Na-Na, Na, you should have just invested in FAANG stocks and home depot.”  . Personally, I think we’ll each do just fine, but the jury is still out. The key is to make enough money to be somewhat insulted by the time America morphs into something resembling a mixture of Brazil, Columbia, Argentina, Venezuela. |
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Posted: 2/6/2022 3:43:50 AM EDT
[#47]
Quote HistoryQuoted: Spidey is absolutely correct. I take in 6 figures per year in dividendsthat's >$100k income generated by my wealth. You know what I do with it? Buy more wealth (stock)whichwait for itincreases my income. Wealth = income. |
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Posted: 2/6/2022 3:44:06 AM EDT
[#48]
Quote HistoryQuoted: I wonder if they completed the survey on their $1,000+ IPhone wearing $200 shoes while drinking an $8 Starbucks coffe? Most cellular carriers comp the phone if you sign up for a contract, a decent pair of dress shoes costs $200, and a Venti Starbucks is ~$3.00. For someone with useless luxury consumer goods as a name and an avatar, your reply is shockingly ignorant. |
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Posted: 2/6/2022 3:50:41 AM EDT
[#49]
Quote HistoryQuoted: Net worth isn't income. People who have a million or two in net worth will be in trouble with the inflation. Especially in retirement. In 8 years of making 7 figures, I would have a lot more than 2 million. And as I said, it would be in rental properties that generate passive income, along with stocks that pay well. You are assuming that someone with 5 million dollars has to join the country club and buy a 100k truck every 3 years. I'm talking about staying in a modest house and not increasing my expenditures, just quitting my job after I have enough passive income to do so. I figure 8 years of a million dollar + income would be enough to set me up with enough rentals to stop working and spend more time pursuing my hobbies and still cover my living expenses. |
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Posted: 2/6/2022 3:50:46 AM EDT
[#50]
I guess Millenials never figured out that their expectations are not realistic, and the secret to a good life is not being completely materialistic.
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