JP Morgan says 99 % of Americans will be worse off financially by mid-2024!

[fncceo]

Revenue from prostitution doesn't count.

Well, not for tax purposes. But, I can spend it just fine.

 

[Harpy Eagle]

You 401k increased 280%? I find that really difficult to believe.

really? During those 4 years I have been maxxing out contribution amounts. You do not think that adds up over time?

 

[DBA]

of course it had nothing to do with Biden, what kind of a fucking moron relies on the POTUS for such things?

You mean what kind of idiot relies on the President to maintain a good economy? Newsflash, there are many things a president can do to help/harm the economy of a country.

 

[iamwhatiseem]

280%.

One promotion and 2 other raises.

 

[Harpy Eagle]

You mean what kind of idiot relies on the President to maintain a good economy? Newsflash, there are many things a president can do to help/harm the economy of a country.

Indeed there are, and a smart person does all they can to insulate themselves from the whims of whatever party is in power.

 

[iamwhatiseem]

Indeed there are, and a smart person does all they can to insulate themselves from the whims of whatever party is in power.

Dude really?
Even if what you say is true, 2 promotions and another raise in 4 years, you know that is 100% anecdotal and not indicative of anything whatsoever to do with the overall economic situation in America.
I have no idea why you keep bring this up as some kind of indication that the economy doesn't suck.

 

[DBA]

really? During those 4 years I have been maxxing out contribution amounts. You do not think that adds up over time?

So you must not have had much in there to start with and you are counting your contributions in your increase. I’m glad your wife’s raise allowed you to contribute more, but that is certainly not a reflection of how well markets have done over the last few years on average. It sounds like you were fortunate in that your increase in contributions happened to align with the uptick in the market the latter part of this year. For those of us who have had substantial investments in the markets and have been maxing out their contributions for many years, many were gutted in 21 and 22 and 23 is a recovery year. Annualizing returns over the last 3-4 years for most is hardly a boon.

 

[DBA]

Indeed there are, and a smart person does all they can to insulate themselves from the whims of whatever party is in power.

So you saw it all coming with Biden, sold off and got into high yield cds, money markets and treasuries. You then correctly forecasted the uptick in mid-2023 and bought back in. We can’t all be so fortunate to time the market.

 

[Harpy Eagle]

So you must not have had much in there to start with and you are counting your contributions in your increase.

In 2019 I had only been with my employer for a few years so you are correct, there was not much in there. That is sort of the way a 401k works.

I’m glad your wife’s raise allowed you to contribute more,

It didn't. She has her own, I have mine. We are both maxing out what we are allowed. We got a late start at saving for retirement but by the time I am 65, (5.5 years) we will be able to retire and not even touch our 401ks for a few years.

but that is certainly not a reflection of how well markets have done over the last few years on average.

Since the start of 2020 the S&P is 42.23%. I am not expert but that does not seem all that terrible.

It sounds like you were fortunate in that your increase in contributions happened to align with the uptick in the market the latter part of this year.

Actually the increase in contributions aligning with a down market is a good thing as I am buying more shares for the same money, and when the market comes back I am better off than I would have been.

 

[Harpy Eagle]

So you saw it all coming with Biden, sold off and got into high yield cds, money markets and treasuries. You then correctly forecasted the uptick in mid-2023 and bought back in. We can’t all be so fortunate to time the market.

Of course I did not sell off, I am not a moron. The market is not for the faint of heart, one has to ride out the downs.

 

[Harpy Eagle]

Even if what you say is true, 2 promotions and another raise in 4 years, you know that is 100% anecdotal and not indicative of anything whatsoever to do with the overall economic situation in America.
I have no idea why you keep bring this up as some kind of indication that the economy doesn't suck.

I did no bring it up as such, I made a claim about myself and my family and it was questioned so I responded to it.

 

[iamwhatiseem]

I did no bring it up as such, I made a claim and it was questioned so I responded to it.

You have made that claim in every thread you come across that is negative about the economy.
It is a meaningless post to make in a thread about the overall economy.
Braggart at best, if true, and downright thoughtless at worst.
Believe it or not, not everything is about you.

 

[Harpy Eagle]

You have made that claim in every thread you come across that is negative about the economy.
It is a meaningless post to make in a thread about the overall economy.
Braggart at best, if true, and downright thoughtless at worst.
Believe it or not, not everything is about you.

here is an idea for you...if you do not like how I post, put me on ignore.

But your incessant whining about me is a tad tiring.

 

[iamwhatiseem]

here is an idea for you...if you do not like how I post, put me on ignore.

But your incessant whining about me is a tad tiring.

Incessant - (of something regarded as unpleasant) continuing without pause or interruption.

I made one post about it.
Hardly repetitive. What is repetitive is you continuing to post about it on economic threads.

 

[Harpy Eagle]

Incessant - (of something regarded as unpleasant) continuing without pause or interruption.

I made one post about it.
Hardly repetitive. What is repetitive is you continuing to post about it on economic threads.

and here you are, still whining.

 

[DBA]

Since the start of 2020 the S&P is 42.23%. I am not expert but that does not seem all that terrible.

No doubt following the S&P seems to be the way to go. Annualized, it is up 10.6% over the last 4 years. Assuming you had everything in an S&P index fund and accounting for gains and losses each year, your anualized return over those 4 years would be about 9.4%(quick math) per year, give or take.

I can buy your 280% gain over the last 4 years if you are heavily invested in S&P index funds with little hedge. One big down turn like in 2008 and it will take years to recover.

 

[iamwhatiseem]

Back to the real world...
The coming commercial real estate crises is unavoidable with $trillions in maturing loans coming due in 2024 with industry analyst expecting near or over 70% expected defaults.
We are on the precipice of bank failures that will actually exceed 2008.
Every single industry expert agrees.... I have not seen a single one say it isn't coming.

 

[Harpy Eagle]

No doubt following the S&P seems to be the way to go. Annualized, it is up 10.6% over the last 4 years. Assuming you had everything in an S&P index fund and accounting for gains and losses each year, your anualized return over those 4 years would be about 9.4%(quick math) per year, give or take.

I can buy your 280% gain over the last 4 years if you are heavily invested in S&P index funds with little hedge. One big down turn like in 2008 and it will take years to recover.

Our 401k is pretty limited in what it can be invested in, as are most from my understanding. and is mostly in the S&P. Next month I will hit 59.5 and will move it all to an IRA ran by my investment guy and will have far more options.

 

[pknopp]

This is little more than JP Morgan wanting fed. When you create creatures like JP Morgan they get cranky after not being fed for awhile.

 

[Harpy Eagle]

The coming commercial real estate crises is unavoidable with $trillions in maturing loans coming due in 2024 with industry analyst expecting near or over 70% expected defaults.

Indeed, this bubble has been growing for a while and it will not be pretty when it pops. While I have no doubt you put the blame 100% on Biden, there is much more to it than that. The move to remote work during and after COVID has made the problem much worse.

I almost took a job with a large commercial real estate firm, really glad I went another direction