What Is "rich?" How Much Money Makes One "Rich?"

Discussion in 'Economy' started by MikeK, Aug 8, 2011.

  1. sealybobo
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    sealybobo Diamond Member

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    Now this is pathetic.

    Al Kaline net worth: Al Kaline is an American former professional baseball player who has a net worth of $500 thousand.

    Kaline played his entire 22-year baseball career with the Detroit Tigers.

    After his playing career, Kaline lived in the Detroit area, and he has remained active within the Tigers organization, serving first as a color commentator on the team's television broadcasts (1975–2002) mostly with play by play announcer and former Tiger and fellow Hall of Famer George Kell, and then later as a consultant to the team. Since 2003, Kaline has served as a special assistant to Tigers President/CEO/General Manager Dave Dombrowski,[and his duties include coaching/mentoring outfielders during spring training.
     
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  2. sealybobo
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    sealybobo Diamond Member

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    Back when my grandmother was alive she got like 10% on her savings. So every year she made $10K on her savings. Between that and social security it more than paid her bills. She could afford to buy Xmas and Bday presents for her 26 grandkids, great grandkids and great great grand kid. Yes she had 1 great great grand kid before she died.

    I just did a 13 month CD for $20K and it's paying me 2.6%. That's pathetic. Even if I had a million dollars that would only be $26,000 a year. So $2100 a month to live on. Plus social security I guess I can live off that but wouldn't it be great to get 10% again? Fuck people who want to buy a home. They should pay their home off quickly so they don't pay the 10% interest on their mortgage like my dad did. Then he saved so he was getting 10% on his savings.

    I love people who criticized Obama for not raising interest rates but now they don't want to raise rates because it will effect the housing market. What ever happened to "take the training wheels off Obama"?
     
  3. Blues Man
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    Blues Man Gold Member

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    When savings accounts were paying 10% the interest on a mortgage was 21%

    And why aren't you investing in the market instead of crappy CDs?

    3 of my mutual funds in my portfolio funds have been averaging 12% over the past 10 years and several more have been averaging between 8 and 10%

    I'm in the process of reducing my shares in equities and moving to 50% bond funds in my holdings so as to protect capital
     
  4. sealybobo
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    sealybobo Diamond Member

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    I did just up my 401K.

    I want liquid savings to pay more than 3% like it did back then. I don't care if mortgages are 21% my home is paid off and if you want a home, come up with a big down payment or pay off your home quicker than 30 years like my dad did. I think my dad paid off his $56K home in the 70's by the early 80's and then he saved saved saved so now he has a lot of money. He never had to tie up his money in a 401K where they will penalize you if you take some out.

    I think 401K's are a scam. Like they said in the Wolf of Wallstreet it's a scam. People put money in but they never take out. Always let it ride. The only time you sell is when you've lost half hour shit. I think one day 401K's are going to bite the American people in the ass.

    Anyways, I am going to up my 401K but I still want to be able to save up money besides my 401K. So when I suddenly found I had $26K in my checking account I asked people who know what I should do with it. Many said don't put it in the market now. Prices are up and there's going to be a recession/crash coming. So I put it in a 13 month CD paying 2.6. I'll decide what to do with it in 10 months. What do you think I should do with it? I'll come back to this post in 10 months and see if that advice was good or not.
     
  5. Blues Man
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    Blues Man Gold Member

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    You have no understanding of the stock market or how to save money.

    The only place the average person can get any rate of return is the stock market.

    Mutual funds, bond funds are great for the average person there is no need to mess around buying individual stocks.
     
  6. sealybobo
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    sealybobo Diamond Member

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    Like most Americans I have no understanding. P.S. My brother is a VP who makes $500K a year. He has lots of big time investor friends. None of them know what the fuck they are doing either. If they did they would have called all their clients before the Bush Recession and told them to move their money. They didn't because like the rest of us, they don't know what the fuck is going on either.

    Or they did it on purpose.

    I don't get why you say I don't have an understanding of how to save money. I am saving money. I have most of my savings in 401K type investments. I've diversified.

    Listen moron, I listened to the 401K adviser just like you did when they sent them into your company to con you into putting all your money into an account that you can't touch till you retire. God help you if you retired during the Trump Recession that's coming.

    I knew a guy who was such a know it all Republican. Pissed a lot of money away on his kids colleges. Actually that was a good investment because he's not living with one of them. Anyways, I remember he dumped all his money into gold and told everyone how stupid they were for not doing it with him, then he lost half his fortune. I don't know the details, I just know he too said shit like "you don't know how to invest...." Yea well neither do you E.F. Nuthin.

    EF Hutton WAS an American stock brokerage firm founded in 1904 by Edward Francis Hutton and his brother, Franklyn Laws Hutton. Later, it was led by well known Wall Street trader Gerald M. Loeb. Under their leadership, EF Hutton became one of the most respected financial firms in the United States and for several decades was the second largest brokerage firm in the country. The firm was best known for its colorful TV commercials in the 1970s and 1980s based on the phrase, "When E. F. Hutton talks, people listen," which usually involved a young professional remarking at a dinner party that his broker was EF Hutton, which caused the moderately loud party to stop all conversation to listen to him.
     
  7. Blues Man
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    Blues Man Gold Member

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    I have never used an adviser.

    I have been self employed my entire adult life and I taught myself about mutual funds and I picked a spread of funds that were heavy in growth equities and none of my funds ever really overlapped much. The stock market is not a scam. it is not gambling. In fact the stock market is the best place to get a long term rate of return that will actually allow your money to work for you.

    At this point I am moving out of equities and into bond and income funds that are much more conservative because I am in my mid 50s now and I want to protect my gains
     
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  8. sealybobo
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    sealybobo Diamond Member

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    I agree

    the stock market is the best place to get a long term rate of return that will actually allow your money to work for you.

    Actually, it's like the ONLY place. They have successfully herded us into one group. Reminds me of when they bundled all those bad home loans together. The investment companies are making money all these years and every so often the stock market has to take a huge crash or else it would be exposed for the scam that it is.

    Imagine all those people who were ready to retire just when the Bush Great Recession hit. Holy shit that would have sucked to see your money cut in half.

    But like you said, they shouldn't have had it in risky investments.
     
  9. HereWeGoAgain
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    HereWeGoAgain Diamond Member

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    Not really.
    Pro athletes didnt get paid like todays pro athletes.
    Lou Gehrig only made 31k in 1935.
    And your guy Kaline was even lower...
    Detroit gave him $15,000 as a signing bonus and a $20,000 in salary over three years.
     
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  10. Blues Man
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    Blues Man Gold Member

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    One group?

    There are literally tens of thousands of choices when investing your money in the market.

    Way more than any bank gives you
     

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