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

[EdwardBaiamonte]

The wealthy set up a corporation or LLC, borrow money and if they default, just declare bankruptcy and start over

there are millions of businesses in America most of which are corporations owned by individuals or tiny groups so lots of wealthy folkls according to you and business and individual can file bankruptcy, Forgot to think before posting again?

 

[Wyatt earp]

The word "rich" is used almost as frequently as are conjunctive words in our discussions here but I believe many of us have different ideas of just what the state of being "rich" is.


How much money would you need to have in order to consider yourself wealthy?


How much wealth do you feel is excessive?


If you were wealthy what are some of the things you would do with your money?

It's hard to define, more money you have bigger the bills are , look at people like mike Tyson going through like 40 million, like it was nothing a few decades back .

 

[ScienceRocks]

Ten million or more?

 

[Gracie]

The word "rich" is used almost as frequently as are conjunctive words in our discussions here but I believe many of us have different ideas of just what the state of being "rich" is.


How much money would you need to have in order to consider yourself wealthy?


How much wealth do you feel is excessive?


If you were wealthy what are some of the things you would do with your money?

To me..going to the grocery store and not having to add up in your head what you put in your basket is rich.

Anything that you don't really need but get anyway with the Smith against the Jones is excessive. Or having gold faucets, cribs, etc.

If I were "wealthy", I would buy a home of my own, fence it off, have a lot of acreage or even buy an island with the home on it, then build a no kill animal shelter for all unwanted/sick animals. The rest of the money would be in a trust for animals all over the world that need shelter. Like that guy in Iran that is building his own shelter because the ME thinks of dogs as disgusting animals and kill them for entertainment.
There Aren’t Many Animal Shelters in Iran – So This Man Made His Own

 

[Boss]

The word "rich" is used almost as frequently as are conjunctive words in our discussions here but I believe many of us have different ideas of just what the state of being "rich" is.


How much money would you need to have in order to consider yourself wealthy?


How much wealth do you feel is excessive?


If you were wealthy what are some of the things you would do with your money?

"RICH" is the cornerstone for the leftist progressive class warfare rhetoric. There is so much trouble defining it because it isn't universally definable. It's particularly not definable by earned income because many super-wealthy people don't earn any income anymore. You can talk about the gap in wealth (disparity) but there are built-in factors there as well, such as region or area of the country. If you have $100k and live in rural backwoods Mississippi, you can live relatively comfortably for the rest of your life... $100k in Los Angeles won't get you through the year. If you live on the oceanfront it's going to cost more than living in the boondocks. There is a built-in health issue... Person A comes from a healthy gene pool and doesn't suffer from any kind of major illness while Person B comes from an unhealthy gene pool and will spend more of their wealth maintaining general health. Nothing to do with lifestyle, just a matter of genetics and luck of the draw.

What you have to try and understand is this... Our country was founded on principles of freedom which enable the individual to earn any level of wealth they desire. Unlike many other countries, this is not restricted to your class. Because this freedom exists, you are always going to have a growing gap between the wealthiest and poorest. It is not some new phenomenon, it has always existed in this country. It's not a growing "problem" but rather the symptom of a free society where individuals aren't restricted on wealth acquisition.

 

[Camp]

What is rich is a subjective opinion and relative to personal values. If you have been living in a trailer park and hit a million dollar lottery you, and neighbors and friends will think you are rich, at least for a little while. If you live in a multi-million dollar home and have multi-millions invested that bring you comfortable returns, it won't mean as much. Just a little more to invest and help pay for some better vacations.

 

[sealybobo]

According to Obama and the Democrats anyone that makes 250k or more is rich.

They are rich. I make $100K and I'm rich because I'm single with no kids. Lets say I had a wife who didn't work and 2 kids. Don't you think I would be just fine if you gave me an extra $150K? I'd say I'd be just fine. Of course if I lost my job that'd be a different story. So to me rich means you are ok even if you lose your job. I would be just fine.

If I had kids and a wife I would say I am not rich if I only make $100K. I'm sure the three of them would eat up all the money I now save when they got sick or needed new shoes or to go to summer camp or get braces. I'm sure I wouldn't have purchased the guns, boat and quadrunner I purchased the last couple years if I had a wife and 2 kids.

Then of course it depends on how much you spend. I know people who you would think are rich but they have 4 kids in private schools and country club memberships and vacation homes. Everything is financed. They could be rich but they are not. Remember that movie Dr. Strange? He lost his hands and suddenly he was broke. He didn't save. He was only rich as long as he could work.

What makes someone rich? Having FU money. Being able to survive even without working. I'm not there yet but I can pay all my bills and not touch my savings even with a minimum wage job. I have set myself up in life so even if Republicans cause another Great Recession, I'll be good.

$300 a day is what I make every day I wake up. I know to a real rich person that's a joke but to a person who only makes $50K a year and has 2 kids, I'm a rich son of a bitch. They only make $137 every day they wake up and they have 4 mouths to feed, dentists, hobbies, shoes, winter jackets, insurance, shampoo, soap, food..... Howard Stern makes $220,000 every day he wakes up.

The other day I went to Arbys for lunch. It was over $8. Everyone at my office asks me how I can afford to eat out every day for lunch. How? I don't have hungry mouths to feed at home. I don't need to save for anyone's college. I don't have to pay for my daughters wedding. I don't have a daughter who needs a dress to wear to prom.

This is how I'm rich.

My grandmother in the 90's had her home paid off. She had $100K in savings and she got 10% interest on that money. Between the interest and social security she had more than enough to pay all her bills. She was able to retire comfortably. Medicare and social security allowed that. Thanks Liberals.

 

[sealybobo]

The word "rich" is used almost as frequently as are conjunctive words in our discussions here but I believe many of us have different ideas of just what the state of being "rich" is.


How much money would you need to have in order to consider yourself wealthy?


How much wealth do you feel is excessive?


If you were wealthy what are some of the things you would do with your money?

It's hard to define, more money you have bigger the bills are , look at people like mike Tyson going through like 40 million, like it was nothing a few decades back .

Yesterday I wondered how much the late Tim Conway was worth. The internet says $15 million. That's nothing compared to today's celebrities. But that was a lot of money back then and even today is more than anyone needs to live out the rest of their days comfortably and leave your kids something after you are gone.

 

[Blues Man]

Rich is such a loaded term these days

I was always of the mind that when my assets ( not a job) produced 10K a month for an indefinite time period that I would consider myself financially independent.

I have no debt at all so 10K a month is much more than I "need" but it's my number

 

[Wyatt earp]

The word "rich" is used almost as frequently as are conjunctive words in our discussions here but I believe many of us have different ideas of just what the state of being "rich" is.


How much money would you need to have in order to consider yourself wealthy?


How much wealth do you feel is excessive?


If you were wealthy what are some of the things you would do with your money?

It's hard to define, more money you have bigger the bills are , look at people like mike Tyson going through like 40 million, like it was nothing a few decades back .

Yesterday I wondered how much the late Tim Conway was worth. The internet says $15 million. That's nothing compared to today's celebrities. But that was a lot of money back then and even today is more than anyone needs to live out the rest of their days comfortably and leave your kids something after you are gone.

I think about that too, some actors you never see in movies for years and you wonder how they pay for their mansons and stuff but then you do read them running out and end up living in a trailer park like Joanie and the Air wolf guy who died recently

 

[sealybobo]

The word "rich" is used almost as frequently as are conjunctive words in our discussions here but I believe many of us have different ideas of just what the state of being "rich" is.


How much money would you need to have in order to consider yourself wealthy?


How much wealth do you feel is excessive?


If you were wealthy what are some of the things you would do with your money?

It's hard to define, more money you have bigger the bills are , look at people like mike Tyson going through like 40 million, like it was nothing a few decades back .

Yesterday I wondered how much the late Tim Conway was worth. The internet says $15 million. That's nothing compared to today's celebrities. But that was a lot of money back then and even today is more than anyone needs to live out the rest of their days comfortably and leave your kids something after you are gone.

I think about that too, some actors you never see in movies for years and you wonder how they pay for their mansons and stuff but then you do read them running out and end up living in a trailer park like Joanie and the Air wolf guy who died recently

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.

 

[sealybobo]

Rich is such a loaded term these days

I was always of the mind that when my assets ( not a job) produced 10K a month for an indefinite time period that I would consider myself financially independent.

I have no debt at all so 10K a month is much more than I "need" but it's my number

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"?

 

[Blues Man]

Rich is such a loaded term these days

I was always of the mind that when my assets ( not a job) produced 10K a month for an indefinite time period that I would consider myself financially independent.

I have no debt at all so 10K a month is much more than I "need" but it's my number

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"?

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

 

[sealybobo]

Rich is such a loaded term these days

I was always of the mind that when my assets ( not a job) produced 10K a month for an indefinite time period that I would consider myself financially independent.

I have no debt at all so 10K a month is much more than I "need" but it's my number

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"?

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

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.

 

[Blues Man]

Rich is such a loaded term these days

I was always of the mind that when my assets ( not a job) produced 10K a month for an indefinite time period that I would consider myself financially independent.

I have no debt at all so 10K a month is much more than I "need" but it's my number

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"?

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

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.

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.

 

[sealybobo]

Rich is such a loaded term these days

I was always of the mind that when my assets ( not a job) produced 10K a month for an indefinite time period that I would consider myself financially independent.

I have no debt at all so 10K a month is much more than I "need" but it's my number

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"?

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

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.

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.

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.

 

[Blues Man]

Rich is such a loaded term these days

I was always of the mind that when my assets ( not a job) produced 10K a month for an indefinite time period that I would consider myself financially independent.

I have no debt at all so 10K a month is much more than I "need" but it's my number

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"?

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

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.

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.

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.

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

 

[sealybobo]

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"?

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

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.

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.

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.

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

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.

 

[HereWeGoAgain]

The word "rich" is used almost as frequently as are conjunctive words in our discussions here but I believe many of us have different ideas of just what the state of being "rich" is.


How much money would you need to have in order to consider yourself wealthy?


How much wealth do you feel is excessive?


If you were wealthy what are some of the things you would do with your money?

It's hard to define, more money you have bigger the bills are , look at people like mike Tyson going through like 40 million, like it was nothing a few decades back .

Yesterday I wondered how much the late Tim Conway was worth. The internet says $15 million. That's nothing compared to today's celebrities. But that was a lot of money back then and even today is more than anyone needs to live out the rest of their days comfortably and leave your kids something after you are gone.

I think about that too, some actors you never see in movies for years and you wonder how they pay for their mansons and stuff but then you do read them running out and end up living in a trailer park like Joanie and the Air wolf guy who died recently

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.

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.

 

[Blues Man]

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

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.

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.

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.

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

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.

One group?

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

Way more than any bank gives you