Helpful ReplyHot!Give me all your moneys

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dano
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Re: Give me all your moneys 2021/01/28 15:18:46 (permalink)
Porktown
When AOC, Ted Cruz and Don Jr. all agree on something, there must be a real issue...




You play by the rules then they change the rules.
You have Robinhood, TD Ameritrade, Charles Schwab and a handful of other smaller brokerage firms restricting purchases of AMC , Gamestop and a few others.
This creates more sellers than buyers. Investors are closing their positions which adds to the selloff and trying to move to other brokerage companies. Also, all those firms have major clients that bet against Gamestop.
They're all free market capitalist until they see $$ tricking down instead of up.
 
#31
eyesandgillz
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Re: Give me all your moneys 2021/01/28 15:29:47 (permalink)
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Porktown
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Re: Give me all your moneys 2021/01/28 16:05:17 (permalink)
eyesandgillz
hmmm, the plot thickens...
 
https://www.foxnews.com/p...gamestop-speaking-fees




When politicians are actively trading on insider information that their policies dictate and don't even get a slap on the wrist, I am not sure if this "Six Degrees of Kevin Bacon" type logic means anything.  Oh wait, there are 70M people in this country that would believe the sky is orange if their political party told them it was.  Lock her up!!! 
#33
eyesandgillz
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Re: Give me all your moneys 2021/01/29 08:34:42 (permalink) ☄ Helpfulby psu_fish 2021/01/29 10:00:47
Porktown
eyesandgillz
hmmm, the plot thickens...
 
https://www.foxnews.com/p...gamestop-speaking-fees




When politicians are actively trading on insider information that their policies dictate and don't even get a slap on the wrist, I am not sure if this "Six Degrees of Kevin Bacon" type logic means anything.  Oh wait, there are 70M people in this country that would believe the sky is orange if their political party told them it was.  Lock her up!!! 



Actually, lock up whoever is responsible for stopping the buying of GameStop to protect their hedgefund buddies....even the big guys were stopping trading not just Robinhood.....and it was wrong.....
Again with the Trump crap....this has nothing to do with that.....your TDS is starting to affect your critical thinking....
 
Anyways....if you have some time to kill, take a trip down this Twitter rabbit hole for some interesting reading....
 
https://mobile.twitter.co...us/1354532507723640835
#34
dano
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Re: Give me all your moneys 2021/01/29 09:56:50 (permalink)
Nice 18 months return on $53,000. The guy still hasn't sold a share.
 
 

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#35
Porktown
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Re: Give me all your moneys 2021/01/29 11:18:34 (permalink)
eyesandgillz
 
Actually, lock up whoever is responsible for stopping the buying of GameStop to protect their hedgefund buddies....even the big guys were stopping trading not just Robinhood.....and it was wrong.....
Again with the Trump crap....this has nothing to do with that.....your TDS is starting to affect your critical thinking....
 

Agree with whoever is responsible for stopping the buying.  That is what AOC, Cruz and Jr. are all agreeing with as well.  Complete BS.
 
Your baiting article is BS too.  Someone had ties to someone that has nothing to do with the actual situation.  This follows the same muddy the water patterns of the past four years.  Trying to make someone look bad for some sort of loose connection, then "read betweeb the lines".  Yes, that was a Q drop...  This needs to go away in politics, Trump took that shameful tactic to a new level.  If you want to call that TDS, feel free.  I prefer APTDTSDS.  Any politician that does that...  I know you didn't write it, but you shared it, which is the same water muddying tactic as "retweeting" that the big guy loves.
#36
DeadGator401
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Re: Give me all your moneys 2021/01/29 12:36:12 (permalink)
eyesandgillz
Porktown
eyesandgillz
hmmm, the plot thickens...
 
https://www.foxnews.com/p...gamestop-speaking-fees




When politicians are actively trading on insider information that their policies dictate and don't even get a slap on the wrist, I am not sure if this "Six Degrees of Kevin Bacon" type logic means anything.  Oh wait, there are 70M people in this country that would believe the sky is orange if their political party told them it was.  Lock her up!!! 



Actually, lock up whoever is responsible for stopping the buying of GameStop to protect their hedgefund buddies....even the big guys were stopping trading not just Robinhood.....and it was wrong.....
Again with the Trump crap....this has nothing to do with that.....your TDS is starting to affect your critical thinking....
 
Anyways....if you have some time to kill, take a trip down this Twitter rabbit hole for some interesting reading....
 
https://mobile.twitter.co...us/1354532507723640835



Holy crap I nearly died from laughing reading that. Good Stuff.

To the moon boys, to the moon. #doge for life
#37
Porktown
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Re: Give me all your moneys 2021/01/31 20:23:02 (permalink)
Motley Fool sure does like to follow up with you to order their redonckulessly priced special programs. If I were guaranteed crazy return, I could see spending $1k or more that they charge. Their regular subscription seems very fair in comparison of what you are paying percentage wise for mutual fund managers to skim. I didn’t realize it would come with 10+ emails per day of spam though... 30 day free trial will be used if they don’t stop.
#38
dano
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Re: Give me all your moneys 2021/02/01 06:15:36 (permalink)
Yea, I was able to trim the emails in my settings. 
Thursday's at 1PM is all that's matters. 
#39
psu_fish
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Re: Give me all your moneys 2021/02/02 10:32:18 (permalink)
Wonder how many fools are holding an empty bag with $GME, currently below $100
#40
Porktown
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Re: Give me all your moneys 2021/02/02 17:02:05 (permalink)
psu_fish
Wonder how many fools are holding an empty bag with $GME, currently below $100


Millionaire for a few days...
 
That makes me wonder what Dardys noted a few weeks back about whatever it was percent are millionaires in this country.  I wonder if that includes people that hit $1M at some point in this roller coaster market, then lose it weeks/months later?  The DOW is up close to 4 times what it was since the in 2008/9 recession.  S&P is close to 6 times.  NASDAQ is almost 9 times...  I bought my house right as the hsit hit the fan in 08.  I was under contract or would have backed out...  If I would have been able to put my mortgage into the market, I would be one of those paper millionaires.  At least for a week or two.
#41
eyesandgillz
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Re: Give me all your moneys 2021/02/02 22:31:57 (permalink)
If you were just maxing your 401k since then, you should be edging closer anyways?????
#42
Porktown
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Re: Give me all your moneys 2021/02/03 07:33:55 (permalink)
eyesandgillz
If you were just maxing your 401k since then, you should be edging closer anyways?????

That is why I am wondering about the number that Dardys noted. I think he noted 3% of US households are millionaires, which is what popped up with a quick search. That seems low. There are a lot of people out there that make far more than I do and max out 401k or other investments. I would have to think there is more to what that 3% is saying (2019). Maybe liquid $M, not household, have to maintain that number for a certain time? I know you have to factor in debt, but many debts would have equity that I would think is factored in?
#43
DarDys
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Re: Give me all your moneys 2021/02/03 07:39:16 (permalink)
There could be many factors that go into that millionaire number. Maybe it is liquid. Maybe it is after expenses are deducted. Maybe it is after taxes.

But the flip side is to look through the prism of others.

https://abcnews.go.com/US...eral/story?id=63253846

Notice that number is much higher.

The poster formally known as Duncsdad

Everything I say can be fully substantiated by my own opinion.
#44
fishin coyote
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Re: Give me all your moneys 2021/02/03 08:06:49 (permalink)
Dardys, 
That's because a mass majority of people live way beyond their means. I see it everyday in my job and with my crews. Unfortunately we are all one health issue from being in that 40%
 
Mike  

Nothing is Free!!
Reward equals Effort


#45
Porktown
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Re: Give me all your moneys 2021/02/03 08:15:36 (permalink)
DarDys
There could be many factors that go into that millionaire number. Maybe it is liquid. Maybe it is after expenses are deducted. Maybe it is after taxes.

But the flip side is to look through the prism of others.

https://abcnews.go.com/US...eral/story?id=63253846

Notice that number is much higher.

Taxes would be huge on anything that is 401k or whatever that hasn't been taxed yet.  Pull it early and you are paying a huge chunk in taxes.  I would have to bet that is what those retirement calculators have built in as well.
 
Flip side is nuts.  That is going off of 2018 numbers during the pre-pandemic economy, which has crushed this group even further.  The report they site is rather lengthy, so likely answers many questions.



#46
psu_fish
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Re: Give me all your moneys 2021/02/03 08:19:45 (permalink)
I'm wondering what Congress will slip into the omnibus spending bill to prevent Reddit users from using the upcoming $1400 stimulus to squeeze the Hedge Funds?
 
You know the hedgies want their political donations put to good use on both sides of the aisle.
#47
eyesandgillz
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Re: Give me all your moneys 2021/02/03 08:33:48 (permalink)
Porktown
DarDys
There could be many factors that go into that millionaire number. Maybe it is liquid. Maybe it is after expenses are deducted. Maybe it is after taxes.

But the flip side is to look through the prism of others.

https://abcnews.go.com/US...eral/story?id=63253846

Notice that number is much higher.

Taxes would be huge on anything that is 401k or whatever that hasn't been taxed yet.  Pull it early and you are paying a huge chunk in taxes.  I would have to bet that is what those retirement calculators have built in as well.
 
Flip side is nuts.  That is going off of 2018 numbers during the pre-pandemic economy, which has crushed this group even further.  The report they site is rather lengthy, so likely answers many questions.







Do you have a Roth 401k available to you as well as normal 401k?  I have been splitting mine, more into regular but increasing % every year into Roth.
#48
DarDys
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Re: Give me all your moneys 2021/02/03 09:45:12 (permalink)
Porktown
DarDys
There could be many factors that go into that millionaire number. Maybe it is liquid. Maybe it is after expenses are deducted. Maybe it is after taxes.

But the flip side is to look through the prism of others.

https://abcnews.go.com/US...eral/story?id=63253846

Notice that number is much higher.

Taxes would be huge on anything that is 401k or whatever that hasn't been taxed yet.  Pull it early and you are paying a huge chunk in taxes.  I would have to bet that is what those retirement calculators have built in as well.
 
Flip side is nuts.  That is going off of 2018 numbers during the pre-pandemic economy, which has crushed this group even further.  The report they site is rather lengthy, so likely answers many questions.





Pulling early is a backbreaker.

When we built our house, the rule was you could pull from 401(k) for a down (many other rules, first time buyer, yada, yada, yada), so I did.

And I got crushed in taxes because, buried somewhere in all that verbiage was could only pull $10,000 without tax penalty. Sure, it was my fault for not understanding it all and I paid up. But who was the government bureaucrat that decided that one should only be able to buy a $50,000 house (a 20% down of $10,000 = $50,000 purchase price)?

The poster formally known as Duncsdad

Everything I say can be fully substantiated by my own opinion.
#49
Porktown
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Re: Give me all your moneys 2021/02/03 10:03:06 (permalink)
eyesandgillz
 
Do you have a Roth 401k available to you as well as normal 401k?  I have been splitting mine, more into regular but increasing % every year into Roth.

Those are funds that are taxed up front at the same rate as your pay.  I would much rather have that money to invest in the market directly.  You can do your own Roth IRA accounts separately from your work retirement with the same benefits.  If your work is matching, heck yeah!  Free money should never be turned down!
#50
Porktown
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Re: Give me all your moneys 2021/02/03 10:20:47 (permalink)
DarDys

Pulling early is a backbreaker.

When we built our house, the rule was you could pull from 401(k) for a down (many other rules, first time buyer, yada, yada, yada), so I did.

And I got crushed in taxes because, buried somewhere in all that verbiage was could only pull $10,000 without tax penalty. Sure, it was my fault for not understanding it all and I paid up. But who was the government bureaucrat that decided that one should only be able to buy a $50,000 house (a 20% down of $10,000 = $50,000 purchase price)?

Part of one of the Covid relief packages, you can pull up to $100k without the 10% penalty.  Regardless, 401k like a standard IRA, are pre-tax and they are going to take a cut at some point.  But most who are pulling it at retirement are at a pretty low tax bracket and not paying the rate they would if they took that money as taxed income.  So, when you took that money, it was likely taxed as part of your income that year (possibly pushing you up a bracket), added a 10% penalty and they likely didn't even kiss you before sticking it to you!  That said, the math of that and whatever the PMI and likely higher mortgage rate, if you didn't do 20% is probably close to a wash.  Lesson of the story, your family should come from more money!  The system truly is rigged for those at the top.
#51
DarDys
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Re: Give me all your moneys 2021/02/03 11:48:02 (permalink)
The system will always be rigged for those at the top. Unless it is communism, which is still rigged for those at the top, but there are fewer of them and the pathway or opportunity to getting there is vastly different.

The poster formally known as Duncsdad

Everything I say can be fully substantiated by my own opinion.
#52
Porktown
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Re: Give me all your moneys 2021/02/03 12:00:18 (permalink)
DarDys
The system will always be rigged for those at the top. Unless it is communism, which is still rigged for those at the top, but there are fewer of them and the pathway or opportunity to getting there is vastly different.

But the Democrats "say" they are out for the little guy...  
 
At least the Republicans don't hide the fact that they are 100% out for the rich.
 
Like you said, all government structures are out for the rich.  What is most troublesome is when they change the system when the average guy figures out a loophole.  Much like will certainly happen with the Reddit buying.  
 
That all being said, there are more than enough financial planning tools for the average person to relatively safely make something on the market without nearly the risks of the Reddit buying.  Hopefully when Congress addresses the Reddit thing, which we all know they will, they don't make the other avenues for smaller earnings harder to navigate.
post edited by Porktown - 2021/02/03 12:06:27
#53
crappiefisher
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Re: Give me all your moneys 2021/02/03 16:52:11 (permalink)
 Nice to have some cash stashed / buried also. If you needed to get $100,000 out of the bank by this weekend you are screwed even though you might have way more than that in there. Then they have the balls to question the reason you want your money smh 
 
crappy
post edited by crappiefisher - 2021/02/03 17:02:37
#54
Porktown
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Re: Give me all your moneys 2021/02/03 18:02:26 (permalink)
Chris, if you see me digging in your yard, it is for night crawlers... I rarely ever have easy access to more than $100, yet $100k. I would have to sell some stuff to get that much money’s to bury! I’d have a heart attack if I had $100k in actual cash in my hands, but would be willing to test my heart if someone has an extra $100k they would like to give me to find out.
#55
crappiefisher
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Re: Give me all your moneys 2021/02/03 18:43:21 (permalink)
 Tim, I live in a house over 200 yrs. old, drive a 2008 suv with 100,000 miles, shop at flea markets & auctions, still only had one wife, quit drinking, still eating green pickled tomatoes from this summer, (can't wait for the fresh dandelions' next month), chop own wood for heat, do own maintenance on properties (Amish put new shingles 19 sq on roof for camp... cheap) 2 months ago, made 30 lbs, ov country sausage a few days ago  eat fish and once in awhile a road kill. If you lived like this you would be a multi millionaire by now. I don't even have 1/2 a million in cash.
 
 
#56
Porktown
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Re: Give me all your moneys 2021/02/03 19:53:48 (permalink)
Mine is 2008 too and hoping to get another 5-10 years. Boat is 88’. Not going to say that I am eating roadkill, but my garden and fish (if I can catch any) make up a good part of my diet. I make my own pizza and bread and rarely eat anything that runs above $7/lb. I live frugally comfortable. I’ve cut back on the beers, but not going to say that I have stopped... I have been making my own hop water that runs me about $3 per gallon to make and will combine it with beer. Cuts the alcohol and cost. It makes by far the beat tasting light beer around.
#57
crappiefisher
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Re: Give me all your moneys 2021/02/03 22:51:12 (permalink)
 I'm down to two canoes. The boys have me covered on boats. Quit hunting 10 years ago. Bird dogs long gone and didn't have the "kill" left in me. So when a fresh deer is hit outside the house or camp have to make the decision quick before the Vultures or Amish claim it. One son brings me these huge giant rabbits he raises for stew. Have to slow cook since rabbit is tough. Never bought a lottery ticket. Save receipts on appliances, kitchen/bath faucets and hot water tank. Saved thousands doing it. Bought my first water tank  here 37 years ago. Go through 'em every time before warranty is up. Never payed for another and have 11 more years (warranty) to go with the one now. Only ever use a credit card to save money on a large purchase then pay it off the next day or two. When younger and had some debt would always pay it off with tax return.
 
   Home Depot, bartering on large appliances always works, even on sale or clearance items for me. Heck a couple hundred here and there add up. If I could just slow the old lady down on bottled water. We have some nice springs around and the fridge has a water/ice filter.
 
 Had a talk with Timmy this summer to save and buy a house with buildings. Seems to have worked some and is saving $2,500 per week since then but could wack that up a notch. 2 weeks ago he comes home to visit with a 2013 2500 4x4. I asked what's wrong with your 2 other 4x4 trucks? Said he needed a back seat for the baby. A few more thousand spent on fishing stuff in the last week that he keeps for himself and ain't gonna sale. So he still has a big problem trying to save. He does put in a lot of hrs. for his business with no helping hand.
 
 Just so many ways to save out there and buy high end items cheaper than buying crap.
 
 Tim, You are doing good and have a good head on your shoulders. Me, stupid with low paying jobs my whole life and now ain't nowhere near the 2.2 million recommended for retirement. 
 
 Heck even my young niece makes more in 45 mins. taking photos than I would make in a week at a steel mill or other jobs. Just goes to show a dollar ain't worth the paper it's printed on nowadays. Sorry for the rant.
 
post edited by crappiefisher - 2021/02/04 01:29:34
#58
Porktown
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Re: Give me all your moneys 2021/02/04 09:29:00 (permalink)
Chris, sounds like a good head on your shoulders too. Agree 100% on buying quality over budget on things that you need to last. Will save you a lot in the long run. So does simple routine maintenance on those appliances, which some people don’t seem to realize how easy it is and how much it saves them.

I personally have never carried any credit card debt. My parents were very clear to me when I was of age to get a card of how shady of a trap can be. Only use them if you can cover that month’s bill, basically they should be used as “debit cards” but you have to be the one making sure they are covered. Getting 1%-5% back from every purchase that I make adds up. My parents taught me a lot of what you noted above. We spent most weekends growing up at Woodland Flea-market, if not working on our cars. Vacations were mostly camping at Jamestown or Erie. We would go to the beach maybe 1:4 years and would find the cheapest places possible, but it felt like big time! When the mills collapsed, my parents were stuck with two young kids in a local economy that made 2008 look normal. The frugal lifestyle is just normal life to me. Any major purchases that I make have months of research involved to make sure they last much longer than average and always look at the resale value or income potential.

Just FYI. That $2.2M number is kind of misleading if you don’t dig into the numbers and what they are covering. The figures are for 2040. 20 years from now with standard inflation, $2.2M is about $1.6M now. It is also assuming most or at least some is 401k, pre tax money, so depending how fast you pull it, you can basically subtract 25% from much of that figure. It also assumes that you change all of your investing habits to very low yield conservative approach at that time and not earning from that stockpile or any other sort of income. Also assumes social security is not there in 2040. It is also a figure for those that go out to eat all of the time, play golf, vacation at will, lease a new car every 2-3 years, etc. to just keep doing what they do. On top of that, a good bit of reserve for unexpected medical or other expenses. One of the biggest things that it covers that most likely wouldn’t happen, is both husband and wife live a little beyond the average lifespan and keep living that way. It does assume you are on Medicare, so if retiring prior and having to pay for health insurance, you’d have to adjust. For most that would hit that number, their kids are getting a nice inheritance since both rarely exceed well beyond life expectancy and if so, carry on that spending lifestyle.

For those retiring today, with SS and Medicare, adjusting to inflation, I would think that most could comfortably retire with less than $500k and be rather comfortable. Living frugally with half of that. But would need Medicare and SS. There are many that can get by on Medicare and SS alone.
#59
crappiefisher
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Re: Give me all your moneys 2021/02/04 11:32:33 (permalink)
 Pa sucks on price of living compared to Ohio. Stuff like this pops up all the time. In most parts of Pa it would be twice the price. https://www.realtor.com/realestateandhomes-detail/473-Redondo-Rd_Youngstown_OH_44504_M46184-22072
 
 Same boat on vacations and your parents sound very similar. Had a good bit of friends around here that made 3-4 times than I a yr. Didn't keep up with property maintenance, driving junk cars, phone, elec. get shut off and so on. Many times I'd lend them money to get by too next pay. They did have fun spending though.       I like antiques 1800--1930's so no store shopping for us on furniture and decorations.
 
 Glad my wife ain't high maintenance 
 
 
 
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