Stock market on fire

[SonicBlue03]

Never say never.

That said, I hope there is no "crash". Not even a correction. I prefer an even 7-10% growth over time with less volatility.

At any given time I might need to tap my IRAs for cash. My SIL was laid off recently and the kids more or less live paycheck to paycheck. I had to tap my checking account/savings for their roof repair ($25K) and a new fridge for them ($1500), plus I had been spending $ on ammo/guns/etc. - so I am below where I am comfortable with my emergency reserve.

My Roth is somewhat in the red - below where I had it with contributions - I think - maybe.

Inflation will drag on the economy and the market, and I would prefer that not happen, but not much I can do about it. Biden wants more $ for the budget and wants to tax value of stock/etc., so if that happens it may drive big investor $ back overseas.

The correction won't be as bad as the 08 but it's coming.

I'm with you, though. I'd prefer a steady 10% RoR. I've loved the 50% plus, but I'll take slow and steady.

 

[bolus]

So the new phrase of the day is "putin price hike" to describe inflation. I guess they did not want to go with "fed money printer" They did a press conference today to announce "extraordinarily elevated" inflation numbers coming tomorrow.

Any guesses? I'm going to say over 10%. They would not make a concerted effort into convining us its putin's fault before it happens.

 

[made in china]

So the new phrase of the day is "putin price hike" to describe inflation. I guess they did not want to go with "fed money printer" They did a press conference today to announce "extraordinarily elevated" inflation numbers coming tomorrow.

Any guesses? I'm going to say over 10%. They would not make a concerted effort into convining us its putin's fault before it happens.

It's not even "mental gymnastics" anymore.
They're full-on into "mental contortionist" category.

 

[BrentN]

It's not even "mental gymnastics" anymore.
They're full-on into "mental contortionist" category.

Good times to be a slimly politician. Don't even have to try very hard to fool people.

 

[made in china]

Good times to be a slimly politician. Don't even have to try very hard to fool people.

I think they're getting off on flaunting the debauchery right in our faces.

If we begin to take notice they can just stir the pot of "social justice", "climate change", "China virus", "abortion", "Ukraine" et al. We'll be at each other's necks in a split second.

 

[Heyjoe]

It's like we didn't already know that doubling the supply of fiat would make the fiat worth less. WTF over

 

[BrentN]

It's like we didn't already know that doubling the supply of fiat would make the fiat worth less. WTF over

Hurts to say it but a big chunk of our society would have no clue as to what you are talking about.

 

[bolus]

only 8.5% inflation. Man they are good at massaging numbers. tick tock.

As bloomberg said, get used to eating lentils and letting your pets die, no one said this would be fun.

 

[Heyjoe]

Right. I can't find even a can of beans up only 8.5%

Honk honk welcome to clown world

 

[Heyjoe]

Hurts to say it but a big chunk of our society would have no clue as to what you are talking about.

Over half I suspect. It's all good buy now pay later gasoline is here to the rescue!

 

[The Heretic]

get used to eating lentils

Too late; been eating lentils and split peas with my homemade soups/stews/etc. for many years...

 

[The Heretic]

Hurts to say it but a big chunk of our society would have no clue as to what you are talking about.

?

 

[bolus]

XRT shorted 1322% Absolutely no crime involved. SEC will publish how many of those shares failed to deliver in a month and do nothing again. Same as last month, and the month before, and before

 

[RicInOR]

"F*ck You" Money

The best finance blog you've never heard of. 10/10 stories, 5/10 art. Check it out 👇🏼

www.youngmoney.co

 

[The Heretic]

"F*ck You" Money

The best finance blog you've never heard of. 10/10 stories, 5/10 art. Check it out 👇🏼

www.youngmoney.co

The problem with "too much wealth" is not the wealth, but the obsession with work. At least in the examples given in that article.

If someone inherited that kind of wealth, and had the right attitude, to just say to themselves and everyone else, I am not going to work at increasing that wealth, or become obsessed with projects like going to Mars, etc., and just sit back and enjoy what enough wealth can buy (no worries about expenses, not having to work, the ability to purchase things that one wants - within reason, etc.) and let the wealth maintain itself, and tried to maintain anonymity - then it would take a lot to have too much wealth.

There is a point where too much wealth can be an issue - mostly with regards to security - e.g., a fear of kidnapping of yourself and/or loved ones.

But otherwise, if you take precautions to not advertise your wealth, keep much of it out of sight (e.g., trusts), then a person should be able to be quite happy if they are disciplined enough. Let's say I won the current $300M plus lottery. I would immediately hire a lawyer and tax/trust accountant/etc. before saying a word to anyone, including the lottery commission. The ticket would be owned by a trust before claiming the winnings, and from there I would try to keep my wealth as anonymous as possible.

I would spend probably at least half of the winnings (which would be the cash out option - say $150M), but not all at once, on land and residences built to my specs. Not going the Trump gauche route with crystal and gold everywhere, but rather more of a defensible self-sufficient farm. The difference between what I can do now with my resources and what I could do with $150M would be a matter of scale and depth - e.g., instead of 10-20 acres, each residence would have 100-200 acres at least, preferably more. And I would have multiple residences, geographically diverse, each owned by different trusts.

With the remaining resources they would get invested in diverse holdings that would earn interest and grow, and have enough liquid to pay my expenses (taxes on earnings and property, maintenance of property) and enough left over that if I was disciplined the resources would never run out - even after I left this mortal coil.

So with maybe $5-10M I could have one or two residences like I imagine I would want, with $150M I could easily have maybe 5-10 residences in the USA, Canada and New Zealand, and travel between them, never having to work (beyond meeting with contractors/et. al. to get this done), and neither would my kids. We are no workaholics and having worked all of our adult lives, we would very much enjoy not having to work another day.

 

[RicInOR]

The problem with "too much wealth" is not the wealth, but the obsession with work. At least in the examples given in that article.

+1 The "Love Of Money" problem.

 

[made in china]

+1 The "Love Of Money" problem.

 

[The Heretic]

+1 The "Love Of Money" problem.

I think with people like Elon Musk is it as much a love of what the money can do - go to Mars, build a satellite network, etc. and so on. I don't know what drives Buffet, but I do know that at no point during my life did I feel the need to work for the sake of work, and that if I had the financial resources I would have stopped working a LONG time ago.

The only thing I miss after retiring is the income I had. Having one third the income I used to have is requiring some adjustment, but I do not miss the commute or the time in the office - even when it became a home office. Last year I had a 5 week temp gig where after having no work for one year, and even though I worked from home, I had a rather harsh reawakening as to how much work it was to work, even though I kind of enjoyed software dev work.

Now I prefer doing not much of anything except surfing the web and working on the property, and even then I would prefer spending my winters in the south Pacific (maybe next winter).

 

[bolus]

I think with people like Elon Musk is it as much a love of what the money can do - go to Mars, build a satellite network, etc. and so on. I don't know what drives Buffet, but I do know that at no point during my life did I feel the need to work for the sake of work, and that if I had the financial resources I would have stopped working a LONG time ago.

The only thing I miss after retiring is the income I had. Having one third the income I used to have is requiring some adjustment, but I do not miss the commute or the time in the office - even when it became a home office. Last year I had a 5 week temp gig where after having no work for one year, and even though I worked from home, I had a rather harsh reawakening as to how much work it was to work, even though I kind of enjoyed software dev work.

Now I prefer doing not much of anything except surfing the web and working on the property, and even then I would prefer spending my winters in the south Pacific (maybe next winter).

Billionaires are boring. Obtain yachts and mansions, sports teams and few islands with underage slaves and then horde until they die. Ken Griffin has side by side mansions in Hawaii. Almost identical 5000 sq ft houses right next to each other on the beach. And 700 acres of Hawaiian jungle. what a useless waste of money.

Did you know that its not possible to purchase a house on a blimp? Why not? because billionaires are boring.

How about instead of buying twitter of all things buy Boston dynamics and Raytheon and make an iron man suit? I still want to make a steadycam harness that will be partially robotic and support a browning M2 and a quarter grand of ammo.

 

[slimmer13]

Flashback to skipping school and hotboxing the 84 Mazda.