Surviving the crash

[Longwalkhome]

Thread >2 years now...




...someday soon, I can feel it.

well you can always go watch the game and not boar yourself with this crap huh.

 

[The Heretic]

I have a year left before they force me to take a percentage out of my retirement. The taxes are 25% so it will reduce my income some.

I am a few years away from RMDs, and I am moving $ from my IRA to my Roth IRA while I have a low income. I moved $13K that last year and only paid about 1% income tax on about $45K gross income because most of SS is not taxable at a certain income level. Then later, I can, if I have to, pull $ from my Roth without taxes - but I will only do that if I have to and my income is high.

Where the gov is going to do me hard is when I sell my property and have to pay capital gains on part of the profit.

I have my bills down to a bare minimum but did buy a gun recently so that's one of my stuff happens moments.

Yes, SS covers my bills - just barely - usually.

Buying guns is not a "stuff happens" event to me, and I have pretty much stopped doing that anyway - trying real hard to not fall of the wagon in that respect.

Stuff happens is when a roof needs to be replaced, or a car breaks, or a vet bill (and the pet dies anyway), or a fridge/freezer needs to be replaced, or a dr. bill, or something like unexpected like that (all of which have happened recently).

 

[Longwalkhome]

I am a few years away from RMDs, and I am moving $ from my IRA to my Roth IRA while I have a low income. I moved $13K that last year and only paid about 1% income tax on about $45K gross income because most of SS is not taxable at a certain income level. Then later, I can, if I have to, pull $ from my Roth without taxes - but I will only do that if I have to and my income is high.

Where the gov is going to do me hard is when I sell my property and have to pay capital gains on part of the profit.


Yes, SS covers my bills - just barely - usually.

Buying guns is not a "stuff happens" event to me, and I have pretty much stopped doing that anyway - trying real hard to not fall of the wagon in that respect.

Stuff happens is when a roof needs to be replaced, or a car breaks, or a vet bill (and the pet dies anyway), or a fridge/freezer needs to be replaced, or a dr. bill, or something like unexpected like that (all of which have happened recently).

I was reading where Nigel Farage had his bank accounts locked up in GB. He has been anti globalist and a leader in getting GB out of the EU. Guy is being made an example of. Point being that when the banks shut down it will be political as to who gets their money.

Oregon can take your property if you don't pay your taxes. With no bank account you can't pay your taxes.

 

[The Heretic]

Oregon can take your property if you don't pay your taxes. With no bank account you can't pay your taxes.

My mortgage lender pays my property taxes from an escrow account (accumulated from my mortgage payments) in October. My lender is not a bank.

I can pay my mortgage from either of my IRAs, which are not held by a bank, and I can do that for quite a while. Indeed, I may start doing that; I can open a Money Market account at the financial institution that holds my IRA, deposit my SS benes there (I think), earn interest and pay bills from there.

That said, not really thinking the gov or Fed or whatever, will "close" all "banks" for a long period of time. Like I said, I can go quite a while without needing to access my funds - unless "they" stop all ACHs (in which case, the whole economic system would collapse, and "they" know it).

Also, not sure if any of that applies to credit unions, especially small ones like the one I have my checking account at. The gov tends to treat CUs differently from banks.

 

[parallax]

I saw a YouTube video, so it must be factual, that you can put property into a living trust and when you pass and a relative wants to recieve it, there is no tax, also I have had IRA accounts in banks that pay little to nothing, I have been rolling IRA's into a trading account that allows me to trade it any way I choose and as long as I do not withdraw out of them no tax liability

 

[The Heretic]

I saw a YouTube video, so it must be factual, that you can put property into a living trust and when you pass and a relative wants to recieve it, there is no tax,

I don't think it needs to be a trust to avoid taxes - inheritance taxes apply to a much higher $ amount than a sales tax when property is sold.

 

[Longwalkhome]

Was reading today that the new DC will have an expiration date.

 

[P7M13]

Now I watch events closely because I got hit very hard when the government shut down the economy with the spotted owl.

I'm not arguing, but it was more than just the owl debacle.
As I understand, the industry was already on its knees, with the deep recession of the '80s. First came forestry restrictions in the late '70s. Interest rates killing the housing industry had even greater effect. When the spotted owl was placed on the endangered list, that was the final nail for many mills with severe bans on significant lumber sources.
I was doing automation for mills in the '90s -- there were many that didn't embrace the technology, and didn't upgrade to accommodate solely smaller log sizes.
Automation also severely cut into logging labor. During a weekend camping out in the coastal range, I ate lunch as I watched two track hoes clear at least ten acres in under an hour. Pinch, cut, debark, buck and stack. It was remarkable. I checked back the next afternoon, and easily 100 acres had been clear cut and it appeared to have been already trucked out. It seems the industry has maintained fairly stable production levels since the late '90s, but they're nothing like the salad days of the earlier half of the 20th century.

 

[Longwalkhome]

I'm not arguing, but it was more than just the owl debacle.
As I understand, the industry was already on its knees, with the deep recession of the '80s. First came forestry restrictions in the late '70s. Interest rates killing the housing industry had even greater effect. When the spotted owl was placed on the endangered list, that was the final nail for many mills with severe bans on significant lumber sources.
I was doing automation for mills in the '90s -- there were many that didn't embrace the technology, and didn't upgrade to accommodate solely smaller log sizes.
Automation also severely cut into logging labor. During a weekend camping out in the coastal range, I ate lunch as I watched two track hoes clear at least ten acres in under an hour. Pinch, cut, debark, buck and stack. It was remarkable. I checked back the next afternoon, and easily 100 acres had been clear cut and it appeared to have been already trucked out. It seems the industry has maintained fairly stable production levels since the late '90s, but they're nothing like the salad days of the earlier half of the 20th century.

It's hard for anyone who wasn't there to understand that when the timber industry was shut down it affected more than just the timber industry. A lot of us went from having plenty of work to not being able to buy a job.

When the crap was getting started I was working construction on the remodel of the saw mill in Gardner Oregon. Worked for Hoffman construction as a foreman on an $88 million dollar rebuild of the green end.

Mill ended up running one log through it to get the tax write off, closed down and sold off all the equipment because they couldn't get logs.

 

[P7M13]

It's hard for anyone who wasn't there to understand that when the timber industry was shut down it affected more than just the timber industry. A lot of us went from having plenty of work to not being able to buy a job.

When the crap was getting started I was working construction on the remodel of the saw mill in Gardner Oregon. Worked for Hoffman construction as a foreman on an $88 million dollar rebuild of the green end.

Mill ended up running one log through it to get the tax write off, closed down and sold off all the equipment because they couldn't get logs.

I went through similar in the automotive industry. Out of dozens of plants that I did work at, only two remain that I know of.
[edit to add] For every employee at a manufacturing plant that closes, there are between three to five working in supporting industry who will also lose their job as a result of the closure.
Clinton grafting his way to granting Most Favored Nation status to China paved the way for the collapse of American industry. I'm glad Xi showed his colors and that government glad handers finally recognized what I saw decades ago. At family shindigs, I would inevitably argue with my uncle, CEO of a >$100M dollar company, over him sending most of their manufacturing to China. Until death from Covid, he thought he was doing the right thing for his company. I was always arguing for the future of the USA. We could not see eye to eye.
Our federal government and state is now doing the same "spotted owl" routine with this green / carbon load of BS.

 

[Longwalkhome]

 

[The Heretic]

Automation also severely cut into logging labor. During a weekend camping out in the coastal range, I ate lunch as I watched two track hoes clear at least ten acres in under an hour. Pinch, cut, debark, buck and stack. It was remarkable. I checked back the next afternoon, and easily 100 acres had been clear cut and it appeared to have been already trucked out. It seems the industry has maintained fairly stable production levels since the late '90s, but they're nothing like the salad days of the earlier half of the 20th century.

It depends on the terrain. It took more than a week to make a road, then clear cut 8+ acres on my back acreage and clean it up (stack slash into piles). They had to use two or three fallers, a dozer, two different harvesters (mostly just to stack/load the logs) and several trucks. Most of the trees were too tall and large to use a harvester to fall them.

When I had the trees thinned near the house, they mostly used harvesters to fall them as most of the trees were smaller (I had selected the trees by hand). Still it took them about a week as I had them do a lot of brush clearing, and they had one harvester break down, plus a few trees cut by hand so they could be sure they did not fall on my house.

 

[solv3nt]

>2 years now...




...someday soon, I can feel it.

That's what she said....

 

[Longwalkhome]

That's what she said....

I guess some folks think the crash should happen the way they want it...Burger King complex.

 

[solv3nt]

That's what she said....

I guess some folks think the crash should happen the way they want it...Burger King complex.

It feels like you missed the point.

 

[VinnieBoomBah]

It feels like you missed the point.

For anyone that missed the reference

"That's What She Said": Who Said It First?

That’s what she said is a form of innuendo that takes innocent statements out of context and makes them sound lewd or sexual.

www.dictionary.com

 

[Catfishmoon]

Just what I read but there is a fellow in the know that says America won't last until the 2024 election.

And exactly how is this "fellow in the know" able to accurately predict the future?
I put absolutely no validity in anybody making such a claim.
In fact, it is a clear indicator the individual should be viewed warily, it is a big flashing red light for me.

 

[VinnieBoomBah]

And exactly how is this "fellow in the know" able to accurately predict the future?
I put absolutely no validity in anybody making such a claim.
In fact, it is a clear indicator the individual should be viewed warily, it is a big flashing red light for me.

You see a flashing red light, others see a beacon of confirmation bias in a sea of bothersome realities

 

[Longwalkhome]

And exactly how is this "fellow in the know" able to accurately predict the future?
I put absolutely no validity in anybody making such a claim.
In fact, it is a clear indicator the individual should be viewed warily, it is a big flashing red light for me.

The net what it is today means it's real easy to Google and research about any big name like Col McGregor. Since you didn't research him yet ask me, a total stranger, then you must have a reason. It's OK because I have read enough and studied him enough that he needs no defense on what he says.

Honestly it's the way you have to find the truth now days, study and compare. Hard to do when you have folks constantly come along and tell you who not to listen to.

So adios.

 

[Longwalkhome]

It feels like you missed the point.

Probably did miss your point, happens all the time when you get old.