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#16,701
#16,701
Vol737 said:
If you had to give a number, what number do you consider, as they say, “F you!” money? That definition to me is that someone is set up so well that their current situation does not diminish at all as they move into retirement, but likely continues to improve, where they can handle any expense that may come up, be it renovations, new car, vacations, continue their normal hobbies and activities, insurance increases, medical bills, etc., with their retirement savings generating about 5-7% return annually to live off of and barely ever touch your principal.
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The top 1% of US households are worth $13.7 million. For the top 10% it’s $1.9 million. The median household income is $75k.

The Bernies and Beths have big problems with the wealth gap and want to create oppressive, envy taxes on the wealthiest. But the wealthiest already donate plenty to charities without the government bureaucrats inserting themselves into the process as intermediaries. The bottom 50% of earners pay no federal income taxes and most of those live in nice homes and drive nice cars. Everybody isn’t entitled to a 10,000 SF home on the lake with a garage full of Corvettes, Ferraris, and luxury cars with a SunSeeker and a Donzi or 2 parked at their dock.

The Beths and Bernies want to keep the club at the top even more exclusive. Why would it be a problem if there are 30,000 billionaires instead of almost 3,000?
 
#16,702
#16,702
Building wealth is about living within your means. Some can’t help but to spend every dime they get their hands on on stupid ****. I feel bad for those that can’t build wealth because of health issues and other things that they can’t help. I don’t feel bad for those living paycheck to paycheck that get a $6-7 Starbucks every morning or buy designer clothes and luxury items instead of putting those dollars into Roth IRAs every month.
 
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#16,703
#16,703
Ultra high net worth individuals in the US have about $30 million.

What’s scary is that the government can take all of that away. Giuliani. Alex Jones. They tried to do tattgat to Trump.

www.investopedia.com

Ultra-High-Net-Worth Individual (UHNWI): Definition and Criteria

Ultra-high-net-worth individuals (UHNWIs) are people with a net worth of at least $30 million. Their ranks continue to grow globally.
www.investopedia.com www.investopedia.com
 
#16,704
#16,704
Thunder Good-Oil said:
Building wealth is about living within your means. Some can’t help but to spend every dime they get their hands on on stupid ****. I feel bad for those that can’t build wealth because of health issues and other things that they can’t help. I don’t feel bad for those living paycheck to paycheck that get a $6-7 Starbucks every morning or buy designer clothes and luxury items instead of putting those dollars into Roth IRAs every month.
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4 biggest wealth destroyers

Cars, clothes, dining out, vacations...
 
#16,708
#16,708
Rice and beans. Taco Bell dollar menu. Or Kobi steaks at expensive restaurants with $50 pours of fine single malt scotch and fancy bottles of wine. It’s a choice. Literally piss it away or invest it and see what compounding will do.
 
#16,711
#16,711
Monthly payment math keeps a lot of people poorer than they need to be. Instead of how much is that truck going to cost me and how many hours/days/weeks/months/years does it take to pay for it, it’s instead how much is the monthly payment.
 
#16,712
#16,712
Thunder Good-Oil said:
Monthly payment math keeps a lot of people poorer than they need to be. Instead of how much is that truck going to cost me and how many hours/days/weeks/months/years does it take to pay for it, it’s instead how much is the monthly payment.
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Saving needs to be done on the front end just like taxes/health insurance, etc. Max out IRA, 401k, deferred comp, college savings, etc. first. If you cant max out, contribute to match at a minimum.

With what's left, divide into 4 buckets

Needs (basic food, utilities, gas, insurance)
Giving
Wants (dining out, vacations, entertainment)
Additional saving

Right now, we are 20/20/50/10 with any excess. The breakout between buckets is dependent on income.
 
#16,713
#16,713
Obviously, the breakout between the buckets is dependent on your financial situation. The main point is the mindset around savings needs to change.

Right now, the general mindset is "savings is what's left over". It needs to be "Pay yourself first. Not the govt."
 
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#16,714
#16,714
The US is a consumer based economy. The sheep can’t resist spending. I wonder what the economy would be like if everybody was saving all that they could. It seems like it would be better to build long lasting stuff instead of filling up land fills around the country with useless crap. But the Chinese crap on the dollar store shelves does drive the multiplier effect.
 
#16,715
#16,715
Vol737 said:
If you had to give a number, what number do you consider, as they say, “F you!” money? That definition to me is that someone is set up so well that their current situation does not diminish at all as they move into retirement, but likely continues to improve, where they can handle any expense that may come up, be it renovations, new car, vacations, continue their normal hobbies and activities, insurance increases, medical bills, etc., with their retirement savings generating about 5-7% return annually to live off of and barely ever touch your principal.
Click to expand...
It's when you can replace your W-2 with a 1099 Div/Int/R...and not invade that principal.
 
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#16,717
#16,717
Thunder Good-Oil said:
Wives
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I've had two of them. The first one came from a fairly wealthy family who gave her everything she wanted. She married me, and thought she would get the same. I was miserable. Lasted about 5 years.
Before we wed I told the second one that I was never going to make much money, and she needed to not expect to have much.. She was a teacher and one of 5 children of a high shool principal so she never had a lot. Lucky me. As luck would have it I came up with an idea that made good money. Still good to be a frugal person, and have a mostly frugal wife. 44 years in about a month.
 
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#16,718
#16,718
Go aeiou said:
I've had two of them. The first one came from a fairly wealthy family who gave her everything she wanted. She married me, and thought she would get the same. I was miserable. Lasted about 5 years.
Before we wed I told the second one that I was never going to make much money, and she needed to not expect to have much.. She was a teacher and one of 5 children of a high shool principal so she never had a lot. Lucky me. As luck would have it I came up with an idea that made good money. Still good to be a frugal person, and have a mostly frugal wife. 44 years in about a month.
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Congrats on 44 years! I'm at 22 with my second wife, also a teacher. I was also married to a woman from a wealthy family in my first marriage. We fought over money issues but in our case, it was more about how much money she got from her family. She was constantly getting money from her mom and dad and that bothered me. In hindsight, I probably should have let it go more but even if I had done so, there were other issues such as lack of commitment that being given everything as a child caused.

Soon after I got my first job was to invest in a bond mutual fund. It was easy to just reinvest monthly dividends. Occasionally, I would add more in addition to the dividend reinvestment. I start retirement next month and that fund will now become one of my main sources of income.
 
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#16,720
#16,720
kiddiedoc said:
The ones I've seen get into trouble chase young tail (especially nurses) and end up paying the wife they fell in love with during school etc.
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One of the most accurate stereotypes is that doctors are bad with money. Why do you think that is? I have a couple of theories but am curious on your take.
 
#16,721
#16,721
05_never_again said:
One of the most accurate stereotypes is that doctors are bad with money. Why do you think that is? I have a couple of theories but am curious on your take.
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That's a complicated question, and I don't think that a single answer or two will suffice. I think there are several reasons why doctors are notorious mismanagers of money, and I've certainly seen multiple colleagues/ friends screw up in multiple ways.

First, we get basically zero education or experience with handling money, as our college and med school years are loaded with life sciences/medically-applicable classes. Upon completion of Residency, most of us get an immediate raise of somewhere between 4-10x, and there may not be much of an increase in income after that. A lot fail to make paying off debt a priority, choosing instead to "reward ourselves" for all the hard work with nicer houses, cars, etc.

For me, I would say just being so busy interfered with me worrying about budgeting and investing when I was earlier in my career.
A lot of docs fall prey to the temptation of the other sex, which can be expensive if you are already married.

Rambling a bit, but some random thoughts...
 
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#16,722
#16,722
Here is what Ive seen in my career with doctors...

1. As Kiddiedoc said, there isnt the emphasis placed on personal finances or the financial aspect of running a practice. Much earlier in career, handled accounting and taxes for large medical practice here in Memphis. They had no idea where $$$ was going.

2. Doctors dont have this financial acumen so they are suspectible to financial managers without their best interest at heart. I was working with a doctor not that long ago that was in crap loaded mutual funds referred to him by his advisor.

3. Lifestyle inflation is a thing and it hits doctors all at once. Ive gradually increased my income 4-5x in the past 20 years. Ive gradually increased my lifestyle over time. Doctors on the other hand go from 0-100 salary wise really quick..There's no gradually building up lifestyle....

4. Women - Discussed earlier but doctor's wives are even worse with $$$ than doctors.
 
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#16,723
#16,723
SMCI has turned into the Energizer Bunny. 52-week low of $17.25. Under $20 a few weeks ago. Nearly another 4% added in tge after hours session and now $43.65. 16.4x p/e (13.3x forward earnings) if their financials can be trusted.

$122.90 52-week high.

A new CFO is in the works.
 
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#16,725
#16,725
Reddit, RDDT
Been buying this stock for a few months, and bought more this morning. EPS is a loss of $3.98.
All I know is it seems to pop up on my computer, and some folks are fairly knowledgeable about a lot of topics.
Would like to see them make $ though.
 
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