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24 May 2019, 03:38 AM | #31 |
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Not at all.
Inflation is the rate of change in price of a basket of goods - food & beverage, medical expenses, housing, energy. It is meant to mimic the expenses of a typical household Household wealth is comprised primarily of retirement/pension savings, shares of stock, home equity & bank deposits. |
24 May 2019, 03:39 AM | #32 |
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24 May 2019, 04:27 AM | #33 | |
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In the Early 70's my Grandparents were by definition solid middle class. A very nice 1000 square foot home, 3 br and 1 bath, a 1 car garage. Grandma didn't work, grandpa did. They had one nice new Olds Delta 88, grandpa got a new one every year right of the line he worked for Olds. Then they had a 10 year old beater. One TV, 1 Phone. When they passed, my mom inherited the house in 1985. It could not even be rented as a HUD home, not enough square feet. My parents solid middle class, dad a commercial loan officer, mom a High School teacher. 1600 Sqft home, 4 br, 2 bath two car garage. One new car, and a 4 year old car. Also a camping trailer. 2 phones,2 tv. Not much else. I am classified as Middle class, 2400 sqft home on an acre on the lake. Three Cars, Harley's, a boat. I'm blue collar worker, skilled trades. My parents and grandparents were both more educated than I am. We have so much more today, than we did just 40 years ago. Hard to find a home with out computers, tablets, cell phones, game consoles, and other high dollar toys. If my grand parents were alive today, they would think I was extremely rich. What in their day was a very nice middle class home, now isn't good enough for those on government hand outs. |
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24 May 2019, 04:43 AM | #34 |
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24 May 2019, 05:02 AM | #35 |
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24 May 2019, 05:49 AM | #36 | |
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+1. It is always a head scratcher to me when income is confused for wealth. I remember when I was 30 and I grabbed a dinner check at a restaurant away from my Dad proclaiming “I make more than you”, I should pay. My dad said “I HAVE more than you”, and grabbed it back. Never forgot that...RIP, pops Sent from my iPhone using Tapatalk |
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24 May 2019, 06:07 AM | #37 |
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Make lending/borrowing with long terms and large amounts easy to obtain and it will just drive up prices. Look at housing, college tuition, cost of cars, etc.
Starter homes are over $1m, pickup trucks are reaching $100k and a year of college is $50k+. |
24 May 2019, 06:10 AM | #38 |
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I would say that loose credit + poor priorities = buying frenzies like we see in many markets today.
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24 May 2019, 06:22 AM | #39 |
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Consumerism and debt are not bad things. They are major driver/fuel in an economic engine. I would bet that China wish they have a strong consumer driven economy as ours.
You can say that people spend beyond their means and buying houses they can’t pay will cause a wreck in the economy, but I would somewhat disagree with that. Overly laxed lending law and practices let consumer spend more than they can afford. Slick and complicated CDO products let banks and greedy investors buy products without realizing their true risk and bad underlying assumptions. All these things add up to the last big economy recession we just had. |
24 May 2019, 06:36 AM | #40 |
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People got greedier..and stupider..the past few decades..
A toxic mix..from low to high.. But for those that keep in balance.. There are good opportunities for them.. |
24 May 2019, 07:42 AM | #41 |
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World debt sure is...
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24 May 2019, 07:45 AM | #42 |
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I love that. Hope I can remember that comeback when my kids are older.
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24 May 2019, 07:59 AM | #43 | |
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Or Option B: keep your head down, work hard and save more money and don't get divorced so by the time your middle aged you have a Rolex on your arm, a sports car in the garage, the house paid off and 7 figures in the retirement account and still growing. When I got out of high school in the early '80's there was no hope for the graduates, no jobs for those graduating from college in the late '80's (I literally started in the mail room), no way to pay off college debt, yadda, yadda, yadda. Today tradesmen (plumbers, electricians, auto mechanics, etc...) are making well over $100K in their LATE TEENS. They will be wealthier than me at retirement if they have discipline. Don't push fake news that there is no chance to thrive in today's society unless you have family money or work on Wall Street. Attitude is everything... and a good attitude and passion for their work is pretty much a guarantee for success, just like it was 40 years ago and 40 years before that. |
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24 May 2019, 08:29 AM | #44 | ||
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Though add in a Ferrari i tracked the sh*t out of, a Formula 2000 track car i eanred SCCA Driver's Championship in, and couple of Bentleys along the way. Box nearly full of Pateks, etc. Yes, home paid off and zero debt ('cept what my Muse racks up on a card each month... she's sooo worth it!). Never had kids, never got married until 52 Quote:
Very much agree with what you wrote "keep your head down, work hard and save more money", and made me smile big. Same here with the 80's, never got married, etc stuff as you said and is the best decision i ever made! Could concentrate on keeping my head down while doing emerging tech and an extreme workload (36 hour code-fests were the norm, 4 hours of sleep, wash rinse repeat) that no marriage could have ever survived. Here's a pic for all you men who keep your head down, work hard and save more money. Work hard, play harder
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24 May 2019, 08:48 AM | #45 | |
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Hmmmm, Danny dresses pretty fancy .. I bet if there was a Rolex boutique in Kings Landing she would have bought a few to wear before torching it. Sent from my iPhone using Tapatalk Pro |
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24 May 2019, 08:53 AM | #46 | |
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Now a days, with 30 years of high school pushing college, anybody with a good trade skill, electrician, electronics tech, mechanic, robotics and so on can start off in the 80K range and be in mid 100's once they have ten years experience. House is not fully paid for as we built a new lake home 12 years ago. That said, we do have nice toys. We have little debt. On track to earn in full retirement what I earn today. |
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24 May 2019, 10:01 AM | #47 | |
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Obviously yes, also more of technologies so things are made easy. |
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24 May 2019, 10:25 AM | #48 |
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I'm not sure..... from what I've experienced... what is rich? I get taxed, and taxed, and taxed.... then they say that's not enough.... pay more.
If I had the $$$$ I made, I'd have a dozen vintage big crowns and Daytonas. I guess, at least, my niece gets free dental and I get to pay through the nose for dental for my children. |
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