slowerthanu wrote:
Still waiting for my 401K to become a 201K as jamin and Trump liked to say.
Whatever cash on hand you have has been significantly devalued in this past year. We have a surplus of cash and nothing to back it up. The growth in the market and in our collective savings indicates we have more money than we know what to do with right now. It may look good on paper, but the reality that is all around us paints a different picture.
seattle prattle wrote:
Flagpole wrote:
None of these stats are good for poor people. I completely agree. The system is rigged for wealthy people without question. The Federal Government...BOTH sides of the aisle, will bend over backwards to prop up an ailing stock market. And the wealthier you are, the more you can invest, and the wealthier you can become. There is nothing that contributes to the gap between the haves and the have nots like the stock market. I wish that weren't the case, but it is.
I can't not invest in it though. I DO have to look out for my retirement and my family, so I continue to invest heavily in the stock market, even though I really don't even need to anymore. When I started, I was poor, BUT my wife and I were both college graduates who would eventually both have graduate degrees (she has two), so we knew we would have decent income one day...so it's not like we were poor with no prospects.
This country has not been good to poor people...even up to the middle range of what middle class would be. It is tough for many (not all) middle class income people and below to put away anything for retirement let alone the 15% they really should.
I do not know how this can ever change.
GIve me a break.
How will this ever change?
Well, you could simply follow the recommendations of publicly elected progressives like Elizabeth Warren, Bernie Sanders, and the others. Even Biden has many ideas how to change this, I hardly pay any attention and can start rattling off what they have campaigned hard and long for - things like the Capital Gains tax on Unrealized Gains, a tax on every stock trade, Inheritance tax, a min, corporate tax, etc,
And how about all the rules suggested on taxing stock buybacks?
Gee, I have no udeeah. No siree.
I will believe it when I see it. Nothing ever happens that significantly changes the plight of poor, working class and half of the middle class for the better. Democrats talk a good game, but here we are. Democrats are still better than Republicans in really every way, but with regard to really giving poor and poorer people here a leg up, neither party really has been successful.
So, like I said, I do not know how this can ever change.
Straight Up wrote:
Crooked Hillary wrote:
Those fools would bankrupt this country (while lining their own pockets of course) faster than Bernie’s wife did the college she headed.
You really are a leftist tool.
You right, Crooked Hilary.
The stock market going up is (potentially) great for my retirement, but doesn't do much for me right now. There's that question you're supposed to ask when choosing a candidate: is my life better now than it was 4 years ago. The answer is an easy "NO". I blame Biden's administration directly for pumping money into the economy at a time when the pandemic was waning. I went to MicroCenter on a Wednesday and waited in a line that went around the store. When I got to the front, I asked the manager if it was always like this on a Wednesday. The line was longer than I'd ever seen it, even during Christmas. "Everyone just got their stimulus checks", she told me.
Couple that with a large swath of the workforce who've either been miraculously raptured (leaving the rest of us behind to do all the work, btw), or have decided that that handouts they're getting outweigh their motivation to be productive members of society. I don't need to tell anyone with 2 eyes that businesses are shutting down all around us, or limping along at half capacity, because businesses are competing for a workforce that's become depended on government handouts. It's no wonder that we have a shortage of goods & services, but no shortage of money in the bank and in the market. This is inflation 101.
We look like Europe right now. Slow service, weird business hours. People refusing to work because they've got everything they need provided by the government. I feel like I'm living in France right now, except without the old world charm. Gone is the confident efficiency that is the hallmark of America.
The change between the transition from Biden to Trump has been almost overnight, and demonstrates spectacularly how giving people money for nothing may buy you votes, but is ultimately bad for the country, even for those who benefit temporarily. There is no free lunch. Fewer productive people in the workforce means there is less to go around for everyone. We need participation in the workforce at all levels in order to be productive, and without those goods and services to back up our currency, our currency loses its value quickly.
Stimulus checks aren't keeping people from working. Some of the unemployment rules through were (rules that were signed into law by TRUMP by the way -- see the Continued Assistance for Unemployed Workers Act), but the main reason for the labor shortage is that Boomers just aren't having it. Lots of them would have continued to work either full or part time even if they didn't need the money, because lots of people like to do that even when they don't need to. The pandemic gave them a reason to just call it quits for good. Also, the labor shortage didn't start with Biden. You are biased.
elviejo wrote:
Flagpole wrote:
CORRECT!
Here's the rest of what I said...educational AND showing that I know Biden has flaws to boot:
"There are some actual negative things about Biden and his administration and the economy to bring up that are true. Why say this thing that is BS?
DOW - UP 17.79% TYD
S&P 500 - UP 23.28 YTD
NASDAQ - 21.43% YTD
INFLATION - 5.4%
I'll leave it at that."
Not that this is germane to the few of us that own stock market assets but ...
Which of these stats are 'good' for poor people and 'equity' (the Democrats main talking point, it seems, these days)?
Which of these stats are 'bad' for poor people and 'equity'?
None of them are good for "poor" people.
But 4.8% unemployment rate is good. (Down from 6.2% in January.)
Initial jobless claims were 269k last week, compared to over 800k in January.
Continuing jobless claims were 2.1 million last week, compared to over 5 million in January.
Average weekly earnings are up by 0.4-0.7% per month since April.
Which one of the above is bad for "poor" people?
Bit of pent-up everything as we try to shake Covid here. The market will roar this entire administration, despite the previous administration's mucking around with it, and when the parties switch in 2024 it will go another year until it tanks.
So look for a noticeable downturn late 2025 or early 2026.
Yes, the market is soaring. The last 12 years have been really good for those who continued to invest and stay invested. I went from about $3k saved up for retirement in 2007 to almost $700k today. I don't make a ton of money but I diligently invest every paycheck and stay the course. Soaring markets really helped! Of course, we'll likely have some big market pullbacks in the next decade, which is the norm.
Got killed in crypto today
carmine9 wrote:
Got killed in crypto today
That sucks!
carmine9 wrote:
Got killed in crypto today
The crypto market barely went down at all. It's a normal down day, which happens almost weekly --crypto ebbs and flows all the time. You must have a very small amount invested if you got killed today. Maybe for you it's big, but for the whales, it's totally irrelevant and in fact expected. Overall the crypto market has been up pretty substantially lately and is poised to continue that bull run.
ghosts are real wrote:
Yes, the market is soaring. The last 12 years have been really good for those who continued to invest and stay invested. I went from about $3k saved up for retirement in 2007 to almost $700k today. I don't make a ton of money but I diligently invest every paycheck and stay the course. Soaring markets really helped! Of course, we'll likely have some big market pullbacks in the next decade, which is the norm.
Same. Had about 30K then, didn't do anything for nearly a decade, jumped on it, and are now knocking on one million.
Adding a few more things, retirement is looming, as long as they don't mess it up.
Old guy keeping the past alive for dumb reasons wrote:
ghosts are real wrote:
Yes, the market is soaring. The last 12 years have been really good for those who continued to invest and stay invested. I went from about $3k saved up for retirement in 2007 to almost $700k today. I don't make a ton of money but I diligently invest every paycheck and stay the course. Soaring markets really helped! Of course, we'll likely have some big market pullbacks in the next decade, which is the norm.
Same. Had about 30K then, didn't do anything for nearly a decade, jumped on it, and are now knocking on one million.
Adding a few more things, retirement is looming, as long as they don't mess it up.
That's fantastic. I'm in my early 40s and hope to retire or go to a more fun part-time gig when I'm close to 50. My wife likes her job so she wants to keep working, which gives me more time to relax!
ghosts are real wrote:
Old guy keeping the past alive for dumb reasons wrote:
Same. Had about 30K then, didn't do anything for nearly a decade, jumped on it, and are now knocking on one million.
Adding a few more things, retirement is looming, as long as they don't mess it up.
That's fantastic. I'm in my early 40s and hope to retire or go to a more fun part-time gig when I'm close to 50. My wife likes her job so she wants to keep working, which gives me more time to relax!
Same kind of story to tell, and not mentioning numbers, but that has worked out very well for me and better than i had expected.
Bad Wigins wrote:
Flagpole wrote:
Well, YOU know nothing and apparently aren't in the stock market.
The only thing worth saying to you is you're an arrogant, elitist POS and as someone older than me, I look forward to the day age robs you from these boards. The world will be well rid of you.
Don't bother replying to anything I post, or I'll just pour more cold water on your self-indulgent wankery. You are truly a scumbag.
😂😂😂😂
You are the definition of the duncan kruger effect.
Why do you always comment so confidently on topics you have no experience with?!
the macdaddy og yoo wrote:
Bad Wigins wrote:
The only thing worth saying to you is you're an arrogant, elitist POS and as someone older than me, I look forward to the day age robs you from these boards. The world will be well rid of you.
Don't bother replying to anything I post, or I'll just pour more cold water on your self-indulgent wankery. You are truly a scumbag.
😂😂😂😂
You are the definition of the duncan kruger effect.
Why do you always comment so confidently on topics you have no experience with?!
What's the duncan kruger effect?
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