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Discussion Starter · #1 · (Edited)

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That will be classified as hate speech under this new woke regime.

If the fake media reported it, they would be described as white supremacists expressing white rage which is typical of Orange Man supporters. There, I just wrote the NYTs headline.
 

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Let me add to his empty platitude. The rich keep getting richer and the poor keep getting poorer. The rich man dances while the poor man pays the band. The poor can never catch a break, but congress provides the breaks for rich people.

Okay, which ones did I miss?

The divide is not on wealth at all. It is the age old divide of socialism versus freedom. People who think that if they put their faith in a small band of democrat socialist rulers that this time, everyone will have equal prosperity. When reality hits, everyone but the elites will have equal misery.

Make no mistake, there is a ruling class who wants to control everything. It would be modern day royalty ruling over the peasants. The only thing standing in the way is a small band of patriots who will not go quietly into the night while the sheeple mass is willing to give up liberty and freedom for the promise of future free stuff, which becomes their new prison.

In the same theme of you cannot make this up. New Zealand has gone leftwing in the past few election cycles. And yes, they did just institute,,,,,, not gun control, they have that, but KNIFE control.

Knives taken off supermarket shelves in New Zealand after terrorist attack
Knife Control Hits New Zealand

Its for the greater good. :rolleyes:
 

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It’s a great question for most of America these days. The false narrative on both sides is out of control. The war is between the rich and the poor. Not the right and the left…..
How so, the richest of all are generally in alignment with the poorest of all, that they should control the rest of us in the middle.

The rich have theirs and they don't want to lose it or worse yet really do want to force us into a bondage to save the world from carbon or some other grand authoritarian scheme.

The poor have been convinced that in 21st century America, they cannot do it. They shall not overcome. Power to the people does not work it must be power to government. We must judge people by the color of their skin, and avoid the nightmare of judging people by the content of their character. The poor have been convinced to turn every legitimate and good ideal of the civil rights movement and turn it on its head to empower the powerful, on their behalf of course. And the more this fails, the more they call for more power to the powerful. Obama. Mega rich. Mega powerful. Mega failure by any reasonable standard of helping advance the quality of life of the black community. Every Dem superstar, this is the same result. They get crazy rich and powerful, the "their community" gets more disorganized and more dependent on the mega rich and mega powerful.

Nope, it is freedom versus authoritarianism. Individual liberty versus top down control. Same thing at the core, just covered over with a different veneer.
 

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Reading books like Millionaire Next Door or Everyday Millionaires will change a persons perspective when you learn that 90%+ of millionaires in America never inherited anything and almost all work normal jobs from the trades to middle managers. Everyday Millionaires is a recent update on the original Millionaire Next Door. For Everyday Millionaires, they interviewed and surveyed TEN THOUSAND people with net worths exceeding $1M. Most were $1M-$5M.

About 6% of American households have net worths over one million, but it is never the people you think it is. It is not the German car driving yuppie, the country club snob or the person in the million dollar home with the million dollar mortgage.

What actual millionaires typically have in common is they: (1) Live well beneath their means, (2) Rarely or never borrow money other than mortgage, which they pay off in ten years or less (see #1), (3) Avoid extravagance, (4) Invest in boring 401K and IRAs from the very beginning, and (5) Never invest in exotic or risky things. Just boring mutual funds.

However, the left continues to spread the falsehoods that no one can get by today, and you should give them more power to make things right for you. They will not, but the myth of Santa Claus in DC giving you everything for free is seductive. That ruse works every time on many. So that false platitude about the rich versus the poor will never go away as long as people see themselves as victims.
 

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Reading books like Millionaire Next Door or Everyday Millionaires will change a persons perspective when you learn that 90%+ of millionaires in America never inherited anything and almost all work normal jobs from the trades to middle managers. Everyday Millionaires is a recent update on the original Millionaire Next Door. For Everyday Millionaires, they interviewed and surveyed TEN THOUSAND people with net worths exceeding $1M. Most were $1M-$5M.

About 6% of American households have net worths over one million, but it is never the people you think it is. It is not the German car driving yuppie, the country club snob or the person in the million dollar home with the million dollar mortgage.

What actual millionaires typically have in common is they: (1) Live well beneath their means, (2) Rarely or never borrow money other than mortgage, which they pay off in ten years or less (see #1), (3) Avoid extravagance, (4) Invest in boring 401K and IRAs from the very beginning, and (5) Never invest in exotic or risky things. Just boring mutual funds.

However, the left continues to spread the falsehoods that no one can get by today, and you should give them more power to make things right for you. They will not, but the myth of Santa Claus in DC giving you everything for free is seductive. That ruse works every time on many. So that false platitude about the rich versus the poor will never go away as long as people see themselves as victims.

Compounding interest either works for you or against you. It’s that simple.


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Compounding interest either works for you or against you. It’s that simple.
True, but that is only part of the picture, and as you said, it is simple. But simple does not mean easy. The "lifestyle" of living humbly and not trying to impress people you do not like is just as important. Not wasting money means you can throw it at paying off the house sooner. I loved the Millionaire Next Door book because it shattered so many myths.

Millionaires buy their suits at department stores when they are on sale. Heck, most say they have never paid retail for anything from Levis to Adidas. They usually buy used cars and drive them for as long as they are safe and reliable. You will not find them at the fanciest restaurant in town, and more likely at Applebee's. They follow the Get Rich Slow scheme and it works really well.

So back to the original point, it is not a rich versus poor thing in America. It is fraud politicians convincing people that if you give them power, they will get even with those rich people you are so envious of. But that begs the question, how does punishing someone who has more make a poor person more prosperous. It does not. :unsure:
 

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Discussion Starter · #14 ·
Reading books like Millionaire Next Door or Everyday Millionaires will change a persons perspective when you learn that 90%+ of millionaires in America never inherited anything and almost all work normal jobs from the trades to middle managers. Everyday Millionaires is a recent update on the original Millionaire Next Door. For Everyday Millionaires, they interviewed and surveyed TEN THOUSAND people with net worths exceeding $1M. Most were $1M-$5M.

About 6% of American households have net worths over one million, but it is never the people you think it is. It is not the German car driving yuppie, the country club snob or the person in the million dollar home with the million dollar mortgage.

What actual millionaires typically have in common is they: (1) Live well beneath their means, (2) Rarely or never borrow money other than mortgage, which they pay off in ten years or less (see #1), (3) Avoid extravagance, (4) Invest in boring 401K and IRAs from the very beginning, and (5) Never invest in exotic or risky things. Just boring mutual funds.

However, the left continues to spread the falsehoods that no one can get by today, and you should give them more power to make things right for you. They will not, but the myth of Santa Claus in DC giving you everything for free is seductive. That ruse works every time on many. So that false platitude about the rich versus the poor will never go away as long as people see themselves as victims.
All depends on what you believe the definition of wealth to be. Money in a 401k or IRA technically is NOT yours....until you withdraw it and exchange it for cash. You control it, but the value can fluctuate, so don't count it before it is in your hands.....
 

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until you withdraw it and exchange it for cash
So cash is wealth?

Owning stocks is literally no different than being a part owner in a small business. You just have a whole lot more partners.

Of course it's wealth. Of course the value fluctuates just like the value of everything including cash does.

But if you are just saying don't count your chickens until they're hatched. I agree. That's why you own hundreds to thousands of different companies. Massive diversification, so unless we go Venezuela which is looking more and more possible, you have all the big winners that will more than compensate for the big losers that you also have. Even if we do go Venezuela, they will still hold most value from international business.
 

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The "lifestyle" of living humbly and not trying to impress people you do not like
I just wish they taught this basic financial independence in high school. If I were running the show, it would start in 6th grade home ec, that would be full year and mandatory through graduation.

I got lucky and the people I worked with as a co-op student basically got me interested and then I did my own research.

In addition to not trying to impress people with how much money you can spend on things, they need to learn they don't know more than people that do this for a living who generally don't what the hell they're doing anyways. You can't beat the market, can't time the market, you can get the average or you can gamble. A little gambling can be fun but not with your life savings.
 

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For the average working schmuck aka me, paying off real estate, avoiding all debt and reckless spending, and investing the maximum in 401K, 403B or IRAs is the best way to accumulate sufficient wealth to retire comfortably and not be dependent upon Social Security being around, though I am certain it will be as curtailing SS would finally wake up the sheeple to what is happening in DC.

No doubt I am at risk of a full market meltdown, but with the right diversification, I will not have to sell low which is the Rat Creek model with individual stocks. Just shameful.

Inda, I do wish I had other income streams of rent, farming, royalties and what not, but I do not.😥

And Spinner, believe it or not, some states and districts used to have Consumer and Personal finance courses, but they were considered electives and since they were not part of the state and federal accountability programs, most have been eliminated. There are still some out there, but the "gifted" do not take those low level courses, and then begin making idiotic financial decisions. :rolleyes:

I think personal/consumer finance should be mandatory, but I think it needs to be taught in late high school when most kiddos can start applying the concepts and right before they decide to take giant student loans rather than work their tails off to cash flow college.
 

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All depends on what you believe the definition of wealth to be. Money in a 401k or IRA technically is NOT yours....until you withdraw it and exchange it for cash. You control it, but the value can fluctuate, so don't count it before it is in your hands.....
If you want to say owning a business and getting passive income from distribution of earnings is how you build wealth, then how is that any different than a large or small cap dividend producing stock?

Equities are equities whether traded on an exchange or privately, the only difference is the liquidity of those assets.

The question is how far do you want to diversify and into what markets.


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Discussion Starter · #19 ·
If you want to say owning a business and getting passive income from distribution of earnings is how you build wealth, then how is that any different than a large or small cap dividend producing stock?

Equities are equities whether traded on an exchange or privately, the only difference is the liquidity of those assets.

The question is how far do you want to diversify and into what markets.


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Differences are many, but the most important is the tax advantages.
 

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Diversifying is really important. A real life example. My father owned a small Ford dealership when I was growing up. We lived a solid middle to upper middle class lifestyle and all of us kids pitched in and worked there from age 12 on. He owned the store for 25 years and assumed it would always provide for him, and he was wrong.

First, the location got sour when the city failed to maintain the four lane road and it became a terrible street on which to drive. The drive by traffic was reduced dramatically as people took other routes.

Then Jimmy Carter came into office and interest rates went to 18%+. Not only did that cause a terrible recession (high unemployment) meaning sales dropped quickly, the carrying costs of millions in inventory (cars, trucks and parts) at 18%+ quickly drained any cash reserves he had. If your carry costs of just interest becomes a $400-600K per year money suck, you don't last long, and he did not.

It was foolish to expect the store to always be there and to provide for him, thus he never bothered with a retirement game plan, and in his late 50s, he was looking for a new career and had zero money in savings or retirement. That hard lesson stuck with me.
 
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