Pie Pie Pie

[ZiprHead]

[YOUTUBE]https://youtu.be/WbV1EPgj6vk[/YOUTUBE]

How big of a slice do you really get?

 

[barbos]

This shit again? really?

 

[crazyfingers]

It's hard to believe but I do believe the facts. It is sad.

My mom is living on the income of her net worth because she and my dad saved as if it was still the great depression. She is in assisted living. If she spends $120k per year and lives to be 100 years old, she is 83, she would still pass on to me almost $3 million.

Now I am just an industry analyst at a consulting company. But after over 30 years my wife and I have saved also as if it was still the great depression. I could retire tomorrow, live at my own current income adjusted for inflation, and still have $2.5 million if I live to be 100 years old.

Add to that the growth of my mother's money when I inherit it assuming she lives to 100 years old, my net worth when I am 100 years old would be almost $11 million.

If my mom died tomorrow my net worth would be over $5 million now, excluding my house, and almost $20 million when I'm 100 years old, still deducting my current income adjusted for inflation, today.

That doesn't feel right to me. I believe that there should be a wealth tax over some value and I also believe that there should be universal health care for all, paid by taxes, and no out of pocket costs for anyone.

Ya. Call me a rich socialist if you want but the system is rigged for the rich.

 

[Trausti]

It's hard to believe but I do believe the facts. It is sad.

My mom is living on the income of her net worth because she and my dad saved as if it was still the great depression. She is in assisted living. If she spends $120k per year and lives to be 100 years old, she is 83, she would still pass on to me almost $3 million.

Now I am just an industry analyst at a consulting company. But after over 30 years my wife and I have saved also as if it was still the great depression. I could retire tomorrow, live at my own current income adjusted for inflation, and still have $2.5 million if I live to be 100 years old.

Add to that the growth of my mother's money when I inherit it assuming she lives to 100 years old, my net worth when I am 100 years old would be almost $11 million.

If my mom died tomorrow my net worth would be over $5 million now, excluding my house, and almost $20 million when I'm 100 years old, still deducting my current income adjusted for inflation, today.

That doesn't feel right to me. I believe that there should be a wealth tax over some value and I also believe that there should be universal health care for all, paid by taxes, and no out of pocket costs for anyone.

Ya. Call me a rich socialist if you want but the system is rigged for the rich.

By your own telling, you and your parents were disciplined enough to put aside money for the future instead of spending it today. Why should you, your parents, or anyone else, be punished for that?

 

[crazyfingers]

Some people, really most people, the vast majority of people, have nothing left after rent and food and heat, to save!

 

[Trausti]

Some people, really most people, the vast majority of people, have nothing left after rent and food and heat, to save!

You, your parents, and everyone else, are free to donate, bequeath, and transfer none, some, or all of your wealth to any person, charity, or cause. Indeed, your mother can write you entirely out of her will and have it all go to the Human Fund.

 

[crazyfingers]

A big part of the problem, besides the ultra rich, is that the future is so uncertain. I have no idea how long I will live so I save as if I will life forever. I have no idea what kind of care i will need when i get really old. There should be a way to guarantee a lifelong income for a comfortable retirement and medical costs so that people like me can be taxed and still not worry about old age care.

 

[Ford]

Some people, really most people, the vast majority of people, have nothing left after rent and food and heat, to save!

Reminds me of a conversation I had with my next door neighbor in 2018 when a huge branch from her eucalyptus tree fell into my yard. She knew that it was on her to remove it (since it was in the front yard and around 20 ft long) and I said something like "just call a landscaper, pay them a hundred bucks or so, and it'll be done."

She said that was going to be tough. After over 20 years, she'd been laid off from her job, and was struggling to get by. Despite working two jobs (at Amazon and a department store), one or two hundred bucks was simply out of her reach. I thought that was sad. Then 11 months ago I found myself careening towards the same situation. Laid off after decades at the same place. I was fortunate in that I'd been saving up for the 10 years since the financial collapse "just in case," and have been able to get by, but if it weren't for that, I'd be looking at not having a couple hundred bucks to cover an emergency.

And don't get me started on a medical emergency. A year ago today, I was in an ICU, and despite having "good" insurance, my out of pocket cost was several thousand dollars. On top of that, my air conditioner went out at the same time. Another several thousand. Just those two things would be enough to break someone working a retail job with no savings. I don't know how people do it.

 

[Derec]

How big of a slice do you really get?

I am with Fat Damon. Let's get ourselves a couple large pies, maybe a six-pack of beer.

That sound good?

As to the other video. it's misleading because it's about net worth, and many people have negative net worth. You have a person with -100k and 2 with positive 50k and they will average to 0 net worth per capita.

 

[DBT]

It's hard to believe but I do believe the facts. It is sad.

My mom is living on the income of her net worth because she and my dad saved as if it was still the great depression. She is in assisted living. If she spends $120k per year and lives to be 100 years old, she is 83, she would still pass on to me almost $3 million.

Now I am just an industry analyst at a consulting company. But after over 30 years my wife and I have saved also as if it was still the great depression. I could retire tomorrow, live at my own current income adjusted for inflation, and still have $2.5 million if I live to be 100 years old.

Add to that the growth of my mother's money when I inherit it assuming she lives to 100 years old, my net worth when I am 100 years old would be almost $11 million.

If my mom died tomorrow my net worth would be over $5 million now, excluding my house, and almost $20 million when I'm 100 years old, still deducting my current income adjusted for inflation, today.

That doesn't feel right to me. I believe that there should be a wealth tax over some value and I also believe that there should be universal health care for all, paid by taxes, and no out of pocket costs for anyone.

Ya. Call me a rich socialist if you want but the system is rigged for the rich.

By your own telling, you and your parents were disciplined enough to put aside money for the future instead of spending it today. Why should you, your parents, or anyone else, be punished for that?

Not everyone has the income to put aside enough to build wealth, perhaps only for emergencies, and when a crisis does come along it's back to square one.

 

[Worldtraveller]

A big part of the problem, besides the ultra rich, is that the future is so uncertain. I have no idea how long I will live so I save as if I will life forever. I have no idea what kind of care i will need when i get really old. There should be a way to guarantee a lifelong income for a comfortable retirement and medical costs so that people like me can be taxed and still not worry about old age care.

Yeah, I'm lucky that I can do that, even with my wife not working. With our inheritance (her parents passed in the last year), we will be earning more in interest (assuming there's not a complete financial collapse) than we are expecting to take out when we retire. Not sure if that means we'll wind up taking more vacations/travel, or we'll have to find a good charity (we don't have kids), but it's not something everyone is able to do.

 

[fromderinside]

Bragging?

OK.

Not enough to replace the deck which needs it this year. Recovered about 10% of casualty loss from last year.

Suggestion. Eat it quick before anyone notices.

 

[Jolly_Penguin]

It is very sad how much of an oligarchy the US has become, and even sadder that so few push to change that. You need a populist movement. You need a new new deal.

 

[Elixir]

A lot of people never get the chance save much if anything. Some here think it's just a matter of working a lot and spending less than you earn. Simple. And WRONG.
If you grow up in circumstances that don't give you a higher education and/or some kind of inheritance, the chances that you'll develop the entrepreneurial skills and experience required to amass a nest egg are minimal.
I'd be in favor of a handout to any citizen turning 21. Maybe that's because I got a small inheritance at 21 ... less than 20k, but enough to purchase a property that gave me a (very humble) roof over my head and included a rental which helped pay it off. Also let me spend 4k on a vacant land lot that appreciated several fold in a few years. I hung on to the property with my residence and the rental, built it up over a bunch of years and cashed it out for more than 1/4 m. That was enough to live on while going into a startup with 2 partners that we built into a >10m Company. Retiring last year left me without immediate worry, paid off properties, vehicles etc and considerable cash in the bank (bonds actually - I'm very risk averse after losing a bunch in 08-09).
Without that initial bump so many years ago and not so much as a highschool education, I'd likely be out on the street today, like so many others.
I also favor a wealth tax above some obscene amount of net worth, and a much higher marginal tax rate for 8-figure and up income. The old post WWII era of opportunity is long past - very few of the people at the bottom can be expected to work themselves out of perpetual poverty in the current environment.

 

[TSwizzle]

I don't know how people do it. California is a mystery to me, I don't know why people come here now, particularly Los Angeles, San Diego and Bay Area. A modest house in my neighborhood is at least $750k. Rent for a two bedroom apartment is at least $2.5k per month. Where are people getting the money for that every month and able to live and save ?

 

[DBT]

I don't know how people do it. California is a mystery to me, I don't know why people come here now, particularly Los Angeles, San Diego and Bay Area. A modest house in my neighborhood is at least $750k. Rent for a two bedroom apartment is at least $2.5k per month. Where are people getting the money for that every month and able to live and save ?

These prices give the impression of a lot of people making a lot of money.

 

[Rhea]

I don't know how people do it. California is a mystery to me, I don't know why people come here now, particularly Los Angeles, San Diego and Bay Area. A modest house in my neighborhood is at least $750k. Rent for a two bedroom apartment is at least $2.5k per month. Where are people getting the money for that every month and able to live and save ?

Yah, I do not get how (or why) they do it. I know people do. I know people who do. But it is still mysterious to me because it seems so risky and I am risk-averse in terms of my social safety net.

I live in a place where you can buy a not-fancy 4BR for about $100,000. And if you’re poor on money but long on time and effort, a livable-needs-fixin house or a near-new single-wide on your own land can be had for $50K. Sure there are some drawbacks - bad internet, limited shopping choices, gotta own a car. And yes, if you lose your job, you probably have to move if your spouse isn’t working (we survived a one-spouse layoff for several years a couple of times because it’s cheap enough to do so here). But to me, those choices are so much more comfortable than having a housing-to-income ration of 50%. I can’t imagine being comfortable with ttaht.

 

[crazyfingers]

I don't know how people do it. California is a mystery to me, I don't know why people come here now, particularly Los Angeles, San Diego and Bay Area. A modest house in my neighborhood is at least $750k. Rent for a two bedroom apartment is at least $2.5k per month. Where are people getting the money for that every month and able to live and save ?

Yah, I do not get how (or why) they do it. I know people do. I know people who do. But it is still mysterious to me because it seems so risky and I am risk-averse in terms of my social safety net.

I live in a place where you can buy a not-fancy 4BR for about $100,000. And if you’re poor on money but long on time and effort, a livable-needs-fixin house or a near-new single-wide on your own land can be had for $50K. Sure there are some drawbacks - bad internet, limited shopping choices, gotta own a car. And yes, if you lose your job, you probably have to move if your spouse isn’t working (we survived a one-spouse layoff for several years a couple of times because it’s cheap enough to do so here). But to me, those choices are so much more comfortable than having a housing-to-income ration of 50%. I can’t imagine being comfortable with ttaht.

I know what you mean but it' also the banks.

When my wife and I started looking to stop renting and buy a house in 1997 my wife was working too and making nearly as much as me.

The bank said we could have a mortgage of $800k! We are thinking WTF? we are not taking a mortgage up to our eyeballs! Not anything close. We had $40k to put down and took a mortgage for $200. And paid it off in 17 years. I was scared to death the first 5 years owing so much.

Our 4 bedroom house, hardwood floors, central AC and 2 acres of land next to 150 acres of town owned conservation land fits fine with us.

 

[TV and credit cards]

I don't know how people do it. California is a mystery to me, I don't know why people come here now, particularly Los Angeles, San Diego and Bay Area. A modest house in my neighborhood is at least $750k. Rent for a two bedroom apartment is at least $2.5k per month. Where are people getting the money for that every month and able to live and save ?

Ever notice, there's no place to park? If you've got an extra room, you rent it. You double up. You keep looking further and further out, accepting longer and longer drives to work. You do what you need to do to get your foot in the door of residential real estate. And you hope the good times roll. I lived in San Diego for sixteen years and by and large, the times did just that. Until they didn't. So, you'll have winners and losers. Hopefully at some point in your life, you'll be one of those winners. And you'll take your little lump of cash that will see you through to the end, buy a place in the cheap parts of the country and squirrel the rest of it away.

It's my opinion, if you're a new immigrant from a country starved of opportunity and you come to America, you see more of the opportunity here. My immigrant ex spent about 25 years working retail. She started as a store greeter and retired as the manager of that same large department store. In retirement, she now babysits five toddlers and probably makes a good bit more than she did in retail. Her one complaint, which I've heard from others, is she wishes she could get one of her family from back home over here to help because she is tired of the lazy Americans she has to hire.

If we grew up in a comfortable easy life, I think many of us expected our adult life to be much the same. Well, that and we've all been trained to spend our piece of the pie on a mountain of shit we don't need. To buy all the house we can afford instead of all the house we need. To have many credit cards and pay the minimum on all of them. My parents would never spend the way I do. Frivolous shit was for Christmas and birthdays and that's it. Going out to eat was once or twice a month. I see household items over my 85 year old mother's house I seen there as a kid. I'm talking steak knives, the wicker laundry basket, and even the heating pad I used as a kid with an earache.

 

[Toni]

It's hard to believe but I do believe the facts. It is sad.

My mom is living on the income of her net worth because she and my dad saved as if it was still the great depression. She is in assisted living. If she spends $120k per year and lives to be 100 years old, she is 83, she would still pass on to me almost $3 million.

Now I am just an industry analyst at a consulting company. But after over 30 years my wife and I have saved also as if it was still the great depression. I could retire tomorrow, live at my own current income adjusted for inflation, and still have $2.5 million if I live to be 100 years old.

Add to that the growth of my mother's money when I inherit it assuming she lives to 100 years old, my net worth when I am 100 years old would be almost $11 million.

If my mom died tomorrow my net worth would be over $5 million now, excluding my house, and almost $20 million when I'm 100 years old, still deducting my current income adjusted for inflation, today.

That doesn't feel right to me. I believe that there should be a wealth tax over some value and I also believe that there should be universal health care for all, paid by taxes, and no out of pocket costs for anyone.

Ya. Call me a rich socialist if you want but the system is rigged for the rich.

By your own telling, you and your parents were disciplined enough to put aside money for the future instead of spending it today. Why should you, your parents, or anyone else, be punished for that?

Why is paying your fair share considered 'punishment?'