No, I do not have kids, but I do have nephews and nieces and 2nd cousins that are young. I do worry about them at times, but so far, they are fortunate to be doing OK. And Bill, I know there are people who want things to go downhill. I'm going to leave it that as to their reasons.
When the excrement hits the oscillator, I’m not trading my valuables for cryptocurrency. I get that the value of cash is artificial, but at least it’s tangible. If it’s ‘bunker time’, the EMP is going to take out all the electronic records first. Cash (US issued folding money) will be the last hedge before we go full analog. Then it’ll be metal that saves a man, and that metal is more likely to be blued than gold or silver. Patrick
Real estate is hot right now everywhere; - people who have money are loading it into land, which has always been a safe investment against anything ugly. Money is becoming worthless, there's far too much of it around. Stocks and bonds are flat; - in some cases, in others there are bubbles. Most of the blue chip stuff is still solid, but out of the realm for most of us on Main Street. So what's left? Gold? No...gold is great for wealth preservation, you never make money on gold unless its short. Generally an ounce of gold buys you a good suit, - that's been a benchmark since the 1600s. Now that good suit so happens to be worth $2000 or more. So gold is on par. Silver? A bubble, and always will be. There's more silver in the world than there is demand, and at least once a generation someone blows their entire fortune trying to corner it only to find out the supply is inexhaustible. So then what about antiques and cars? Yup; - big problem; in order to get anything out of it, you need money, cash money, like with gold or any other precious metal to be worth something, otherwise you've got nothing worthwhile to trade off for food. Antiques and cars are also a fickle market; - tastes change too quickly and what was hot one day is a total dud the next, there's more risk than with the stock markets. So what's left? Property and land; that will transition through times or periods when money is worthless and can be traded and bargained off in so many ways. The banks will go broke unless they own a lot of land, and through mortgages they do, or they've bought it outright. The only people who weathered the big inflation in Germany in 1923 were those with land, everyone else got wiped out when money lost all of it's value. We're getting that way again as central governments spend money like crazy, rev up the printing presses and keep interest rates artificially low. In Canada, the government just released a budget that will turn the once proud Canadian dollar to a northern Peso, absolutely and utterly worthless because there are far too many of them. (Funny thing though, I don't have enough of the bloody things...) They are going to wipe out my retirement by spurring an inflation that will wipe out any gains I've made, and then what's left they'll be forced to tax. "Modern Monetary Theory" doesn't work, it's just a euphemism for "Magic Money Tree" but our government doesn't realize that. And we're going to end up paying for it as a result. Any government who professes to like or pursues a guaranteed basic income scheme will go the same way. Invariably it will turn out to be an economy reliant on severe controls and central planning in order to hold the destructive forces in check. What are those destructive forces? Human nature and basic greed. The last time this experiment was tried was in the last century, and it died with whimper in 1989-1990 with the demise of the East Bloc. Even the Chinese don't believe in that anymore and have gone from a Communist style economic system to something more reminiscent of the Third Reich. Buy land if you can, buy something you can hold onto that always has a value unless it's a desert. Get a deed, possession is 9/10 in the eyes of the law.
There's rooting and there's reality. The recent spending has indeed sent it up to 130%. We've gone from 34% to 130% with a crumbling infrastructure and raiding things like Social Insecurity. https://www.usdebtclock.org/
Inflation is gonna be what gets us. We can't keep spending Trillions that we don't have, and the top 10% of earners can't cover it even if you took it all. Prices are already being raised. https://finance.yahoo.com/news/thes...s-because-of-surging-inflation-194542023.html
This is why the only chance the globalist bankers have is by doing “The great reset”. If they don’t succeed with that plan then we will watch a global economic collapse and people will demand a better system going forward.
Yeah, I don't like it either. What gets me is that people alternate between not caring at all and being deeply concerned.
There's a saying in the trucking industry which I regularly refer to: "It's not what you make, it's what you keep". This often means forgoing that fancy new debt financed big rig/fancy chrome/car/motorhome/boat/vacation home/etc., etc. One of the greatest advertising lies I ever saw was "Invest your tax refund/stimulus check/other windfall in a brand new vehicle". You're losing money unless you can write off the payments and expenses. The single best thing anyone can do is take a good, hard look at their daily, weekly, and monthly expenses in order to eliminate the wasteful ones. It might not be easy, but it can be done.
That's what my financial advisor says in so many words, "It's what you keep that makes the difference." To that end, he tries to get my funds things that generate low tax bills. He is structuring a 401k to ROTH IRA rollover for me that will take advantage of these currently low rates so I can avoid a hit on RMDs by age 70. I just heard they were going to tax the rich and corporations ONLY, which they can allegedly easily absorb. Anyone that thinks they can work it so only the rich and corporations pay higher taxes has no business in economics, let alone setting tax policy. They are about to discover trickle down taxes increases for everyone! Keynesian economics, like communism, never works. The debt clock from above shows debt per taxpayer at almost 3 times the debt per citizen. That is a telling number. I don't believe every tax payer has 1.27 dependents. Then again, I'm no longer a wage tax payer but my wife is.
I’m amazed by how many people who earn less than $15 an hour will spend $10-20 a day on fast food and drinks. Make a damned sandwich and buy cokes in a 12 pack at the store! Patrick
The single most important investment you can make is in yourself, pay off everything, own everything you have with zero debt. I always point this out to my wife when she looks around at our neighborhood and sees new cars and trucks and beautiful new homes and furnishing, and I remind her that not one of them owns anything, the Bank owns it all .....except us, we owe nothing, then she’s happy again. It’s easy to be blinded by credit.
Just bought this 3/2 1400 SF Bungalow 200 Feet from an awesome Lake in Central FL for $242K, Great neighborhood, Cheap Taxes and the house needs very little work. Rental for now, may sell it to my youngest down the road, had 7 offers the first day it was on the market, two higher than ask.
13.00/pk in NYC. In 2016, about 26% of smokers reported smoking a pack a day or more. One pack a day is 4745.00 a year. Glad I never started that terrible habit. https://news.gallup.com/poll/194216/cigarette-smokers-lighting-less-often.aspx
Hi Guys, My wife & maybe people on here, may hate me for saying this, but, ( NOBODY OWNS ANYTHING !!!!! PERIOD !!!!!) At best, we are paying or have paid to be the caretakers of said stuff while we are alive here on earth. "NOBODY" IS GOING TO TAKE ANYTHING WITH THEM WHEN WE EXPIRE !!!!! Even if you give it to someone when you die, they are not going to live here on earth forever either. Oh & Have a Great Day !!!!! Rick
I quit a 1.5-2 pack/day habit on January 20th, 2000. A single pack is now something like $14.00-$15.00 where I live. Don't miss it in any way. Most of that tobacco money went into my retirement account, after I bought myself a few nice things. My excuse for not quitting sooner was being able to buy duty free smokes and tobacco up to twice per week. There was a time when $25.00 Cdn bought a carton of smokes, a can of tobacco, and a 40 oz jug of whiskey using my truckers discount!! Plus you received change.