A lot of heavy hitters this morning

Local Chapters, Wiki, and general Bogleheads community discussion, news, events, and announcements
Locked
fittan
Posts: 103
Joined: Wed Mar 30, 2016 1:58 pm

A lot of heavy hitters this morning

Post by fittan » Wed Mar 28, 2018 10:11 am

Love this board but can't help to feel disconnected this morning when the first 3 posts are something like:

1) I will be making $350K, should I save for my kid's 529?

2) Should I buy a $1.2 million condo? My inlaws just gave me $235K.

3) I got a $600K windfall...should I pay off mortgage?

Feeling a bit disconnected y'all...just saying :?

Jack FFR1846
Posts: 6835
Joined: Tue Dec 31, 2013 7:05 am

Re: A lot of heavy hitters this morning

Post by Jack FFR1846 » Wed Mar 28, 2018 10:14 am

On my lunchtime walk yesterday, I found a dime in the parking lot. When I got home, I showed my wife and told her all about it. It's why we'll be able to retire with 50X spending. :D
Bogle: Smart Beta is stupid

JohnFiscal
Posts: 584
Joined: Mon Jan 06, 2014 4:28 pm
Location: Florida

Re: A lot of heavy hitters this morning

Post by JohnFiscal » Wed Mar 28, 2018 10:14 am

not to worry. The posts I myself saw were those desperate to retire and get SS ASAP at 62. Not so heavy hitters.

User avatar
mhadden1
Posts: 279
Joined: Tue Mar 25, 2014 8:14 pm
Location: North Alabama

Re: A lot of heavy hitters this morning

Post by mhadden1 » Wed Mar 28, 2018 10:15 am

The forum self-selects that way I think. Still, there are posts from all walks of life, and I often encounter different wrinkles that I never thought of.
Oh I can't, can I? That's what they said to Thomas Edison, mighty inventor, Thomas Lindberg, mighty flyer,and Thomas Shefsky, mighty like a rose.

JohnFiscal
Posts: 584
Joined: Mon Jan 06, 2014 4:28 pm
Location: Florida

Re: A lot of heavy hitters this morning

Post by JohnFiscal » Wed Mar 28, 2018 10:15 am

Jack FFR1846 wrote:
Wed Mar 28, 2018 10:14 am
On my lunchtime walk yesterday, I found a dime in the parking lot. When I got home, I showed my wife and told her all about it. It's why we'll be able to retire with 50X spending. :D
That's an awesome find! It might have been a leftover Rockefeller dime
https://wealthymatters.com/2012/06/02/j ... new-dimes/

User avatar
randomizer
Posts: 1249
Joined: Sun Jul 06, 2014 3:46 pm

Re: A lot of heavy hitters this morning

Post by randomizer » Wed Mar 28, 2018 10:17 am

Yes. It is depressing.
75:25 AA / Expected retirement: 2097

User avatar
munemaker
Posts: 2901
Joined: Sat Jan 18, 2014 6:14 pm

Re: A lot of heavy hitters this morning

Post by munemaker » Wed Mar 28, 2018 10:18 am

Jack FFR1846 wrote:
Wed Mar 28, 2018 10:14 am
On my lunchtime walk yesterday, I found a dime in the parking lot.
I went to Aldi's and some rich person left a quarter in the cart. I could have paid it forward but I pocketed it instead.

User avatar
mhadden1
Posts: 279
Joined: Tue Mar 25, 2014 8:14 pm
Location: North Alabama

Re: A lot of heavy hitters this morning

Post by mhadden1 » Wed Mar 28, 2018 10:20 am

munemaker wrote:
Wed Mar 28, 2018 10:18 am
Jack FFR1846 wrote:
Wed Mar 28, 2018 10:14 am
On my lunchtime walk yesterday, I found a dime in the parking lot.
I went to Aldi's and some rich person left a quarter in the cart. I could have paid it forward but I pocketed it instead.
I love it when that happens!
Oh I can't, can I? That's what they said to Thomas Edison, mighty inventor, Thomas Lindberg, mighty flyer,and Thomas Shefsky, mighty like a rose.

Darth Xanadu
Posts: 298
Joined: Sat Jan 27, 2018 1:47 am
Location: Middle Earth

Re: A lot of heavy hitters this morning

Post by Darth Xanadu » Wed Mar 28, 2018 10:20 am

munemaker wrote:
Wed Mar 28, 2018 10:18 am
Jack FFR1846 wrote:
Wed Mar 28, 2018 10:14 am
On my lunchtime walk yesterday, I found a dime in the parking lot.
I went to Aldi's and some rich person left a quarter in the cart. I could have paid it forward but I pocketed it instead.
It's not too late!

To the OP, I hear you, but I also find that many posts, although they contain circumstances or numbers that are not consistent with my reality, contain lots of good information and concepts that I can still put to practical use.
My friends said stick to your guns, but instead I just got stuck.

User avatar
midareff
Posts: 5502
Joined: Mon Nov 29, 2010 10:43 am
Location: Biscayne Bay, South Florida

Re: A lot of heavy hitters this morning

Post by midareff » Wed Mar 28, 2018 10:23 am

mhadden1 wrote:
Wed Mar 28, 2018 10:15 am
The forum self-selects that way I think. Still, there are posts from all walks of life, and I often encounter different wrinkles that I never thought of.
No matter how much you have there is someone out there with more. Only you determine how much is enough for you and the savings rate you will use to get where you want. 70 here, low 7 digit portfolio, never took home $100K since I was too busy saving for now. April starts year 7 retired and both of us still pickup pennies, nickels, dimes and once in my 2 mile daily walk I found three quarters, what a great day that was. Slow and steady wins the race.

Nate79
Posts: 2339
Joined: Thu Aug 11, 2016 6:24 pm
Location: Portland, OR

Re: A lot of heavy hitters this morning

Post by Nate79 » Wed Mar 28, 2018 10:27 am

We purchased a used jogging stroller this weekend using Facebook marketplace for $45. Was in great shape, couple of years old, retail >$300.

Does that make you feel better? :sharebeer

NextMil
Posts: 219
Joined: Wed Dec 13, 2017 12:33 pm

Re: A lot of heavy hitters this morning

Post by NextMil » Wed Mar 28, 2018 10:31 am

No matter what your position, if you are on this board, you are probably in the 1% of Americans. Comparison is the thief of joy I hear, but there is always someone who has more, and there are definitely a lot of folks who have a lot less. Be grateful, work hard, and invest early and often.

User avatar
White Coat Investor
Posts: 13291
Joined: Fri Mar 02, 2007 9:11 pm
Location: Greatest Snow On Earth

Re: A lot of heavy hitters this morning

Post by White Coat Investor » Wed Mar 28, 2018 10:32 am

fittan wrote:
Wed Mar 28, 2018 10:11 am
Love this board but can't help to feel disconnected this morning when the first 3 posts are something like:

1) I will be making $350K, should I save for my kid's 529?

2) Should I buy a $1.2 million condo? My inlaws just gave me $235K.

3) I got a $600K windfall...should I pay off mortgage?

Feeling a bit disconnected y'all...just saying :?
People with money tend to be interested in money and people who tend to be interested in money tend to have money. It shouldn't be surprising to discover the average Boglehead is far wealthier than the average American. Polls here have been outlawed for years now but back when they weren't, they showed that about half of Bogleheads were millionaires.

Doesn't mean there isn't useful information for low earners with a negative net worth, it's just the way it is. The good news is that it's usually a better idea to take financial advice from those with money than those without.

I actually hear a lot of people complain that they were "money-shamed" on this forum for having too much or earning too much. So it goes both ways. Best to show a lot of tolerance and understanding either way.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

soccerrules
Posts: 536
Joined: Mon Nov 14, 2016 4:01 pm

Re: A lot of heavy hitters this morning

Post by soccerrules » Wed Mar 28, 2018 10:33 am

midareff wrote:
Wed Mar 28, 2018 10:23 am
mhadden1 wrote:
Wed Mar 28, 2018 10:15 am
The forum self-selects that way I think. Still, there are posts from all walks of life, and I often encounter different wrinkles that I never thought of.
No matter how much you have there is someone out there with more. Only you determine how much is enough for you and the savings rate you will use to get where you want. 70 here, low 7 digit portfolio, never took home $100K since I was too busy saving for now. April starts year 7 retired and both of us still pickup pennies, nickels, dimes and once in my 2 mile daily walk I found three quarters, what a great day that was. Slow and steady wins the race.
I've tried to rest in the axiom I have shared with my kids. "There will always be someone with more/bigger/better and there will always be someone with less/smaller/worse - ALWAYS"
Don't let your outflow exceed your income or your upkeep will be your downfall.

BogleMelon
Posts: 1261
Joined: Mon Feb 01, 2016 11:49 am

Re: A lot of heavy hitters this morning

Post by BogleMelon » Wed Mar 28, 2018 10:33 am

fittan wrote:
Wed Mar 28, 2018 10:11 am
Love this board but can't help to feel disconnected this morning when the first 3 posts are something like:

1) I will be making $350K, should I save for my kid's 529?

2) Should I buy a $1.2 million condo? My inlaws just gave me $235K.

3) I got a $600K windfall...should I pay off mortgage?

Feeling a bit disconnected y'all...just saying :?
Coming here always make me feel like I am the poorest creature on this planet with only $100K net worth at age of 38.
Going out there, and I feel like I am Uncle Scrooge.
I think we can call this Bogle's Syndrome!
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

Independent George
Posts: 236
Joined: Wed Feb 17, 2016 12:13 pm

Re: A lot of heavy hitters this morning

Post by Independent George » Wed Mar 28, 2018 10:38 am

fittan wrote:
Wed Mar 28, 2018 10:11 am
Love this board but can't help to feel disconnected this morning when the first 3 posts are something like:

1) I will be making $350K, should I save for my kid's 529?

2) Should I buy a $1.2 million condo? My inlaws just gave me $235K.

3) I got a $600K windfall...should I pay off mortgage?

Feeling a bit disconnected y'all...just saying :?
Age: 41
2017 Salary: 78k in a HCOL city
Peak Salary: ~81k in 2007
Total Net worth: ~425k.

You don't need to have a huge income to be a Boglehead (though it certainly doesn't hurt).
Last edited by Independent George on Wed Mar 28, 2018 11:11 am, edited 3 times in total.

billy269
Posts: 67
Joined: Mon Nov 18, 2013 2:50 pm

Re: A lot of heavy hitters this morning

Post by billy269 » Wed Mar 28, 2018 10:46 am

I often feel like it is a parallel universe on here! But the reality is that if you are on Bogleheads, you are more fortunatate than 99% of the people in the world. Comparing yourself to the top is one of the most dangerous human tendencies (much easier said than done) and is a pathway to unhappiness.

User avatar
triceratop
Moderator
Posts: 4990
Joined: Tue Aug 04, 2015 8:20 pm
Location: la la land

Re: A lot of heavy hitters this morning

Post by triceratop » Wed Mar 28, 2018 10:50 am

I buy all of my main articles of clothing at Goodwill (note: I still do not dress like a slob; I am likely the best dressed person in my building, though this does not say much).

Those with more modest problems tend to have more modest questions and do not stand out quite so much. There are plenty of Bogleheads of modest means.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

2015
Posts: 1410
Joined: Mon Feb 10, 2014 2:32 pm

Re: A lot of heavy hitters this morning

Post by 2015 » Wed Mar 28, 2018 10:53 am

Best to remember that money beyond a basic amount will not add to happiness. Heavy hitting money can never make you happy. I've been lucky enough to have lived in a place for years where I see evidence of that every single day. Consequently, I will never be impressed by heavy hitters of any kind.

Jon H
Posts: 98
Joined: Sun Jan 21, 2018 2:50 pm

Re: A lot of heavy hitters this morning

Post by Jon H » Wed Mar 28, 2018 10:56 am

triceratop wrote:
Wed Mar 28, 2018 10:50 am
I buy all of my main articles of clothing at Goodwill (note: I still do not dress like a slob; I am likely the best dressed person in my building, though this does not say much).

Those with more modest problems tend to have more modest questions and do not stand out quite so much. There are plenty of Bogleheads of modest means.
Apparently in some areas of the country, designer label clothing and shoes are available for $5-10 a piece at Goodwill and other resale clothiers.
Consider gain and loss, but never be greedy and everything will be alright (fortune cookie)

User avatar
triceratop
Moderator
Posts: 4990
Joined: Tue Aug 04, 2015 8:20 pm
Location: la la land

Re: A lot of heavy hitters this morning

Post by triceratop » Wed Mar 28, 2018 10:58 am

Jon H wrote:
Wed Mar 28, 2018 10:56 am
triceratop wrote:
Wed Mar 28, 2018 10:50 am
I buy all of my main articles of clothing at Goodwill (note: I still do not dress like a slob; I am likely the best dressed person in my building, though this does not say much).

Those with more modest problems tend to have more modest questions and do not stand out quite so much. There are plenty of Bogleheads of modest means.
Apparently in some areas of the country, designer label clothing and shoes are available for $5-10 a piece at Goodwill and other resale clothiers.
Yes, I am currently wearing a button down and a nice sweater from Banana Republic. Both were purchased for $6.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

snowman
Posts: 694
Joined: Thu Jan 31, 2013 12:59 pm

Re: A lot of heavy hitters this morning

Post by snowman » Wed Mar 28, 2018 10:59 am

There have been many threads about this topic in the past. I watched the forum for several years before I decided to join 5 years ago. It definitely had a feel of rich people discussing their first world problems, and it still feels that way to me.

However, there is a ton of useful information here, applicable to any income/asset bracket. Over the years, I learned to just ignore "heavy hitters" threads as they were N/A to my situation, that's all. Still enjoy coming here. I also thought many times that maybe there should be a section for "normal" or "average" people, but that would really be impractical.

People having/earning more than me doesn't affect me in any way, positive or negative, so it really doesn't bother me personally. But I can just see average Joe trying to improve his financial life, and after reading few "depressing" threads moving on and never coming back. I know, his loss, but still...

Newbie444
Posts: 14
Joined: Mon Jul 18, 2011 7:19 pm

Re: A lot of heavy hitters this morning

Post by Newbie444 » Wed Mar 28, 2018 11:03 am

I'm the $600k windfall poster, and if it makes you feel any better, I grew up extremely poor in the projects living on public assistance. Due to that background, I made financial success a number one priority in my life and was able to achieve it with a lot of hard work, major sacrifices, and some very good luck. You're probably doing way better than me and the other "heavy hitters" in other areas outside of finance.

fposte
Posts: 1155
Joined: Mon Sep 02, 2013 1:32 pm

Re: A lot of heavy hitters this morning

Post by fposte » Wed Mar 28, 2018 11:06 am

Some of this is a stage of life thing, too; I've never made the six-digit salary that some here do, but decades of working mean that I have different financial questions than I did years ago.

LiterallyIronic
Posts: 621
Joined: Sat Dec 05, 2015 10:36 am

Re: A lot of heavy hitters this morning

Post by LiterallyIronic » Wed Mar 28, 2018 11:08 am

BogleMelon wrote:
Wed Mar 28, 2018 10:33 am
Coming here always make me feel like I am the poorest creature on this planet with only $100K net worth at age of 38.
Going out there, and I feel like I am Uncle Scrooge.
I think we can call this Bogle's Syndrome!
Don't worry, I'm 34 and only have $54k in retirement.
fittan wrote:
Wed Mar 28, 2018 10:11 am
Love this board but can't help to feel disconnected this morning
Try /r/personalfinance if you want to feel better about your relative financial position. Most people there are poorer than me (big student loans with low income, got scammed out of their life savings, etc), while most people here are richer than me. It helps me see that there are people better off than me and people worse off than me. And there always will be. Just do the best that you can and things will work out.

User avatar
David Jay
Posts: 4846
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

Re: A lot of heavy hitters this morning

Post by David Jay » Wed Mar 28, 2018 11:08 am

fittan wrote:
Wed Mar 28, 2018 10:11 am
Love this board but can't help to feel disconnected this morning when the first 3 posts are something like:

1) I will be making $350K, should I save for my kid's 529?

2) Should I buy a $1.2 million condo? My inlaws just gave me $235K.

3) I got a $600K windfall...should I pay off mortgage?

Feeling a bit disconnected y'all...just saying :?
I am 61 years old, married, single wage-earner family and my largest ever W-2 was 91,142 (due to a large profit sharing check in 2015).

I will be retiring next year.
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

The Stone Wall
Posts: 5
Joined: Thu Mar 22, 2018 1:18 pm

Re: A lot of heavy hitters this morning

Post by The Stone Wall » Wed Mar 28, 2018 11:13 am

I didn't find this wonderful forum until my 50's. I notice a lot of people in their 20's and 30's asking questions. My current financial situation would have been better had I found the site in my early investing period. Understanding the basic Boglehead philosophy is the key to building a sound financial future. Seeing the 'heavy hitters' in some ways helps to corroborate the philosophy.

sport
Posts: 6716
Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

Re: A lot of heavy hitters this morning

Post by sport » Wed Mar 28, 2018 11:14 am

One should also keep in mind that the economies in different parts of the county are quite different. What looks like a huge income in rural Alabama, Indiana, or Iowa, does not look nearly so large in San Francisco, Boston or NYC.

User avatar
cfs
Posts: 4019
Joined: Fri Feb 23, 2007 1:22 am
Location: ~ Mi Propio Camino ~

Re: A lot of heavy hitters this morning

Post by cfs » Wed Mar 28, 2018 11:18 am

I was expecting this conversation to be about the boys of summer. Good luck y gracias por leer / cfs
~ Member of the Active Retired Force, portfolio withdrawal and spending rate 1.7% ~

Independent George
Posts: 236
Joined: Wed Feb 17, 2016 12:13 pm

Re: A lot of heavy hitters this morning

Post by Independent George » Wed Mar 28, 2018 11:20 am

I'm on some other forums unrelated to finance; it's astonishing how many people live paycheck to paycheck at all income levels. I try to give advice whenever people talk about finances, and direct them here, but for the most part I'm ignored. I have had a few success stories, though, which does make me feel better.

I feel like a financial genius when I post elsewhere, then I come back here and am acutely aware of all the bad decisions I've made in my past. It's humbling to see others doing so well, but also gratifying to know I'm on the right track, and far ahead of most people in my age/income range.

User avatar
jazman12
Posts: 184
Joined: Tue Jan 26, 2016 4:38 pm

Re: A lot of heavy hitters this morning

Post by jazman12 » Wed Mar 28, 2018 11:23 am

Newbie444 wrote:
Wed Mar 28, 2018 11:03 am
I'm the $600k windfall poster, and if it makes you feel any better, I grew up extremely poor in the projects living on public assistance. Due to that background, I made financial success a number one priority in my life and was able to achieve it with a lot of hard work, major sacrifices, and some very good luck. You're probably doing way better than me and the other "heavy hitters" in other areas outside of finance.
:beer
Act soon... time is running out

fourwheelcycle
Posts: 365
Joined: Sun May 25, 2014 5:55 pm

Re: A lot of heavy hitters this morning

Post by fourwheelcycle » Wed Mar 28, 2018 11:26 am

The OP's post reminds me of an editorial cartoon that shows a Fat Cat with spats and a big cigar walking past an out-of-work guy sitting on a curb.

The Fat Cat is saying "You should have put your money in the stock market, it's worked great for me".

I didn't save the cartoon and now I can't find it on the web.

User avatar
lthenderson
Posts: 3057
Joined: Tue Feb 21, 2012 12:43 pm
Location: Iowa

Re: A lot of heavy hitters this morning

Post by lthenderson » Wed Mar 28, 2018 11:42 am

fittan wrote:
Wed Mar 28, 2018 10:11 am
Love this board but can't help to feel disconnected this morning when the first 3 posts are something like:

1) I will be making $350K, should I save for my kid's 529?

2) Should I buy a $1.2 million condo? My inlaws just gave me $235K.

3) I got a $600K windfall...should I pay off mortgage?

Feeling a bit disconnected y'all...just saying :?
Actually I see a lot of frequent commentators and posters on this board who never discuss their net worth or salary mainly because it isn't relevant to a lot of knowledge that can be gained on here. Even to those that do share that information anonymously on here, I say more power too them because it is taboo in everyday life to say such things.

MI_bogle
Posts: 317
Joined: Mon Aug 01, 2016 3:56 pm

Re: A lot of heavy hitters this morning

Post by MI_bogle » Wed Mar 28, 2018 11:48 am

fittan wrote:
Wed Mar 28, 2018 10:11 am
Love this board but can't help to feel disconnected this morning when the first 3 posts are something like:

1) I will be making $350K, should I save for my kid's 529?

2) Should I buy a $1.2 million condo? My inlaws just gave me $235K.

3) I got a $600K windfall...should I pay off mortgage?

Feeling a bit disconnected y'all...just saying :?
I have just the ticket, go over to Reddit's personal finance forum, or better yet, /r/Frugal. You'll be feeling like a fat cat in no time

But seriously... there are plenty of posters on this forum that make modest incomes and are not multimillionaires. Don't let the super rich posts get you down too much

User avatar
Watty
Posts: 13342
Joined: Wed Oct 10, 2007 3:55 pm

Re: A lot of heavy hitters this morning

Post by Watty » Wed Mar 28, 2018 11:50 am

BogleMelon wrote:
Wed Mar 28, 2018 10:33 am
Coming here always make me feel like I am the poorest creature on this planet with only $100K net worth at age of 38.
I have never gotten to really poor parts of the world but even in places like Mexico it is really eyeopening to get out of the tourist areas and see how other people live. There is of course a lot of poverty but even when you get into working class areas the lifestyle is pretty basic.

You are likely in the top couple of percent of people in the world especially when you consider your age.

Historically things have changed quite a lot too and it is easy to forget just how much the standard of living has improved. A hundred years ago household electricity was just being introduced and the existence of indoor plumbing was hit or miss. I live in the South and have seen someone of the old Plantation houses but other than being big and sometimes ornate I don't think actually living in one would have been all that pleasant. Compare that to an air conditioned suburban tract home with indoor bathrooms, refrigerator, dishwasher, washer and dryer, cable, internet, two cars in the garage, big screen tv, telephone, and a medicine cabinet that is full of things to treat many ills.

Historically you almost certainly have a lifestyle in the top 1% of people that have ever lived.

Even after adjusting for inflation you also stand a good chance of having a million dollar net worth by the time you retire.

Grt2bOutdoors
Posts: 18188
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: A lot of heavy hitters this morning

Post by Grt2bOutdoors » Wed Mar 28, 2018 11:51 am

Realize this, income and wealth can be fleeting. The road is paved with both success and failures, those who had little to none are now high-earning/high net worth, there are also those who had enough for one or several generations only to crash and burn (read the story of the Stroh's brewing dynasty and there are others with much less, folks like friends, neighbors, relatives, your immediate family). Incomes can be earned, you can also lose it, if you say lose your employment for instance. The one thing that lasts though is knowledge, this forum is loaded with folks who willingly share that knowledge in a selfless manner for the greater good. While one may feel out of sorts with what feels like a Great Gatsby soiree from time to time, the knowledge gained that can be applied is universal. Pass that up to your own detriment.

Comparison is the thief of joy.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

User avatar
HomerJ
Posts: 11055
Joined: Fri Jun 06, 2008 12:50 pm

Re: A lot of heavy hitters this morning

Post by HomerJ » Wed Mar 28, 2018 11:53 am

White Coat Investor wrote:
Wed Mar 28, 2018 10:32 am
I actually hear a lot of people complain that they were "money-shamed" on this forum for having too much or earning too much. So it goes both ways. Best to show a lot of tolerance and understanding either way.
I don't think anyone gets "money-shamed" for having too much or earning too much.

Not realizing they have a lot or earn a lot, that's a different story.

It's fine to have $10 million on this board; it's another to ask if you can afford to retire with "only" that much.

That said, yes we should show tolerance and understanding in both directions.

mak1277
Posts: 654
Joined: Fri Jan 09, 2015 4:26 pm

Re: A lot of heavy hitters this morning

Post by mak1277 » Wed Mar 28, 2018 11:57 am

The posts I find depressing are the ones like "What digital alarm clock should I buy?" I would think the smart people of bogleheads could figure something like this out on their own without asking for advice :-)

User avatar
MikeWillRetire
Posts: 306
Joined: Fri Jun 29, 2012 12:36 pm

Re: A lot of heavy hitters this morning

Post by MikeWillRetire » Wed Mar 28, 2018 11:58 am

If the Bogleheads forum makes you feel poor, then check out the Bankruptcy Forum for an attitude adjustment. It's a very humbling forum.
http://www.bkforum.com/

ksualum
Posts: 74
Joined: Mon Jan 15, 2018 3:01 pm

Re: A lot of heavy hitters this morning

Post by ksualum » Wed Mar 28, 2018 11:59 am

soccerrules wrote:
Wed Mar 28, 2018 10:33 am
midareff wrote:
Wed Mar 28, 2018 10:23 am
mhadden1 wrote:
Wed Mar 28, 2018 10:15 am
The forum self-selects that way I think. Still, there are posts from all walks of life, and I often encounter different wrinkles that I never thought of.
No matter how much you have there is someone out there with more. Only you determine how much is enough for you and the savings rate you will use to get where you want. 70 here, low 7 digit portfolio, never took home $100K since I was too busy saving for now. April starts year 7 retired and both of us still pickup pennies, nickels, dimes and once in my 2 mile daily walk I found three quarters, what a great day that was. Slow and steady wins the race.
I've tried to rest in the axiom I have shared with my kids. "There will always be someone with more/bigger/better and there will always be someone with less/smaller/worse - ALWAYS"
I like that soccerrules! That quote shows great wisdom. :sharebeer

libralibra
Posts: 150
Joined: Sat Jul 30, 2011 2:01 pm

Re: A lot of heavy hitters this morning

Post by libralibra » Wed Mar 28, 2018 12:01 pm

Jack FFR1846 wrote:
Wed Mar 28, 2018 10:14 am
On my lunchtime walk yesterday, I found a dime in the parking lot. When I got home, I showed my wife and told her all about it. It's why we'll be able to retire with 50X spending. :D
Lucky! Must have been a https://en.wikipedia.org/wiki/1894-S_Barber_dime

Image

oxothuk
Posts: 326
Joined: Thu Nov 10, 2011 8:35 pm

Re: A lot of heavy hitters this morning

Post by oxothuk » Wed Mar 28, 2018 12:03 pm

triceratop wrote:
Wed Mar 28, 2018 10:50 am
I buy all of my main articles of clothing at Goodwill
I knew someone who bought all his shirts at Goodwill, wore them once or twice, and then donated them back.

Not much more expensive than sending his shirts out to the cleaner, or so he said.

ksualum
Posts: 74
Joined: Mon Jan 15, 2018 3:01 pm

Re: A lot of heavy hitters this morning

Post by ksualum » Wed Mar 28, 2018 12:03 pm

Watty wrote:
Wed Mar 28, 2018 11:50 am
BogleMelon wrote:
Wed Mar 28, 2018 10:33 am
Coming here always make me feel like I am the poorest creature on this planet with only $100K net worth at age of 38.
I have never gotten to really poor parts of the world but even in places like Mexico it is really eyeopening to get out of the tourist areas and see how other people live. There is of course a lot of poverty but even when you get into working class areas the lifestyle is pretty basic.

You are likely in the top couple of percent of people in the world especially when you consider your age.

Historically things have changed quite a lot too and it is easy to forget just how much the standard of living has improved. A hundred years ago household electricity was just being introduced and the existence of indoor plumbing was hit or miss. I live in the South and have seen someone of the old Plantation houses but other than being big and sometimes ornate I don't think actually living in one would have been all that pleasant. Compare that to an air conditioned suburban tract home with indoor bathrooms, refrigerator, dishwasher, washer and dryer, cable, internet, two cars in the garage, big screen tv, telephone, and a medicine cabinet that is full of things to treat many ills.

Historically you almost certainly have a lifestyle in the top 1% of people that have ever lived.

Even after adjusting for inflation you also stand a good chance of having a million dollar net worth by the time you retire.
This is a fantastic thread! Maybe we should start doing this type of thread once a month . . . we could call it the "grateful" thread. Just list things we are all grateful/thankful for. Would do wonders for everyone's mental state :wink:

snowman
Posts: 694
Joined: Thu Jan 31, 2013 12:59 pm

Re: A lot of heavy hitters this morning

Post by snowman » Wed Mar 28, 2018 12:06 pm

Newbie444 wrote:
Wed Mar 28, 2018 11:03 am
I'm the $600k windfall poster, and if it makes you feel any better, I grew up extremely poor in the projects living on public assistance. Due to that background, I made financial success a number one priority in my life and was able to achieve it with a lot of hard work, major sacrifices, and some very good luck. You're probably doing way better than me and the other "heavy hitters" in other areas outside of finance.
I understand it's none of my business, but do you mind sharing how someone who grew up extremely poor in the projects living on public assistance comes to a $600K windfall?

I grew up poor as well, in a foreign country - meaning our poverty does not even exist in the US - the "poor" Americans are upper middle class almost anywhere in the world. I too wanted to succeed financially, which I did. However, coming from that background means I still help out when necessary (not the other way around), and I expect no inheritance (outside of some personal belongings). It's just how it works when you come from poor family.

All the kids I grew up with on the street are in the same situation I am in - none of us expects any windfall. We don't complain - life dealt us cards we play with, it is what it is. Maybe I am missing something obvious here, I just never heard of anyone coming from extreme poverty to inherit such a substantial amount of money.

Grt2bOutdoors
Posts: 18188
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: A lot of heavy hitters this morning

Post by Grt2bOutdoors » Wed Mar 28, 2018 12:07 pm

fittan wrote:
Wed Mar 28, 2018 10:11 am
Love this board but can't help to feel disconnected this morning when the first 3 posts are something like:

1) I will be making $350K, should I save for my kid's 529?
Let's rephrase these questions so you can understand the mindset of those asking it. I make $350K gross, after taxes and saving for retirement, I take home $200K. Because I live in a HCOL area (required to earn such a salary), my property taxes on a standard 50x100 lot for my 1925 home is $15K, my living expenses including my mortgage, property taxes, health insurance are $80K a year, I'm driving a 10 year old car and still have student loans of $100K with 10 years left. Oh, I almost forgot, my job security is average at best. Suddenly, $350K doesn't sound so extravagant.

Yes, they should save for college. Current FAFSA and CSS Profile will basically exclude them from receiving any "financial aid" - loans will be Parent Plus. So, if they want to do the financially prudent thing for their child, saving something is preferable to burdening them with a loan. Seeing that they have time on their side, tax free growth in a 529 plan is very appealing, especially since someone making $350K gross is in a high tax bracket.
There is nothing wrong with saving for goals, so long as they are also saving for their own retirement. There are loans for college, there are no loans for retirement - yet!!


2) Should I buy a $1.2 million condo? My inlaws just gave me $235K.
The purchase price is $1.2 million, they have $235K - question rephrased - Should I take on $865K in mortgage to buy a condo?
The next response should be "what is your income?", "do you have any additional assets to put down as a down payment" "do you want to be house poor like your neighbors" "do you feel like working forever to pay off your debts"? "what makes you happier - owing money or "owning money that works for you".


3) I got a $600K windfall...should I pay off mortgage?
Rephrased - "I'm fortunate beyond belief, if you came into such a fortune, what would you do"? Being that this is a financial forum geared towards building wealth and eliminating debt, the answer is usually pretty obvious, though some will argue that debt is good. In Charles Dickens time, debt equals being an indentured servant to the lender.

Feeling a bit disconnected y'all...just saying :?
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

BogleMelon
Posts: 1261
Joined: Mon Feb 01, 2016 11:49 am

Re: A lot of heavy hitters this morning

Post by BogleMelon » Wed Mar 28, 2018 12:09 pm

Watty wrote:
Wed Mar 28, 2018 11:50 am
BogleMelon wrote:
Wed Mar 28, 2018 10:33 am
Coming here always make me feel like I am the poorest creature on this planet with only $100K net worth at age of 38.
it is really eyeopening to get out of the tourist areas and see how other people live.
I came from a similar place! I used to live in a poor country one day.. Raised in a poor home "given today's standard", yet it was felt OK. The country got poorer and poorer, and despite having a good paying job, basics needs were impossible for me to meet. Example:
- Neighbors maintain full weeding parties (DJ, loud speakers..etc) in the street!! Police doesn't care!! You have to listen to awful extremely loud music till 2 am, and at rare times till 5 am.
- Frequent water and electricity outages
- Horrible commuting (though I wasn't driving. It was a company pool car), but it was a 2 to 3 hours one-way disaster every day
- Forget about DW goes out by herself to buy anything. Unless her dress code matches a specific religion for the majority of that country, which wasn't our religion, so no, she won't dress like that, and she won't go out unless I am walking her while praying that all the "lions" don't see us!! (kind of public discrimination)

When I first came to US I found how the gap is. A lot of things people can take for granted while it does not exist in the most of the world. That made me appreciating everything, starting from the clean air I breath all the way till smaller detail in my new world. Just being here (in US) is something I appreciate every single morning, and soon when I become a citizen, and when it is time to take an oath, I take it, while mean every single word!

Sorry for the lengthy reply, just needed to remind myself cause I was about to get into depression thinking my life is not good cause of limited finances :happy
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

Newbie444
Posts: 14
Joined: Mon Jul 18, 2011 7:19 pm

Re: A lot of heavy hitters this morning

Post by Newbie444 » Wed Mar 28, 2018 12:13 pm

snowman wrote:
Wed Mar 28, 2018 12:06 pm
Newbie444 wrote:
Wed Mar 28, 2018 11:03 am
I'm the $600k windfall poster, and if it makes you feel any better, I grew up extremely poor in the projects living on public assistance. Due to that background, I made financial success a number one priority in my life and was able to achieve it with a lot of hard work, major sacrifices, and some very good luck. You're probably doing way better than me and the other "heavy hitters" in other areas outside of finance.
I understand it's none of my business, but do you mind sharing how someone who grew up extremely poor in the projects living on public assistance comes to a $600K windfall?

I grew up poor as well, in a foreign country - meaning our poverty does not even exist in the US - the "poor" Americans are upper middle class almost anywhere in the world. I too wanted to succeed financially, which I did. However, coming from that background means I still help out when necessary (not the other way around), and I expect no inheritance (outside of some personal belongings). It's just how it works when you come from poor family.

All the kids I grew up with on the street are in the same situation I am in - none of us expects any windfall. We don't complain - life dealt us cards we play with, it is what it is. Maybe I am missing something obvious here, I just never heard of anyone coming from extreme poverty to inherit such a substantial amount of money.
The windfall is actually from sale of a house that I happened to have bought at the bottom of the housing market which has undergone insane appreciation since then.

Dottie57
Posts: 3292
Joined: Thu May 19, 2016 5:43 pm

Re: A lot of heavy hitters this morning

Post by Dottie57 » Wed Mar 28, 2018 12:15 pm

fittan wrote:
Wed Mar 28, 2018 10:11 am
Love this board but can't help to feel disconnected this morning when the first 3 posts are something like:

1) I will be making $350K, should I save for my kid's 529?

2) Should I buy a $1.2 million condo? My inlaws just gave me $235K.

3) I got a $600K windfall...should I pay off mortgage?

Feeling a bit disconnected y'all...just saying :?

I am not in that category. Low 6 figure last 5 years. Half my career I was on low side for my work. A few managers helped me up. Work hard, provide value, live below your means, Enjoy your life. Don't worry about others.
Last edited by Dottie57 on Wed Mar 28, 2018 12:29 pm, edited 1 time in total.

Texgal17
Posts: 36
Joined: Sun Aug 13, 2017 12:51 pm
Location: Texas

Re: A lot of heavy hitters this morning

Post by Texgal17 » Wed Mar 28, 2018 12:20 pm

triceratop wrote:
Wed Mar 28, 2018 10:50 am
I buy all of my main articles of clothing at Goodwill (note: I still do not dress like a slob; I am likely the best dressed person in my building, though this does not say much).

Those with more modest problems tend to have more modest questions and do not stand out quite so much. There are plenty of Bogleheads of modest means.
Yes!!! I barely bring home $3000 a month in my retirement, but my expenses are just around $2000 monthly....In a LCOL.
And I’m doing just fine! But then again I have some cheap pleasures in my life, like reading (Bogleheads is a favorite),
spending time with family( game night monthly), cooking and eating and enjoying a glass of wine on the patio, and some travel.
Sure, it would be nice to be richer, but money isn’t everything to me.
I’ve learned tons of financial advice from this site and I’m very appreciative to all out there!!! :D

User avatar
jharkin
Posts: 1497
Joined: Mon Mar 28, 2016 7:14 am
Location: Boston suburbs

Re: A lot of heavy hitters this morning

Post by jharkin » Wed Mar 28, 2018 12:24 pm

OP you are not the only one... I have notice the same and complained about it before... but such complaining threads usually get closed for being non-actionable.


I'm probbaly somewhere on the low side of the middle here. But I try to remind myself that I am VERY fortunate, because when I look at national average statistics I'm more like in the top 5-10% of income. The really sad part is when you consider further that having ANY positive net worth puts you in the top half nationally.... lots of people with a lot of income squander it.

If you want a real eye-opener - look up where you fit statistically in the world. Even people below the poverty line in the USA are in the top quintile worldwide, and the USA median household income makes you a 1%er globally.


And like others said, the knowledge we gain here gives us a 1%er advantage in know-how. :beer

Locked