A lot of heavy hitters this morning

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mak1277
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Re: A lot of heavy hitters this morning

Post by mak1277 » Wed Mar 28, 2018 12:26 pm

jharkin wrote:
Wed Mar 28, 2018 12:24 pm
OP you are not the only one... I have notice the same and complained about it before...
I don't understand what there is to complain about though.

Texanbybirth
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Re: A lot of heavy hitters this morning

Post by Texanbybirth » Wed Mar 28, 2018 12:29 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 did not see or read any of those threads this morning, so I'll trust your report.

I spent time catching up on a thread about a "three-legged stool" approach to retirement, which led me to some enlightening articles about liability-matching and different perspectives on retirement planning.

I also read KlangFool's conversation about his "Annual Expense Based Personal Finance Strategy", which was also a stimulating conversation.

IMO, if those kinds of threads get you down you'll really want to work on being more discerning about what you read on this website. It's a fantastic resource (a true rarity on the Internet), but as with all things it takes a personal strategy on your part to get the most out of it. :beer

Silk McCue
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Re: A lot of heavy hitters this morning

Post by Silk McCue » Wed Mar 28, 2018 12:34 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:
Disconnected? Do you realize how many people in this country (or on this site) will never have as much in their 401k as you do now. This is from your post yesterday. This site isn't here to make us feel good compared to others but to give us the knowledge to do the best we can.
fittan wrote:
Tue Mar 27, 2018 3:32 pm
...
I just realized that Paychex deducts 2 fees monthly. One is "plan administrative fee" and the other "advisor fee". Both adds up to be $65/month. My 401k balance is about $230K, so these fees are about 0.3%.
...
Cheers

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jharkin
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Re: A lot of heavy hitters this morning

Post by jharkin » Wed Mar 28, 2018 12:36 pm

Independent George wrote:
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 know... I have a rather expensive hobby, where some folks will spend well into 5 figures on equipment to participate in that hobby... and on one of our discussion boards its not unusual to see a post that reads something like "just got laid off last week - selling all my gear" follow up with 10k, 20k, 30k worth of equipment listed for resale at pennies on the dollar. The other common thread is "I just got my tax refund what should I buy"

Really if you could afford to spend that much on adult toys... a short term job loss (where they probably got severance) shouldn't have you in crisis mode that fast. :oops:

When general discussions tend to financial topics and I talk about BH principles I always get he "I cant afford to contribute to my 401k" "investments are all a scam I put my money under a mattress".. Gotta hodl Bitcoin Yo! etc......

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buccimane
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Re: A lot of heavy hitters this morning

Post by buccimane » Wed Mar 28, 2018 12:37 pm

If it helps, I just signed a lease for an apartment that will eat up 28% of my income... One of the cheapest options in my HCOL area..
A man convinced against his will is of the same opinion still

stoptothink
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Re: A lot of heavy hitters this morning

Post by stoptothink » Wed Mar 28, 2018 12:38 pm

jharkin wrote:
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
:thumbsup The knowledge I have gained here is far more than enough to overcome the few "there is no way you have a PhD and that job at a megacorp and only make XXX" comments I have received. If you have found this forum, chances are very strong that you are doing quite well.

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jharkin
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Re: A lot of heavy hitters this morning

Post by jharkin » Wed Mar 28, 2018 12:39 pm

mak1277 wrote:
Wed Mar 28, 2018 12:26 pm
jharkin wrote:
Wed Mar 28, 2018 12:24 pm
OP you are not the only one... I have notice the same and complained about it before...
I don't understand what there is to complain about though.


Maybe complain was a poor choice of words... Just sometimes like the OP there arent always a lot of people that can relate to more moderate issues.... and you get the self described two comma club folk come in and try and make us feel guilty for buying a new car when we are only one comma.... Which is what I suspect the OP was put off by......

Lynette
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Re: A lot of heavy hitters this morning

Post by Lynette » Wed Mar 28, 2018 12:41 pm

I love the book : Enough: True Measures of Money, Business, and Life – by John C. Bogle. Fortunately I am retired and in the stage of life where enough is truly enough. I do not need more. In fact, having more would be a burden as I would likely have to think about how to manage it. I am very content spending my time, taking courses and not having to bother about money.
Last edited by Lynette on Wed Mar 28, 2018 1:30 pm, edited 2 times in total.

Afty
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Re: A lot of heavy hitters this morning

Post by Afty » Wed Mar 28, 2018 12:43 pm

LiterallyIronic wrote:
Wed Mar 28, 2018 11:08 am
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.
I was going to post the same thing. And even on /r/personalfinance, there was just a similar post about how the people who post there are better off than the OP and they don't find the advice helpful: https://www.reddit.com/r/personalfinanc ... nance_for/

spectec
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Re: A lot of heavy hitters this morning

Post by spectec » Wed Mar 28, 2018 12:45 pm

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.
A good friend of mine quotes his father, who upon retrieving a coin from the ground, would always say "Ill never be too old or too fat to bend over and pick up money."
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. - Will Rogers

lostdog
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Re: A lot of heavy hitters this morning

Post by lostdog » Wed Mar 28, 2018 12:48 pm

BogleMelon wrote:
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!
Having 100K networth you're in the upper 80% of americans. Good job!
Vanguard Total World Equity Index - The rational portfolio

Silk McCue
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Re: A lot of heavy hitters this morning

Post by Silk McCue » Wed Mar 28, 2018 12:50 pm

jharkin wrote:
Wed Mar 28, 2018 12:39 pm
mak1277 wrote:
Wed Mar 28, 2018 12:26 pm
jharkin wrote:
Wed Mar 28, 2018 12:24 pm
OP you are not the only one... I have notice the same and complained about it before...
I don't understand what there is to complain about though.


Maybe complain was a poor choice of words... Just sometimes like the OP there arent always a lot of people that can relate to more moderate issues.... and you get the self described two comma club folk come in and try and make us feel guilty for buying a new car when we are only one comma.... Which is what I suspect the OP was put off by......
People need to grow a thicker skin. No one can make you feel anything. This isn't FB where we like and love each others posts. It's a learning and advice site. I don't need other people to change in order for me to learn and improve my financial position. I have been here for two years+ and I have learned and applied a tremendous amount and now have clear plan for the future including considerations that I never knew existed before I came here. Good thing I didn't get put off by others posts.

snowman
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Re: A lot of heavy hitters this morning

Post by snowman » Wed Mar 28, 2018 12:53 pm

Newbie444 wrote:
Wed Mar 28, 2018 12:13 pm
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.

Thanks for replying, makes sense. Good luck to you!

Ron
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Re: A lot of heavy hitters this morning

Post by Ron » Wed Mar 28, 2018 12:55 pm

Just remember, when folks start to talk about their 7 figure portfolios, that could mean anything from $10,000.00 to $9,999,999.

Both amounts have seven (digit) figures :mrgreen: ...

- Ron

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Nestegg_User
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Re: A lot of heavy hitters this morning

Post by Nestegg_User » Wed Mar 28, 2018 12:57 pm

ksualum wrote:
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:
so instead of gerry garcia ties we have to find bogle ties?

blevine
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Re: A lot of heavy hitters this morning

Post by blevine » Wed Mar 28, 2018 1:03 pm

You have to look at how people got there.
While there may be some who had significant earnings, there are also those who scrimped and saved their way.
Learning HOW they got there is the reason you want to see what these posters have to say.
Maybe you wont suddenly inherit a huge sum (nor win the lottery), but career, spending and investment advice can help you get there.

CMD1
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Re: A lot of heavy hitters this morning

Post by CMD1 » Wed Mar 28, 2018 1:04 pm

I've felt the same as the OP since I discovered this board. Recently there has been a lot of stories about the mental wellness issues with those using facebook and why some are giving it up to be happier. Same concept, seeing a highly selective group of posts of the the happy things in people's lives makes you envious sometimes, no matter how well grounded you are.

For what its worth I am in the $350k net worth range at age 40 in a HCL area, never had a six figure income year yet although pushing on the door, and with my wife going back to work after 5 years at home we will hit it in 2018, although much of her income will be for childcare as she gets her feet back in the corporate world and works her way into a position that she wants. Other than healthy retirement contributions and paying on a 15yr mortgage on a house its been pretty close to pay check to pay check but to others in that phase, things do get better and your income can rise when you don't expect it. Given a moderate to frugel lifestyle I still figure we will be in a good position in our mid 50's to choose what we want to do.

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munemaker
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Re: A lot of heavy hitters this morning

Post by munemaker » Wed Mar 28, 2018 1:07 pm

HomerJ wrote:
Wed Mar 28, 2018 11:53 am

I don't think anyone gets "money-shamed" for having too much or earning too much.
I think they sometimes do. They present a situation or question and get accused of "humble brag." Note: It is not me. I don't have enough to brag on here, humble or otherwise.

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Nestegg_User
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Re: A lot of heavy hitters this morning

Post by Nestegg_User » Wed Mar 28, 2018 1:10 pm

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.
ages ago, I remember finding that someone dumped a lot of change on the road at an intersection (this while walking to a lunch place). others were slightly amused that I’d wait for traffic to clear and go pick up a handful of change and return after the next bit of traffic (I’ll admit I only went for the shiny stuff and left the pennies... so I can’t claim true BH levels of frugality. )
hey, it ended up being a few days worth of lunches, win! :P


as for the OP’s post: there’s been a few threads about how those types of posts can really turn off the newbies
Those of us who started at the lower rungs and made our way up after decades to the six figure incomes (and large nest eggs) still remember the difficulties... Now in retirement, the money lessons are hard to break, but we far prefer the question of what we may “want” to buy (we’re at or below 2% WR ) versus can we afford “X” needs this month.
As others note, the lessons can be applied by all economic levels as opposed to “In the school of hard knocks, they give you the test first and then the lesson “
Last edited by Nestegg_User on Wed Mar 28, 2018 1:20 pm, edited 2 times in total.

10YearPlan
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Re: A lot of heavy hitters this morning

Post by 10YearPlan » Wed Mar 28, 2018 1:14 pm

OP, I feel you. I'd be lying if I didn't occasionally feel a pang of jealousy upon reading posts. But then I remember the reason I come here-to learn from others who have achieved financial independence or are on their way. If you take out windfalls, which are out of our control, then most people achieve FI by living below their means and making sound investment decisions with what they do save. Over a period of years (bogleheads skews older), this is almost certainly going to result in people getting rich. So instead of having that be deflating, think of what you can look forward to if you stay the course!

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goingup
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Re: A lot of heavy hitters this morning

Post by goingup » Wed Mar 28, 2018 1:25 pm

There have been a number of posts lately that share the OPs sentiment. I've been reading BH since the Diehard Morningstar days and don't remember this being a "thing" until recently.

We're all assembled here, presumably to learn and share knowledge. I'm elated that posters have financial assets and a broad spectrum of experiences in handling them. When I'm here I feel like I'm in the company of a lot brain power!

wrongfunds
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Re: A lot of heavy hitters this morning

Post by wrongfunds » Wed Mar 28, 2018 1:39 pm

full weeding parties
I don't think you meant what you wrote there! I suspect you meant wedding. "Weeding Parties" have whole different meaning in United States!

sambb
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Re: A lot of heavy hitters this morning

Post by sambb » Wed Mar 28, 2018 1:51 pm

I am so thankful to the successful and higher income people on this board. It is great to hear from them and see the issues and advice. The top 1% in the world is income of 35k i believe. Most posters here make more than that (just a guess). Thanks to everyone here for their insights.

bighatnohorse
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Re: A lot of heavy hitters this morning

Post by bighatnohorse » Wed Mar 28, 2018 1:59 pm

NextMil wrote:
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.
So true!
Yes, you may be swimming in the money river with big fish, but at least you are in the river.

My 40+ year old niece asked "What's the S&P 500?" when I mentioned it in passing.
I had all I could do to keep my jaw from hitting the floor.

jminv
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Re: A lot of heavy hitters this morning

Post by jminv » Wed Mar 28, 2018 2:32 pm

I think BHers can probably be summed up as those who would exhibit self-control as children in the marshmallow experiment. We are all people who would take two marshmallows tomorrow (or in 15 minutes in the classical experiment) versus one marshmallow today. In fact, we would probably take 2 marshamallows years from now versus one today. The only real world difference between BHers is the number of marshamallows we earn today plus our individual circumstances which determines how many marshmallows we can invest for tomorrow. I earn a lot of marshmallows, save the vast majority of them, and as a result in my mid-30s I can lose or gain 100,000 marshmallows in a day. Someday, I hope to be able to lose or gain 1,000,000 marshmallows in a day.

You probably also realize that a site like BH that is focused on money attracts people who are interested in money. People who are interested in money tend to have money or who will have money in the future. It also attracts frugal people (save money in the lowest possible cost index funds while making the market return) which leads to more savings. It's not surprising that BH attracts people that have more wealth than the average person. If you looked at your own situation, you probably are also doing better than the average person.


It's important to realize that there will always be people that are better off in some way than you are both financially and non-financially. There's always going to be someone that has it better than you do. At the same time, there's a whole world out there that is much worse off than you are. If you focus on the rest of the world and your position in it rather than your position relative to the upper strata of US society you will feel better. You have it way better than the majority of the world. I say this as someone who has lived in some pretty terrible countries and witnessed real absolute poverty and desperation first hand. I think sometimes of how I can gain or lose more money in one day than a very large segment of the world will earn in their entire lifetimes. Whenever a relative or DW mentions some form of jealousy/envy, I always remind them how fortunate we really are. Social media and news tends to add to this envy because you are constantly exposed to people that have more money, more fun, or (seemingly) more happiness than you do. I stopped using social media (unless BH counts) years ago because of this problem. Just a thought.
Last edited by jminv on Wed Mar 28, 2018 2:37 pm, edited 2 times in total.

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jharkin
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Re: A lot of heavy hitters this morning

Post by jharkin » Wed Mar 28, 2018 2:32 pm

Silk McCue wrote:
Wed Mar 28, 2018 12:50 pm
People need to grow a thicker skin. No one can make you feel anything. This isn't FB where we like and love each others posts. It's a learning and advice site. I don't need other people to change in order for me to learn and improve my financial position. I have been here for two years+ and I have learned and applied a tremendous amount and now have clear plan for the future including considerations that I never knew existed before I came here. Good thing I didn't get put off by others posts.
Easy to say, but a little harder to do when you are on the receiving end.

Some folks can get harsh, and jump to conclusions... Just go read that recent thread about the guy who won the lottery. He came here actively admitting his past mistakes, asking for help, and acting on it , and what does the poor guy get for his trouble? He was brutalized with accusations about his character, his past mistakes and being and assumptions that he was not worthy of our help or would not follow though.

And I saw the thread after LadyGeek and the other mods sanitized it. I can't imagine how harsh it was to begin with :(

The anonymity of the internet brings out the worst in people sometimes, and this site - while FAR better than most - is not immune.

Darth Xanadu
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Re: A lot of heavy hitters this morning

Post by Darth Xanadu » Wed Mar 28, 2018 2:40 pm

jminv wrote:
Wed Mar 28, 2018 2:32 pm

I think BHers can probably be summed up as those who would exhibit self-control as children in the marshmallow experiment.
I just read about this experiment in this baby/parenting book I'm reading. The author suggests the best way to increase the likelihood of your kid getting into the college of their choice is to teach impulse control.
"A courageous teacher, failure is."

denovo
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Re: A lot of heavy hitters this morning

Post by denovo » Wed Mar 28, 2018 2:46 pm

HomerJ wrote:
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.


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.

+1
"Don't trust everything you read on the Internet"- Abraham Lincoln

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unclescrooge
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Re: A lot of heavy hitters this morning

Post by unclescrooge » Wed Mar 28, 2018 2:51 pm

oxothuk wrote:
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.
Genius!

denovo
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Re: A lot of heavy hitters this morning

Post by denovo » Wed Mar 28, 2018 2:52 pm

munemaker wrote:
Wed Mar 28, 2018 1:07 pm
HomerJ wrote:
Wed Mar 28, 2018 11:53 am

I don't think anyone gets "money-shamed" for having too much or earning too much.
I think they sometimes do. They present a situation or question and get accused of "humble brag."
Don't you think some are obvious humblebrags? Like I have 4 million and I am 65, can I retire on 40k a year? Ha.
"Don't trust everything you read on the Internet"- Abraham Lincoln

Silk McCue
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Re: A lot of heavy hitters this morning

Post by Silk McCue » Wed Mar 28, 2018 2:54 pm

jharkin wrote:
Wed Mar 28, 2018 2:32 pm
Easy to say, but a little harder to do when you are on the receiving end.

Some folks can get harsh, and jump to conclusions... Just go read that recent thread about the guy who won the lottery. He came here actively admitting his past mistakes, asking for help, and acting on it , and what does the poor guy get for his trouble? He was brutalized with accusations about his character, his past mistakes and being and assumptions that he was not worthy of our help or would not follow though.

And I saw the thread after LadyGeek and the other mods sanitized it. I can't imagine how harsh it was to begin with :(

The anonymity of the internet brings out the worst in people sometimes, and this site - while FAR better than most - is not immune.
In the post I replied to you on you weren’t talking about being harsh to a millionaire. In fact it was the precise opposite. This is what I was responding to as shown in my prior post.
jharkin wrote:
Wed Mar 28, 2018 12:39 pm
Maybe complain was a poor choice of words... Just sometimes like the OP there arent always a lot of people that can relate to more moderate issues.... and you get the self described two comma club folk come in and try and make us feel guilty for buying a new car when we are only one comma.... Which is what I suspect the OP was put off by......
You were deriding the “self described two comma club folk ...”. Don’t try to change the story. BTW this site deals with “moderate issues” day in and day out. Giving advice that someone doesn’t overspend on a car or a house or whatever is not to make people feel guilty but rather to help them make wise financial decisions. I’m certain people get bad attitude responses but that is not the norm.

BTW the OP has a very healthy 401k as noted earlier in this thread. They don’t seem to recognize how many people will never have that much and yet they feel bad because of those that have more that post about their situations looking for advice. It goes both ways.

Cheers

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Re: A lot of heavy hitters this morning

Post by Darth Xanadu » Wed Mar 28, 2018 2:58 pm

unclescrooge wrote:
Wed Mar 28, 2018 2:51 pm
oxothuk wrote:
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.
Genius!
Except he's wearing clothes straight off the rack from Goodwill. :shock:

I buy thrift clothes occasionally. But I wash it all before wearing them.
"A courageous teacher, failure is."

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Re: A lot of heavy hitters this morning

Post by triceratop » Wed Mar 28, 2018 2:58 pm

unclescrooge wrote:
Wed Mar 28, 2018 2:51 pm
oxothuk wrote:
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.
Genius!
I don't know about "genius", it costs me $2.00 to do all of my laundry every 2 weeks.

I'll grant you it is "genius" if one has the unfortunate problem of excess cash flow that one is unburdening oneself of. :wink:
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

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nisiprius
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Re: A lot of heavy hitters this morning

Post by nisiprius » Wed Mar 28, 2018 2:59 pm

fittan, I agree with you.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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saltycaper
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Re: A lot of heavy hitters this morning

Post by saltycaper » Wed Mar 28, 2018 3:00 pm

I associate "heavy hitter" with the posters who display superior investment knowledge, take an objective and logical approach to assessing information, and have the ability to communicate clearly and concisely, not someone who just has a lot of money. (I would not take advice from someone just because they had a lot of money. Some of them earned their money by providing bad investment advice.) When you feel disconnected from people asking question, maybe consider that what usually matters more to a silent reader is not the person asking the questions but rather the person providing the answers.
Quod vitae sectabor iter?

cantos
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Re: A lot of heavy hitters this morning

Post by cantos » Wed Mar 28, 2018 3:02 pm

MikeWillRetire wrote:
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/
Wow. Just read the first page of a thread and it was too much for me to bear.

Afty
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Re: A lot of heavy hitters this morning

Post by Afty » Wed Mar 28, 2018 3:16 pm

munemaker wrote:
Wed Mar 28, 2018 1:07 pm
HomerJ wrote:
Wed Mar 28, 2018 11:53 am

I don't think anyone gets "money-shamed" for having too much or earning too much.
I think they sometimes do. They present a situation or question and get accused of "humble brag." Note: It is not me. I don't have enough to brag on here, humble or otherwise.
There are also the cases where people get accused of outright lying or trolling.

davidsorensen32
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Re: A lot of heavy hitters this morning

Post by davidsorensen32 » Wed Mar 28, 2018 3:17 pm

Don’t feel demoralized. Look at it this way - if husband and wife work for even just 20 years and just save normally, they would save

Husband 401(k) = 18,500
Husband match = 6,000
Wife 401(k) = 18,500
Wife match = 6,000
2x Backdoor Roth = 11,000
529 = 6,000 (say only $500 per month)
HSA = 6,900

Total = $73,000

Save for 20 years = $1.4M without any appreciation. As you can see it’s very doable. Throw in some market appreciation and you should easily cross $2.5-$3M. Not exactly bill gates style rich but enough for FI in 20 years for most of us.

PFInterest
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Re: A lot of heavy hitters this morning

Post by PFInterest » Wed Mar 28, 2018 3:20 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 :?
there are people with more money. there are people with none.

all of them need help to manage it however.

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Re: A lot of heavy hitters this morning

Post by PFInterest » Wed Mar 28, 2018 3:22 pm

davidsorensen32 wrote:
Wed Mar 28, 2018 3:17 pm
Don’t feel demoralized. Look at it this way - if husband and wife work for even just 20 years and just save normally, they would save

Husband 401(k) = 18,500
Husband match = 6,000
Wife 401(k) = 18,500
Wife match = 6,000
2x Backdoor Roth = 11,000
529 = 6,000 (say only $500 per month)
HSA = 6,900

Total = $73,000

Save for 20 years = $1.4M without any appreciation. As you can see it’s very doable. Throw in some market appreciation and you should easily cross $2.5-$3M. Not exactly bill gates style rich but enough for FI in 20 years for most of us.
i think you missed the point. saving 73k/year is not normal for a lot of people. thats what they might make all year.

Iliketoridemybike
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Re: A lot of heavy hitters this morning

Post by Iliketoridemybike » Wed Mar 28, 2018 3:25 pm

If you want to feel good, listen to Dave Ramsey and all the people who call in up to their armpits in debt.

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saltycaper
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Re: A lot of heavy hitters this morning

Post by saltycaper » Wed Mar 28, 2018 3:26 pm

davidsorensen32 wrote:
Wed Mar 28, 2018 3:17 pm
Don’t feel demoralized. Look at it this way - if husband and wife work for even just 20 years and just save normally, they would save

Husband 401(k) = 18,500
Husband match = 6,000
Wife 401(k) = 18,500
Wife match = 6,000
2x Backdoor Roth = 11,000
529 = 6,000 (say only $500 per month)
HSA = 6,900

Total = $73,000

Save for 20 years = $1.4M without any appreciation. As you can see it’s very doable. Throw in some market appreciation and you should easily cross $2.5-$3M. Not exactly bill gates style rich but enough for FI in 20 years for most of us.
Geez. Don't kick a man when he's already down. :D
Quod vitae sectabor iter?

CMD1
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Re: A lot of heavy hitters this morning

Post by CMD1 » Wed Mar 28, 2018 3:27 pm

davidsorensen32 wrote:
Wed Mar 28, 2018 3:17 pm
Don’t feel demoralized. Look at it this way - if husband and wife work for even just 20 years and just save normally, they would save

Husband 401(k) = 18,500
Husband match = 6,000
Wife 401(k) = 18,500
Wife match = 6,000
2x Backdoor Roth = 11,000
529 = 6,000 (say only $500 per month)
HSA = 6,900

Total = $73,000

Save for 20 years = $1.4M without any appreciation. As you can see it’s very doable. Throw in some market appreciation and you should easily cross $2.5-$3M. Not exactly bill gates style rich but enough for FI in 20 years for most of us.
Good example, but this is what leads to feelings like the OP had about this board. Saving 73k PER YEAR is tough to near impossible for most families. Heck, a majority of families don't even make that much. Even at $200k, you still need to save 36% of your income, certainly doable but that puts you in what, the top 5%. Of course it takes nothing into account of your expenses now and in retirement. I think saving x percent of your income is more practical. For you maybe 2.5M is needed, but many of us will be fine with 1.5M.

mx711yam
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Re: A lot of heavy hitters this morning

Post by mx711yam » Wed Mar 28, 2018 3:29 pm

I completely agree. I tell me wife all the time how we're poor ( really we're probably the 1% for our age) and she goes off on me. But when you see how much some of these other people on here have and make, it sure does make you feel poor!

I have had to kind of limit the amount of time I have spent on this site over the last couple of years because I have noticed it has been messing with my head and making me feel not blessed for where I am due to my constant comparison with others.

Hanksmoney
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Re: A lot of heavy hitters this morning

Post by Hanksmoney » Wed Mar 28, 2018 3:33 pm

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 go to Aldi just to check if there are any quarters left behind

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Re: A lot of heavy hitters this morning

Post by bigred77 » Wed Mar 28, 2018 3:34 pm

davidsorensen32 wrote:
Wed Mar 28, 2018 3:17 pm
Don’t feel demoralized. Look at it this way - if husband and wife work for even just 20 years and just save normally, they would save

Husband 401(k) = 18,500
Husband match = 6,000
Wife 401(k) = 18,500
Wife match = 6,000
2x Backdoor Roth = 11,000
529 = 6,000 (say only $500 per month)
HSA = 6,900

Total = $73,000

Save for 20 years = $1.4M without any appreciation. As you can see it’s very doable. Throw in some market appreciation and you should easily cross $2.5-$3M. Not exactly bill gates style rich but enough for FI in 20 years for most of us.
So "saving normally" means saving 124% of the median annual household income in the US?

I'll spread the word.

Atilla
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Re: A lot of heavy hitters this morning

Post by Atilla » Wed Mar 28, 2018 3:41 pm

It all depends. In Podunk Arkansas I'm King of the World. Lookit Mabel, we done become milyunaires. In San Francisco, I'm just another chump who can't afford to buy a decent house.
The Village Idiot - here for your entertainment.

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Re: A lot of heavy hitters this morning

Post by stoptothink » Wed Mar 28, 2018 3:51 pm

bigred77 wrote:
Wed Mar 28, 2018 3:34 pm
davidsorensen32 wrote:
Wed Mar 28, 2018 3:17 pm
Don’t feel demoralized. Look at it this way - if husband and wife work for even just 20 years and just save normally, they would save

Husband 401(k) = 18,500
Husband match = 6,000
Wife 401(k) = 18,500
Wife match = 6,000
2x Backdoor Roth = 11,000
529 = 6,000 (say only $500 per month)
HSA = 6,900

Total = $73,000

Save for 20 years = $1.4M without any appreciation. As you can see it’s very doable. Throw in some market appreciation and you should easily cross $2.5-$3M. Not exactly bill gates style rich but enough for FI in 20 years for most of us.
So "saving normally" means saving 124% of the median annual household income in the US?

I'll spread the word.
Exactly. That path to FIRE is possible for a very small percentage of the population; to the vast majority of the population, suggesting saving half that much per year is "very doable" would get a nice chuckle. I can deadlift 500+lbs, it is "very doable" for everybody...so why can't you? :oops:

FWIW, we do save that much (minus the 529, but it is more than overtaken by extra mortgage principle payments and cash savings), but we don't talk or act like this is remotely possible for most families. The wife and I are very aware of our good fortune.

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celia
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Re: A lot of heavy hitters this morning

Post by celia » Wed Mar 28, 2018 3:52 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 :?
Yeah, sometime I see things like this too, then realize it is just the moment of time when I entered the forum. The topics keep re-arranging themselves as the day goes on with the threads with recently added posts at the top. But if you enter an hour earlier or later, you will see completely different posts. So I just scroll down and find something of interest, then, after I post, I see the whole list has been re-shuffled!

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Re: A lot of heavy hitters this morning

Post by RadAudit » Wed Mar 28, 2018 3:53 pm

Ron wrote:
Wed Mar 28, 2018 12:55 pm
Just remember, when folks start to talk about their 7 figure portfolios, that could mean anything from $10,000.00 to $9,999,999.

Both amounts have seven (digit) figures :mrgreen: ...

- Ron
I always count the digits to the right of the decimal point.
FI is the best revenge. LBYM. Invest the rest. Stay the course. - PS: The Calvary isn't coming, kids. You are on your own.

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