There are a lot of similarities between saving/investment success and weight loss/healthy living. Daily habits matter more than Bold Resolutions. Its why so many people fail on both fronts.
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Are you kidding me? Learning #1 and #2 was the most liberating thing for me. That I could just automate my savings by dumping some set amount out of every paycheck into low expense ratio mutual funds (took me a few years to learn about expense ratios, oh well), and that it was basically an unbeatable savings plan was so freeing. Don’t have to worry about that shit. Set it and forget it, just keep saving just keep saving just keep saving. Worry = gone.
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Yeah but that’s very unintuitive for most people. People like the idea of a One Neat Trick that results in instant gratification.
Woops
Also fwiw I think the existing individual economics thread is this one, though there might be another:
https://unstuckpolitics.com/t/individual-economics-in-the-age-of-covid-19/2236/1095
TBH I think the best setup would be three separate threads:
- one for the “economy” aka the general stock market happenings
- one for individual economics for serious adult business
- one containment thread for all of our stupid meme stock bullshit
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- one for individual economics for serious adult business
- one containment thread for all of our stupid meme stock bullshit
thinking those are separate is the reason you’re never getting to the moon
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I don’t think we need a mod to move posts, but I’ll retitle this thread to be about the economy and stock market (since it’s in the politics category) and will start a separate meme stock thread in Sundry Chitchat for containment.
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you too can retire at 35 like me if you follow this one simple trick:
1.Have a spouse that makes 80k and doesn’t want children.
DINK households are hugely overrepresented in the fire community. A lot of the advise they give out has the same feeling of boomers saying millennials should just stop eating avocado toast when the real answer is they should have been born 40 years earlier.
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Way ahead of you, and Sugar Momma makes more than 80k. She puts up with a lot so that she doesn’t have to do any of the dishes. Cha ching.
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I do 95% of the cooking, probably why she keeps me around.
I made about 2 million after taxes on meme stonk calls in january and as of today I’m done working.
…
I’ll slowly put most of it into an sp500 fund over the next 2-3 years. After digging into bonds I decided that I’d rather just have cash instead and use that to buy any major dips that come up. I want to keep my withdrawals in the 2-3% range since that seems to be best for making a nest egg last forever.
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Lololol, wtf? Youd have to live 835 years to make 500K. How can people be so fucking stupid?
Oh man, you left out the best part:
I cashed out my 401k of about 80k and went all in on gme calls far out of the money.
Can’t wait until Republicans are in power and Social Security is privatized.
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On a completely unrelated note, I always wonder if mega wealthy people (e.g Bezos) get arsed up to do a back door roth. Apparently his accountant claimed some sort of minuscule child tax credit for him even after he became extremely wealthy, so maybe one of his people just does it for him as a matter of course.
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Question for the tax savvy. Are there circumstances where you can cash out a 401k but not roll it over into an IRA. If he was going to donk around why wouldn’t he at least do it in a tax protected account.
You can’t roll out of most 401k plans to an IRA without leaving your job. (I’m also not sure if any IRAs allow options trading. Probably these days some do.)
AFAIK you can always cash out your 401k if you want to pay penalties. If this guy was confident enough his calls would pay off like they did it’s even an easy decision to do so. Not that he should have been that confident, but it also illustrates that accepting the penalties is an insignificant level of dumb in his overall scheme.
I don’t think so. You can usually take a loan from your 401k, but most of the plans I’ve been involved in did not allow cashing out without leaving the job. I do know some, particularly those that offer after tax contributions, allow rolling out to IRAs. (This is how people do mega backdoor Roth’s.)
So I jinxed myself. Started the car today and got a bunch of different warnings and it idled really rough for a few minutes. Took it over to the garage where they ran diagnostics and they found several codes for cylinders misfiring.
I had forgotten that just when the pandemic started the car overheated a couple of times in bad traffic and we had narrowed it down to the head gasket failing when the engine got really hot. Since I’ve only been driving around town the past 18 months, I haven’t had any problems, but apparently this is likely all related.
This all goes back to running over a fence post on the highway about 5 years ago and piercing the radiator and overheating the engine stupidly driving it to the shop instead of pulling over and getting a tow. The shop thinks this overheating incident compromised the head gasket causing it to start failing many years sooner than expected. At least I got an extra 1.5 years out of it, but it looks like either several grand of work or time to move on.
Even if you hold the outlook that companies like Amazon, Walmart and so forth are evil - which they are in serious ways, you’re still going to be confronted with decisions that matter to you.
What I mean is that your dollar to Amazon basically goes unnoticed while the returns of your invested dollar for two decades could very easily become life changing money. Sure, you made that corrupt company a smidgen bit more evil but you also helped yourself.
So all the people I pegged as schmucks at my cigar lounge are now only talking about stocks and crypto. I think the bull run is done.
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