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re: A $4.03 hourly wage in 1973 had the same purchasing power that $23.68 would last year.
Posted on 4/22/19 at 7:20 pm to highcotton2
Posted on 4/22/19 at 7:20 pm to highcotton2
Unfortunately gold doesn't have earnings or dividends like real investments, which far outgrow the simple price appreciation you hope gold produces. Plus there are no storage fees, instant liquidity and very limited transaction costs compared to holding precious metals.
My grandmother did the same thing for her 3 sons when they finished high School, buying them each a 1 oz kruggerand. My dad graduated in 1972 and my dad and uncles each got theirs when MiMaw passed away in 2015. My sister is a finance major and she compared the 1972 cost basis invested in the S&P 500 versus the roughly $1,200 my dad sold the coin for. The mutual fund return was over 10x the value of the gold coin. It was a nice gesture but not a good long term investment.
My grandmother did the same thing for her 3 sons when they finished high School, buying them each a 1 oz kruggerand. My dad graduated in 1972 and my dad and uncles each got theirs when MiMaw passed away in 2015. My sister is a finance major and she compared the 1972 cost basis invested in the S&P 500 versus the roughly $1,200 my dad sold the coin for. The mutual fund return was over 10x the value of the gold coin. It was a nice gesture but not a good long term investment.
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Posted on 4/22/19 at 7:21 pm to highcotton2
quote:
Both of them could have been sold for double that in years past.
Could you imagine losing half your value on an inflation hedge?
quote:
but gold and silver are always safe.
Ehh...
Posted on 4/22/19 at 7:25 pm to efrad
It's just thinly veiled government theft, so they can inflate away the value of the national debt.
I recall reading a former Fed chair saying in an interview recently: "why is there 2% inflation target at the Fed? That means the price of everything doubles in roughly 1 generation."
He's right, why is there a misguided notion that an increase in the PRICE LEVEL is a good thing? Creating rising prices without the underlying economic growth is very bad.
I recall reading a former Fed chair saying in an interview recently: "why is there 2% inflation target at the Fed? That means the price of everything doubles in roughly 1 generation."
He's right, why is there a misguided notion that an increase in the PRICE LEVEL is a good thing? Creating rising prices without the underlying economic growth is very bad.
This post was edited on 4/22/19 at 7:25 pm
Posted on 4/22/19 at 8:29 pm to FLObserver
At my current salary in 1970s would be the equivalent of 230 dollars an hour with a 40 hr work week.
Roughly 478k a year today.
Roughly 478k a year today.
Posted on 4/22/19 at 8:33 pm to fallguy_1978
quote:
That's the thing about retirement. You don't know how much things will cost, you don't know if you will get SS or how much and you don't know how long you are going to live. It's just a guesstimate
This is why I live the high life and just hope I die by 65
Posted on 4/22/19 at 8:34 pm to GoIrish02
quote:
He's right, why is there a misguided notion that an increase in the PRICE LEVEL is a good thing? Creating rising prices without the underlying economic growth is very bad.
Real GDP has grown though.
Posted on 4/22/19 at 8:35 pm to Rouge
quote:
grandfather paid roughly $70K for the house I grew up in. He bought it in 1979. He showed up with a bag of money. The builder didn't know what to do. As the story was told to me, my grandfather told the builder, "well...I give you the money and you give me the deed. It's pretty simple."
Our family sold an apt complex we had in Arkansas and my dad when he bought his house 3 years ago took a portion of his cut from the sale (50k that he cashed and had in a safe) for the down payment.
Needless to say today when you walk into a bank with 50k cash it doesn’t go over too well.
Posted on 4/22/19 at 8:36 pm to fallguy_1978
quote:
My dad paid 48k for our first house in the late 70s
I paid $39K for my first house in 1992.
Posted on 4/22/19 at 8:37 pm to 777Tiger
quote:
I actually lived in a closet(no homo,) for part of my sophomore year, it was just fine. bathroom right down the hall, comfortable bed(
Are you implying there were places you could live in college that actually had bathrooms in the room, and not right down the hall? I got most of my exercise making the round trip down the hall to pee.
Posted on 4/22/19 at 8:42 pm to FLObserver
The main thing I've gathered from this thread is that boomers are still insufferable.
As a GenXer, I sure hope the stench of boomers doesn't rub off onto my generation so that people hate us when we're old geezers.
As a GenXer, I sure hope the stench of boomers doesn't rub off onto my generation so that people hate us when we're old geezers.
Posted on 4/22/19 at 9:10 pm to FLObserver
$4 per hour was solid in 1973. When I was in high school in 1983, min wage was 3.35 per hour. If you were making 3.50, you were doing well. So $4 per hour 10 years earlier was solid scratch
Posted on 4/22/19 at 9:12 pm to efrad
quote:
But absolutely it has been poor government monetary policy that has destroyed the value of the dollar.
You ain't seen nothing yet!
They have not yet BEGUN to annihilate the value of the US Dollar!
Posted on 4/22/19 at 9:12 pm to mmmmmbeeer
quote:
The main thing I've gathered from this thread is that boomers are still insufferable.
Do you tell your parents how much you hate them?
Posted on 4/22/19 at 9:19 pm to fallguy_1978
First house I bought, on Aberdeen in Southdowns, $39,000.
Runnin $350,000 and up now.
Folks paid $16,500 for first house in University Acres.
Just sold $475,000 ....... and was torn down....
Runnin $350,000 and up now.
Folks paid $16,500 for first house in University Acres.
Just sold $475,000 ....... and was torn down....
Posted on 4/22/19 at 10:01 pm to 777Tiger
quote:
to take a job flying a jet that went twice the speed of sound and could deliver nuclear ordinance.
I didn't know you flew Mig-23's........ learn something new everyday
Posted on 4/22/19 at 10:16 pm to fallguy_1978
quote:
Do you tell your parents how much you hate them?
I don't hate my dad, but I could certainly point to exhibits A-ZZ of how he demonstrates all that's wrong with the boomers. He does care about the environment, so I'll give him that.
This post was edited on 4/22/19 at 10:17 pm
Posted on 4/22/19 at 10:25 pm to mmmmmbeeer
quote:
I don't hate my dad, but I could certainly point to exhibits A-ZZ of how he demonstrates all that's wrong with the boomers. He does care about the environment, so I'll give him that.
My dad is a boomer and an awesome guy. He's done a lot for me in my life. People making sweeping generalizations about a quarter of the country seems a bit like what millenials are always complaining about being done to them
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