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Started By
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re: American middle class families must really not be saving any money.
Posted on 3/20/23 at 10:51 am to RogerTheShrubber
Posted on 3/20/23 at 10:51 am to RogerTheShrubber
quote:
I have two accts that are over 6% since 01/2020.
That's down from 16%+
Definitely not up as much as they were under Trump, but they are still up, as in they are gaining rather than losing.
2
Posted on 3/20/23 at 11:02 am to Volvagia
quote:
without who never saved a penny but always had the latest iPhone and recent model car.
Where are these people with the newest iphone and cars that you guys talk about?
Everyone I see is driving a used toyota and has an iphone 10.
Posted on 3/20/23 at 11:03 am to Epic Cajun
quote:
I have two accts that are over 6% since 01/2020.
What has inflation been since then?
Posted on 3/20/23 at 11:03 am to RogerTheShrubber
The government should do beer stamps for us working folks. Tallboys are up to almost 8 bucks now
Posted on 3/20/23 at 11:12 am to Epic Cajun
quote:\
Definitely not up as much as they were under Trump
This started under Trump. He's to blame for letting the economic terrorists loose.
During that period people also tapped their retirement accounts due to the CARES act.
quote:
The CARES Act, which President Donald Trump signed into law this spring, allows individuals affected by the pandemic to take emergency withdrawals of up to $100,000 from their retirement plans.
Savers under age 59½ can now withdraw the sums from their 401(k) and 403(b) accounts without the usual 10% early withdrawal penalty. This also applies to individual retirement accounts.
As more people lose their jobs and millions more face the risk of losing their $600 weekly enhanced federal unemployment benefit, savers have started tapping their retirement accounts.
quote:
Indeed, 17% of all distributions taken by savers between April 6 and June 26 were “coronavirus-related distributions,” according to an ADP analysis of plans it manages.
Posted on 3/20/23 at 11:20 am to RogerTheShrubber
No. But some do. It’s their living and lifestyle on the taxpayer. Short-term and emergency assistance is good, but not lifetime. Too many middle class hard working people are struggling for it to be a permanent thing.
Posted on 3/20/23 at 11:24 am to DiamondDog
130k is bare minimum for a plant operator. 160k is the norm
Posted on 3/20/23 at 11:24 am to Dixie2023
quote:
Too many middle class hard working people are struggling for it to be a permanent thing.
See, I disagree with this. "Struggling" seems to be a bit hyperbolic.
I would rather struggle than to be dependent, any day.
Posted on 3/20/23 at 11:31 am to RogerTheShrubber
I’m struggling like spiritually or something
Haven’t had a day off in like 5 years and don’t get any free shite like what’s the point. I’m so ready for the collapse of civilization just so I can like set up a lawn chair and relax for a bit
Haven’t had a day off in like 5 years and don’t get any free shite like what’s the point. I’m so ready for the collapse of civilization just so I can like set up a lawn chair and relax for a bit
Posted on 3/20/23 at 11:37 am to el Gaucho
quote:
Haven’t had a day off in like 5 years and don’t get any free shite like what’s the point.
I got some good news for you. Move to San Francisco, steal less than $950 worth of stuff at each place you stop, every day and you'll be thriving.
Posted on 3/20/23 at 11:38 am to PappaSwolio
quote:
Not sure how 300-350k houses are still flying off the market
That price point is a starter home. I see it every day, and it still amazes me.
Posted on 3/20/23 at 11:40 am to el Gaucho
quote:
The government should do beer stamps for us working folks.
As much as they love to frick us, you'd think there would be drinks.
Posted on 3/20/23 at 11:51 am to THRILLHO
quote:
So a ~7% increase over a period that has seen ~20% inflation? It's better than stuffing the cash in a mattress, but not what I'd call a good investment.
+7% is a helluva lot better than being negative, which apparently is what many of the people on here are.
Posted on 3/20/23 at 11:55 am to JohnnyKilroy
quote:
+7% is a helluva lot better than being negative,
Well, it is negative for a lot of people when you consider contributions.
Posted on 3/20/23 at 12:01 pm to NotoriousFSU
quote:
They should start looting the stores in their communities.
Yeah its working in DC and Portland.
Another example of the beauty of Socialism.
It works great until other folks money runs dry.
Posted on 3/20/23 at 12:03 pm to Gus007
quote:
Yeah its working in DC and Portland.
Portland seems to be the sweet spot for the jobless. You can squat property, steal with impunity.
Posted on 3/20/23 at 12:04 pm to Jcorye1
quote:
quote:
Not really understanding how the jimmy and joes are making it out here.
Retirement and credit are gigantic bubbles that the Fedgov can't let collapse.
this is my thought. both my wife (sorry, no pics) and i max out my 401k and her and I's roth ira's. We also save extra money in our investment accounts. if we stopped doing all of this, we'd have a lot more take home income each year.
Posted on 3/20/23 at 12:10 pm to evil cockroach
quote:
max out my 401k and her and I's roth ira's. We also save extra money in our investment accounts. if we stopped doing all of this, we'd have a lot more take home income each year.
I could do this and have it go down 1% every day along with the rest of the market or I could just put it into cash and hope for a good opportunity to come along as things keep getting worse like buying someone’s house for pennies on the dollar
Posted on 3/20/23 at 12:28 pm to DiamondDog
It was really cheap to borrow for a home just a few short years ago.
A 300k house with 5% down at a 3% interest rate is still just $1200/month before taxes and insurance. That's just not that much when compared to rent.
We also have LA residents getting TOPS and staying here. No student loan payments (whether Covid-deferred or not) and historically low interest rates helped to set some families up.
A 300k house with 5% down at a 3% interest rate is still just $1200/month before taxes and insurance. That's just not that much when compared to rent.
We also have LA residents getting TOPS and staying here. No student loan payments (whether Covid-deferred or not) and historically low interest rates helped to set some families up.
Posted on 3/20/23 at 2:03 pm to mthorn2
quote:
Yeah my 401K is still $35k below what it was when Biden took office and I put 12% every check.
That's on your asset allocation, my dude. S&P closed at $3,799 on Trump's last day in office. It's currently at like $3,940. If you're putting in 12% every check and are $35k below where you were in January 2021, you need to stop handling your own investments and get a professional to help.
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