Kreskin died recently so there is no one that can predict the future ups and downs of the stock market.
I sold all my stocks and bonds today.
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This is my last post on this thread.
Once a person reaches a certain level of financial security (and age) there is no need to keep wanting to grow their balance.
Another 20%…. 40%…. 70% won’t change my lifestyle or the way I manage my finances.
Once a person reaches a certain level of financial security (and age) there is no need to keep wanting to grow their balance.
Another 20%…. 40%…. 70% won’t change my lifestyle or the way I manage my finances.
More than half of my retirement goal is legacy planning. The more I can pass down to my kids the better, I think they're going to need it with the long term financial outlook of this country.
In my last 20 years, if I can double my nest egg twice, the better it will be for them.
In my last 20 years, if I can double my nest egg twice, the better it will be for them.
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Yeah, I'd say if you have as much money as he did, you're either a fool or self entitled if you still wake up every morning dedicating your life to trying to make more. Looks like he learned a little too late that their is more to life than going to work everyday to make money. Have fun when you can, their is always more work to be done tomorrow.
In a tax deferred account like a 401K/TSP/IRA, there's zero implications. You're taxed when you withdraw it.
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Assuming it is in such an account
Post 81 addressed it
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That was what irritated me was paying taxes on money that was just sitting in an account not doing anything, then the next year that money you paid taxes on is gone because the market made a downturn.
Also post #60
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My apologies for not using my magnifying glass on all 115 posts
THIS.
I don't actually "need" my portfolio to make it through life. Real estate keeps me funded pretty well, then SS will come in a few years.
SO, I invest for legacy purposes. With that in mind, I apply the timeline for my kids (26, 28, 33) to the portfolio, so its very much long term invested, if that makes sense.
Agree 100%. Was with Fidelity for years...they did just fine by us but the sometimes needed personal service side sucked with them. Moved everything to a smaller, top rated independent and couldn't be happier. Fees were slightly less than Fidelity overall too.
Wrong. Retired isn't a one size fits all category. Additionally, while wealth management and investing and estate planning can all be connected, they are indeed independent functions. So far this thread mentions nothing about real estate holdings, which can be significant.
Which is why you do Roth conversions when the time comes...which is why having a reputable advisor is prudent unless you have that knowledge and competence yourself. I don't.
There is an argument to be made that given the trajectory of federal debt and deficits and the lack of seriousness in both parties about addressing the issue that a diversified large cap fund like an S&P 500 fund is a safer investment (put aside volatility risk which is real certainly) long term than USTs, particularly given inflation risk. This is particularly true for investors who may have access to a pension with little counterparty risk (eg state or federal employees).
The other thing that makes this less crazy than it sounds is that it is my belief we made a serious mistake weaponizing the dollar and the UST in the context of sanctions related to the Ukraine war. We have never done this before, and many shady countries who nevertheless use the USD and the UST as reserves (USTs are typically the lowest haircut collateral for most financing transactions between banks, investment banks, clearing houses, and hedge funds, so they are attractive as a result) are now acutely aware that their safe reserves are not as safe as they thought if they piss of Uncle Sam and the bureaucrats in Brussels. So they are now looking for alternatives. Now right now there is no clear alternative - Euro and Yen are in political alignment with the USD - and Chinese and Russian currencies are not transparent. But the Trumpies want to bring crypto into the financial system (right now you cannot have it in a proper bank or broker, only in the unregulated affiliate, which limits its use as a medium of exchange for real currencies) and there is a lot to watch to see how that plays out. Point is we may have strongly encouraged the rest of the world to look for an alternative to the USD and UST (anyone who does not clearly understand the critical nature of that relationship should read a book like Hamilton by Ron Chernow) and now be providing them with the alternative via our coming regulatory embrace of crypto.
Time will tell. The good part of investing is reading how normal folks are able to provide and advance for their families while starting out with very little. The American dream is alive and well if you are smart enough and disciplined enough to save regularly, the discussion here proves this - most probably started out with no real assets.
Happy new year.
The other thing that makes this less crazy than it sounds is that it is my belief we made a serious mistake weaponizing the dollar and the UST in the context of sanctions related to the Ukraine war. We have never done this before, and many shady countries who nevertheless use the USD and the UST as reserves (USTs are typically the lowest haircut collateral for most financing transactions between banks, investment banks, clearing houses, and hedge funds, so they are attractive as a result) are now acutely aware that their safe reserves are not as safe as they thought if they piss of Uncle Sam and the bureaucrats in Brussels. So they are now looking for alternatives. Now right now there is no clear alternative - Euro and Yen are in political alignment with the USD - and Chinese and Russian currencies are not transparent. But the Trumpies want to bring crypto into the financial system (right now you cannot have it in a proper bank or broker, only in the unregulated affiliate, which limits its use as a medium of exchange for real currencies) and there is a lot to watch to see how that plays out. Point is we may have strongly encouraged the rest of the world to look for an alternative to the USD and UST (anyone who does not clearly understand the critical nature of that relationship should read a book like Hamilton by Ron Chernow) and now be providing them with the alternative via our coming regulatory embrace of crypto.
Time will tell. The good part of investing is reading how normal folks are able to provide and advance for their families while starting out with very little. The American dream is alive and well if you are smart enough and disciplined enough to save regularly, the discussion here proves this - most probably started out with no real assets.
Happy new year.
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Well that wasn't good. Most people made a killing this year. I'm up $20k since about a month ago.
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