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Joined: Jan 2012
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Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2012
Posts: 67,130 Likes: 28 |
Let's just say that our daughters will be, the grandkids will be, someday their kids... A couple of snoddy do nothing grandkids with an opioid and gambling addiction will severe that dream
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Joined: Jun 2008
Posts: 13,354
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2008
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Got lucky & lived the American dream.
Bastards set the goalposts back along the way.
Figure you need at least 5 million these days to even approximate what a millionaire was when most of us started our careers Ten million today would be roughly speaking equivalent to one million in the early 1980’s. Ramsey is good advice for people in bad positions. But he is all wrong when it comes to borrowing money for people that know what they are doing. I’ll borrow all day long and as much as the bank will give at these interest rates. There are a few investments that make it a no brainer to borrow. For one real estate here as increased 20% a year for the last ten years I have been tracking it. Crypto you can very easily get 3 to 5X returns on. As well as some dangerous opportunities at 100X. Not that I advise that. The stock market for the most part has only been keeping pace with inflation. Sure there are some stand out equities but on a whole there are better places to make money.
Eat Fish, Wear Grundens, Drink Alaskan.
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Joined: Aug 2005
Posts: 10,757
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Aug 2005
Posts: 10,757 |
In the last year lots of people have become millionaires as their home and vehicle values have soared. The tax man knows it, too. No Chit.......Got my 2021 tax bill a couple weeks ago. Value went up $72,668 from 2020. My taxes went up $682.72. There's a little note on the bottom that says: "Reminder: Your 2020 taxes were reduced by $269.06 due to Gov. Little's one time tax reduction." Guess that is supposed to make it feel better......... What would make me feel better is to reduce my taxes and not have a $800M Surplus for the State to spend. There's only 1.85 Million people in the State - there's some math that is hard to understand.
A true sportsman counts his achievements in proportion to the effort involved and fairness of the sport. - S. Pope
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Joined: Jul 2001
Posts: 10,885 Likes: 3
Campfire Outfitter
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Campfire Outfitter
Joined: Jul 2001
Posts: 10,885 Likes: 3 |
Yes, been one for a bit, but it is all in property and the bank.
When I sold the old house that put me over a million by quite a bit.
If I liquidated everything it could hit almost 2, but it took 45 years of working, it was not overnight.
"The 375HH is the greatest level of power you can get for the investment in recoil." (JJHack)
79s and losttrail, biggest waste of air.
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Joined: Mar 2002
Posts: 11,504
Campfire Outfitter
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Campfire Outfitter
Joined: Mar 2002
Posts: 11,504 |
[quote=2legit2quit]
The stock market for the most part has only been keeping pace with inflation. Actually it's averaged 9% or more. Inflation isn't even close.
Don't blame me. I voted for Trump.
Democrats would burn this country to the ground, if they could rule over the ashes.
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Joined: Jun 2008
Posts: 13,354
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2008
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In the last year lots of people have become millionaires as their home and vehicle values have soared. The tax man knows it, too. No Chit.......Got my 2021 tax bill a couple weeks ago. Value went up $72,668 from 2020. My taxes went up $682.72. There's a little note on the bottom that says: "Reminder: Your 2020 taxes were reduced by $269.06 due to Gov. Little's one time tax reduction." Guess that is supposed to make it feel better......... What would make me feel better is to reduce my taxes and not have a $800M Surplus for the State to spend. There's only 1.85 Million people in the State - there's some math that is hard to understand. We have conceded to the government on all levels and mediums! I doubt we’ll ever regain control of the situation.
Eat Fish, Wear Grundens, Drink Alaskan.
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Joined: Sep 2020
Posts: 759
Campfire Regular
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Campfire Regular
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If you're including your primary residence to put you over the top .... you are fooling yourself.
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Joined: Aug 2005
Posts: 10,757
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Aug 2005
Posts: 10,757 |
Let's just say that our daughters will be, the grandkids will be, someday their kids... A couple of snoddy do nothing grandkids with an opioid and gambling addiction will severe that dream Sure a lot of Millennials today that seem like they are just waiting for their parents to die.....topic for another thread.
A true sportsman counts his achievements in proportion to the effort involved and fairness of the sport. - S. Pope
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Joined: Nov 2020
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Campfire Regular
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Campfire Regular
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Posts: 545 |
A million ain’t what it used to be ..
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Joined: Jun 2008
Posts: 13,354
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2008
Posts: 13,354 |
[quote=2legit2quit]
The stock market for the most part has only been keeping pace with inflation. Actually it's averaged 9% or more. Inflation isn't even close. Most economist agree that inflation has been rising at around 14 to 16% a year! But if you believe big brothers numbers based on bull hit CPI. Well nobody can help you.
Last edited by MontanaCreekHunter; 12/17/21.
Eat Fish, Wear Grundens, Drink Alaskan.
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Joined: Jan 2008
Posts: 15,751 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Jan 2008
Posts: 15,751 Likes: 1 |
The other side of it is, it's what you get to KEEP, not what ya got.
I see a lot of projections and situations while helping people with retirement decisions, where $600,000 beats $1m if the tax man isn't involved.
As for me, I am only 41 so it will be a while. Paying off debt and working the plan.
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Joined: Jan 2012
Posts: 67,130 Likes: 28
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2012
Posts: 67,130 Likes: 28 |
Yes, been one for a bit, but it is all in property and the bank.
When I sold the old house that put me over a million by quite a bit.
If I liquidated everything it could hit almost 2, but it took 45 years of working, it was not overnight. Miss Lynn gonna hit you up for a new set of tars for her Mexican Pinto. lol
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Joined: Jun 2008
Posts: 13,354
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2008
Posts: 13,354 |
If you're including your primary residence to put you over the top .... you are fooling yourself. That would depend on a few things. Mainly your homes value at time of sale, and price of new home to downsize at time of sale.
Eat Fish, Wear Grundens, Drink Alaskan.
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Joined: Aug 2005
Posts: 10,757
Campfire Outfitter
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OP
Campfire Outfitter
Joined: Aug 2005
Posts: 10,757 |
If you're including your primary residence to put you over the top .... you are fooling yourself. All I did was subtract debits from assets as Dave stated. Simple math. Didn't say anything about retiring (but always a goal) - I still have 10 years to go before I retire. Probably more than that. If I live that long......
A true sportsman counts his achievements in proportion to the effort involved and fairness of the sport. - S. Pope
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Joined: May 2016
Posts: 60,436 Likes: 12
Campfire Kahuna
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Campfire Kahuna
Joined: May 2016
Posts: 60,436 Likes: 12 |
Yes, been one for a bit, but it is all in property and the bank.
When I sold the old house that put me over a million by quite a bit.
If I liquidated everything it could hit almost 2, but it took 45 years of working, it was not overnight. Miss Lynn gonna hit you up for a new set of tars for her Mexican Pinto. lol Hahahaha!
I am MAGA.
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Joined: Jun 2008
Posts: 13,354
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2008
Posts: 13,354 |
The other side of it is, it's what you get to KEEP, not what ya got.
I see a lot of projections and situations while helping people with retirement decisions, where $600,000 beats $1m if the tax man isn't involved.
As for me, I am only 41 so it will be a while. Paying off debt and working the plan. Very true. Capital preservation #1, gains #2.
Eat Fish, Wear Grundens, Drink Alaskan.
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Joined: Mar 2008
Posts: 15,639
Campfire Ranger
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Campfire Ranger
Joined: Mar 2008
Posts: 15,639 |
A millionaire of my childhood would have to have between 10 and 20M today.
I used to watch the one billion prices project to know what real inflation was. Today, one must simply judge for himself. It's a disaster, now. Fjb.
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Joined: Jun 2012
Posts: 4,774
Campfire Tracker
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Campfire Tracker
Joined: Jun 2012
Posts: 4,774 |
I've heard that a million dollars isn't a lot of money many times. Uh huh, ever tried to save that much? Recently there was a thread where someone wondered what to do with $1-2000. People were calling that small amounts of money. Walmart built an empire 27 cents at a time. $1000 is a fortune. How long can you live on $1000? Invest it for 30 years and how long can you live?
Money is a subject we never discuss publicly, which is a shame. It's the most important topic of your life.
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Joined: Sep 2011
Posts: 60,878 Likes: 10
Campfire Kahuna
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Campfire Kahuna
Joined: Sep 2011
Posts: 60,878 Likes: 10 |
These premises insured by a Sheltie in Training ,--- and Cooey.o
"May the Good Lord take a likin' to you"
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Joined: Dec 2005
Posts: 4,179
Campfire Tracker
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Campfire Tracker
Joined: Dec 2005
Posts: 4,179 |
One major medical, impacting the ability to earn for someone carrying a high debt to equity ratio and life quickly becomes a goat rope.
Think hard when considering leveraging borrowed dollars.
You could leave a mess for your family to clean up.
Being 100% debt free has a feeling that has to be felt to appreciate.
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