Hey…tonight is the first episode of the Trump-man show. So have at it in the thread below.
I wonder if FAUX News picked 6 Aug on purpose? Today is the anniversary of the day that President Bush was vacationing in Texas and was given a Presidential Daily Briefing that was titled, “Bin Laden determined to strike in the United States.” This memo came on the heels of numerous other warnings in the national security apparatus (as determined by the 9/11 Commission). Maybe they can discuss this along with any discussion of national security tonight….
Meanwhile, in Arizona.
Stay classy, Don Trump.
Is taunting blacks with the Stars and Bars racist? Of course not. Hell, not even taunting a black with a noose is racist to these racist SOBs.
“Florida man denies ‘racial vendetta’ in putting up noose after arguing with black man”
http://www.rawstory.com/2015/0.....black-man/
… and this ad by the Arizona GOP: http://handbill.us/?p=57769
Republicans have a noose fetish.
Republicans – defunding Planned Parenthood but they had no problem with giving the Catholic Church tax breaks. They didn’t talk about taking away the tax breaks. I guess they don’t have a real problem with Priests molesting kids.
MATTHEWS: Thank you, Carly Fiorina. I see why you stood out tonight.
“… and this ad by the Arizona GOP”
That’s a real humdinger. Not only have they a noose fetish, but an unwillingness to acknowledge the reality of the last half century of their surviving as a major party through continued implementation of Nixon’s Southern Strategy.
Jeb! bragged about his spending cuts while Florida governor. What he didn’t say is those billions he didn’t spend are public services Floridians didn’t get.
Didn’t catch the first round. I really can’t watch Carly for more than ten seconds without barfing. The “main event” was a lot less of a freak show than I expected. Everyone except Rand Paul seemed to have got the memo that Barack Obama isn’t going to be on the ballot next year.
There are approximately 350 million people in the U.S. Assuming each household have 3 people living with them then there are x amount of households and assume every household has two homes, then there are approximately 233 million homes. I read one article that the overnment provides approxayely 30 billion dollars annually to oil companies as subsidies..
If we took that money and helped subsidized every household with solar energy, you could provide $3000 for 10 million houses every year, and in less than 25 years every house could be assisted to be converted to solar.
We could tell Saudis Arabia to pretty much take your oil and shove it.
And combine that with better cars, electric or gas.
What could all that do for the economy.
And we have people still wanting to build the XL Pipeline and waste water and potentially pollute the environment with fracking and create earthquakes.
Tonight’s debate kind of scratched the surface of donors buying politicians, and it seemed like the general public doesn’t like that, but why do you think the oil companies are getting that 30 billion? Dah. They all suck, they are all part of the problem.
We can’t have simple solutions because we have a bunch of phony people. Trump spilled the beans about politicians being bought and influenced with most often the wrong solution. And the American dummies loved it but they haven’t figured it out yet that nobody is going to change it, they are all a bunch of frauds. They just sit there and applaud listening to a bunch of idiots, they have no brains.
Global warming or not, why keep spewing oil from Saudia Arabia.
Saudis were responsible for 9/11 and we keep buying their oil.
That’s what should have been debated tonight. What of any significance was talked about tonight?
“Pope Francis on Thursday slammed the “atrocious, inhuman and inexplicable” persecution of Christians and minorities, urging the international community not to remain silent.”
“He denounced “the atrocious, inhuman and inexplicable persecution of those in many parts of the world… who are victims of fanaticism and intolerance.””
http://www.rawstory.com/2015/0.....hristians/
Sorry, whack extremist Christo-Fascists, the Pope isn’t talking about you sick bastards whining about how you’re being persecuted because you can’t discriminate against others.
Fox clearly was out to get Trump, and they may have succeeded. The leadoff question cornered him into saying he won’t support the GOP nominee unless it’s him, and that didn’t go over well, because most Republicans believe a Trump third-party run would put Hillary in the White House. It remains to be seen how much this will hurt his Republican support, but the blowback in post-debate polls could be pretty dramatic.
#9 : There are approximately 350 million people in the U.S. Assuming each household have 3 people living with them then there are x amount of households and assume every household has two homes, then there are approximately 233 million homes. I read one article that the overnment provides approxayely 30 billion dollars annually to oil companies as subsidies..”
WTF are you talking about …. who are the people who have 2 homes for 3 people…certainly not the average in your “assumptions”
Trump says “political correctness” is what’s wrong with America. He’d rather stick to political wrongness.
@12. Ok. All I did is make some assumptions, so why don’t you tell me the correct figures. Sounds like you think I over estimated, yes that’s all it was an estimat, the amount of houses out there. And of course my estimate is off because not every one lives in a single family home, some live in apartment buildings. But if I think you are saying that I over estimated then my figure of it taking 23 years would only be less.
And of course I don’t think every home would be ideal for solar.
But you’ve missed my point completely and that’s because you are a fucking moron.
You could have lender more to the conversation if you stated what you felt would be more appropriate and or your position whether you defend the oil subsidies or not. And if you do support the oil subsidies then take a look in the mirror and see the big “L” on your forehead.
My point made is that everyone seemed to like Trumps point that politicians are bought and paid for, only people don’t see the hypocrasy in it because he played the system and was part of they buying and paying for. He blatantly admitted it, while 9 other politicians didn’t even defend themselves. Why? Because they are the same, bought and paid for, some worse tha others, and some without any conscience of trying to do the right thing and being completely influenced by the money. Trump said so. His goal of donating to politicians was so that he can get them to do what he wanted them to do.
So I use the example of the oil industry as an example of politicians being bought and paid for. And this country stuck the way it is because of it.
Do you think taking the billions given to the oil companies and instead giving it to every homeowner, landlord, etc wouldn’t be more prosperous than to oil companies that make billions in profits for themselves and a few indirectly effected? Do you think of every home had solar panels on it then we wouldn’t be a better nation? Think of the advantages of what it would do for the economy over what giving to the oil companies does.
Think of being less dependent on the Middle East for oil, the only reason why we even put up with what goes on in that region.
But ultimately your attack on me just shows how fucked ip this country is, not just the politicians but we the people are responsible for how gucked up we think this place is. And I say it because my point is, it’s ok when you say but you don’t like when j say it, kind of like as if I said “Long Live Ireland”. That bothers you, because you think I’m a traitor or unpatriotic. But it is perfectly fine with you to say. We need to take our country back, or This Country is not on the right track.
So wise up little boy.
@12 ok….I was conservative in my estimation. I purposely wanted to be conservative with a high number, because if I low balled the number and said that they could take what they spend on oil subsidies and spend towards solar and convert every single home in America in a matter of 5 years (purpoely exagerated) then it would have been questioned.
See attahced apparently there are less
So my statment of 23 years in my original post is really probably half that.
http://www.answers.com/Q/How_m.....ted_States
http://www.howmanyarethere.us/.....in-the-us/
@12 – I agree not many people own two homes….but my father, a retired mailman who never did anything unethical in his life and my mother who worked since I was born in a factory, own two homes in the United States (One seasonal), a house in Itally, and two Condominum rental units in the United States. Two immigrants from Italy. What is your excuse??
I own one home and live in an apartment – esentially I live in two homes.
I have cousins that Own houses and have a shared seasonal house – essentially they own two homes.
That’s is why I wanted to account for those that have more than one home. Again, yes I overstated it, but I wanted to be high or conservative on my estimation.
I hope that helps your moronic brain.
I think everyone should own multiple homes. There should be a law that each Seattle resident should possess two separate dwellings within the city limits.
After all, we’re going to need all of those rooftops to store all those solar panels
http://news.yahoo.com/hillary-.....31493.html
Hillary is going to cram down our throats.
Civic Skunk Works @civicskunkworks
Scott Walker, whose hair seems to be sliding off the left side of his head, gives a great speech for student council president.
Retweeted by Goldy
Well, fair enough. But remember, HA Libbies, that saying anything disparaging about Hillary’s hairstyle or other physical appearance is sexist.
@5 Hey bob, thanks for the the thoughtful analysis of the republican debates. Of all the points and counter points and comments, THAT comment about her appearance was the key point you zeroed in on and felt you had to share.
@18. Again, THAT’S what he finds important? Do you all think bob feels persecuted for his comments of girls and women, especially the ones he makes about their appearance, so he feels he must make sure everyone else conforms?
@17,
Tax credits are cramming?
It’s just a shift in tax policy mostly. Nobody is “compelled” to do anything. Owners and builders are offered all kinds of tax and rebate incentives already. But Bobby is still free to heat his mansion with yak dung. So stop clutching at your pearls, Mrs Kravitz.
@17 cramed down our throats???
You don’t look at giving oil companies billions in subsidies as being crammed up your ass?
@21 and it seems Bob couldn’t live or make a change for the better of it means having to admit that he is wrong, it would be too embarrassing to see the light.
@21 bob would like to call it cramming down our throat, maybe it’s because he can’t even swallow his pride.
He is incapable of learning. He just likes to bloviate.
“Hillary is going to cram down our throats.”
Odd, folks on the right usually reserve the phrase “cram down our throats” for when they are complaining about gays.
@9 I have a couple problems with your argument. First, solar power is intermittent, and storage technology is still some ways away from making solar feasible as a household’s sole source of electricity. Second, very little oil is being used to make household electricity; oil is not a cost-effective fuel for that purpose. Third, we don’t use very much Saudi oil. Our reliance on imported oil has dropped dramatically because of the fracking revolution, and most of the oil we still import comes from our own hemisphere, with the Saudis supplying only 1 of every 6 barrels we import, and only 8% of our total consumption.
@12 “who are the people who have 2 homes for 3 people”
I wonder if he meant to say 2 rooms for 3 people …
@17 You liked it better when we had dependency on OPEC crammed down our throats?
@26 when I have a more time I will respond a little to your comments. But are you saying there is no benefit to having more of an investment in solar than oil companies? Isn’t there a great benefit with regard to global warming, and coal producing rlectrical plants. And you mention cracking – isn’t there a risk to the enviornment with cracking, not to mention those earthquakes and using (wasting) water to frack. Is there a greater benefit or return on investment to the economy with solar than oil production? If you had every household save $700 a year in not having to pay for electricity isn’t that like the equivalent of one of GWB tax cuts to stimulate, not to mention whether there would be more employment of people putting in solar than drilling oil?
I guess I could go on but have to get back to work.
And I’m only one person and I have two places to live with 5 bedrooms. My parents are two people (5 people including there tenants) living in two houses with 10 bedrooms. How many houses does Mitt Romney have?
I know it’s probably not the norm to have more than one house, but I bet the majority of the people have 1-2 bedrooms that they don’t use.
The always-hypocritical Seattle Times, which endorsed serial drunk driver Jane Hague for re-election, is running a front-page expose today on city council candidate Deborah Juarez’s DUI.
@29 “But are you saying there is no benefit to having more of an investment in solar than oil companies?”
You are reading too much between the lines. I didn’t say that. Oil is a problematical fuel from every angle. Solar technology and economics are improving, and obviously we’re going to invest in more solar.
@31. At work, and in between my little breaks I take the time to check in when I can, and therefore usually in a rush to post, on my tiny little iPhone. I meant to add and say, “that I don’t think you are suggesting that” after I said “but are you saying”
The reason why this country can’t get anywhere is because you have idiots that all they know how to is be part of or all of the problem, and make comments like @17, that don’t lend anything to the conversation.
@29 “And I’m only one person and I have two places to live with 5 bedrooms.”
I’m worth only $1 million and have only a low-six-figure income, so I’m making do with one place to live with 4 bedrooms. But I get the impression that 90% of the people (and rabbits) in this country are poorer than me, so if everyone else has 2 houses plus a villa in Italy, I’d like to know where they get the money from. Is there an income source, investment opportunity, or tax writeoff I’ve overlooked? Are banks handing out payment-free mortgages? I can’t make your numbers work in my head. Maybe if I write the calculations …
@33 It could be worse. At least they didn’t let him be a surgeon, and relegated him to reading x-rays. He can fuck that up, too, but probably he mostly just overbills Medicare for unnecessary services and creates busy work for government receivables clerks.
@34 again, at work and I have to rush the response, maybe I can elaborate another time when I can talk if you still have any questions.
After coming to the United States when he was about 18 without his parents he later joined the U.S. Army. Served in Germany mostly at a time when there were no wars being caught. My mother came in the same manor and time frame. Later they married and had three children. After serving his time in the army he got a job with the U.S. Postal service as a letter carrier, not management, until when he retired early, maybe late 50’s. At the time of being hired the U.S. Post office was hiring veterans. Prior to the post office he may have worked in a factory for a short time before making typewriters for a well know manufacturer. My mother worked in the same factory, but eventually changed jobs working in an electrical suppliers factory when she retired at 65. My mother worked second shift when we were younger until I the last child went to grammar school. My father and sister took care of me and my brother at night, sometime with the help of an old lady relative that lived with us free of charge. My parents were very frugal, and made wise investments. They, to this day could count on one hand how many times they went out to a restaurant to eat. All meals were home made by my mother. To this day she makes home made bread and pasta weekly. My parents paid for all three of their kids college educations. No student loans. The Italian house is not a villa, inherited from his mother who passed away maybe 20 years now. It might be worth 300,000 American dollars, nothing big. The two condos he owns were purchased in good times when the market was low and he bought them both for 120,000 and now rents them out, they might be worth 90,000 a piece today. And he bought the summer home from a friend at a good price, maybe 50-60 g’s about 40 years ago, it might be worth about 300000 today.
Very frugal parents. And my grand mother owned a convince store at times in Italy, storefront in the house my father now owns, and in Boston mass for a while, she wasn’t rich but she wasn’t poor, my father was her only living son. My father had a brother but he died at the age of six when my father was about 9, of a ruptured appendix, no obsmacare in Italy in the 40’s. Not that I am opposed to obamacare, I support it.
I’ll have to tell you a little about myself another day but I’ve managed financially pretty good with a little help from parents and just a bachelors degree.
I’d like to know how the Duggars can take care of 25 kids.
Fucking republicans think that only they built themselves up from the bottom. They think that every liberal democrat is just sucking off the public tit.
My parents would never thing of ever voting republican. They didn’t forget where they came from and have more empathy for the poor than the guy with millions of dollars complaining that they can’t afford taxes. I don’t dare insult them or disappoint them by complaining about my position and that I am taxed too much. They wouldn’t care.
@34
I’m worth only $1 million and have only a low-six-figure income, so I’m making do with one place to live with 4 bedrooms. But I get the impression that 90% of the people (and rabbits) in this country are poorer than me, so if everyone else has 2 houses plus a villa in Italy, I’d like to know where they get the money from. Is there an income source, investment opportunity, or tax writeoff I’ve overlooked? Are banks handing out payment-free mortgages? I can’t make your numbers work in my head. Maybe if I write the calculations …
Roger, you are a smart person, but not sure if the only way to get a head in this world is by a tax wrietoff. I don’t necessarily look at high taxes as burden to getting a head in life. And no, no banks every handed me a free mortgage.
And I’m not sure why you, if you are worth $1,000,000 and have a low six figure income that you say you are struggling and couldn’t afford a second “vacation” home. Maybe you were making low six figures previously – I thought you were retired. And, you’ve indicated you make quite a bit of money in the stock market (although lately it hasn’t been doing good – but I’m sure you are smart enough to be taking advantage of cheaper stock prices).
I understand that you or I aren’t the norm. Most people making much less than us and struggling a little harder to meet todays demands to financially get by.
But here are my numbers and my situation. I am thankful for the opportunities that my parents were able to position me in – they selfishly dedicated their lives to bringing up their three children, making sacrifices and living very modestly with the bare essentials and saving every opportunity they could, they new would waste a penny. Today my father asks my mother if she has to shit or pee after he’s peed before flushing the toilet, so as not to waste water. Not only is he concerned with not wasting anything but he also knows that it will cost him money. He didn’t really do this when us kids were in the family, this particular way of saving money was later adopted after the kids flew the nest. Today, when I go over their house I feel guilty when I flush the toilet after peeing, because I know my father thinks I’m wasting his money.
Anyways, I’ve told you a little about my father. Without looking, I can’t recall if I mentioned, but my father never or extremely rarely invested in stocks – he invested in real estate. And I mentioned that my grandmother left him her house in Italy. I mentioned that my grandmother wasn’t poor, but not rich either, it wasn’t like she left any amount of money to her three grandchildren. My father got the house and what little cash she left him. Italians might be a little different, grandparents don’t leave money to grandchildren or nieces and nephews, they pass it down directly to their kids only, typically, like an English Hierarchy.
Anyways here is my situation or numbers.
As you probably have noticed from my postings here, but partly because I post on iPhone and typically in a rush to say what I have to say, English is my worst subject, I liked math and hated English, history, anything that had to do with reading
I went to school in Boston at a well known technical college for construction – I earned two year associate degree in building construction, then I decided to get a civil engineering degree so I went for 3 more years and got my bachelors in civil engineering. I didn’t graduate top of the class, in fact I came a little close to not graduating because I just couldn’t get physics, and it took me three times to pass it with a D, and I was going thru some personal issues and just didn’t apply myself to much to my studies. But while going to school the school had a good co-op program and placed me with a construction company who I worked for for 3 semesters in the off schooling semesters. After graduating from college that same company employed me full time. A year and half later they were having financial problems and quite a few people left, if you didn’t get laid off, including me, and I eventually found a job year later for the company that I’ve now been working for, for the past 27 years. My starting salary with my current employer, in 1988, was $28,000.
One of my goals was to own my own house, as was greatly encouraged by my parents – they felt real estate was the best investment, again my father didn’t like the stock market, whether smart or stupid of him to not consider. Every time I’ve dabbled in the stock market I lost money, myself.
But anyways, I purchased a home in a less desirable town because I couldn’t afford anything else in 1989-1990. I bought a condo for $105,000. I applied for FHA loan, and got an 8.5% interest rate on approximately $80,000 loan. I put 20% down with the help of my mother (she gave me about $5000 without the knowledge of my father – family secret). You do the math – I had to pay the loan, plus PMI, plus Condo Fee and Utilities and other things and my salary was $28,000 before taxes, I could barely save money. But I eventually did. At time I had co workers as room mates, very sporadically and only charged them like $300/month. But I also to took advantage of dropping interest rates and every time I refinance I put what little savings I had down, paying down the principal on the loan. I must have done this 5 times in the course of less than 10 years. Well the interest rates were dropping because the economy was going south. Where I purchased there were a lot of young people buying, they were brand new cheap condos, and a lot of woman. Well the economy got bad and a lot of foreclosures were occurring because mortgages were underwater with falling real estate values. A lot of the girls that owned just stopped paying, claimed bankruptcy and felt that one day they would get married and it wouldn’t matter because their husbands (in today’s world maybe their wives) would take care of the credit issue when needing money. Well that even made the situation worse, property values further dropped and some investors were buying cheap and then renting them out as section 8 low income housing. Well, at one point my condo wasn’t worth more tha$45,000 – $50,000. I held out and stuck with it, again also refinancing where my payment was a lot less and more affordable. Well the economy eventually began to change and values improved. The first chance I got I got the fuck out of there, sole my condo for I thing about $80,000. So I sold and had some cash in my hand (equity), but about a year later, I would see in the paper that the condos were selling higher for what I sold at, I kind of got out too early, but I was glad to be gone. That was approximately year 2000.
I moved in with my parents for less than a year until I found a new place. I eventually bought another brand new home in a small quite community for $205,000. I liked it, couldn’t be more happier with it, but I still couldn’t afford to live in the community I was raised it because it was too expensive, cheapest house might have been $250,000 and would have needed work before moving in, and less space than what I got where I live now. Again I took advantage of lowering interest rates and paying down the mortgage every chance I could get. Currently I have a 3.5% loan on a fraction of the original purchase price, although for the first time (2013), the last time I refinanced I took out about $5000 in cash for an new roof on the brand new house (which is another story). My current mortgage payment on my home loan is $349. Doesn’t include town taxes. So its a modest home on 1/2 acre of land, with great neighbors on a dead end street. We wave to each other every day, and my neighbor snow blows my driveway at times for me for free. I’ve cut his lawn at times when he’s been on vacation.
Anyways, last year I decide to move to NYC, where I rent an apartment for $3000 a month. My decision to move – living a much better life here than where I was prior, although I didn’t have it bad their either. I relocated with the same company I worked for in the other state. Couldn’t be happier. The company increased my pay to adjust for new York city and helped move me out here, but after taxes the increase only accounts for $1000 of the $3000 that I pay. So I live in two places and have 5 bedrooms between the two places. Not great thing, a lot of my peers are in better situations, yes we aren’t the norm.
I do make six figures, but not until about 3-4 years ago, up until then I was only around high 80’s and low 90’s and that was around 20 year into working with the company. They have a good 401k program and contribute 8% of my pay plus some adjustments for years of service annually to my 401k. I probably should have more money in it because I modestly invest in the funds and don’t take risks, but the current balance is up there, but not over 3/4 million (full disclosure -only a little more than half million).
Anyways – what do I do now. Well I look at paying $3000 a month for my accommodation in nyc as a waste of money. I’m considering investing in real estate here, but I would have to sell my home and I haven’t made final decision to do that yet. The cheapest place here, or at least in the area where I’d like to consider living, is minimum $500,000. But my home is probably worth $260,00 now and if I sold I could probably have close to $200000 to put down on something in NYC. And with todays interest rates, a $300,000 mortgage would be about $1500 a lot less than the $3000 that I currently pay a month. Yes there would be other costs, such as taxes and co-op or condo fees (common feed). I’ve done a little research and on average combined they could equal as much as $1500 too. So I’d be back to $3000 a month, but I wouldn’t be throwing it out the window, it would be an investment, hopefully only to grow in value, so long as the oceans don’t rise too much and flood Manhattan, believe me I’ve thought about that as part of my decision. And I’d be better off financially because I would have the $1000 to $1500 of expenses that I have with my current home.
Believe me – I’m not saving much today – mostly 20% of my pay in my 401k, but I’m living a happier life.
That is the math – you don’t need to necessarily invest in the stock market or get tax breaks to make it in life. Make smart decisions. And I am thankful for the opportunities that I have had in life. And I don’t worry or complain, too much, about taxes.
In NYC cigarettes are $14 a pack – a person smoking pack a day is shelling out about $5000 a year, that’s almost 2 months of my rent. Some people buy beer on a daily basis, spending a lot. I don’t drink a lot of beer.
Never owned a boat, a motorcycle, a quad, or a truck as an additional toy. I don’t do many paying activities, such as the movies, skiing, golfing, etc….
My main focus in life was staying employed so I could live in a house, own a car to get to work (the most extravagant car that I’ve ever purchased is recently in 2014 my MKZ – until then I owned nissans and hyundais) And my current vehicle is paid for in full.
So that’s the math. I have a lot to be thankful for and I have empathy for the less fortunate over the “rich” guy. If you think I’m rich, then yes I support the poor than I support myself.
But I also realize as a single person – two married people making $50,000 could be in an equal position to me. Yeah not everyone even can make $50,000 per year. I support an increase in minimum wage, affordable healthcare that everyone should have, and affordable education but not free at higher education level.
Well, I could go on, but I’m sure many will feel that I went too long. Hope that answers your questions.
@39 “Maybe you were making low six figures previously – I thought you were retired.”
No, no, you don’t understand how the system works! I didn’t make shit when I was working. Now that I’m retired, I make low six figures: Pensions, social security, benefits, royalties, dividends … seven different passive income sources … it all adds up.
“although lately it hasn’t been doing good – but I’m sure you are smart enough to be taking advantage of cheaper stock prices”
True, and yes.
“my grandmother left him her house in Italy”
Oh, I see now. Well, I don’t have a grandmother in Italy. Nor did anyone leave me a house. I left home in my teens and always dug my own holes.
@39 (continued)
One of my bunnyhood chums was the only child of the sister of the childless widow of one of the Hershey brothers. He didn’t get a house in Italy, but he got stock, which was better. As for me, I own Hershey stock, too, but I paid for mine.
“English is my worst subject, I liked math and hated English, history, anything that had to do with reading … ”
Well, yeah, reading a lot is how you get good at spelling and grammar and definitions and sentence structure, because if you read a lot then you’ll recognize when a word or phrase doesn’t look right.
“Every time I’ve dabbled in the stock market I lost money, myself.”
I’m not saying you can’t make money in real estate, although you have to know what to do it, you can’t just throw borrowed money at houses and come out ahead. I like stocks because (1) they outperform every other investment over time, (2) they’re portable, (3) they’re easy to buy and sell, (4) transaction costs are less, (5) you know exactly what they’re worth at any given time, (6) they produce cash income without effort, and (7) the income and gains are tax-favored. Stock investing isn’t hard; anyone can do it. Just ignore all thechatter and buy stocks of large companies that pay dividends, sell them only if their business fundamentals change, reinvest dividends and realized gains, and keep buying more and more shares. Forget about trading, chasing “hot” stocks, technical charts, blah blah. All you have to do is exploit the mathematical certainty of compounding: 1 x 1.05 x 1.05 x 1.05 … etc. In other words, make a few percent a year, and reinvest that and make the same few percent the next year but on a bigger base, and so on, ad infinitum.
“every time I refinance I put what little savings I had down, paying down the principal on the loan”
BINGO! Nobody ever got rich by spending or borrowing. You get rich by saving and investing. The faster you pay off debt, the more equity you accumulate. Don’t spend your equity by borrowing against it! It’s amazing how many Americans screw this up, considering how simple it is.
“I must have done this 5 times in the course of less than 10 years.”
Sounds about right, given that we were in an environment of declining interest rates at the time. I did the same thing.
“Well the interest rates were dropping because the economy was going south.”
Not exactly. There was some policy behind that, too. At the time, Greenspan looked like a wizard; but now, not so much. However, either intentionally or inadvertently, you took advantage of policy decision made afar, which is good. You know what they say, “don’t fight the Fed.” Go with the flow, whatever it is. It’s much easier to paddle a canoe downstream than against the current.
“don’t take risks”
Please understand this: NOTHING is risk-free. Not even cash, which is vulnerable to inflation risk. Everything has a risk-reward ratio. What you’re after is relatively high reward at relatively low risk. You want to work both ends of that ratio. In other words, your efforts should be directed at both increasing your reward and minimizing your risk. But don’t kid yourself into believing that anything is risk-free. We live in a risky world where everything is at risk, all the time.
A good illustration of risk is housing costs. Houses may be cheap, mortgage rates low, and rents stable or declining. But that can change overnight. Renting is riskier than owning because you have no control over rents, whereas by owning you can lock in most of your monthly housing expense (you’ll still have some inflation in taxes, utilities, and insurance, but that’s a minor annoyance compared to soaring home prices and rents).
Owning two part-time residences (or owning one, and paying rent on the other) is problematical, because you’re paying the full costs of each, which effectively doubles your housing expense, and this is a tremendous drain on income that you otherwise could save and invest, especially keeping in mind that after taxes and other deductions you have to earn about $1.50 to get $1.00 you can spend or save. You’re on the right track by thinking about divesting yourself of one of those residences. You need to do that asap.
“In NYC cigarettes are $14 a pack – a person smoking pack a day is shelling out about $5000 a year, that’s almost 2 months of my rent. Some people buy beer on a daily basis, spending a lot. I don’t drink a lot of beer. Never owned a boat, a motorcycle, a quad, or a truck as an additional toy. I don’t do many paying activities, such as the movies, skiing, golfing, etc….”
It’s hard to be optimistic about wealth equality when so many people are so stupid about things like this.
“I support an increase in minimum wage, affordable healthcare that everyone should have, and affordable education but not free at higher education level.”
Why not free? If it takes a degree to get a decent job in this country now, then we should provide kids with that education. Why stop with high school, if a diploma isn’t enough anymore? If more education is needed now, then the concept of free, universal, public education should be extended to higher education. It isn’t a freebie, it’s an investment that pays for itself; taxpayers get returns in the form of a stronger economy, a wealthier country, consumers with more money to spend at businesses, the government collect more taxes from the higher earnings, plus as they get older they will pay it back by paying taxes to educate the next generation.
Thanks for the advice on divesting. Just renewed my lease in June. Maybe by next June I will have made a decision on buying as opposed to renting.
Good point on free education, I just don’t like the idea that if also the price of an education is not controlled that for profit or even state run colleges would watste taxpayers money, by either ovrrcharging or not controlling teachers costs or the cost to operate, and that I’d be paying for waste. I don’t mind paying for the investment if there is some indirect benefit to me or all, but I wouldn’t want to pay for waste. And that gets into regulations, and though I believe in many regulation, I’m not sold on regulation for all things. I’d have to know more specifics.
And my English isn’t as atrocious in reality as it is here for the reasons I explained. I tend to rush what I type here especially when i get passionate about what I say. And I tend to not proof read what I write until after hitting the post comment button. And then after doing that and reading what I wrote I obviously see many of the errors I make. I agree about reading, I just have a little ADA and can’t follow or focus on lengthy subjects or I get bored to quick.
Oh, and keep making the six figure salary!
@42 ” if also the price of an education is not controlled”
Competition controls it.
@43 “And I tend to not proof read what I write until after hitting the post comment button.”
You, me, and everyone else. Welcome to the herd! I wish Goldy, WordPress, or whoever the potentate is would give us 15 minutes to edit, or at least 10 minutes, instead of 5 minutes. But I have no say in these things.
@44 What six figure salary? As a government lawyer, I never made more than $60,000 a year. I had to get my money from elsewhere. For example, throughout my employment career, I always owned a small business on the side — and still do. But most of my investment income is recent, because it’s hard to save anything while living in an expensive city like Seattle on a state salary. A lot of expenses go away when you retire. For example, I don’t commute anymore, and my cars no longer wear out; they rust out, because I only put a couple thousand miles a year on them now. I also don’t have to buy suits or work clothing; I live in jeans and sneakers now.