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an
ParticipantThey’re annoying and their “sales rep” looks like some thug off the street while they go door-to-door. They won’t stop calling. I learn to just hang up when they said who they are because they don’t really care what you say and go on and on.
Participant[quote=flyer]Interesting article AN. If there are more millionaires than 10 years ago, that might be relative to the fact that there are also more people in the workforce, so the “net” might be about the same.
The section on “Millionaire Status Fleeting” was my favorite part of the article, and so very true. Many who are millionaires at 40 are not able to sustain that status for the balance of their lives–which is what really matters.[/quote]I was under the impression that you’re talking about total number of millionaires and not a % of the the population. However, even if you’re talking about % of the population, the number of millionaires went up by 38% over that 10 years. I highly doubt our population went up 38%. so the % of the population who are millionaires have to be higher.
I’m not surprise by the “Millionaire Status Fleeting” section. It’s always easier to make money than keep money. But the amount of millionaires are increasing, which means although it might be harder to keep the millions than make them, there are more people who make millions than those who lose them.
February 12, 2013 at 5:25 PM in reply to: Obama re-elected to grow our national pie, not just re-divide it #759286Participant[quote=swave]In the not too distant future, stem cells will be used to replace anything that breaks and genomics may be used to better target diseases with the right treatment.[/quote]This is the kind of exponential grown that I’m thinking about. Once we reach that holy grail, everything can be replaced. Then there’s nano-tech. Send in nano robots to go kill cancer/tumor cells. So, with stem cells, genom, nano-tech, and obamacare (or single payer system), we’ll see people living for a very very long time. I’m betting all of this will reach full fruition in my life time.
Participant[quote=flyer]We’ve all had our financial ups and downs, but what’s interesting about all of the different possible paths to wealth people are pursuing (as mentioned in all of the recent posts) is that (per the stats) we aren’t seeing MORE people with a HIGHER net worth–that number is stagnant, and even declining.
As time goes on, it will be interesting to watch those stats, to see if they move upward or not for younger generations–because, in IMO–that’s the bottom line.[/quote]
I wouldn’t call it stagnant. It declined when compare to the peak of 2006 bubble, but it’s well above 10 years ago: http://taxfoundation.org/article/who-are-americas-millionaires.Participant[quote=livinincali]For an FHA loan you have to add in the 1.25 purchase price Mortgage Insurance Premium which amounts to another $400/mo for a $410K loan. Still less than $3000/mo but awfully close.[/quote]
I use absolute mortgage to get the quick number. They didn’t say it’s a FHA loan. Just a 30 Year Conforming Fixed and their monthly payment is around $1800. I’m guessing they didn’t add PMI either. You’re right, if it’s FHA, then you have to add MIP. I don’t know how much those are, so I’m not going to guess. Also, it’s $390k loan, since he’s putting down 5%. AIMLOAN also have a few 30 years program without PMI through Homepath or upfront PMI: https://aimloan.mortgagewebcenter.com/CheckRates/GreatRates.asp?PID=23&r=1Participant[quote=davidaaronhart]We actually have checked it out. the challenge is we need to keep the amount borrowed under $417k since once you go above it is considered a jumbo. Going over requires 10% down to avoid having to go with an FHA loan. the PMI would kill us with an FHA. we would be able to 5% for anything under $417 borrowed. basically it would put us right at the top of our price range depending on taxes and if there is an HOA for the property. I am estimating about 3k/mo. for the overall cost.[/quote]
Assuming $410k, your P+I would be ~$1800. Your PITI would be $2300/month. Most places in Mira Mesa doesn’t have HOA. Those that do are more expensive or are on the east side of MM. HOA in MM are no more than $50/month. Working in Sorrento, your gas cost would go down drastically, not to mention having an option to bike to work. There’s also a new Elementary school that’s being built in the South West part of Mira Mesa if that matters to you. I don’t know your tax bracket but before any deduction, we’re talking about at most $2400/month. That’s far from the $3k/month you’re estimating.ParticipantDavid, just throwing this out, but have you looked at Mira Mesa? You mentioned you worked in Sorrento Valley. Commute would be a breeze. Schools are 8-10, if you stay on the West side. MMHS has the 2nd highest API sore in SDUSD, after SRHS. Yes, today, it’s a little higher than your limit of $350k, they’re around $400-430k for a decently remodeled 4/2, 1400-1600 sq-ft single story.
February 12, 2013 at 10:40 AM in reply to: Obama re-elected to grow our national pie, not just re-divide it #759243Participant[quote=SK in CV][quote=AN]I see life saving medical advancement going to be on similar trajectory as technology. Yes, there have always been advancement. But I feel like we’ll see a parabolic increase in advancement in the next 20 years. Only time will tell, but I believe we’ll be able to live much longer than our parents. Only time will tell, but these kind of advancements that I’m posting seems to be coming fast and furious compare to the past. You mentioned Polio vacine. Today, we have medicine that will keep people alive with AIDS. That have saved millions of people. I don’t have the data, but I would love to see a comparison the quantity of medical advancement 20-30 years ago vs now. My gut is telling me it’s much more today.[/quote]
Obviously, what you believe has no bearing on actual facts. They don’t change based on what you believe.
The AIDS epidemic began just over 30 years ago. Successful treatment began 10 years later. Back when us old folks were born, most all cancers always killed. They don’t now. Mortality rates for prostate cancer, breast cancer, even blood cancers have declined dramatically. The parabolic increase in advancement happened 50 years ago. Might there be another one? Sure. It hasn’t begun yet.[/quote]
There is no actual facts because we’re talking about the future. The fact doesn’t exist so how can it change?Successful AIDS treatment began 20 years ago but isn’t it much cheaper and more readily available today? The parabolic increase happened 50 years ago, sure, but do you have proof we’ve dropped off that parabolic curve?
ParticipantER, I don’t mean to say you always had the pot. I’m saying you have the pot now, so your thinking is definitely different than those who don’t and resort to these risky behavior to get rich. Do you think they’re any different than those who take their paycheck on pay day to the casino hoping to hit it rich? Sometimes, you have to take a step back and see that there are many different people with many different mindset. I won’t say one way is better than the other because I’m not smart enough to know that. I’ll just let the result speak for itself. Your way obviously worked for you. Congrats. But I don’t like to bastardize those who do things differently.
I know buying 1 year CD is different than buying stocks/forex/etc. But it’s still investment, isn’t? It’s just very safe investment vs more riskier investment. I did the risky stuff when I was 18 and starting out with $1-2k. It didn’t work out, I learned my lesson and move on. Some people need to learn it the hard way and some will never learn. But that’s their prerogative and I won’t say they’ve cross some magical limit.
February 12, 2013 at 9:48 AM in reply to: Obama re-elected to grow our national pie, not just re-divide it #759232Participant[quote=SK in CV]Do you think there’s been some sudden lunge forward in life saving medical procedures and medicines over the last decade? There hasn’t. These sorts of medical advancements have been going on for century. Many of them have saved or extended millions of lives. BG and I were around when when everyone went to schools or community centers to get polio vaccine boosters. Those vaccines saved literally hundreds of thousands of lives. And I have no doubt that trend in medicine will continue. But it is far from a sudden explosion of cures.
If I remember correctly, the origin of this discussion is related to raising the SS retirement age. That might work just fine for the well educated and the rich. The problem is, that the under-educated and those with lower economic means aren’t living any longer today than they were 20 years ago. Not much longer than they were 50 years ago.
The rich and well educated get the benefits of these new treatments. Everyone else, not so much.[/quote]
I see life saving medical advancement going to be on similar trajectory as technology. Yes, there have always been advancement. But I feel like we’ll see a parabolic increase in advancement in the next 20 years. Only time will tell, but I believe we’ll be able to live much longer than our parents. Only time will tell, but these kind of advancements that I’m posting seems to be coming fast and furious compare to the past. You mentioned Polio vacine. Today, we have medicine that will keep people alive with AIDS. That have saved millions of people. I don’t have the data, but I would love to see a comparison the quantity of medical advancement 20-30 years ago vs now. My gut is telling me it’s much more today.Participantflu, I totally agree. I too used credit card to “invest” in the past. around 2004-2006ish, I got about $30-50k in 0% balance transfer and stuff that in a 1 year CD that makes 6%ish at the time. So, after a year, I have $1800-3k to spend. When the balance transfer deal expire, I just return that money and keep the $1800-3k.
Participant[quote=flu][quote=spdrun]If the dumbfucks wipe themselves out in the stock market, go BK, and ruin their credit, there will be more opportunities for calculating vultures like us. They should be applauded, not execrated.[/quote]
Feel free to laugh until you make your first bad choice.[/quote]
He’s too smart to make any bad choice.Participant[quote=earlyretirement]Wait. Are you actually saying you don’t find anything wrong with small time retail investors using their credit cards to fund their investment accounts and stock purchases or the speculative currency markets????
It sounds like the Commodities Futures Trading Commission is also probably going to ban credit cards so it sounds like it’s an issue there as well.
AN, do you find anything wrong with the case I listed of a guy using credit card cash advance checks depositing these into his margin trading account and using it to trade and buy/sell stocks?
Everyone in life is trying to get themselves “financially independent but most reasonable people don’t gamble like this. I mean, what limits do you have on how far is too far? I didn’t expect anyone to try to justify someone using their credit cards to sink it in the stock market so I have to admit this surprises me.
What about someone that takes out a HELOC and sinks it in the stock market? If this guy is trying to “increase his spending pot” is it ok or justified?[/quote]
Do I think it’s a wise thing to do? No. Would I do it myself? No. But again, it’s their freedom to do whatever they want with the opportunity available. I don’t see them as any different than the millions who spend well beyond their means through credit.Not everyone in life is trying to get themselves financially independent. The vast majority goes to work and spend every dollar they make and use credit card to spend even more.
Keep in mind that my limit is different than yours which is different than these people. I’m not going to say my limit is the right limit and everyone else’s limit is wrong. They have to decide for themselves what their limit is.
I think you fail to see most don’t have the kind of pot you have. Most don’t have a pot at all. I’m not trying to justify anyone else’s behavior. I simply state those who borrow $ from credit card to invest is not that different that those who borrow $ from credit card to buy junk. I’m sure you wouldn’t borrow $ from credit card to buy junk that you can’t afford. But Millions of Americans do.
ParticipantER, the way I see it, at least these “investors” are trying to get themselves financially independent or at least increase their spending pot. I would say they’re one step better than those who just use credit card to buy junk.
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