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flyer
ParticipantThe McCain’s were friends of my parents. Great people. The Romney family is, overall great, too. My kids, although they are quite a bit younger, are friends with a couple of his kids and their families.
Sadly, being rude is in vogue (obvious signs of a weak, insecure person) that’s why I can’t stand most politicians or most of the media, but, regardless of how much I can’t stand people, I refrain from making rude comments, especially publicly, so I could’t believe what was said about McCain. That, the handling of the virus and a few other issues are what pushed me to vote as I did. At this point in time, really had no other choice.
Participant[quote=utcsox][quote=flyer]I agree with all of the positive elements mentioned wrt the president elect, that’s why, as an independent, I voted for him this time.
Of course, money isn’t the most important thing. Never has been to me, and never had to worry about it, just glad we can help family and friends live better lives, but with the constant whining we hear about wealth inequality, it must be important to many voters (Gallup Polls reported 80% of voters are concerned about their finances) so it will be interesting to see if this mega issue can also be solved by the new administration in any measurable way.[/quote]
Except, Gallup Polls reported no such things.
“The 55% who say they are better off today is also similar to the 53% who rate their personal financial situation as either excellent or good, down only slightly from before the pandemic. ”
https://news.gallup.com/opinion/gallup/321992/americans-economic-attitudes-election.aspx%5B/quote%5D
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You are absolutely correct. I was looking at a Gallup Poll from 2018.While checking on that, I found some other fun facts published in 2020 concerning finances in America.
Now, of course, money is not the source of our happiness–we all know that. It is simply a means to an end–a bridge to our dreams–a fortress that gives us a sense of security–or whatever else we may want to call it, but out of 122-128 million households (via various reports) in the US, there are only about 11.8 million millionaire households. (Per NY Post–excluding primary residence.)
Shockingly low stat, considering the number of households in the country. On that basis, it would be interesting to know, per your example above, what the criteria was for who those who claim their personal financial situation is either excellent or good. Without having that criteria and the actual numbers they are referring to, it would be hard to judge how relevant and valid the poll really is.
An extreme example would be someone polled might believe that having a $100K net worth would be enough to fund a 30-year retirement, so they responded to the poll saying that their financial situation is either excellent or good. My point is, without knowing the criteria, polls, including the one I referenced, are meaningless. That said, the millionaire headcount would seem to be far more accurate, and very revealing wrt the actual financial status of Americans.
Participant[quote=sdduuuude]This is just how I like it – party A in the executive, party B in the court, and congress is split.
The gov can get less done this way, and they are best when they do less.[/quote]
My feelings exactly.
ParticipantMy feelings exactly, sdduuuude.
ParticipantI agree with all of the positive elements mentioned wrt the president elect, that’s why, as an independent, I voted for him this time.
Of course, money isn’t the most important thing. Never has been to me, and never had to worry about it, just glad we can help family and friends live better lives, but with the constant whining we hear about wealth inequality, it must be important to many voters (Gallup Polls reported 80% of voters are concerned about their finances) so it will be interesting to see if this mega issue can also be solved by the new administration in any measurable way.
ParticipantVoted for the lesser of the two evils, so we’ll see how it goes.
Other than not having to listen to the ramblings of our current president, and a possibly better COVID response, sadly–very few voters lives will change for the better in any meaningful way–especially with a Congress, and a country still so divided. The rich will continue to get richer, the poor will get poorer, and I don’t think that is going to change any time soon.
ParticipantThere will always be opposing sides to every phase of life on this planet. Each side will always think they are right and the other is wrong, and, in the end, it’s all just a matter of opinion that will go on ad infinitum, with little to no resolution.
I can do small things to change the world, like vote, be observant of climate change issues etc., and, over time, the small things we all do might make a small difference in the outcome of humanity on earth (when the planet is gone, nothing will make much difference) but, for the most part, I’ve chosen to focus on helping my family, extended family, and those in need live their dreams, and, so far, that’s worked out well. In that, I can see the results of my efforts, and I know I have made a difference.
ParticipantBiden will most likely win, so everyone can go back to being their normal happy selves again.
ParticipantObviously, ignoring COVID protocol does not make sense. Still, it’s interesting to hear people talking about how others may die of something, as if nothing is ever going to happen to them. Lol.
We’ll all face death for some reason, someday, without exception, like it or not, but, imo, you might as well do everything you can to prevent the inevitable for as long as possible.
Participant[quote=svelte][quote=flyer]
I retired from American before 60 thanks to real estate. Another reason to have a “Plan B.”[/quote]Well that explains how you’ve done it – pilots make a great living. If you’ve got perfect eyesight and are over 6 feet tall, you’re eligible to attempt a career as a pilot.
I would have never been eligible.
Many of my current and former neighbors are pilots. One of them, an American pilot, rarely ever worked. He always opted for the standby slots and was home almost all the time. Downside: he could never drink because he didn’t know if he’d be called in. Sometimes us neighbors would watch their kids overnight for them (his wife was a nurse). They were great people so we didn’t mind, but he sure made a lot of money for not much work.[/quote]
Other than the fact that I have loved flying since I was a kid, one of the main reasons I chose the profession after college was the reserve system.
As you mentioned with your friends, due to seniority, I bid reserve (standby) for many years, and was rarely called to fly, and still maintained the same income, which allowed lots of time to build the real estate portfolio, etc., spend time with the kids growing up, etc.
Many of the pilots I’ve known have done similar things–invested in franchises, real estate, car dealerships etc.–since it allows you to have another life apart from the job.
I’m grateful to have enjoyed the profession during the more golden years of traveling all over the world (I met my wife when I was flying to Paris from NYC), but wouldn’t recommend it to anyone now. It has devolved over the years, and, especially now, the airlines and their employees are fighting for their lives through no fault of their own. CEO’s met with Meadows in DC this past week, so we’ll see if the possibility of another bailout changes the current bleak scenario.
ParticipantSure, but that brief moment passed rather quickly.
Yeah, it’s sad what’s happening with the airlines now. No one could have seen this coming. Have lots of friends who took early retirements.
I retired from American before 60 thanks to real estate. Another reason to have a “Plan B.”
ParticipantScaredy, thank you so much for enlightening me. LOL.
ParticipantI’ve always felt that we should always be living the lives we want to live–retired or not–and if you’ve realistically determined your finances will last for the duration of your lifetime–that gives even more peace of mind.
Participant[quote=Escoguy]Flyer
Admit buying in this environment is new for me. Easiest path is to let everything I have run and take long vacations in Europe with the kids.
First SFH bought in 2000, second 2003, then 3 in 2013 and one in 2104.
Two are paid off, four with loans have 60% equity and rates avg 2.75%.Glad all yours are all paid off, that is plan B for me.
I think I can do 15-17 annual% ROE vs the 2.75% cost of mortgages (both pretax) by buying a new one. Given market dynamics, we are walking into a day one equity of 35K which has given us a buffer.
Baseline plan was 1% appreciation for 10 year period. I’ve now upped it to 1.5%. But still project 175% return over 10 years with 1.5% annual appreciation and approx 150K of principal pay-down. If we see a 20% price collapse, then of course these assumptions go out the window, but still hard for me to see a scenario where I lose money over 10 years.[/quote]
Congratulations on all of your acquisitions. It’s definitely a challenging environment, but it sounds like you have a solid plan, and I wish you all the best.
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