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millennial
Participant[quote=scaredyclassic]a major concern when retiring is outliving your $.
i wonder why more oldsters dont max out credit cards after, say, 80, to extend their monies when they exhaust or come closer to exhausting assets.
with good planning and credit, it wouldnt be unreasonable to run up 4 or 500k in credit card debt, and by ponzi scheming with cash advances, using that as living expenses for say 80 to 90+.
too much planning? ethics? seems like its risky for credit card cos. not to discriminate on basis of age when there are no assets as time is running out….[/quote]
Yes you can probably do this and get away with it. From what I know, almost all CC debt is unsecured and not guaranteed. That’s why I would imagine many young people and people with little net worth wouldn’t mind using CC to start new businesses with the thought of BKing in case things don’t work out as expected. This being said, I think that CC know this and probably run a fairly large sample size to differentiate characteristics to minimize default risk or to analyze the risk/reward relationship. I mean if microlending sites like Lending Club can do it, I’m sure companies like Visa and MasterCard have it perfected. Therefore, it is very likely (aside from just a FICO) that they probably already adjusted the risk as appropriate before you even realize. For instance, if I was thinking about cash advancing all my cards to leave the country, they would probably notice my purchasing history (travel magazines, fodor guidebooks) and put a stop on that in a matter of seconds.
ParticipantFrom what I’ve heard, rates will be going up soon which will have a negative impact on lending and also housing values. If I were you, it might be a time to pull out of RE and concentrate on other areas which will improve with rising rates like banks.
ParticipantMy last sentence when I used “in my mind” was used to show that “in my mind” my definition was the standard definition. Regardless, this is a pointless argument since it seems you are unable to understand the problem of creating new words, or definitions of existing words when making a point. IN MY OPINION if you want to discuss a topic, you should first start with the standard definition before creating or mutating existing ones.
ParticipantNo I get it. I’m just saying that she uses these terms that are based on her definition (for instance intellectual and protest) which makes it difficult to understand her initial post. Using her definition they would not be considered protesting…end of story because there is no goal. But according to mine they are protesting and it’s because they want to show and express their personal emotions and display it as a unified front to those in the south and Midwest. This in my mind is a protest.
Participant[quote=njtosd]
Huh??? I grew up in the suburbs. My Dad was from Redford. My mom was from Highland Park. She went to McKenzie High (though she wasn’t Catherine Deneuve – ah more proof of my Motor City origins). Why would you have any better idea of the size of Detroit than anyone else? Again – it’s the somewhat ingenuous millennial thing.
The road ahead after bankruptcy is still somewhat unsure: http://www.freep.com/story/news/local/detroit-reborn/2015/11/08/detroit-rising-life-after-bankruptcy/75085252/
In terms of downtown Detroit being like Chicago – after law school I lived in Chicago (Lincoln Park, if you are still doubting – Belden Stratford) for about 7 yrs and there is absolutely NO comparison in terms of well, anything. I’m sorry that’s true but it is true. You’re free to go live in Detroit and do what you want to improve it – but both you and I are here (at least I think you are) and all we can do is be realistic and hope for the best. There’s no shame in that. But there is no point in magical thinking.[/quote]
Listen if you want to keep hating on Detroit that’s your thing. Redford itself is a blue collar suburb of Detroit and has significantly less history and would not be considered Detroit. In terms of revitalization, I never said it’s fully revitalized by any means, but there are signs of life.
http://www.bloomberg.com/news/videos/2016-01-13/detroit-s-revitalization-from-destruction-to-wealth
This video shows exactly what’s going on downtown. It’s vibrant and there are things to do like outdoor ice skating rinks, nightlife, etc.. They never had any of this when I was younger. Also displayed, is exactly what I talked about earlier which shows the areas outside which still have a lot more revitalization/bulldozing to do. Like I said, Detroit is still “right sizing” and definitely not totally revitalized, but it’s definitely taking a step in the right direction. Visionaries see things that others don’t and create the world around them. I’m not saying I’m one, but at least can appreciate and root for those that are trying to make a difference. That’s all I’m asking as a fellow Michigander.
Participant[quote=njtosd]
Re: protests – In my mind, one protests illegal actions by the government. Excessive exercise of government power. Excessive taxation. Utility issues. In other words – things that are being done by the government or with government assistance that are unfair and beyond its reasonable exercise of power.A protest, in my opinion, isn’t a way to express your extreme disappointment or disdain for something. It’s not a method of sharing with the world the depth of your personal unhappiness about, for example, your team losing (or in the case of the 1984 Tigers, winning) a major sporting event. In other words – protesters generally have a result that they desire and can identify. What is the goal of these protests? To overturn the election? That can’t be done and based on current facts shouldn’t be done. So they are snarling traffic and spewing rhetoric for what? To tell the 4 humans in the world who don’t already know it that this was a very contentious election and that the marchers don’t like the outcome? I think that message has pretty much made it’s way around.[/quote]
This is the Merriam Webster Definition which pretty much says your definition is wrong. Nowhere does it say that a protest requires a goal, but simply a public demonstration of disapproval. Are you making your own definitions up again? Sorry for not being able to understand what you mean. It’s probably due to you changing the meanings of words.
Full Definition of protest
1
: a solemn declaration of opinion and usually of dissent: as
a : a sworn declaration that payment of a note or bill has been refused and that all responsible signers or debtors are liable for resulting loss or damage
b : a declaration made especially before or while paying that a tax is illegal and that payment is not voluntary
2
: the act of objecting or a gesture of disapproval; especially : a usually organized public demonstration of disapproval
3
: a complaint, objection, or display of unwillingness usually to an idea or a course of action
4
: an objection made to an official or a governing body of a sport
Participant[quote=flu]….And so to some extent, a wall has already been built, which I think is a little sad.[/quote]
Great story flu! I agree wholeheartedly. It’s really sad that someone whom kids learn in school to admire, says such hurtful things. Some kids are smart enough to know that the president elect is nothing more than a bully, but others will mimic and intentionally/unintentionally hurt those around them.
Participant[quote=harvey]Detroit, the city, is a hopeless wasteland.
Some of the suburban areas like Rochester Hills are quite nice.
Much of the rust belt follows the same pattern – white flight and all that. Detroit seems to represent the extreme of this phenomenon.
LOL, Trump is going to singlehandedly fix this:
http://www.marchandmeffre.com/detroitCue the Eminem music…[/quote]
I agree, when I was growing up places like Rochester Hills, Bloomfield Hills, Grosse Pointe, and Farmington were places where people wanted to live. Things have somewhat changed since then. The downtown Detroit area is changing and many Millennials are now moving into renovated high rises downtown to enjoy the history, proximity to work and sense of community. To be honest, at first I was shocked and worried about my sister’s safety when she told me she moved downtown, but after visiting I now understand what the draw is.
Participant[quote=njtosd]
Hmm. The house that I grew up in in the Detroit NW suburbs is now worth (adjusted for inflation) 73% of what it was worth in 1964. I’m not saying that things haven’t improved over the last few years (in fact, in 2009 it was worth about 50% of its 1964 value). But Detroit is a long way (sadly) from pulling itself out of its slide. My guess is your sister is not downtown (or maybe she is?) – last I heard there wasn’t a single chain grocery store within the city limits: http://money.cnn.com/2009/07/22/smallbusiness/detroit_grocery_stores.smb/
Detroit flourished due to the automotive industry. Initially Detroit was nothing – they almost made Calumet the capital, as that was where the big industry, mining, was when Michigan was made a state. The weather sucks – we used to celebrate the one or two sunny weekends in the summer. There is not a lot to pull people in, except cheap rent – especially for those who are looking for art studio space. And the crime rate is legendary – it is currently the 28th most dangerous city in the world by some estimates: http://www.worldatlas.com/articles/most-dangerous-cities-in-the-world.html
People have been trying to re-envision Detroit since the 70s PR campaign “Say Nice Things About Detroit” – but wishing and hoping doesn’t make it so. I wish things were different, but it has a long way to go.[/quote]
njtosd,
You really need to stop living in the past and move on with the times. I’m not sure where you get your information, but I get mine based on facts and people i know that live close to the source (my sister) who is living through this revitalization of downtown Detroit that I speak of. In fact, I was in downtown Detroit a few months ago to actually see this…how about you; 1980? Just look on Redfin for high rise condos in downtown Detroit.
Here’s one for instance.
https://www.redfin.com/MI/Detroit/1135-Shelby-St-48226/unit-2501/home/98941987Listen, I think Detroit is moving on from its past and “right-sizing”. It’s probably not going to be >1 Million like at its peak, but the downtown area is vibrant and has a lot going on at night (similar to Chicago) and companies are purposefully moving downtown and encouraging and paying their workers to move…and many Mllennials will and do. This is displayed by housing values outside of Detroit which have remained stagnant. When I asked my sister why she lives downtown she names numerous reasons why she would never leave. She loves that her building has character (1920 historic building made of brick), her city has history, she feels a sense of community (everyone is proud to call Detroit their home), and she only has a 10 minute bike ride to her office at the Rennaissance. I think its very easy for people like you to be ignorant and assume things based on media. Congrats on being part of the herd, meanwhile I’ll go and find opportunities based on research and facts.
BTW, not sure if you know this but Detroit is a very large city in terms of size. Just like any large city, there are parts that are good and parts that are bad. Downtown is the CBD and the part where revitalization is occurring. Not sure how long and how far this revitalization will go, but being from Michigan I am very optimistic about their progress. If you really are from Michigan you should be ashamed.
Participant[quote=AN]
Also keep in not everyone vote for him because of the wall. I think many vote for him base on pocket book issue. Why else would 29% of latino would vote for him?[/quote]Well I can’t speak for the 29% of latino voters, but I think that the majority of the votes were made of anger and hate. A lot of it came from poor whites in rural areas, the rustbelt, and the Appalachian states. These are the ones working in coal mines, truck stops, and farms who have been poor for generations. These are the people who watch TV and hear about how “black lives matter” and thinking the rest of America forgot about them. Yes, we can easily say pull up your bootstraps but understandably they kind of have a reason to be angry and want change. Unfortunately I don’t think they realize that Trump doesn’t care about them and the change that he wants will not make their lives any better.
Participant[quote=utcsox]http://www.latimes.com/local/lanow/la-me-ln-trump-students-targeted-20161110-story.html
Apparently, handed out “deportation letters” to Latino classmate was just being funny.[/quote]
This type of stuff is what I’m worried about. We now have elected a president who has been vocal about being against Mexicans, Muslims, disrespects women, and who has been endorsed by the KKK. As a society, we are basically saying that his actions are not only tolerable and acceptable, but encouraged. What a mess.
Participant[quote=harvey]You can speculate for as many paragraphs as you like.
The only way that jobs are going to come back to the industrial midwest are through some combination of:
1) Dramatically lower wages
2) Trade barriers
3) Elimination of environmental protection#1 accomplishes nothing
#2 hurts more than it helps
#3 sounds tolerable until you’ve lived it first-hand, and still requires 1 and 2 to be effective[/quote]
I don’t think industrial jobs will ever come back to the Midwest because of mechanization and outsourcing. Also if it does, it will never be like the 70’s and early 80’s where factory workers were getting paid 6 figures due to the unions and non-competitive foreign products. Despite this, cities like Detroit are now growing again and property values are growing as well. My sister just purchased a refurbished loft style condominium in a high rise for over $250k. Rent comps within the building are running between 2500-3000 a month and the available units get picked up quick. Companies such as Quicken have come in and incentivized workers by paying for their rent, or covering some of the down payment to do so. Anyways, just wanted to say that the those industrial cities are starting to right size and fill up again with professionals.
Participant[quote=FlyerInHi]Flu, yes it mattters who starred it. Democrats have moved to the center since Bill Clinton. Republicans have move way right.
And how do you think Trunp will make middle America better economically? You’re not talking handouts and government spending on them, I hope.
The solution is to be richer and more successful than them on the coasts and make them see that their lifestyles are wrong. They need to see the truth so they get off their fat asses and pull themselves up by the booststraps. That is the conservative, tough love way of dealing with struggling people.[/quote]
I wish it was that easy, but we’re talking about hundreds of thousands of americans in places like the rust belt, and appalachia. I grew up there and know what it was like and it’s not easy getting through to these people. Most people get their mores, and outlook on life by their environment and people around them and people in these areas have a tendency to be like crabs and grab the ones trying to get out back in.Participant[quote=AN]
Tell them to take a deep breath and come back to you in a year. I didn’t vote for the guy, don’t even like the guy, but there’s no point is letting the media get you all worked up. The world is not going to end. Put trust in the system and decency of everyday American people. Don’t let the fear mongering of the media and the political class divide us.[/quote]
AN, I get your point about this is the great thing about America, the division of powers, democracy etc., but trust me it’s not the fear mongering media that’s making me worried it’s the actual words that came out of Trump’s mouth. It’s the fact that our country is at a point that we would vote for someone like him. I find it ominous that on the same night he was elected, exactly 78 years ago is when Kristallnacht happened aka The Night of the Broken Glass. Though unlike the time when Germany voted for Hitler, our economy is actually pretty good and getting better. We aren’t walking around the streets with wheelbarrows of money and getting paid every hour. -
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