Join Date: Jul 2016
Location: Central Wisconsin
2017 Hyundai Elantra Limited
1988 Toyota Supra Turbo
1982 Pace Arrow Motorhome
1986 Bayliner, Vol
Mentioned: 122 Post(s)
Quoted: 990 Post(s)
Had two $1,000.00 bills in my pocket when I purchased that new 65 Buick, was around $2,600.00, loaded. If I kept those, only worth about $125.00 today, but was watching Pawn Stars, Rick gave $2,000 for on or about 250 bucks. So much for keeping cash.
Just trying to keep your money up with inflation is a huge battle. 88 Supra had a sticker price of $27K didn't pay that much for it, but told its worth $16K today. But an 88 buck is only worth 50 cents today, more like $8K less than a third of its value, not selling it, didn't get my use out of it yet.
Claim CD's are your safest investment, sure was nice in the 80's, around 18%, today, not even keeping up with inflation and you have to pay income taxes on that interest so ending up with less money you started with.
Did get ahead in 1972 by building my own home, materials cost is well less than a third of the selling price, and at interest rates back then, with a mortgage would be paying back three time the price in interest. Ha, talk to people, they can deduct their interest, yeah but instead of paying around 10% to the IRA, paying 100% of it to a bank.
Bored, calculated what would happen if my FICA taxes, not only this but also paying income tax on top of that tax, if it was in an IRA, would have about 1.5 million today, but only getting pennies in SS payments, and have to give a good share of it back in more income taxes. Ha, planning on living until I reach 168 years of age just so I get all my money back.
If in the 10% tax bracket, and have a kid, end up paying 97 cents less in taxes each day and have to purchase a much larger vehicle to haul that kid due to seat beat laws.
One way to save a bunch of cash is to DIY, but the IRS is trying to figure out how to tax this as well.
About the only way I would play with stocks is to be on Wall Street itself, just a few seconds later on a computer can cost you a fortune, they got us where they want us.
Difficult enough just to keep the money you worked your butt off for. Super high tuition and health cost can actually put you below the poverty level where you can get this stuff practically for nothing, so ask, why are we working for.