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You need to get away from that financial adviser ASAP
My application/resume to be your new financial advisor.
TM has a history of dealing with money 💰 usually in the direction of my hand to motorcycles and accessories. Sometimes jetskis too. More than happy to do the work of previous advisor for a 20% discount.
What could possibly go wrong?
How does everyone’s Roths and retirement accounts in general look? Mine looks amazing.
mines almost back to where it was a couple years ago.
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Mine is still down around 4% from a few years ago.
I've read some wild stuff on here, this might take the cake.
Sure they look amazing...mine too.
So do most house of cards before they crumble into worthlessness....
You need to reevaluate your investments. My retirement investments are up 16% since January of 2021.
The Venezuelan stock market had a banner year last year as well, doesn't mean anyone is actually "richer". It's all about currency debasement, it's not natural for your house to increase in value 40% in 2 years just like it's not natural for the price of groceries to double in 2 years, everyone might look wealthier on paper but in real terms almost all of us are losing ground at a rapid pace.
That is what cracks me up about people. The thought they place into situations is about 3 feet in front of them. The economy is in shambles and a ticking time bomb. Yet everyone here is bragging about the money they are going to lose. Roths/401k are all developed to dupe people into placing money in the casino. It isn’t guaranteed, and the evaluation you get when you pull the money is taxed over 25%lol. On par with credit cards for schmucks
Due to my wifes job we have to use Merrill Lynch and in the last year our retirement value has increased 15%
I do not think of a recession as having large job and wage growth.
I was paying 40 dollars for round bales 3 years ago. They are 120 now. I have bought 3 a week for the last few years and it's draining. I just got 20 delivered off craigslist at 65 each and they don't look great.
So because of your wife’s retirement you do not believe we are in a recession?
So if we account for inflation, you've lost value?
I was reading the free paper at the hotel on Saturday…
USA Today
Their economic genius/writer was reporting that wages are staying ahead of inflation. It was right out of The Biden Campaign Manual.
We both have have been doing retirement investing for many years. It is hard to do in the motorcycle industry since it rarely is available but when you are doing it yourself not your employer it’s possible.
employment numbers are high not unemployment and that usually doesn’t happen during a recession. History shows the same inflation happening after an epidemic.
So again, your basing a recession off of your retirement and “employment numbers”?
If someone is employed in a job that they are over qualified for and working for less than their worth, yes they are employed and counted as employed but they are still underemployed. In todays market, people are getting paid less that their worth whether it be through inflation or the job is no longer available that they could be getting their worth pay. So just looking at an employment number does not tell the story.
Pit Row
Every Christmas a president will come out and boast about employment numbers and how they look turning the fiscal year. It is all propped up by seasonal work for companies like Amazon. Those “full time” jobs then go away after 1 month and they have to go on unemployment again. We get a Santa rally in the stock world every year mid December . The amount of information that is lied about by our government and media alike is astounding.
Employment numbers are never fudged. Trust the experts!
Yeah man! Faucci said 6ft damnit
The illusion of wealth is a very real thing. People see their homes, retirement accounts, and really just assets in general appreciate at an accelerated rate and think that they are building wealth, but in reality it's all a facade designed to hide the underlying truth, and that's that the US economy (along with most of the developed world) has experienced very little real economic growth over the last 10-20 years. That's not a palatable reality for the average person to face, so our elected "leaders" turn the economic screws and debase the currency in order to generate "growth" and "wealth", but it's all for show. That's all fine and dandy if you own assets, but if you're from the younger generation like I am and never had the chance to acquire assets you're basically just watching prosperity march steadily further and further away no matter what you do, which is slightly frustrating to say the least.
It's time to abolish the Fed and Social Security, I'm done having my current and future wealth stolen from me to prop up the house of cards older generation's retirement sits upon as they continue to take advantage of the younger generation.
I’m 39, I have been broke, paid shit off and gotten ahead, broke again when I was injured and then established myself again recently. You absolutely can get ahead and most do not understand what a real asset is vs a depreciating asset. Your house is not an asset. The only reason it has been recently is due to the housing market being so inflated.
What’s stopping you from moving to a part of the country with lower cost of living to get ahead for a while?
Spend 10 years building “wealth” and bring it back to California where you want to be.
I was in your shoes. Perhaps even worse off because I don’t have a degree. Just a journeyman’s electrical card.
Not sure if you have a kid but that was the defining moment for me. I couldn’t sit and wait anymore for opportunities to happen locally.
Although I didn’t want to move my family across the county multiple times in the end nobody was going to take care of my family but me so I made hard decisions to leave everything and everybody behind to make things happen to get ahead.
You can either sit and wait for nothing to happen or make it happen.
I lost my ass in the 2007-8 recession when the work dried up locally. (Sold my house I just bought and my truck even got repoed) it was a bad deal.
I should have been more resourceful and made moves when I could.. Don’t be 2008 me.
Make moves J! Or don’t… But don’t expect anybody to make it happen for you.
I don’t understand your point. Why are his experiences and sources less valid than yours?
By all metrics historically used by all past administrations, the fed, and the current administration, the economy is great. It has seen the best post COVID recovery among developed nations and the best inflation cooling among developed nations.
Simply put, the numbers he talks about are hold as much weight as a feather. You are either in the world of the stock market or you are not. Retirement investing, is not a barometer on our economy.
lmao oh please go on... do tell
Okay… So are you saying that based on the stock market you believe we are in a recession?
You can't be serious right now with this right? Lmao you think the stock market or more specifically the S&P 500 which is the LARGEST companies in America........... is a reflection of our economy?
Post a reply to: 2023 Economy - Are you seeing signs of a recession yet?