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The Lounge>Personal finance and investing megathread extravaganza
DaFace 11:23 AM 06-27-2016
I know lewdog (and maybe others) have mentioned the desire to have a place to chat about personal finance stuff. We'll see if there's enough interest to keep this going in the long-term, but at least for now, here's a place to chat about whatever personal finance topics come up.



If you're just getting started thinking about saving and don't know where to begin,
this flow chart can help. Ask for advice in the thread for more help!
[Reply]
Buehler445 11:16 AM 06-28-2016
Originally Posted by Halfcan:
Lots of Hillbilly millionaires on the Planet.

I think I am going to liquidate my portfolio and buy a field full of junk cars and let them sit until some sucker buys them-that will be a great investment when my property tax bill hits in December. 30 cars at $200 a year property tax=$6,000 loss per year on a depreciating assets.
I am NOT a junk runner. Absolutely the opposite. I'm trying to keep focused on what gives me a return.

However, if you are a junk runner, you don't tag them. And they're also not depreciating if you pay nothing for them.

If you have a field full of $10,000 10 year old cars, yep, you're right. But junk runners don't do that.
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SAUTO 12:01 PM 06-28-2016
Originally Posted by Halfcan:
Lots of Hillbilly millionaires on the Planet.

I think I am going to liquidate my portfolio and buy a field full of junk cars and let them sit until some sucker buys them-that will be a great investment when my property tax bill hits in December. 30 cars at $200 a year property tax=$6,000 loss per year on a depreciating assets.
:-), you are a fucking idiot that cant figure out how things work, but that is par for the course with you.


thats why you have failed in life...
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SAUTO 12:04 PM 06-28-2016
Originally Posted by Buehler445:
I am NOT a junk runner. Absolutely the opposite. I'm trying to keep focused on what gives me a return.

However, if you are a junk runner, you don't tag them. And they're also not depreciating if you pay nothing for them.

If you have a field full of $10,000 10 year old cars, yep, you're right. But junk runners don't do that.
im not a "junk runner" either lol. i generally only buy classics and rebuildable ones at that.

but you are totally correct i title them in my name but never tag them. why would I?

i probably turn more profit from that than halfwit does in everything he does in life.
EDIT: most of the classics i'm buying are only gaining value, they only made so many and there are only so many left...


and while typing this i got a call on the 69 camaro. i think its sold tonight. add another 1500 bucks on top of the 10 grand from a $3000 cash and 2 saturdays of work investment, PLUS i still get to keep the truck i wanted and a car hauler trailer and gave another car hauler to the kid who works for me too...
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Discuss Thrower 12:14 PM 06-28-2016
I thought I had a decent idea with an app that those with junk lots can choose to list what they have available parts wise and therefore be matched up with potential buyers. Lo and behold it had already been done. I hate seeing acres of discarded hunks of metal that just sit there for years on end.. just seemed so wasteful.
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Halfcan 12:14 PM 06-28-2016
"I reckin' I better sell some more weed so I can buy some barns to store my junk cars in!"
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Buehler445 12:28 PM 06-28-2016
Originally Posted by JASONSAUTO:
im not a "junk runner" either lol. i generally only buy classics and rebuildable ones at that.

but you are totally correct i title them in my name but never tag them. why would I?

i probably turn more profit from that than halfwit does in everything he does in life.
I shouldn't say junk runner in reference to the stuff you've posted about. But there are some junk runners around here (my guess is they are actually running JUNK) and not a damned one of them tags them.
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SAUTO 12:49 PM 06-28-2016
Originally Posted by Halfcan:
"I reckin' I better sell some more weed so I can buy some barns to store my junk cars in!"
you are a fucking idiot.
[Reply]
Amnorix 02:23 PM 06-28-2016
Originally Posted by Buehler445:
I'd really recommend doing a balance sheet at FMV.

Assets = Liabilities + Equity.


Organizing it any other way can lead to material misstatement.



Yeah my dad was on the other side of that. I'm not sure if he had any land loans, but I know he had an operating note.

I asked him a couple years ago how the hell he managed to survive that. His answer was legitimately, "I don't know."

Part of the answer was inflation was sky high. Year over year income was increasing dramatically too.

Basically, take all your income, your obligations, your assets, and add a zero to everything year over year, and you sort of get to the same result. Everything is the same, just "more".

The people that got screwed were people that were laid off, or on fixed income, etc., or who were just sitting on cash and not deploying it. Then you get killed becuase costs/expenses are increasing dramatically, but income isn't.
[Reply]
Amnorix 02:27 PM 06-28-2016
Originally Posted by aturnis:
Not sure what's high maintenance about making a decision and sticking with it.

Also not sure what's high risk about it.

So you said this:

Originally Posted by :
You'll never regret missing out on the small incremental gains of mature business and industries.

Which I read as suggesting that you ivnest in IMMATURE businesses and industries, which necessarily entail higher risk. For fuck's sake, that is precisely WHY you get a higher return, potentially. Because you ARE accepting higher risk.

Which is fine, but it's takes alot more work, patience, effort and knowledge versus, say, putting in a fixed amount every month like clockwork into a total stock index fund, or Vanguard 500 index fund.

I didn't say your approach was invalid, I simply said it's higher risk, higher reward, and higher maintenance. I can't fathom that you disagree.
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Buehler445 02:30 PM 06-28-2016
Originally Posted by Amnorix:
Part of the answer was inflation was sky high. Year over year income was increasing dramatically too.

Basically, take all your income, your obligations, your assets, and add a zero to everything year over year, and you sort of get to the same result. Everything is the same, just "more".

The people that got screwed were people that were laid off, or on fixed income, etc., or who were just sitting on cash and not deploying it. Then you get killed becuase costs/expenses are increasing dramatically, but income isn't.
Not really. In the 70s it was that way. Inflation is the reason the fed hacked the interest rates through the roof. At the peak of the interest rates, the fed had quite effectively slowed the economy and put a cork in inflation. Then you had the recession. Ag works independently but similar things happened. Land values tanked and all the balance sheet loans that were made in the 80s were suddenly unable to be serviced without the inflation.

Good times had by all. And by all I mean no one.
[Reply]
R8RFAN 05:03 PM 06-28-2016
]

Originally Posted by Amnorix:
You may already know all this, but perhaps not, or perhaps someone else doesn't:

Can I ask if you have a 401(k) option? Especially one that has matching? You don't even have to answer -- just let me say that any kind of matching is FREE money, and you should take it.

Even if there is no match, you should invest in the 401(k). Here's why.

Example A (no 401(K) being used):

Gross pay of $2,000 (other than non-tax deductions like health insurance etc). State and federal taxes reduce that by, say, 20%. Take home $1,600.


Example B (with 401(K):

Gross pay of $2,000 (other than non-tax deductions like health insurance etc.). Put $200 per week into 401(k). Gross pay now $1,800. Pay 20% ($360), so take home is $1,440.

$1,440 plus the $200 in the 401(k) is $1,640. You're $40 ahead.

But here's the real kicker-- the $40 grows tax free in whatever investment you put it in.

You basically can't beat tax-free deductions plus tax-free growth compounding over time. It along with home ownership are the two easiest paths to building wealth in the U.S. due, largely, to our existing tax laws.
Yea I do 10% m ost of the time but when I am making too much money in the year I up it to 25% I have about 250k in my 401 right now. Good advice thanks

Originally Posted by scho63:
What age are you? That's probably better than 97% of all other Americans
When I was young I got up to my ass in debt and I didn't like the way it felt so I said never again.. I just don't spend alot of money and I have a wife that is the same way. I live in an average size house in an average neighborhood but the cost of living is lower here than most places ... I have been blessed with health and my family has too, I feel sorry for people who lose it all to medical bills ... I never had to have the best when I bought something but I always tried to buy quality and take care of it. I was lucky to get a good job with a good company that paid well ... LTL Trucking pays good, it's hard work and long hours but it pays good but I know it's not everyones cup of tea.
[Reply]
tredadda 06:20 PM 06-28-2016
Originally Posted by Baconeater:
I have no savings, no 401k, I rent my house and lease my car and I would like to retire next week. Any advice would be appreciated.
Stop doing all of that.
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tredadda 06:23 PM 06-28-2016
Originally Posted by Holladay:
This is a no brainer buying opportunity. Scrape any extra money and dump it into ANYTHING. When blue jeans go on sale, people buy. When the market goes on sale, people run.
People's reactions to market fluctuations always fascinate me. Only in the market will the average person buy high and sell low.
[Reply]
HonestChieffan 06:32 PM 06-28-2016
Originally Posted by JASONSAUTO:
im not a "junk runner" either lol. i generally only buy classics and rebuildable ones at that.

but you are totally correct i title them in my name but never tag them. why would I?

i probably turn more profit from that than halfwit does in everything he does in life.
EDIT: most of the classics i'm buying are only gaining value, they only made so many and there are only so many left...


and while typing this i got a call on the 69 camaro. i think its sold tonight. add another 1500 bucks on top of the 10 grand from a $3000 cash and 2 saturdays of work investment, PLUS i still get to keep the truck i wanted and a car hauler trailer and gave another car hauler to the kid who works for me too...
Im sort of in the market....I just bought a new Chevy 2500 High Country and I love it. But Im leaning toward a "chore truck"..I like the 66 chevy pickup, 71, and 91. single cab short bed 4wd.

Id kill for a 69 mach 1 but wife would kill me.
[Reply]
SAUTO 06:34 PM 06-28-2016
Originally Posted by Buehler445:
I shouldn't say junk runner in reference to the stuff you've posted about. But there are some junk runners around here (my guess is they are actually running JUNK) and not a damned one of them tags them.
Yeah I let someone else deal with the junk. I know a couple guys who just junk and I let them come clean up the shit I don't want and give it and the scrap from the shop to them and they clean everything up. Trash too.

Scrap isn't worth my time. I did it myself a couple times and felt like I lost money.
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