Thumbpicker
Well-known member
For a long time Australia and NZ were more balanced. They didn't have the excesses of either communism, socialism or the US where it appears to be wealthy but in reality the wealth is concentrated in the upper wealthy and most people aren't as wealthy as it would seem. Try and find the US on the median wealth chart here. It drops a long way down. That's because the median person in the US isn't that wealthy - the wealth is concentrated at the top,
I don't like that Australia is more socialist now. I hate it actually but I do like that we didn't used to be as extreme as the US. Some safety nets but not ridiculously none where you can't even get medical care without bankrupting yourself that is. Now there is too much govt intervention with schemes like the NDIS.
BABMusic
Well-known member
Well, the jobs report was up. Could be revised down in later coming months.
China's real estate market has crashed pretty hard this last year, and most Americans do not know about that. It will be interesting to see if the US market can stay sky high. I doubt it.
China's real estate market has crashed pretty hard this last year, and most Americans do not know about that. It will be interesting to see if the US market can stay sky high. I doubt it.
R
Robostyle
Well-known member
I meant i didn't believe him about donating.
But if you own a home worth a million $ how are you not a millionaire?
J
JDs Couch
Well-known member
Call me a millionaire then, I don't care. It doesn't mean I'm swimming in cash, although I'm comfortably middle class.
Thumbpicker
Well-known member
Well in today's dollars millionaire these days doesn't mean what it used to. Really billionare is the modern equivalent.
R
Robostyle
Well-known member
The opposite is true.
Poor people in the US often do a lot better than rich people in other countries.
R
Robostyle
Well-known member
Sitting on a million bucks, not too shabby. You're the one that mentioned it.
But what about the 2 companies that you own?
Surely that would inflate that number, no?
J
JDs Couch
Well-known member
How about you go into detail about your financial situation?
R
Robostyle
Well-known member
Why would i do that?
The~Kid
Well-known member
The free market.....
And life.....
Is like a pendulum IMO.....
And given current events...... And how things are going in the long run.....
I've seen worse IME....... And for those who are true believers...... Hold firm.......
DOW 50,000 is right around the corner *_*
And life.....
Is like a pendulum IMO.....
And given current events...... And how things are going in the long run.....
I've seen worse IME....... And for those who are true believers...... Hold firm.......
DOW 50,000 is right around the corner *_*
Thumbpicker
Well-known member
Maybe in comparison to India, Bangladesh or Nigeria or something. I have a mate in Kentucky, he's lucky to last from one disability cheque to his next disability cheque. He lives in what I'd describe as desperate conditions and has trouble affording heating in winter. When something goes wrong with his car he's in trouble and can't afford things like new tyres etc. And when his wife got some sort of infraction she had to go to jail because they couldn't afford the fine.
R
Robostyle
Well-known member
Sorry to hear about your friend.
Thumbpicker
Well-known member
Yes it's bad... substance abuse doesn't help either.
I've had to call some of his friends that I know live over there (and also know him) to check on him because he's such a worry. Which is absurd doing it from Australia...
Floyd Eye
Well-known member
No one goes to prison over fines. Maybe a couple hours in a tank, then released with a court date. Your buddy isn't telling you the whole story. Kentucky is one of the free-ist states in the US. As is the case everywhere, a properly motivated individual who isn't sick or stupid should be able to afford tires. Sounds like your buddy is hooked on meth or something so he falls into both those categories I reckon. Shame.
rsm
Well-known member
rsm
Well-known member
I'm still holding some cash waiting for a major correction, or crash. The number of US Boomer retirees making their first RMD payment is continuing to rise. The peak birth years of Boomers were 1953 - 1957, with 1957 being the highest; then which slowly dropped from 1958 - 1964, still larger than subsequent generation birth rates. Those born in 1953 hit RMDs at 72 in 2025, each year between now and 2037 many more Boormers will have to sell to cover their RMDs. They may sell investments, homes, vacation homes, rental properties, small businesses, classic cars, bikes, boats, etc., which will drive the markets down, 1957 - the largest number of births in US history - start RMDs in 2030.
For those that don't know, RMDs increase each year until you have zero tax deferred holdings.
I really can't sit on the sidelines with my current cash until 2030 missing 4 years of compounding, but I will save a "meaningful" amount of cash for whenever a major correction, drop or crash occurs in 2028 or beyond. Would be great if the crash, with 30% to 60% loss of value happened in 2026 or 2027 for me personally. I choose the bear.
rsm
Well-known member
I think a better picture of your net worth is one that does not include your primary residence. You have to live somewhere. I would, however, include any mortgage and interest owed in the calculation of liabilities, and any 2nd, 3rd, etc., mortgages and any HELOCs where you owe money.
