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Roth IRA is the way to go, max it out.
But $1M is nothing now. If you're 50-55 right now I'd think you'd need $3M to live average assuming you live to say 90.
I would much prefer to have a bunch of investments than a place in the Caribbean.
Then I could rent in different places.
I once spent a whole month in Tobago, and boy was I ready to leave.
I once spent 3 weeks in the Bahamas and it was almost the same deal.
For the case above, 5 million bucks between 2 people isn’t going to feel like a real lot of money probably.
Tip: watch your health. I had a mysterious problem with my muscles after scuba diving in California, it hurt like a bitch. It didn’t go away and it turned out to be arthritis, “prognosis negative”.
Don’t smoke, drink or be a lazy fat slob; you’ll regret it later.
Be cautious so you can actually spend the dough when you are ready to. I’m unable to go backpacking now, and hiking in Switzerland will be a problem.
Edit
Tip 2: You will be surprised that dealing with paperwork and things are not fun anymore. You will resent things that require you to respond.
My father’s accountant told me about a guy in Florida who lived off $10 million bucks in municipal bonds, sounded like a decent “strategery”.
I would much prefer to have a bunch of investments than a place in the Caribbean.
Then I could rent in different places.
But we're about 11 years from booting them out of the house. And they WILL be booted and go become actual men.
WookieMan saysBut we're about 11 years from booting them out of the house. And they WILL be booted and go become actual men.
Are you going to cover the kid's college? My one child will finish next year, and the cost to me will be around $120k. I started putting money away for her college from when she was born. When she was in High School, pricing colleges looked like $80k would do it. But all that easy loan nonsense ran the prices up to that $120k. I suspect the price will be even higher by the time your kids are old enough.
Gotta know what you're doing with margin, most retail accounts charge around 7% so it's not cheap
If you follow the 4% rule, $1M gives you $40K per year to live on. Hardly Caligulan splendor. With $3M it goes up to $120K. Not bad, but not something to write home about either
People spend a lot of money to work.
BoomAndBustCycle saysPeople spend a lot of money to work.
This is true. Even working from home saved us shitload of money: gas, public transportation, office clothes, fancy haircuts, lunches, fancy coffee, etc. Even car insurance premiums have dropped significantly once all cars were declared for "pleasure use only". =))
Gotta know what you're doing with margin, most retail accounts charge around 7% so it's not cheap, plus you can blow yourself up if a trade goes wrong. If you know what you're doing, just trading options will generate 20% a year in addition to any stock appreciation.
At risk of boring readers, herewith my arthritis story.
I’m in good shape and healthy. I was very active but cautious using weights, walking for hours and gym several days per week, with a trainer for a year (my vanity project).
The symptoms of arthritis in my hips were suddenly sore groin muscles that did not heal.
The only thing I previously noticed was the lack of ability to reach my feet easily, my range of motion is limited, I thought it was stiff muscles.
I saw the X rays recently and the joints themselves are missing the cartilage. Also, growths of bone are where there should be nothing.
The PT guy can push my leg and he feels the resistance of the joint before I feel pain, it’s not going to fully rotate as a normal joint would.
What helps me is Meloxicam, it reduces the inflammation of my muscles so I feel better.
The joint itself rarely hurts, but the muscles do.
I’m going to have a hip replacement eventually, but I’m in ...
trick has always been holding 100% stock portfolio, 30-40 names, no more than 10% into your most favorite name, go on margin and trade options on that portfolio for income and hedging. Keep 6 months of expenses in the bank, and know the stock stuff is a 3-5 years hold.
Gotta know what you're doing with margin, most retail accounts charge around 7% so it's not cheap, plus you can blow yourself up if a trade goes wrong. If you know what you're doing, just trading options will generate 20% a year in addition to any stock appreciation.
Dholliday126 saysGotta know what you're doing with margin, most retail accounts charge around 7% so it's not cheap, plus you can blow yourself up if a trade goes wrong. If you know what you're doing, just trading options will generate 20% a year in addition to any stock appreciation.
7% margin interest is a heavy headwind. I would suggest keeping only 100% invested (no margin) and then using margin briefly if you have a sudden expense that crops up before you can liquidate something to pay the expense. But if that's the case, even using margin isn't the best deal; better to get a home equity line of credit and use that at only 4% or 5%. Well, at least margin interest is tax deductible against your investment winnings.
"Gotta know what you're doing" goes 3x for options. I don't see how the average retail investor can compete in the options market if they don't have all the news sources, i...
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It's hard to say what the new million is, until you put it in terms, "How much would it take to corrupt a high official?". Like all of the officials it took to sell the Corona Virus hoax, and the Election steal. Then you can start to fathom all of the millions that were donated to the 2020 election and all of the millions the US pays the CDC to implement their policy.
I think the magic number is 3 million. 1 billion dollars will buy 300 officials to go along with any NWO bullshit you throw their way. 300 million will buy you 100 officials spread throughout 6 cities in the United States. That will make sure no anomaly is formally investigated, and will be the public spokes person the complicit MSM cites as the official with the truth.
So when Mike Bloomberg puts on a show Presidential election even though he's polling at 2%, don't laugh at him for dumping 100 million in a market every other week of the billion he pledged for his election campaign effort. He was never running to win the election, he was laying the foundation for the Election night steal. He was stuffing the pay envelopes, and getting them ready for Dude that does the thing.