patrick.net

6 with the exception of smoking fat cigars.

3 and as long as the stock market keeps chugging along, retirement looking good.

1
Quiting my job and gtfo of CA. Taking my equity and savings and starting over with with a big down for next house so only debt will be mortgage. Wife already has good job lined up and I'm going to take a much need break after working crazy hours for 13yrs since kids were born.

1, but feel guilty since so many people are suffering, out of business, etc. with the Dem/alphabet agency programmed and completely unecessary destructions and demoralizations. I would have been totally fucked if Covid superstition had happened ten years ago. Luck of the draw on timing.

1. Thankfully this virus had a very limited impact on things in our house.

Although my pay has now been restored to the original amount. I did take a 20% pay cut. The thing is, our finances didn't notice because I wasn't driving to work everyday, and wasn't eating a $12.00 lunch everyday.
Last night my bass player was over, he's without a car right now, so I had to pick him and drop him off. On the way home he said, Hey stop by Denny's I'll buy, neither one of us ate dinner. I said let's go to Lester's instead. We went to Lester's Diner and they were opened for togo orders only. So we went to Denny's and the same thing. So I just drove him home. That was about $50 at least we didn't put in the Economy. Stuff like this happens to me at least 4 times a week. I would say I save at least $100 to $300 a week due to the stupidity of the Face Diaper mandate and the silliness that goes with it.

I think even those making less should have more money in general. As it's harder to spend your money as easily as it was. Unless you just love being taken for a ride and are willing to wear a mask a face shield stand in a 2 mile queue as one person at a time is allowed in, and loved being corralled by little Dictators in training who has let the power of being a professional Karen, that allows them to make the Customers life a pure living hell unless they fully subject themselves to their Authority.
I have walked away from more businesses empty handed, not even going through the door, during all of this, than I have actually walked into.
There's a short list of businesses I'll go to. If they have an issue with my mask or not, they consider you a valuable Customer. And will let you know, the problem is with the County or City officials, it's not an arbitrary thing they are imposing.
Where as many other companies, just a mask isn't enough, and their Employees take great joy in Shitting on everyone that is violating their myriad of rules.
These people are little bitch ass cashiers on a power trip. They will always be fucking Losers and a blight on the tax payers. Straight up truth.

Due to what I described above, there's at least 40% to 55% commerce that could be happening that isn't due to the sheer stupidity of the Leadership and leaving it to loser employee discretion to impose.

So more people have more money than they would have otherwise. For those that have continued to be working. Even if they did take a pay cut.

For me, it's 1. Doing better than before the Chinese virus hit.

That's mostly due to Shopify, which really took off because of all of this.

2&6
I have a tiny business and I have a guy who does everything, I skim a little bit of the dough it generates.

I’m able to live off interest and dividends and have cut back on restaurants since I was in Florida. I got into a bad habit of eating out often down there.

Doing my 540 recently I realized California is going to take a lot of my money, so I think I will be a Florida “tax refugee” in 2021.

I guess I will spend the money I save in California taxes escaping summer rains in Florida, but at least it’s my choice how I spend it.

Some people I know are scamming the virus unemployment, it’s annoying to hear their stories.

A funny thing happens with the Apple split; after the market closes, Apple splits the shares, and the brokerage calculates your new balance using the last price of almost $500. So, when I checked my balance I saw another couple of million bucks and I thought “maybe I can stay and just pay the taxes.”

It will correct itself the next time the stock market is open.

2. Doing fine. Things are just the same, no changes.
Was working from home anyways. My company is working on few covid vaccines.
-Stocks are back to normal , up a little so good there. Not sure where to invest now.

-my triplex, renters are paying , but they skipped one month. Will ask for it after economy comes back a bit.



10. Getting laid more by desperate, broke, but tatted babes. Where to find tatted babes.?

3, 11 and 12: The commies have me shut down in Maui but I shall rebuild!

clambo says

I realized California is going to take a lot of my money

Part of my retirement plan is to avoid California income tax entirely by moving to a state with no income tax, like WA. They have high sales tax and property tax, but I'll still be ahead.

https://www.thebalance.com/states-without-an-income-tax-3193345

Where to find the tatted babes without the pimps, drug culture, extortion and blackmail? Ah, 'tis the question.

clambo says

I’m able to live off interest and dividends

I thik that is the ideal. Live of returns on your nut wthout depleting it. You will not get caught short by miscalculting your longeivity and mismatching your burn rate. OTOH, do you want to leave the fruits of your hard work to your survivors? Nothing wrong with that as it strengthens future generations, unless the recipients turn out to be trustafarian wastrels.

Clambo plans to end it all someday at a Casino.

Patrick says

For me, it's 1. Doing better than before the Chinese virus hit.

That's mostly due to Shopify, which really took off because of all of this.

Same, every financial portfolio I own is hitting all time highs in the month of August. Mostly thanks to tech...

Never better. I've always owned gold/silver which are on fantastic runs and I bought decently into the stock market during the entire collapse. I still have my job and I got a big fat stimulus payment as well. I'm about to refinance into a 15 year from my 30 year which will save me $40k.

Patrick says

2. Doing fine. Things are just the same, no changes.

2. Doing fine. Things are just the same, no changes.

Were about to have furloughs for a while though. It’s kind of a meh for me as nearly 50% of that goes to various taxes and other costs. But some of the subordinate employees will hurt.

Also moving out of state in retirement. So far our targets are Nevada and Texas. No state tax should save us about $5k a year in retirement.

My dividend checks are coming in from prior cash out of the hedge fund equity and into the dividend paying equities. No issues there.

I've moved out of the apartment in downtown Boston and stopped seeing hoes up in Montreal and thus, have tons of cash saved since the RealDoll has no operating expenses.

The house in central MA is paid off.

Otherwise, furloughed from the job, as national conferences aren't happening due to Covid.

Patrick says

Part of my retirement plan is to avoid California income tax entirely by moving to a state with no income tax,

So you're moving out of state to avoid the income tax when you retire and stop generating income?

Sounds legit.

3

+ stocks doing well
- mild uncertainty about job stability

I feel pretty good about things. I'm quickly approaching FI, and plan to flee CA for a lower tax state.

1 and 3.

Job went remote, so I picked up a second remote gig. Making about $250k/yr. from my basement working 8-10 hr. days. This doesn't include my wife and i's businesses which had record months back in March.

Gonna ride this out as long as I can, and maybe buy a farm next year, or a sailboat and bug out for a few years.

Alsharpton has a good point, I have to start spending some of the assets before I can’t have fun.

I have no heirs to leave anything to, I was thinking of having a “beneficiary contest” someday.

There’s also a tax avoidance issue, which I have to stop obsessing over.

If Ceffer wants to find girls, Florida is a good place to look.

I simply cannot imagine someone who has worked, saved and invested for decades in California can stay and pay Sacramento $250,000+ during his retirement.

clambo says

I simply cannot imagine someone who has worked, saved and invested for decades in California can stay and pay Sacramento $250,000+ during his retirement.

That is the question. Most of what people think of as California has been an empty publicity stunt, anyway, but obviously, the Great Socialist Paradise Dictatorship has done its level best to absolutely ruin what few things WERE good about California. Beaches, travel, restaurants, theme parks, etc. Plus, the green mismanagement has a lot to do with the fires that ruin the air for months of the year with acrid smoke, and, or course, the blackouts, which are another product of delusional green management. Because PG&E has had to pour all of its resources into mandated wind farms and solar, they haven't maintained the traditional infrastructures. The power line that allegedly caused the Paradise fires was 100 years old.

Why would anybody want their income plundered by these vicious, idiotic pirates and parasites any more than necessary?

Ceffer says

Most of what people think of as California has been an empty publicity stunt

This was my thought, the very first time I'd visited the state.

In a sense, my trips there were either meeting ppl who'd re-located from the Boston-to-DC corridor or were on a vacation a/o business trip.

And thus, we saw what a complete vacuous world it was w/o the sunshine, beaches, & desert vistas. Many ppl eventually moved back home after a few years (to a decade) in CA. The ones who stayed were these workaholic or drug culture types who could pretty much live that way anywhere they went.

Can't answer.
Looks like a virtual casing of houses to hit...

Al_Sharpton_for_President says

1. Doing better than before the Chinese virus hit.
2. Doing fine. Things are just the same, no changes.
3. Still earning, but working from home now.
4. Lost my job, but have savings and UE payments are helping.
5. Was a gig worker, little savings, not being helped by UE payments.
6. Retired and smoking fat cigars.
7. Was homeless before, so who the fuck gives a shit?
8. Back in Mom's basement and enjoying her apple pie.
9. Illegal organ harvesting business doing better than ever.
10. Getting laid more by desperate, broke, but tatted babes.
11. Internet service is spotty in the bunker, but have plenty of yams, beans and lead. Bring it on!

Automan Empire says

Sounds legit.

Unlike you, Pat will have found ways to generate income. Otherwise he'll be bored off of his arse.

joshuatrio says

sailboat

I vote sailboat! Maybe I'll join ya!

Rin says

Most of what people think of as California has been an empty publicity stunt

Norcal in the Sierras and on or near various lakes is/was fantastic. Unfortunately those are still part of CA and so overall lifestyle, taxes, other shit is ruining/ruined it.

Coastal CA was superb as well before being overrun by communists and foreigners.

The valley... Ewww.

Ceffer says

Why would anybody want their income plundered by these

Yeah, I'm starting to become ashamed that I even let them take anything else from my working-years pay check. On principle.

I don’t know where Rin was in California; when I first saw it I was amazed.
The climate is superior most of the year, the juxtaposition of mountains and ocean are often gorgeous.
Central and Northern California on the coast are simply gorgeous. Big Sur is mind blowing, as is Yosemite and the sierras.
Last week I was in San Diego and went from DelMar, Solana Beach, Cardiff, Encinitas, Leucadia, Carlsbad to Oceanside, it’s very nice, someone called it “California Riviera.”
Unfortunately it’s gotten expensive and crowded.
The consensus of opinion of working people is they don’t care about taxes, they make money now.
The older ones have paid for houses and don’t seem to be upset about the taxes, maybe because they are 1. Income under $75,000 ($150,000 couple) and not a lot of investment capital gains.
I think high tech workers will leave the state after they realize the capital gains taxes in California will be huge.

Automan Empire says

Patrick says

Part of my retirement plan is to avoid California income tax entirely by moving to a state with no income tax,

So you're moving out of state to avoid the income tax when you retire and stop generating income?

Sounds legit.

The reasoning is that the majority of my money is in 401k-type things, which will get taxed when I withdraw from them.

Pity that I'm working in a high income tax state right now, but my job is good and it's hard to change.

SmartAsset is a pretty decent online retirement website: https://smartasset.com/retirement/retirement-taxes

You can do an analysis by state and compare the results: https://smartasset.com/retirement/oregon-retirement-taxes

For figuring out taxes, an analysis of the state's tax situation should include:

Taxes on SS - not all states tax it.
Taxes on military pensions - ditto.
Income tax including on 401k withdrawals.
RE tax.
Sales tax.

And don't forget Uncle Sam and the bump due to reparations taxes.

Automan Empire says

Patrick says

Part of my retirement plan is to avoid California income tax entirely by moving to a state with no income tax,

So you're moving out of state to avoid the income tax when you retire and stop generating income?

Sounds legit.

What many don't understand is that traditional 401ks are not that great since taxes are likely going to be higher when you retire given the fact most - esp. leftoid politicians are thieves and thus taxes only go up and hardly ever down during your lifetime. It's a bit of a scam.

just_adhom_preaching says

I vote sailboat! Maybe I'll join ya!

“Left a note said ‘be back in a minute’
Bought a boat and sailed off in it.
Don’t think anybody’s gonna miss me anyway.”
Jimmy Buffet - “Knee Deep”

I'm self employed in a critical industry, so I never closed. My customers, and my customers' customers, got hit hard by shutdowns and retail closures. Even if Covid went away tomorrow, the economy is in "coyote time" right now. A lot of businesses have closed and will never come back. It was speculated that automation would shrink the service and manufacturing economies over the next 10-20 years, but Covid shut down huge sectors like a switch going off. A lot of people are acting like things will just snap back to normal after the election. I don't think they fundamentally understand how fucked and far from home the economy is at this point. My niche has been shrinking for years, but I pared down fixed costs and expenses and was well positioned to ride the long tail till retirement. Now revenue plunged to 25% of YOY and I don't have any savings left, and there simply isn't any fat left to trim from my expenses.

Going to be an interesting ride.

mell says

What many don't understand is that traditional 401ks are not that great since taxes are likely going to be higher when you retire given the fact most - esp. leftoid politicians are thieves and thus taxes only go up and hardly ever down during your lifetime. It's a bit of a scam.

It's why I funded mostly roth and 401K-roth. However these days it's mostly 401K. There are some tricks where you can take your minimum distributions and move them over (bit by bit at a low rate if you're careful) to a roth after you've retired.

I'm guessing the commies are going to renig on even roth accounts by the time I'm retired though.

I've heard there are ways to hold physical gold in a retirement account but I have no idea how it works. Might pair well with a getaway sailboat.

mell says

It's a bit of a scam.

Not to mention the ridiculous fees 401K admins charge even if you're just parked in a money market account. I generally switch jobs every few years and roll it over to my ameritrade brokerage. No fucking fees for my retirement accounts there.

401K admins used to have a lot of bs hidden secret fees as well but I think lately they've had to at least document them in some nebulous fashion or another.

I'd bet that the fee thing is how 401K got created to begin with.

Financial institutions probably lobbied for the plan knowing that a hundred million employees would be locked in to their high-fee plans, at least until they switch employers and move money to a 401K rollover.

Employees do get a significant benefit in deferring taxes. Yes, you could buy and hold a stock for a similar benefit, but if you want to change stocks, WHACK, you get hit with a huge tax bill on the profit. Unless it's in a 401K rollover!

Seriously, that one feature alone, the 401K rollover account with no taxes on trading, must have got me years closer to retirement than I would be otherwise.

Roth IRA is the way to go. I’m converting a few $$ each year into my Roth from my traditional IRA.
Taxes on capital gains are going up automatically in 2025.
I wish I had more money in retirement accounts, but the contribution limits were low for IRAs previously, and the place I worked for was late to offer 401K.
My Vanguard variable annuity was one thing that I could put all the dough I wanted into.
The total fees are very low, so I like it. I might get a little gig money and feed it for a little bit more.
Since California has a sneaky 2.5% “annuity premium tax” on the withdrawals on top of the income taxes, I will wait until I leave California to spend it down.
Assume you have $$ and you want to buy something in California, like a small boat.
Take out $10,000 from your account: federal +California taxes remove $2000 or $2300.
The sales tax is another 9.25% where I live. Your boat is getting expensive.
Are you kidding me?

I'm aiming to have 1 million in a retirement account before I retire. I don't think I can make that happen with a roth it'll have to be roth and regular 401k combined. So far I only have 200 in a roth and 50 in a 401k. So I'll probably only make it half way there.

I'll be a multimillionaire before any of that happens though due to other investments. The only ones I sell in CA are my regular non-retirement brokerage accounts I play with and any employer based stock options. I fully intend to wait until I move to spend any of the rest. Or buy boats, sell investment real estate (all outside CA)..