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Re: $50 per day revisited
Old 02-07-2005, 04:43 AM   #81
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Re: $50 per day revisited

I've wondered if this thing has any actual resale value or if it's just another tinkerer's trap. A neighbor up the street has four junkers in his driveway ICU that he's forever tweaking & selling, and I figure if the MG was worth anything then he'd be all over it. But hey, it actually runs. Although it's a convertible without a roof-- it's sitting in the driveway with a tarp over the cockpit.

But shipping to the West Coast would cost you over $1000. I know you don't fly, but you'll probably want to send someone over here to give it a test drive. Right after the next blizzard...
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Re: $50 per day revisited
Old 02-07-2005, 06:04 AM   #82
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Re: $50 per day revisited

Hey Nords, where is this MG ? *I actually own two MGs. *If this guy is giving this car away, it's almost certainly a later model midget. *These cars aren't worth very much to start with, and rust extremely badly (read, "in half") quickly when driven in snow belt areas. *The drivetrain is worth a couple bucks, but truthfully, the whole car probably isn't worth more than $200-$300 if some of the parts are good. *
But then again, I'm in the northeast, if it's close, I'll go get her !

-Pan-
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Re: $50 per day revisited
Old 02-07-2005, 06:43 AM   #83
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Re: $50 per day revisited

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Hey Nords, where is this MG?
Er, Oahu Hawaii. But, hey, lemme know your shipper and I'll help get it down to the terminal.

The owner left the car (and the island) a couple weeks ago. I think the title is now held by his former church, and I don't think the church's board has gotten around to it (or doesn't know what to do with it).

Dang it, now I'm curious about looking up the VIN on CarFax and the value on Edmunds/Kelly.
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Re: $50 per day revisited
Old 02-07-2005, 11:27 AM   #84
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Re: $50 per day revisited

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Believe Joe D. made an update to YMOYL investment advise on their homepage somewhere admitting that times had changed. Do not remember the details.
Problem was that times didn't really change just his understanding of them (though I hadn't heard of his retraction before). A 100% government bond portfolio will not generate the income that most of us want or need.

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$50/day gives a great life in Thailand! Cheers, Ben
That it will. Heck, even just getting out of the US and having your health care provided anywhere else will cut your cost of living.
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Re: $50 per day revisited
Old 02-07-2005, 05:31 PM   #85
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Re: $50 per day revisited

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rampant workaholism

JG,

A terrible addiction. I know. I worked all the time. Finally took my family on a (work related) vacation to Disney World. The kids were 20 years old by then. I'm improving with age my motto is no longer TGIM

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Re: $50 per day revisited
Old 02-07-2005, 07:53 PM   #86
 
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Re: $50 per day revisited

The impression I got from YMOYL was that Joe had an insight into ONE of the factors that drive inflation, and somehow talked himself into believing that it was the ONLY factor.

I haven't looked into the situation in the states, but the bank of Canada freely admits that its inflation figures are overstated: http://www.bankofcanada.ca/en/backgrounders/bg-i5.htm

There is a tendancy for improved quality of goods to be overlooked in the figures, and ther is a tendancy for new goods and services to be included in the CPI that no one has ever needed before, but society has now decided are a basic necessity. At the time YMOYL was written, the inflation figures could easily have been over-stated by 20-30% or more if you were content to buy the same (and the same quality) goods year after year.

Of course, that doesn't mean there isn't any inflation, just less than it looks like.

I think the authors would have been in favour of TIPS... you get your return adjusted not only for real inflation, but also for the Jones' lifestyle inflation. If you're not playing the same game, you can pocket the difference.

That said, my money's in the stock market where it belongs
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Re: $50 per day revisited
Old 02-08-2005, 04:09 AM   #87
 
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Re: $50 per day revisited

Hello BUM and all! BUM reminded me of one of the
symptoms of my workaholism. We took vacations,
but I was continuously thinking "Jeez, we're going to be close to____________. As long as we are in the area
I should stop by". The result was that we almost never
(maybe literally never) had a 100% "non-working"
vacation. The upside is that it made a lot of the traveling tax deductible. Anyway, my former wife used
to complain bitterly about me making sales calls on family vacations. It made perfect sense to me at the time.

JG
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Re: $50 per day revisited
Old 02-08-2005, 06:39 AM   #88
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Re: $50 per day revisited

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I haven't looked into the situation in the states, but the bank of Canada freely admits that its inflation figures are overstated
Yes, they are trying to use the "hedonic" argument in the US too.

Quote:
There is a tendancy for improved quality of goods to be overlooked in the figures, and ther is a tendancy for new goods and services to be included in the CPI that no one has ever needed before, but society has now decided are a basic necessity.
Two problems that I can see with this off the top of my head. *First is that if you do live to a hedonically adjusted inflation rate you are essentially consigning yourself to live with whatever is available at the time you retire. *If you retired at 40 in 1975 do you want to continue living at that lifestyle? *That means of course that computers aren't in your household budget and you're not here on this board.

The second is that you can't always buy the same things anymore. *A dental procedure that was "fine" when you retired may have been replaced because it was unsafe with another more costly but more effective procedure. *Where are you going to find a dentist to do the older procedure? *Sure you could probably go to Mexico but unless you live on the border you've got to factor the trip cost into your dental expenses.

Quote:
I think the authors would have been in favour of TIPS... you get your return adjusted not only for real inflation, but also for the Jones' lifestyle inflation. If you're not playing the same game, you can pocket the difference.
That won't work. *If the government is using the hedonically adjusted inflation rate then you are getting less than the real rate of inflation. *This may even be the driving factor for using such an inflation rate - it keeps down the amount the government has to pay on those inflation adjusted bonds and on social security too.
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Re: $50 per day revisited
Old 02-08-2005, 09:31 AM   #89
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Re: $50 per day revisited

I believe that if we are going to have hedonic adjustments foisted on us, they should also give us "anti-hedonic adjustments. So when we are stuck with buying a tomato that has all the taste of a red baseball, one pound should be counted as one-half pound. If a tomato with taste cost $1.50 last year, and our new red basball this year also costs $1.50, that should be counted as 100% inflation on tomatoes.

It's only fair.

Mikey
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