Are you keeping a low profile in these difficult economic times?
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NW-Bound
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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I hope it will not become class warfare. The spendthrifts vs. the LBYM'ers. The "work till I croak" vs. the ERs. The latter groups will simply be labeled "rich".
The assumption that $1 million in savings/retirement accounts makes a retiree rich is really laughable. A 4% withdrawal is, of course, only $40K, and the principle is subject to stock market crash. A nice government pension of $45000 probably has a present value much greater, a stable payout with little risk, but that person would be considered "middle class."
So, a lot of the people on this board are only "rich" in the sense that they know how to manage their money and their lifestyle so that they don't become a burden on society during downturns like this one.
So, a lot of the people on this board are only "rich" in the sense that they know how to manage their money and their lifestyle so that they don't become a burden on society during downturns like this one.
haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
How I see it too. Even without the risk involved, the income stinks. When an autoworker makes >=$75,000 (one person), how is $40,000 rich?
Ha
NW-Bound
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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As some of us tried to point out, the ignoramuses (read majority of the people) do not understand the 4%SWR. As Firedreamer points out, perception may become political reality. What if they decide that these "rich" people must be soaked, or their SS reduced? Who cares if you have been a LBYM'er? The fact is that you have "more", and must "share".
I hope it will not happen, but stranger things have happened in my life.
I hope it will not happen, but stranger things have happened in my life.
Jay_Gatsby
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Unfortunately, it already has to a certain degree. Mark my words, you will see an increase in the estate tax, which is essentially a wealth tax (and a transfer from the haves to the have nots). Somehow certain people believe it's unfair for the next generation to enjoy the fruits of the previous generation's sacrifices.
Am I still keeping low profile.
Let's see.
Underware still torn and very thin, I can afford a new dozen, but what for?
Haven't washed car in 6 months, let the rain do it.
Go "grazing" in supermarket, pour myself a cup of soup, and sit there smiling to myself eating it. Flies still buzzing around me. Read the NY Post without paying, then put it back.
Tee shirt still stained.
Need to replace cardboard in shoes, bad for my thin socks.
Will never ever pay full retail.
However on Weekends, have no problem dropping big money on nice gourmet meal, however must wear good underwear, no stains, otherwise wife will kill me in sleep.
jug
Let's see.
Underware still torn and very thin, I can afford a new dozen, but what for?
Haven't washed car in 6 months, let the rain do it.
Go "grazing" in supermarket, pour myself a cup of soup, and sit there smiling to myself eating it. Flies still buzzing around me. Read the NY Post without paying, then put it back.
Tee shirt still stained.
Need to replace cardboard in shoes, bad for my thin socks.
Will never ever pay full retail.
However on Weekends, have no problem dropping big money on nice gourmet meal, however must wear good underwear, no stains, otherwise wife will kill me in sleep.
jug
