This site makes me depressed...

[travelover]

Of course the extremely wealthy can usually nullify that claim and stack the deck further in their favor by buying up a few folks in Washington to do their bidding.

Yea, but that would never happen.

 

[haha]

Of course the extremely wealthy can usually nullify that claim and stack the deck further in their favor by buying up a few folks in Washington to do their bidding.

Don't think so. A huge percentage of all US Federal Income tax is paid by the very wealthy. Around 50 % of households pay zippo, and another big slug pay de minimus tax.

It is currently very fashionable to blame everything on the rich, but IMO we should be thankful that they don't just skip politics and go directly to buying the army, as they do in much of the world.

Ha

 

[Hiredgun]

+1 and I'd be more than willing to kick in for our own army Ha, heh!

 

[Hamlet]

You're ignoring FICA, which makes up almost as much of Federal revenue as the income tax, and is hugely regressive.

I don't "blame everything on the rich", but I'm amazed at the whining that they do, considering they are getting more and more for doing less and less every year. Considering they seem to make an ever-increasing share of the income, it isn't surprising that they pay most of the income tax. The question is "why do they make so much more than they have historically, compared to the rest of us?". Much of the reason is that they are getting better and better at stacking the deck in the favor of capital over labor.

As a percentage of revenue, corporate profits are at record highs, while wages are at record lows. The actual Federal tax rates that corporations pay have fallen to multi-decade lows as well.

Labor unions have been steadily weakened by legislation all over the country, capital is taxed at more favorable rates, and the bankruptcy laws have been re-written to protect the interests of the wealthy. These are just a few of the many changes that the uber-wealthy have had written into our laws to stack the deck.

Don't think so. A huge percentage of all US Federal Income tax is paid by the very wealthy. Around 50 % of households pay zippo, and another big slug pay de minimus tax.

It is currently very fashionable to blame everything on the rich, but IMO we should be thankful that they don't just skip politics and go directly to buying the army, as they do in much of the world.

Ha

 

[BigE]

"I'm amazed at the whining that they do, considering they are getting more and more for doing less and less every year"

Really? The highly motivated small and large business owners are working less and less? I laughed so hard at this comment I almost fell on the floor!

 

[MichaelB]

This thread was about inspiration. When did it turn into a whine-fest? Between the two, inspiration is definitely more enjoyable...

 

[pb4uski]

I would suggest that the world is changing (as it always does) and that recently the nature of the changes benefit capital providers rather than labor providers. I don't think that capital providers are consciously "stacking the deck" against labor but rather, that technological changes have reduced the need for labor and growth in supply has exceeded demand which has kept prices for labor from escalating.

The labor reforms that Hamlet mentions are a response to greed by labor unions and capital gains have been tax at preferential rates for decades, so that is hardly a new thing.

You're ignoring FICA, which makes up almost as much of Federal revenue as the income tax, and is hugely regressive.

I don't "blame everything on the rich", but I'm amazed at the whining that they do, considering they are getting more and more for doing less and less every year. Considering they seem to make an ever-increasing share of the income, it isn't surprising that they pay most of the income tax. The question is "why do they make so much more than they have historically, compared to the rest of us?". Much of the reason is that they are getting better and better at stacking the deck in the favor of capital over labor.

As a percentage of revenue, corporate profits are at record highs, while wages are at record lows. The actual Federal tax rates that corporations pay have fallen to multi-decade lows as well.

Labor unions have been steadily weakened by legislation all over the country, capital is taxed at more favorable rates, and the bankruptcy laws have been re-written to protect the interests of the wealthy. These are just a few of the many changes that the uber-wealthy have had written into our laws to stack the deck.

 

[HFWR]

This thread was about inspiration. When did it turn into a whine-fest? Between the two, inspiration is definitely more enjoyable...

Though sometimes I'm inspired to whine...

 

[BigE]

I am in awe of the personal accomplishments, both big and small, shared on this forum. And it's a little difficult not to be jealous of the uber-successful persons in their 30s and 40s who are able to ER, but I do not want to discourage anyone form posting their success stories. I find these personal stories very enlightening and sometimes motivating. Have I mentioned this forum is awesome!

 

[Sarah in SC]

Though sometimes I'm inspired to whine...

I am also inspired by the rare folk who don't whine constantly!

 

[Donzo]

I'm afraid that we are considered to be "the rich" - even tho it took 20+ years to get the portfolio.....

 

[ziggy29]

This thread was about inspiration. When did it turn into a whine-fest? Between the two, inspiration is definitely more enjoyable...

True that. But in reality we live in an era where many folks define "whining" as "complaining about any situation where I personally have no sympathy for them."

One person's legitimate beef is another person's whine; it depends on whose ox is being gored.

 

[xyz]

To the original poster: The key is to define a realistic set of goals and never forget them. Over 20 years ago I was divorced with plenty of debt and virtually no savings I sat down one evening and wrote a set of goals down on 4 yellow sticky notes (the larger ones). The included items such as 1) Get rid of all debt 2) purchase a house 3) pay for my children's college (3 sons) 4) retirement savings $ goal .... So here it is 20 years later and I still have those yellow stickers and I have exceeded every one of those goals. My three sons have all graduated from college (2 with masters so far), I have no debt, I have a house and far exceeded my retirement savings goal. I retired in December and I am happier than ever. The key was to set the goals and never forget them... It may not happen overnight but it will happen.. You can do it..

 

[ER Eddie]

Yeah, it's always best to measure yourself against yourself -- your past self, that is -- not against other people. "Run your own race," as they say. As long as I feel like I'm doing better than I was a few years ago or a decade ago, I'm okay. Sometimes, if I want to boost my spirits, I'll reflect on what life was like for me when I was a teenager or early 20's (hint: miserable, depressed, lost). I've had a lot of ups and downs, but as long as my life is on an upward trajectory overall, I can feel okay.

 

[mistershankly]

I am in awe of the personal accomplishments, both big and small, shared on this forum. And it's a little difficult not to be jealous of the uber-successful persons in their 30s and 40s who are able to ER, but I do not want to discourage anyone form posting their success stories. I find these personal stories very enlightening and sometimes motivating. Have I mentioned this forum is awesome!

I'm with BigE on this... I am awestruck at the savings and salaries that some of the folks in their 30's and 40's have put together and I commend them for the hard work and sacrifices that they made to get there. To draw an income at a younger age and choose to look beyond the present and well into the future is a wisdom and sacrifice that can inspire people at any age.

I am immensely grateful for the candid conversation and information from everyone who posts their accomplishments and openly discusses them here. If you feel discouraged, consider the fact that the people and discussions here are a small fraction compared to the people who aren't here and live financial lives with no regard or comprehension of the great things that are discussed and encouraged here. The fact that you are here should be most encouraging as the tools to FIRE are now defined and within your sights.

Thanks again to all who share their insights and stories... it is much appreciated by those of us who are on track (long or short) to being FIRE'd.

 

[travelover]

...........I am immensely grateful for the candid conversation and information from everyone who posts their accomplishments and openly discusses them here. ...........

Personally, I just like to brag, but this is the only place that anyone listens.

Hello....hello....tap, tap.....is this thing on?

 

[Sarah in SC]

Personally, I just like to brag, but this is the only place that anyone listens.

Hello....hello....tap, tap.....is this thing on?

Me, too!

 

[timo2]

I am immensely grateful for the candid conversation and information from everyone who posts their accomplishments and openly discusses them here.

+1 , although I do notice that the candid statements sometimes offend a newer poster or two. and that's just in the last month. But in real life, everyone doesn't get a trophy.

 

[pb4uski]

+1 , although I do notice that the candid statements sometimes offend a newer poster or two. and that's just in the last month. But in real life, everyone doesn't get a trophy.

There is sometimes a thin line between being a mentor or a tormentor.

 

[seabourne]

eh - I've found that they overlap considerably

 

[Cessna5354]

I like the lyrics, It's wanting what you got"

And yes, there are some huge slammers along the water front in Charleston. I jogged daily along the water front route.

I am looking for something less however.

 

[rjohnla]

Sniggle, don't be depressed, its not that difficult. #1 Stay out of debt, then watch you money grow, when people are always paying you instead of you paying them; #2 you don't need a lot of "stuff", live simple, it's less complicated and as you get older most the stuff will have given or thrown away - forget the "jones's"; #3 really understand the difference between saving and investing - saving means you get your principle back + more, with investments, e.g., stocks, you can loose it all & most individual investors by far loose money (Buffett #1 Rule: Never Loose Principle). At 30 I owed 40,000 1/2 Student loans, 1/2 Credit Card debt used to pay for food & rent while in college & worked too. Finally paid it all off in 1998 (go back to #1). Since 1998, and I'm no big executive, paid child support, and now at 56 worth about 1.3 in cash, retire - next year.

 

[imoldernu]

Yes, I believe I am.

I am still chuckling about the suggestion from someone to downsize the horses to shetland ponies....too funny.

All my worry may be for nothing....as this weekend I agreed to join my wife on a competitive trail ride which could possibly result in her receiving a life insurance windfall

Not to worry... With a sense of humor like that, you'll do well no matter what!

Except for a health scare and retirement at 53, we'd probably still be working. It's been 24 years of not working or paying taxes, and it happened on a heck of a lot less than a million dollars. More a matter of what one needs than what one wants, and the willingness to adjust to what one has.

For starters... drinking water-instead, at McDonalds or restaurants... 4X week @ $3/meal will give you an extra $10,000 if you retire at age 62. In our case, we like water and figure we've saved about $25,000 along the way in retirement. (periodic deposit 5% interest compounding)

It was intimidating coming here, to find "youngsters" earning more in a year, than I did in a decade, but the members are mostly more concerned with helping than bragging.

Enjoy the ride.

 

[Milton]

This thread was about inspiration. When did it turn into a whine-fest?

IIRC, the initial post was about jealousy and depression!

 

[mickeyd]

I'm afraid that we are considered to be "the rich" - even tho it took 20+ years to get the portfolio.....

Please keep that under your hat. Someone at the Cincinnati IRS office may google that up and be off to the races with their tax checking software. Please continue to use struggling instead of r**h.