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President Biden proposing a large Capital Gains Tax hike on the Wealthy

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8 minutes ago, grandjean87 said:

JoeWyo is whacked out sh!t.  Or, just asshole :)  

3rd time this thread, but math is hard for some folks. Even $10m liquid wealth at the low bar of 4% is an income of $400k annually in perpetuity. Utilities, food, rent, car costs, and insurance in anywhere USA are fractional. 

Go up to the guy who has $35m wealth, if that’s real, can go liquid in due time. Keep $10m illiquid ($25m liquid), and he’s still got $1m income at that bar low 4%.  

@Joe from WY is totally asshole and he will be the first to tell you that.  The guy is a dick.  But I love him.  The board is so much better when he is active.  

Yeah, I remember when my mom finally sold her old burnt red toyota hatchback with a mismatched door on the passanger side to buy a used dodge grand caravan.  I used to ask my mom to drop me off a block away from Saint Mary's so nobody would see our car.  When she bought that used minivan, I was soooo proud.

Years later as an adult, my mom told me she knew what I was doing, asking her to drop me off a block away.  I told her as a kid it was because I wanted to run to school, but she knew.  It broke her heart.  Next year she bought that van she could not afford.  The year after that, when I got a bed, I started letting my friends come by.

That shitty old house on 22'nd street and Ellis is now worth a million bucks.

Life is too funny.

 

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24 minutes ago, grandjean87 said:

JoeWyo is whacked out sh!t.  Or, just asshole :)  

3rd time this thread, but math is hard for some folks. Even $10m liquid wealth at the low bar of 4% is an income of $400k annually in perpetuity. Utilities, food, rent, car costs, and insurance in anywhere USA are fractional. 

Go up to the guy who has $35m wealth, if that’s real, can go liquid in due time. Keep $10m illiquid ($25m liquid), and he’s still got $1m income at that bar low 4%.  

True but the bar keeps moving.  It started at 1-35M net worth not liquid assets.   By the way good luck at today’s rates getting 4% if you are looking at income.  Unless you want to be in an overheated stock market.   

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48 minutes ago, grandjean87 said:

JoeWyo is whacked out sh!t.  Or, just asshole :)  

3rd time this thread, but math is hard for some folks. Even $10m liquid wealth at the low bar of 4% is an income of $400k annually in perpetuity. Utilities, food, rent, car costs, and insurance in anywhere USA are fractional. 

Go up to the guy who has $35m wealth, if that’s real, can go liquid in due time. Keep $10m illiquid ($25m liquid), and he’s still got $1m income at that bar low 4%.  

That chump change poverty as far as joe Wyoming is concerned. 

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44 minutes ago, sactowndog said:

I would agree but remember I was objecting to the 1-10M level not 35M

Don’t be a fool! If you live a frugal lifestyle I’ll maybe consider 1 -2 million net worth middle class. Above that and you are just displaying ignorance. 

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45 minutes ago, halfmanhalfbronco said:

@Joe from WY is totally asshole and he will be the first to tell you that.  The guy is a dick.  But I love him.  The board is so much better when he is active.  

Yeah, I remember when my mom finally sold her old burnt red toyota hatchback with a mismatched door on the passanger side to buy a used dodge grand caravan.  I used to ask my mom to drop me off a block away from Saint Mary's so nobody would see our car.  When she bought that used minivan, I was soooo proud.

Years later as an adult, my mom told me she knew what I was doing, asking her to drop me off a block away.  I told her as a kid it was because I wanted to run to school, but she knew.  It broke her heart.  Next year she bought that van she could not afford.  The year after that, when I got a bed, I started letting my friends come by.

That shitty old house on 22'nd street and Ellis is now worth a million bucks.

Life is too funny.

 

Sometimes I can relate to your upbringing. I grew up dirt poor in rural Idaho potato country the second oldest of 7 kids. I am pretty sure my family had negative net worth , lol. My family was extremely dysfunctional and I was homeless before I had a chance to graduate high school. I don’t like too talk about it much , but I’ve known hardship just like you have. Coming from that background n makes you dearly appreciate anything you are able to earn and keep . By Joe’s standards I’m still dirt poor , but I feel richly blessed to have gotten where I’m at. 

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31 minutes ago, bornontheblue said:

Sometimes I can relate to your upbringing. I grew up dirt poor in rural Idaho potato country the second oldest of 7 kids. I am pretty sure my family had negative net worth , lol. My family was extremely dysfunctional and I was homeless before I had a chance to graduate high school. I don’t like too talk about it much , but I’ve known hardship just like you have. Coming from that background n makes you dearly appreciate anything you are able to earn and keep . By Joe’s standards I’m still dirt poor , but I feel richly blessed to have gotten where I’m at. 

Good for you.  Given the hand you were dealt starting out many would have imploded.  You should be damm proud.  Btw I know many people much wealthier I wouldn’t consider blessed.  Blessing comes from those around you and your character.  It has little to do with your bank account.   

We many times have disagreed but I definitely respect your character and intellect.   

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9 hours ago, sactowndog said:

True but the bar keeps moving.  It started at 1-35M net worth not liquid assets.   By the way good luck at today’s rates getting 4% if you are looking at income.  Unless you want to be in an overheated stock market.   

If you sell an August covered call of MSFT this morning it’s a bit over 20% annualized return on this morning’s spot prices.  One example of many. 4% is a low bar for an income-generating portfolio that is properly hedged. Being near the bottom of the  top 1% in any state doesn’t make you jet-set wealthy — far from it.  You’re still wealthy and you don’t even need that $10m net worth.

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35 minutes ago, grandjean87 said:

If you sell an August covered call of MSFT this morning it’s a bit over 20% annualized return on this morning’s spot prices.  One example of many. 4% is a low bar for an income-generating portfolio that is properly hedged. Being near the bottom of the  top 1% in any state doesn’t make you jet-set wealthy — far from it.  You’re still wealthy and you don’t even need that $10m net worth.

A covered call does nothing to protect you from downside risk and with a PE of 34 Microsoft certainly has downside risk.  

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10 minutes ago, sactowndog said:

A covered call does nothing to protect you from downside risk and with a PE of 34 Microsoft certainly has downside risk.  

Have 5% in MSFT and keep rolling out the calls.  See where it’s at in 5 years.  Same for the others.  Have some in REITs, MLPs, Dividend kings, high-yield bonds, maybe a long/short fund, etc.  Sure, there’s another crash coming sometime, but if it’s ever really the Great Depression 2.1 and/or a long bear market, all asset prices will reflect. Maybe a million dollars will mean rich again:).  

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