How much are you worth?

[DonTom]

At our ages, we should buy everything on credit. We will be dead before most of it is half paid for, so that means we got it all at around half price.

-Don- Reno, NV

 

[No cats]

At our ages, we should buy everything on credit. We will be dead before most of it is half paid for, so that means we got it all at around half price.

-Don- Reno, NV

Only true if you die broke. If your estate has any value in it, creditors will go after it and create a big headache for the executor.

 

[Derby6]

I tell my wife I’m worth more dead than alive with the life insurance I have and my IRA. Yes, before anyone asks, I sleep with one eye open

Same here. LOL

Doing OK.

 

[DonTom]

Only true if you die broke.

"Any man who dies with more than $10,000 to his name is a failure.”
― Errol Flynn

Flynn died in 1959, so I will adjust for inflation to year 2025:

"Any man who dies with more than $110,000.00 to his name is a failure.”
― Errol Flynn

It looks like I will be a big failure when I die, according to Flynn.

Only true if you die broke. If your estate has any value in it, creditors will go after it and create a big headache for the executor.

When we are dead, should we care? That is what they are paid for. Stuff like that could save their jobs.

-Don- Reno, NV

 

[UTTransplant]

I have a loving husband, four happy children, six grandchildren. I am rich.

 

[No cats]

When we are dead, should we care?

We care, we don't want Joy's children and grandchildren to deal with inheritance headaches. They live on the other side of the country from us. We just went through this process, it took over 2 years to clear out the property and execute the trust - it wasn't fun.

So, we are starting to de clutter and simplify after death matters.

 

[DonTom]

and execute the trust

Why would a trust take two years? I always assumed a trust (unlike a will) was an automatic transfer on death of the trustee.

-Don- Reno, NV

 

[DonTom]

I have a loving husband, four happy children, six grandchildren. I am rich.

Yeah, there are better ways to be rich than with money. I am extremely poor in other ways, not that I ever wanted to have kids--sounds like a hassle to me. I now don't even want to have a doggy of my own. But I used to have many friends and family, but they all died off over the years. Now I am alone.

BTW, is it always you, "Pam" who is online here? Does Kevin ever get online here?

I used to assume it was him online here.

-Don- Reno, NV

 

[old RV guy]

At our ages, we should buy everything on credit. We will be dead before most of it is half paid for, so that means we got it all at around half price.

-Don- Reno, NV

That's what I thought when I financed this RV, " What idiot would give long term financing to a 67 year old?" Incredibly they did, but they really had no choice. It's against federal law to discriminate based on age.

 

[Larry N.]

BTW, is it always you, "Pam" who is online here? Does Kevin ever get online here?

I used to assume it was him online here.

Obviously you don't know Pam- poor assumption. I've seen Kevin on here, but it's rare. Pam is rather sharp, to say the least. Kevin is sharp too, but tends to be more of a quiet type.

 

[DonTom]

I've seen Kevin on here, but it's rare.

How can you tell? Not many give their names on every post as I do.

I've seen Kevin on here, but it's rare. Pam is rather sharp, to say the least. Kevin is sharp too, but tends to be more of a quiet type.

I have met them both in Q. But I didn't know who was online the most.

-Don- Reno, NV

 

[Professor David]

We are doing fine as long as I don’t keep too close a watch of my mutual fund numbers these days.

 

[JudyJB]

I’m doing well enough that I bought 36 eggs last week.

And I actually threw away two eggs this morning because they were getting old, and I had a new dozen in the refrigerator. Felt very strange to throw away eggs!

 

[JudyJB]

I think we will find most people here to be doing fine.

Even if one owns a junky RV, just to drive it a ways costs some bucks that poor people cannot afford.

I don't think we're the norm here.

-Don- Reno, NV

But there are two ways to look at the cost of driving an RV. The first is if you own a home and also an RV, and are using the RV to travel for a few months a year as a second home.

In my case, I rationalize the cost of gas and repairs against the fact that I have no other home, so I pay no property tax, have no mortgage or RV payment, no utilities other than cell service and satellite TV costs.

 

[JudyJB]

I am also doing fine--good family including grandkids who are growing up to be caring and responsible citizens, fairly good health not counting a few aches and pains, and good friends and a few relatives still alive. I have enough money in the bank that I am not panicking about every pound of butter or dozen eggs I buy, as I did when I was younger. So, I guess I am wealthy.

One interesting thing happened to me recently. I inherited a small bit of money from an aunt and uncle last fall. When I got the money, I immediately put it into a couple of CDs until I could decide how to invest it. This inheritance was no where near enough to make me wealthy or anywhere near all those 0's, but it was nice to get a few bucks.

In January, when I talked to the investment guy I have used for quite a few years for my 401 K, I asked him where I should invest this extra money. I was thinking of bonds or mutuals, and such. His surprising recommendation? Leave it in CDs, and we would discuss it again in a year. In other words, he passed up a commission he could have made, which I really appreciated.

 

[Professor David]

I am doing well. My portfolio is up because i moved almost all of my money into guaranteed income investments the day after the election.

Very smart. One bone-headed mistake after the next....totally self inflicted. I still have long term faith in the market. Fingers crossed for those of us still in the market.

 

[old RV guy]

I am also doing fine--good family including grandkids who are growing up to be caring and responsible citizens, fairly good health not counting a few aches and pains, and good friends and a few relatives still alive. I have enough money in the bank that I am not panicking about every pound of butter or dozen eggs I buy, as I did when I was younger. So, I guess I am wealthy.

One interesting thing happened to me recently. I inherited a small bit of money from an aunt and uncle last fall. When I got the money, I immediately put it into a couple of CDs until I could decide how to invest it. This inheritance was no where near enough to make me wealthy or anywhere near all those 0's, but it was nice to get a few bucks.

In January, when I talked to the investment guy I have used for quite a few years for my 401 K, I asked him where I should invest this extra money. I was thinking of bonds or mutuals, and such. His surprising recommendation? Leave it in CDs, and we would discuss it again in a year. In other words, he passed up a commission he could have made, which I really appreciated.

Good advice, we're on the precipice of a recession or rather stagflation like we had in the 70's where we have high unemployment and inflation. The Fed is leaving rates where they are for now on the expectation that the $*** is getting ready to hit the fan.

 

[No cats]

If indeed, Don made more than if had waited it out (we'll never know), then as he said , he was lucky. And luck, as we all know, can turn on a dime. My philosophy is to have cash on hand in a ladder. It's money I won't need any time soon, but it's ready for when opportunity presents itself, then, I invest.

Market timing is very difficult. It's best to have the long term plan and not run scared.

Another consideration for investing is whether it pretax or after tax money.

 

[Lou Schneider]

I'm doing fine, especially for a guy who placed in the lowest 2% in business and financial ability on the high school SAT tests. My guidance counselor actually called me into her office and asked if I was stoned that day, and if so did I want to re-take the test?

When I was working I was mostly living paycheck to paycheck but never went into debt and always managed to put the maximum employer matched amount into my 401k. Except after my divorce at age 55 when I was unemployed and basically lived on my savings for 2 years. Then I took a good paying job in Los Angeles and replaced my savings before I retired 8 years ago debt free at age 63 - a year later than I expected due to various events. I successfully downsized to fit my expected retirement income, relocated from CA to southern NV and I am doing much better than I expected on just my Social Security.

I was never able to invest in a house, each time I moved back to CA it was just as the real estate market was exploding and I didn't have enough income to qualify for a mortgage. Instead of renting a house or apartment I lived in my RV in several long term parks and put money aside for things like a year long mid-life sabbatical, extended vacations, etc.

I haven't touched my 401k, yet each month I have more discretionary cash left over than when I was working and paying L.A. prices for rent, etc. The major factor which lets me live this well was moving into this Escapees co-op park which allows me to live year round on just slightly more than what BLM is proposing to charge next year to stay on their LTVAs. I have a large 5th wheel which is my home base in the park and a smaller 5th wheel and truck that's my travel rig. I just bought a new car for cash (for only the second time in my life, my last new car was the VW bug I bought in 1971) and I'm looking to update my travel rig next year when I have to start taking RMDs from my 401k.

 

[rvlifer]

Very smart. One bone-headed mistake after the next....totally self inflicted. I still have long term faith in the market. Fingers crossed for those of us still in the market.

Thanks but luck played a part. Could easily have gone the other way but there was less downside than upside risk in doing it. My financial guy was against it, but this isnt the first time i was right and he was wrong.

Since 1940 the avg length of time for the markets to move through a correction was something like 133 days so i probably have plenty more time to jump back in