Tell us something we don’t know.

[5030]

Sounds like us (52 years this year). The key thing you said was "We live below our means." which most people don't do today.
When I hear about high "median home" prices research and you see this...but in my 20s I'd be looking at something like the old house like the second picture with a few acres. As long as it's structurally sound, roof doesn't leak it could be rewired, new plumbing, kitchen, windows, etc. which is what I did over time as I got money. I could add an addition, nice driveway...all that stuff.
I think lots of young people want to start off new and fairly large...maybe they don't know how to repair things.View attachment 859289View attachment 859290

Number 2 for me for the win.... One of my renters had a pie in the sky vision to build a bardominium on a piece of land they wanted to purchase. When they found out what it would cost, that nixed that deal real quick. The wife wants a palace (they are already renting a palace from me). She wants a palace on a blue collar wage, not happening today. Asked me if I want to sell it and my answer is always the same...NO.

Wife and I live in a number 2 which is a lot less nice than the homes I rent out. But our number 2 is paid for and I'm good with that.

Candidly speaking I make some serious jack on my rentals but I still manage to get a pretty healthy tax refund anyway because I have a good accountant and we write off as much as possible on the farm. I haven't turned a taxable profit on the farm in years and I plan on keeping it that way. Why I turn my equipment over when it's depreciated except for my pre-4 tractors that is. New disc machine this year and new rubber on both tractors to the tune of 5 grand each, plus I just purchased a new Kubota F series front mount diesel lawnmower for the farm, another write off. Every round bale of hay I run this year are all pre bought so that is one thing I don't have to worry about. Working for my Kubota dealer part time gets me a little added income but it usually averages out when I buy parts from him...lol. Told him I'd work for free if he wanted me too, so long as I got dealer cost on all parts and equipment. So far I have and he still pays me. He must be writing that off as well. Everyone including the owner are farmers too. Nice people to deal with and we are all on the same wavelength. You gotta plant or harvest and need some time off, no problem. Guess that is why he has no employee turnover. Not a fancy place at all, no glitzy showroom or dumb salespeople, just a nice homey place where people come to buy stuff, shoot the shitte and everyone is happy. I bet he sells more equipment than any other dealer around here. Real laid back too. Great person to know personally and so are all his employees as well. He sells Kubota full line plus full line Cub Cadet commercial units and now Echo Power products plus he services Case New Holland equipment. His lead tech, Dennis has a reputation for working on Case axial flow combines and they do a ton of work on them as well. Dennis and I shoot together, everyone there are gun nuts too.

 

[Oaktree]

And, the article said:

"Roughly a quarter of low-income consumers, defined as those making less than $50,000 a year, said they were eating less fast food and about half said they were making fewer trips to fast-casual and full-service dining establishments, according to polling in February by Revenue Management Solutions, a consulting firm."

I've never made $50K a year in my life! Ever.

I look at these figures and wonder what these guys are smoking. In my working life I never made that much either.

I'm especially baffled by those who make 6 figures and are "barely getting by". While that kind of income isn't what it used to be, it's still a VERY good income!
Funny thing, between SS, some p/t contract work and RMDs from my IRA I make more in retirement that I did when I worked for a living!

What it really comes down to is that the rich are getting richer and the poor are getting poorer.

I read somewhere once that if all the money was distributed equally, within <relatively short time> the same ones would be rich again, and the same ones would be back in the poorhouse.
How many lottery winners p!ss it all away in only a few years and end up worse off than if they'd never won?

 

[masseyrider]

I'm especially baffled by those who make 6 figures and are "barely getting by". While that kind of income isn't what it used to be, it's still a VERY good income!

I've been divorced for almost 35 years. Our last year together we made over $110K. Her contribution was about $35K.
I had paid off the house before we married. No debts going in.
We were living paycheck to paycheck.
I was lucky to have gas money by Friday.
When we separated I quit my job and went to work for just over minimum wage until the divorce was over to limit any support payments. She got half the house I paid for and a new car we had just bought.
She had to move back with her parents.
Today I have a large house and property, toys, newer vehicles, what some would call a supercar Ford GT, and haven't worked in over 15 years.
It depends on who is in charge.
She lives in the house her parents left her and has even called me to borrow money to pay bills.
Too bad the new phones don't let you slam the receiver down when you hang up.

 

[Jstpssng]

I look at these figures and wonder what these guys are smoking. In my working life I never made that much either.

I'm especially baffled by those who make 6 figures and are "barely getting by". While that kind of income isn't what it used to be, it's still a VERY good income!
Funny thing, between SS, some p/t contract work and RMDs from my IRA I make more in retirement that I did when I worked for a living!

I read somewhere once that if all the money was distributed equally, within <relatively short time> the same ones would be rich again, and the same ones would be back in the poorhouse.
How many lottery winners p!ss it all away in only a few years and end up worse off than if they'd never won?

Good points. However, once you reach a certain point money is only a way of keeping score. We are seeing it in the real estate market here. Anytime somebody approaches a realtor with a large tract of timberland, the first thing he does is call somebody he has on speed dial who purchases the property, rapes it, then sells for more than he paid for it. The land never makes it to retail listings... is that realtor working in the best interest of his client?

 

[ultrarunner]

I've been divorced for almost 35 years. Our last year together we made over $110K. Her contribution was about $35K.
I had paid off the house before we married. No debts going in.
We were living paycheck to paycheck.
I was lucky to have gas money by Friday.
When we separated I quit my job and went to work for just over minimum wage until the divorce was over to limit any support payments. She got half the house I paid for and a new car we had just bought.
She had to move back with her parents.
Today I have a large house and property, toys, newer vehicles, what some would call a supercar Ford GT, and haven't worked in over 15 years.
It depends on who is in charge.
She lives in the house her parents left her and has even called me to borrow money to pay bills.
Too bad the new phones don't let you slam the receiver down when you hang up.

Outside of health it's often who you hitch your wagon to that shapes your future outcome.

Two people working together, on the same page with common goals often exceed the individual contribution.

Just as 2 who tear each other down often live a life circling the drain...

 

[two_bit_score]

Just as 2 who tear each other down often live a life circling the drain...

The most important decision a person makes is who they marry.

 

[ultrarunner]

Some 6 million homeowners chose to forgo homeowners insurance, according to a report from the Consumer Federation of America. That’s about 7.4% of all homeowners in the country, and amounts to about $1.6 trillion of unprotected value

With insurers dropping out and premiums increase double or triple digits I believe more will go this direction if only for fire flood and earthquake...

 

[Pixguy]

 

[5030]

If it wasn't for this dam cancer I have and have been dealing with it for 7 years now, Our lives would be a lot different. Money is no detrimental object to us, we spend what we want to and buy what we want to, what is the telling thing with us is, I could die tomorrow so we live each day like it's the last day and so far, so good. Been together a long time and are the best of friends too. I'm extremely blessed to have Amy by my side is all I can say. If it was not for her, I'd be underground long ago. Before retirement, I was hauling down 100 grand plus a year and that was almost 3 decades ago and I busted my butt for it as well, but the outfit I worked for always took good care of me and I'm thankful for that in so many ways. The money I made is just a small part of the overall picture actually. I chucked it away all the time and now if I want to go on an expensive big game hunt, I go.

 

[Rockbadchild]

@masseyrider

Ok that's a different discussion, no one respectable would support Ki!!ing for fun and waste the meat and that's not what big game hunting means you made a big assumption here on what he meant by big game hunting because you didn't ask, you went straight to conclusion. You also have a strong opinion for someone who clearly don't know anything about LEGAL African big game hunting, I suggest you research the matter from a unbiased position, you can ''approve'' it or not but it doesn't changes the fact that these hunts are legal, organize, and guided by locals which help their economy and the meat is harvested and distributed to feed the locals, some animals population need to be controlled for the animals sake and to preserve human life and prosperity that wont change, so why not help their economy while doing it ? ... Rhino hunting is illegals and that's poaching no ethical being would support that.