Retirement Planning - Lessons Learned

[dirttoys]

That's the whole point of capitalism. You accumulate assets, and those assets provide wealth with no effort. It removes the link between income and productivity. If you think I actually earned all my savings, dream on. A lot of that is other people's assets, thanks to their freakout in 2009. Like any good capitalist, I took advantage of market conditions to accumulate assets at far below their true value. Between July of 2009 and June of 2010, I doubled my net worth. There was no effort involved, I just gamed the system and won. If you think there's any virtue there, thanks for the freebie.

Larry,

I respect what you have accomplished and where you are at in life. I disagree with your perspective and the way you say capitalism just sounds dirty.

Honestly, if you don't feel like you earned your pension (many people have chosen higher salary over total benefits in the past), don't take it.

If you don't feel like you and your employer paid enough into SS for what you are taking out, refuse it, or kick it down to a homeless shelter.

Glad you made money in the market, I do too, but, I also understand that the money I am making comes with real risk, and benefits the companies I own. Oddly it is just about as easy to loose money as it is to make it.

I worked hard, did stuff not a lot of folks could do, for as long as I needed to. Now I do what I want (or what leadership tells me to do).

It would suck to have worked all that time, and then feel guilty about having enough money to get by for a few years at the end.

I secretly hope you are kidding, but if not, cheer up and enjoy. If you know folks that don't have it as good as you do, give them your excess

Best,

ed

 

[dirttoys]

I would like to hear your opinion on why Larry is wrong, if you don't mind.

Mine is in my post below. Don't want to speak for anyone else, I just wish Larry was happy where he is, it doesn't sound like he did anything illegal, immoral, or fattening to me.

Best,

ed

 

[Larry Caldwell]

Read Wealth Of Nations. I cannot read it for you.

MoKelly

Maybe you should read it before you recommend it. It has nothing to do with the accrual of individual wealth.

 

[Fuddy1952]

You got that right. Billionaires off of the backs of American taxpayers...

Sam Walton was a marketing genius in my opinion, giving employment to thousands of people. Like most rich it would be easy to condemn saying things like gaining wealth at the expense of poorly paid employees, but the employees chose to work there...not forced into it.
We have friends who work at a Walmart store. That's their choice, they didn't choose to self employ or work somewhere else, learn a trade, college, etc.
Why are so many rich people thought to be evil? It's everyone's choice where they shop, buy a movie or sports game ticket, what product they buy. The wealthy became so by hard work and sacrifices they made. Good for them. Living in a mansion, expensive cars, again giving work to more people.
I have no sympathy for ABLE BODIED (mentally and physically) people who are poor from laziness, substance abuse, making bad choices.
The wealthy aren't the bad guys.

 

[Larry Caldwell]

Larry,

I respect what you have accomplished and where you are at in life. I disagree with your perspective and the way you say capitalism just sounds dirty.

Honestly, if you don't feel like you earned your pension (many people have chosen higher salary over total benefits in the past), don't take it.

If you don't feel like you and your employer paid enough into SS for what you are taking out, refuse it, or kick it down to a homeless shelter.

Glad you made money in the market, I do too, but, I also understand that the money I am making comes with real risk, and benefits the companies I own. Oddly it is just about as easy to loose money as it is to make it.

I worked hard, did stuff not a lot of folks could do, for as long as I needed to. Now I do what I want (or what leadership tells me to do).

It would suck to have worked all that time, and then feel guilty about having enough money to get by for a few years at the end.

I secretly hope you are kidding, but if not, cheer up and enjoy. If you know folks that don't have it as good as you do, give them your excess

Best,

ed

Some of capitalism is as filthy as it comes. There are capitalistic messiahs like Gates and Jobs who see a need and get rich filling it. The filth comes with the priesthood of the second generation, that inherits the wealth because they have the right thumb up their butts. It's no accident that the US Constitution absolutely forbids patents of nobility. The worthless wealthy have figured out how to achieve the same ends without actually calling it that. They can even shuck $100 billion into a dynasty trust that will pay their worthless descendants in perpetuity.

Coattails are the key. One of the things I did in my spare time 25 years ago was go partners on a failing bookstore. It's only claim to fame was an Ingram distribution warehouse just south of town. I took it online, and could offer same day shipping on over 100,000 titles. I got the idea from Amazon, which was an online bookstore back then. A year and a half later, Amazon bought us out, on the tried and true principle that the way to succeed is eliminate the competition. Going out of business was great, particularly since Amazon paid us for inventory that didn't exist.

I greatly admire Bezos. We need more like him. I would cheerfully dispose of the whole Walton family. Sam was brilliant; his kids and hangers-on are leeches, using the public dole to accumulate vast wealth.

 

[Larry Caldwell]

Sam Walton was a marketing genius in my opinion, giving employment to thousands of people. Like most rich it would be easy to condemn saying things like gaining wealth at the expense of poorly paid employees, but the employees chose to work there...not forced into it.
We have friends who work at a Walmart store. That's their choice, they didn't choose to self employ or work somewhere else, learn a trade, college, etc.
Why are so many rich people thought to be evil? It's everyone's choice where they shop, buy a movie or sports game ticket, what product they buy. The wealthy became so by hard work and sacrifices they made. Good for them. Living in a mansion, expensive cars, again giving work to more people.
I have no sympathy for ABLE BODIED (mentally and physically) people who are poor from laziness, substance abuse, making bad choices.
The wealthy aren't the bad guys.

We have religious freedom. You can worship Mammon if that's what you want. The worship of wealth is, however, immensely destructive to our society.

 

[Fuddy1952]

We have religious freedom. You can worship Mammon if that's what you want. The worship of wealth is, however, immensely destructive to our society.

But Larry, I never mentioned the worship of wealth. Wealth is perspective anyway, correct? You may have a total net worth of $10mil and seem wealthy to many, not to someone worth $50M.
We have an MLB retired baseball player from here, then moved back buying a few hundred acres, having a huge mansion built. That gave hundreds of local workers and businesses lots of money. That's not worship of wealth (personally I wouldn't want a mansion, but beside the point) but he was successful and that makes him happy.
Wealth is not destructive to our country. Poverty is.

 

[dirttoys]

Some of capitalism is as filthy as it comes. There are capitalistic messiahs like Gates and Jobs who see a need and get rich filling it. The filth comes with the priesthood of the second generation, that inherits the wealth because they have the right thumb up their butts. It's no accident that the US Constitution absolutely forbids patents of nobility. The worthless wealthy have figured out how to achieve the same ends without actually calling it that. They can even shuck $100 billion into a dynasty trust that will pay their worthless descendants in perpetuity.

Coattails are the key. One of the things I did in my spare time 25 years ago was go partners on a failing bookstore. It's only claim to fame was an Ingram distribution warehouse just south of town. I took it online, and could offer same day shipping on over 100,000 titles. I got the idea from Amazon, which was an online bookstore back then. A year and a half later, Amazon bought us out, on the tried and true principle that the way to succeed is eliminate the competition. Going out of business was great, particularly since Amazon paid us for inventory that didn't exist.

I greatly admire Bezos. We need more like him. I would cheerfully dispose of the whole Walton family. Sam was brilliant; his kids and hangers-on are leeches, using the public dole to accumulate vast wealth.

Funny world. You are correct, generational wealth can be a curse for the kids (I don't think trusts can span as many generations as you think).

Bezos is Sam Walton (only he made his money a little faster). Both killed small business, and both have a work force of close to slave labor. It is tough as a conservative to admit, but I would get right beside you if we could find a reasonable way to limit the size scope and influence corporations, just as I would like to do with government, but, I don't have a solution that doesn't infringe on someone yet.

We will always have outliers, in fact, many have made amazing contributions. Several have made a few bucks on the way. This country is designed so someone in the right place, at the right time, with the right idea, and the right work ethic can become an outlier. Do we generate some turds on the way, yup.

We have absolutely the worst form of government in the world, except for all the rest.

To heck with sam and jeff, enjoy what you have, help folks if you can. I enjoy your posts.

Best,

ed

 

[Fuddy1952]

Larry I just read your #665 post...the bookstore/Amazon. You made good choices. I can't see the condemnation of second generation wealth, i.e., Sam Walton descendants wealth. So they inherited wealth.
You apparently have money (no business of mine how much), some day someone will inherit that.
I just found this:
"The Walton family is ranked fifth on the Forbes list of the top 25 billionaire philanthropists over the past five years.
Heirs to the fortune of Walmart Inc. founder Sam Walton, the family donated $2.3 billion between 2014 and 2018."
So how is that evil and destructive to our society?

 

[Fuddy1952]

Dirttoys: "Both killed small business, and both have a work force of close to slave labor."
Yes I believe Walmart moving into areas has killed some small businesses, but consumers have a choice. I'm guilty by not paying $25 at a local hardware store for the same hammer I can buy at Walmart for $12.95.
Yes they may start workers off at $9.50/hr.
(All these $#'s I made up)...the point is no one forces consumers where to shop or work.
The two zero turn mowers I have I bought from a small business not far. I could have saved money buying from a big box store, but they have knowledge and service big store doesn't have.
The small business can offer different brands or services. That's our free enterprise
system at work.