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61 comments:
"Chuck and Jeanne Lane have excellent credit and have never been late with a payment. Still, their monthly credit card payment shot up from $370 to $911. Because of stories like this, a group of lawmakers has asked credit card banks to freeze rates before the new credit card consumer protection bill is phased in."
http://www.cnn.com/2009/POLITICS/10/09/credit.card.outrage/index.html
--
And guess who loves the benevolent lenders so much, that they want to deregulate them.
Raygun-
Credit card companies are scum and people who use their cards are retarded! I dont care what credit card companies do to comsumers because I choose not to have a credit card. Why doesnt the rest of America make that call?
So in summary: I have mixed feelings about this legislation.
Raygun-
Have you looked into I-1033 yet? Are you going to vote for it?
It seems they are bashing Eynman pretty hard on this one.
Believe me, I want to cut any and all state taxes. My property taxes went through the ceiling and for what?
"Believe me, I want to cut any and all state taxes. My property taxes went through the ceiling and for what?"
-Raygun
So can I take that as a yes?
"Believe me, I want to cut any and all state taxes. My property taxes went through the ceiling and for what?"
-Raygun
Why do you support social programs but not taxes?
I saw voting items in the mail. I always vote. And 9 out of 10 times I vote against state taxes.
Federal taxes I might be different.
Why do you support social programs but not taxes? We have to pay for it some how.
BB, we pay for social programs no matter what. We are not going to let people starve on the street.
Plus I know what the USAF benefits of college did to change my life.
And all I want to do with health care is eliminate the insurance companies from my life. I don't trust them, and I am sick of fighting with them. Fk insurance companies.
"BB, we pay for social programs no matter what. We are not going to let people starve on the street."
-Raygun
When was the last time you saw anyone starving in the street? If so did you go and help them?
"And all I want to do with health care is eliminate the insurance companies from my life. I don't trust them, and I am sick of fighting with them."
-Raygun
Are you going to tell me that you TRUST the government? Do you really believe that you wont have to fight with the government?
"Do you really believe that you wont have to fight with the government? "
--
Not like fighting with for profit insurance company.
"Not like fighting with for profit insurance company."
-Raygun
So instead your going to fight with government incompetency and government fraud.
Doesnt sound like much of a trade, why change if its not going to get any better?
BB, it's going to bet much better. I had military health care, and it was top notch.
Thats what I think about my current health care! I broke my neck, it cost over 20K and I had to pay about 3K. All spelled out in my policy and everything went just how I expected. They paid the rest without any complaints. I dont want to pay for you health insurance and I want to keep mine.
BB, I dont want to go broke because of some insurance company loophole.
Give me medicare, that's all I ask. Then, Ill buy supplemental to medicare to give me the insurance I want.
"BB, I dont want to go broke because of some insurance company loophole."
-Raygun
Do you know anyone that has been screwed by their insurance company. I dont know a single person, I have read stories, but I believe this is very very rare.
"Give me medicare, that's all I ask. Then, Ill buy supplemental to medicare to give me the insurance I want."
-Raygun
Why should you have the right to get medicare while I dont get the choice to opt out of the program? ITS A SCAM!!! Have you looked at how much you pay into medicare?
JC BB, do you know how much you will pay when you are old? You think you're going to be a millionaire and not worry about it? Dreams. Delusion. Good luck. Maybe you will hit the jackpot, or maybe you'll have an industrial accident and not be so lucky. Just keep repeating the positive thoughts. Isn't that all you really need?
"JC BB, do you know how much you will pay when you are old? You think you're going to be a millionaire and not worry about it? Dreams. Delusion. Good luck. Maybe you will hit the jackpot, or maybe you'll have an industrial accident and not be so lucky. Just keep repeating the positive thoughts. Isn't that all you really need?"
-Raygun
YES, I am going to be a millionaire before I hit 65 yrs old, arent you going to be?
If you do some simple math you will find out that:
1. Almost everyone can me a millionaire
2. The average cost of health insurance thru your life is very affordable.
3. Medicare is a rip off because you can invest that money and earn far more than you will ever get out of it.
Why do you socialists think people CANT be millionaires?
"You think you're going to be a millionaire and not worry about it? Dreams. Delusion. Good luck."
-Raygun
Why do you think I cant me a millionaire?
My estimates show that I should have about $1.25 million in my retirement when I turn 65yrs old. I will also have a paid for house that should be worth over $300K. That is also asuming I dont have a raise for the next 40yrs. Then you can always add the value of everything else I will own, Examples: TVs, stereos, cars, boats, quads and others.
I could be wrong by 1/2 million dollars and still be a millionaire. So why is it so hard to be a millionaire?
Let me guess you and CJP are just sitting back spending every dollar you earn and hoping that uncle Sam will just take care of you when your older!
HIDING FROM THE TOUGH QUESTIONS???
Which "Tough Questions" are we hiding from, Brandon?
This one:
Why should you have the right to get medicare while I dont get the choice to opt out of the program? ITS A SCAM!!! Have you looked at how much you pay into medicare?
and this one...
Why do you think I cant me a millionaire?
The surest way to become a millionaire in America is to be born into a millionaire's family or to marry a millionaire's son or daughter.
Less than one American in a thousand is a millionaire. So, I would say that the odds are at least 1,000 to one against you.
You might win the lottery or break the bank at Monte Carlo. Those odds are about the same as your becoming a millionaire.
What is your game plan for becoming a millionaire? Do you have a strategy in mind?
"What is your game plan for becoming a millionaire? Do you have a strategy in mind?"
-CJP
Yes, its called live on less than you make. Its an idea that most people will never understand.
I am currently investing 15% of my income into mutual funds
I recently purchased 5 acres here in lewis country. It was a foreclosure that I paid about 35K for and it is worth around 55K or more.
I will be building a home myself that when finished should be worth a min. of 250K.
My morgage will not get over 80K because that is my cut off and yes that is very do able when your doing the work yourself.
I dont buy new cars, since they depreciate very quickly. (Something like 60% in the first 3yrs)
I dont use credit card or finance anything other than my home.
My home morgage will be paid off when I am 35yrs old. This is about ten years for me.
So in conclusion I will retire with a large wealth in mutual funds and other assests while minimizing my payments in interest to a bank.
What is your plan?
DID YOU KNOW:
That around 80% of millionaires are first generation rich? That means they became wealthy on their own.
That the majority of millionaires average income was between 50K and 150K a year? Some are above and some are below that mark. Do you fall in that group or close to it? Are you going to be a millionaire?
Why is it that the average American spends almost the same amount on new cars and do millionaires? Wouldnt you expect millionaires to spend several times more on cars?
"The surest way to become a millionaire in America is to be born into a millionaire's family or to marry a millionaire's son or daughter."
-CJP
So, like I said "80% of millionaires are first generation rich", also most of them own their own small buisness.
Research also shows that millionaires who didnt earn their money tend to spend at a much higher rate. Example: 1 in 3 lottery winners are broke within 5yrs.
CJP you seem to have a prejudice toward wealthy people. Let me ask you how much in taxes should I pay if I made 1 million dollars in a year. If you were President how much would you take, in percentages.
I would say about 40 to 45% of your taxable income. That would leave you a lot more than $550,000 a year to live on, considering that you would probably have other income that was tax sheltered. That should leave you more than enough to live on, RWM, right?
CJP that is very close to the rate now on the books. But corporations are already taxed twice. Taxes are levied on the Corp. and then on the dividends to the shareholders. Can you name a successful socialist country that has good standard of living with all the health and welfare programs.
Socialist countries may not be successful, but neither is a totally laissez-faire capitalist country like ours when the system collapses as it did in 1929 and almost did again in 2008.
Corporations also have a great many tax shelters and overseas havens for their money. Very few corporations pay taxes at today's top rates.
Anyway, "Socialism" is a red herring. No one is advocating Socialism. Obama's programs are pouring money into the economic system, which is saving capitalism, and he is not introducing any other kind of "ism".
"That would leave you a lot more than $550,000 a year to live on..."
-CJP
Why do you liberals seem to think your qualified to tell someone that they have "enought to live on"?
CJP-
Do you see any problems with my plan and what do you think my chances are now of becoming a millionaire?
"Why do you liberals seem to think your qualified to tell someone that they have "enought to live on"?
--
Why do you cons think you're qualified to tell anyone whether or not to have another kid?
"Why do you cons think you're qualified to tell anyone whether or not to have another kid?"
-Raygun
I dont think I have that right, nor do most conservatives!
JC, BB, the cons are all against abortion. The cons are all against birth control. The cons are all for others paying for their kids GD schools...
Why do I have to pay for your kids schools?
"JC, BB, the cons are all against abortion. The cons are all against birth control. The cons are all for others paying for their kids GD schools... "
-Raygun
Right, Wrong and Wrong!
If you dont like paying property taxes then vote them down. Birth control is a great back up plan and abortions are immoral.
So back to you stupid comment, that conservative think they are qualified to tell someone whether or not to have more kids.
How you come to the conclusion?
"What is your game plan for becoming a millionaire? Do you have a strategy in mind?"
-CJP
Yes, its called live on less than you make. Its an idea that most people will never understand.
I am currently investing 15% of my income into mutual funds
I recently purchased 5 acres here in lewis country. It was a foreclosure that I paid about 35K for and it is worth around 55K or more.
I will be building a home myself that when finished should be worth a min. of 250K.
My morgage will not get over 80K because that is my cut off and yes that is very do able when your doing the work yourself.
I dont buy new cars, since they depreciate very quickly. (Something like 60% in the first 3yrs)
I dont use credit card or finance anything other than my home.
My home morgage will be paid off when I am 35yrs old. This is about ten years for me.
So in conclusion I will retire with a large wealth in mutual funds and other assests while minimizing my payments in interest to a bank.
What is your plan?
CJP-
Do you see any problems with my plan and what do you think my chances are now of becoming a millionaire?
Dear Brandon:
I think you have an excellent plan. If you have the discipline to stick with your plan, and I think you do, I believe you will become a millionaire.
You bought your land at a a good discount and it will surely become
worth much more in time, especially once you have finished building your house there.
Investing 15% of your earnings in stocks or mutual funds is very good. At 25, you are very young and, over the next 30 or 40 years, your stocks should appreciate a lot -- if they are in good solid companies, not risky ones.
The problem you must watch out for is periodic market downturns, as we
had at the end of 2008, and also in 2000-02, and in 1987, and in 1929, and during other recurring recessions.
The toughest thing is to know when such a downturn is about to occur
so you can get out of stocks in time and all your gains don't
evaporate and turn into losses. Knowing when to sell is something
that virtually nobody knows (not even the very best pros). Even
Warren Buffet got caught in last year's downturn.
As an accountant said to me during the high-flying stock market of the
1990's: "Don't you boys think you should take some of your chips off
the table?" But greed blinds almost everyone. When the market is flying high, people think it will keep going straight up forever. That's when the stock market becomes like a casino and you frequently end up giving back all your gains.
So, you can make a lot of money in stocks. But you have to know how
to quit when you're ahead.
Anyway, you sound like a very disciplined person, Brandon, and I
congratulate you on your financial game plan. Stick to it and I think
you will do very well and have a very comfortable retirement.
CJP
Dear Brandon:
I think you have an excellent plan. If you have the discipline to stick with your plan, and I think you do, I believe you will become a millionaire.
You bought your land at a a good discount and it will surely become
worth much more in time, especially once you have finished building your house there.
Investing 15% of your earnings in stocks or mutual funds is very good. At 25, you are very young and, over the next 30 or 40 years, your stocks should appreciate a lot -- if they are in good solid companies, not risky ones.
The problem you must watch out for is periodic market downturns, as we
had at the end of 2008, and also in 2000-02, and in 1987, and in 1929, and during other recurring recessions.
The toughest thing is to know when such a downturn is about to occur
so you can get out of stocks in time and all your gains don't
evaporate and turn into losses. Knowing when to sell is something
that virtually nobody knows (not even the very best pros). Even
Warren Buffet got caught in last year's downturn.
As an accountant said to me during the high-flying stock market of the
1990's: "Don't you boys think you should take some of your chips off
the table?" But greed blinds almost everyone. When the market is flying high, people think it will keep going straight up forever. That's when the stock market becomes like a casino and you frequently end up giving back all your gains.
So, you can make a lot of money in stocks. But you have to know how
to quit when you're ahead.
Anyway, you sound like a very disciplined person, Brandon, and I
congratulate you on your financial game plan. Stick to it and I think
you will do very well and have a very comfortable retirement.
CJP
"The toughest thing is to know when such a downturn is about to occur"
-CJP
My stocks are averaging around 10% every year. My financial advisor has told me that you should NEVER try to time the market. People lose more when they try to time the market then when you ride the bumps out.
Timing the market is risky and I dont like that much risk in my life.
Thank you for your nice comment.
After looking at my plan, why do you think the average net worth of an American is only around 50K?
I only make around 30K per year and I am only 23yrs old. I expect to surpass 50K in the next year or two.
Because most Americans don't think like you do. They don't work hard, and they don't save and invest a portion of their income regularly.
Of course, it's impossible to time the market. You are young and a long-term investor. Stay in for the long-term and, if you have picked good companies, you should do well.
Back in the 1990's, tech stocks looked great. It looked like those companies were going to the moon and there was no reason to invest in slow-moving other stocks when the techs were flying high. In the 90's, very few people realized we were on the verge of a dot.com bubble crash.
Diversification is the only protection, and being in solid companies that are making money. PE ratios are important, too. High flying companies which have too-high PE ratios often crash. Companies with more conservative PE ratios tend to be around for the longer haul. Being in good companies in a variety of different industries is a valuable safety factor.
I like your financial thinking, and I wish you a lot of success.
"Because most Americans don't think like you do. They don't work hard, and they don't save and invest a portion of their income regularly."
-CJP
This is what supports my conservative views AGAINST S.S., medicare and other social programs. I dont make alot of money, yet I can take care of myself.
Growing up I always thought the only way to retire was with S.S. and that was the norm. Why dont we teach financial planning in schools so kids can start planning or at least understand the consequences of not putting away for a rainy day.
Are you doing something similiar with your finances?
"Diversification is the only protection"
-CJP
This is why all my investments are either in mutual funds or real estate. Mutual funds by nature are very diverse. But again thank your for your nice comment. I guess their is some common ground even between conservatives and liberals.
We have a lot of common ground.
Our differences relate to the best way of keeping this country strong and prosperous, and making it work well for the greatest number of people who live here.
Economic and political systems that work well for the few, but not the many, always collapse -- whether they are Communism, Feudalism, or unregulated, uncontrolled Capitalism.
Only a balanced system has worked effectively -- free enterprise with some government regulations and controls to keep rampant greed from running away with and destroying the system.
Social Security and Medicare have solved huge problems in our country which used to afflict the elderly. Native Americans and African tribes take in their elderly and care for them for the rest of their lives in the same tents and wigwams as the rest of the family. For us, Social Security and Medicare take the place of those family tents and wigwams.
Maybe it would make sense to only have SS as insurance. That may eventually have to happen as the aging population makes if fiscally necessary. But we must have some kind of insurance. Life does not always go as planned. Some people are irresponsible. Or a snake oil hedge fund salesman may con you out of your life savings.
CJP, those were nice comments directed towards BB.
But BB, please note, history never repeats itself, it only rhymes. And I have noticed once everyone figures something out in the markets ie; Mutual Funds, then the market will prove them all wrong.
BB, the DJIA has been going sideways,10,000, for about a decade now. Back 20-30 years ago it was level for 20 years.
And now Buffet is saying the craziest thing you can do is buy a worthless metal like gold. I love it when I hear that kind of news. And once my mailman starts espousing the virtues of gold, I am selling. That's what happens in most markets, just like the last dot com bust.
The investments that usually do best, are the ones you often feel most uncomfortable with, or which all the experts are saying is a stupid investment. That's what you should be jumping on. But it's hard to do that, so not many succeed.
-Raygun
Could you imagine what would happend to your pretty gold if they found a new gold vein the size of Texas?
The market goes up and down and I am willing to ride those bumps out. I am a long term invester and I am not going to try to time it!
"But we must have some kind of insurance. Life does not always go as planned. Some people are irresponsible."
-Raygun
This is where I believe most conservatives and liberals Dont see eye to eye.
1. why should I pay for someone elses irresponsiblity?
2. Cant people already purchase insurances to make sure they are taken care of in the event of major medical problems. example: Long term disablity and term life
Americans enjoy living a lifestyle they cant afford and as a result they cant afford to retire. Then Liberals want people like me to save money for myself to retire and then pay for someone else who chose not to save. WHY?
Brandon:
If you are now earning $30,000 a year, with hopes of one day earning $50,000 a year, then you should be supporting Obama, not opposing him. His programs are much more likely to help you succeed than Republican policies would.
First of all, any tax increases proposed by Obama will be on people earning over $200,000 or $250,000 a year. Taxes on people in your bracket will either stay the same or be reduced.
Obama's Stimulus Package has already saved America's banks and financial institutions from collapsing so the economy can continue to function. Republicans opposed the Stimulus Plan and might have caused our whole economy to implode as it did in 1929.
The stock market continues to rise, which is a harbinger of good times coming. When Hoover was president, the stock market did not start to rise for over three years, until he was out of office. Now,
economists are predicting a significant increase in economic growth this coming year.
Unemployment is still a problem, but Obama is now focusing on creating more jobs. The places where he wants to spend taxpayer money will help the economy grow and will help you -- funding more education and re-building America's infra-structure. Getting more people back to work will strengthen the consumer class and provide a much bigger market for whatever products you may produce.
Republicans are masters at convincing people in your tax bracket to vote for GOP policies even though their primary program is tax reduction for the wealthiest individuals and little or no assistance to people in the lower brackets.
We all would like to see you do well, Brandon. Obama's policies are aimed at increasing the number of people who become wealthy, not simply giving more benefits to the people who are already there.
You should look a little more closely at what both sides are proposing and you will find that, unless you are already among America's wealthiest, Republican policies are not for you. Democratic and liberal programs will help you get there; Republican policies won't.
"Democratic and liberal programs will help you get there; Republican policies won't."
-CJP
I have to disagree! You cant increase taxes without companies passing it onto consumers, thats me.
I am not against the stimulus, I am against borrowing the money we dont have. I would take a few less jobs in our economy, rather than another trillion on our national debt.
As for my income, I currently earn around 30K but when I retire I would expect over 100K per year. That puts me in a much higher tax bracket. Also most liberals want to tax other this like estate taxes which wouldnt allow me to give my money to those I choose.
What your saying sounds good, at first but the more you think about it, the more it stinks!
"Unemployment is still a problem, but Obama is now focusing on creating more jobs."
-CJP
Wasnt that the sole reason for the stimulus?
"1. why should I pay for someone elses irresponsiblity?"
--
Let's mandate responsibility then BB. What's wrong with that? Mandatory health insurance. But of course cons don't want to be told what to do, as they know best.
Actually, the stimulus saved the economy, Brandon. It got banks to lending and extending credit again. Without the stimulus, you might already be out of a job and your company might be out of business. That's what's happened to millions of other people because the economic meltdown was so dire. Your plans for the future might already be up in smoke.
The stimulus has already been successful. Many of the companies which received government bailout money have already repaid it in full. Yes, there were some failures. But most companies which received bailout money were able to turn around, survive and even thrive.
The bailout and stimulus had nothing to do with Socialism or Communism. It was all about saving our capitalist economy.
Unemployment is still too high. The next goal is to bring down unemployment levels and that will be accomplished over the next year, as the economy continues to improve and expand.
Don't say: "You can't throw money at a problem". That's what it's really all about. Where do we want the money to go?
After World War II, the GI Bill of Rights helped many veterans obtain a college education who would not have been able to afford it. Minimum wage laws and labor unions allowed workers to lead decent lives, raise families, and improve the standard of living of each succeeding generation. You say that, even with Social Security, many of the elderly are still living in poverty. Well, without Social Security, those people would now have absolutely nothing.
We are not talking here about charity or handouts. We are talking about spending taxpayer money to help more people improve their lives and build better futures for themselves, which strengthens our country for the benefit of everyone. Even the rich will get richer and their prosperity will be more solidly grounded and longer-lasting.
Comon BB, why not mandate health insurance for each and every individual? Why are cons so against that? Because cons know best, whether they need health insurance at one time or another? Because cons will be responsible and buy health insurance when they need it? Isn't that gaming the system BB? Is that why you cons want all this freedom and lack of regulation, so as to game the system?
Seems to me it's just like the old days, when people didn't have to buy auto insurance. Especially the young drivers, who knew they would never be in an accident, because they were so gifted with such fast reflexes, so as to avoid all collisions.
GG.
"Let's mandate responsibility then BB. What's wrong with that? Mandatory health insurance. But of course cons don't want to be told what to do, as they know best."
-Raygun
Why not mandate everything in your life? Because you have to draw the line somewhere! I want the freedom of choice and when you mandate something you remove choices from everyones lives.
I say let people choose not to buy health insurance, but when they get sick and cant afford coverage, allow doctors to do minimal care and sue them for everything they have. Tighten bankrupcy laws and leave these bums with nothing!
I agree that our health insurance industry needs work but a public option isnt the answer. Make it more afordable for individuals to purchase insurance on their own, instead of thru their company. Educate people on the benifits of HSAs and maybe we can remove this stigma that health insurance needs to pay for every single bill sent your way from the hospital. Insurance is protection from bankrupcy NOT intended to pay 100% of your medical costs!
"Actually, the stimulus saved the economy, Brandon. It got banks to lending and extending credit again. Without the stimulus, you might already be out of a job and your company might be out of business."
-CJP
See this is where I disagree, I dont think it "Saved" the economy. I dont think the economy was ever in any serious danger. It was fear driven! Do you really think that 188 billion dollars has "Saved" our 13 trillion dollar economy?
There is no doubt in my mind that the stimulus has helped the economy but at what cost?
As for the lending of money, what kind of growth can we expect when its all built on debt? Are we setting ourselves up for the next recession, while still in this one?
Social Security:
I believe SS can be a great program but it needs to be ran more as a insurance against starvation, not a retirement plan. Also, why am I not given the option of opting out? I have a different plan for retirement but the government is still telling me what I have to do to retire. (Paying into SS)
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