Messages

31

/dev/random / Re: The Official 2019-2020 Season Football Thread

« on: August 10, 2020, 09:13:01 AM »

Multiple sources now confirm this situation:

The ACC, SEC, and big 12 want to play. The big 10 and PAC want to cancel.

One source said the big 12 is "on the fence" and the sec is having talks with Texas and Oklahoma about joining the SEC for a season.

32

Politics / Re: Current Politics & History Only Thread

« on: August 09, 2020, 06:37:34 PM »

https://www.cnn.com/2020/08/09/politics/joe-biden-vp-pick/index.html

33

Community Events / Re: PRE-CUP TS500!

« on: August 09, 2020, 05:48:20 PM »

Gj buddy, thanks for posting. Will try to give it a watch tomorrow.

34

Politics / Re: Impacts of the "S"word

« on: August 09, 2020, 03:50:31 AM »

I am a old fart, I am about 6 years from SS 
 
You all keep paying so I can get a full level of SS for as long as I can.  I hear that if SS get in bad shape, they may start paying a reduced percentage of what people have already qualified for.

A reduced rate would help. Mainly I was speculating over what may happen when the age group of about 33-47 stops paying into it and starts collecting.

35

Politics / Re: Impacts of the "S"word

« on: August 09, 2020, 03:25:14 AM »

Is anyone here for 100% unregulated capitalism?

No one is. That's the main theme of this game. Assume that someone is for unadulterated capitalism, as if that's the sole stance of someone who observes our current trend for the collective as a slippery slope, and produce a barrage of negative assumptions and exaggerations. Assume complete and utter ignorance on the opposite end of the discussion. Don't forget to assume everyone's a trump supporter, and state that trump brought back the great depression, the pandemic of 1918, and the Rodney king riots all in 2020 and that trump is the bringer of the apocalypse. If you're against the race-baiting, communist sympathizing left, then you CLEARLY support trump and those things like a fool.

The reason why I brought up this topic is some of us have hinted at it. Moving to a different area, being more self-sufficient, and anything concerning self-preservation. I listed my own situation, which there's a lot more details to mind you, just as an example to make it more applicable. I've been shooting the breeze with quadz, focalor, and Sgt. Dick for a LONG time on this dead forum. We halfway have gotten to know each other. If this forum was actually active I wouldn't share as much personal crap.

36

Politics / Re: Impacts of the "S"word

« on: August 09, 2020, 02:36:06 AM »

37

/dev/random / Re: The Official 2019-2020 Season Football Thread

« on: August 08, 2020, 06:18:28 PM »

https://www.cbssports.com/college-football/news/power-five-ads-inevitable-2020-college-football-season-will-not-be-played-this-fall/?fbclid=IwAR0PkQHypqrubCGQAUdUmD_51BXUlRWB_hgjbenKJ7MBl0ICCqUeU8pTCCA

38

Politics / Re: Retirement Planning

« on: August 08, 2020, 05:31:27 PM »

I'm not sure what triggers you about my view that a healthy balance both for the individual and the collective is needed, but rooted in individualism which is what made this country great. It must've been because I used the S-word *GASP*. You can belittle me as a whippersnapper and call me clueless all you want. Assume that I'm some spoiled naive kid. Assume that your upbringing is superior to my own. Assume that I think I'm more successful than I am. Assume that I'm bragging. Assume that I don't care about people that truly need help. Assume that I think I'm brighter and smarter than i really am. Assume and twist every single statement of mine to be self-centered. Assume that you alone has faced hardship. Assume that I haven't had to live without utilities before. Assume I'm a trump supporter.
Assume all you want. You seem to be under the impression that I give a damn about your assumptions. You can be a condescending bitter asshole. I don't care, it's a free country.

39

Politics / Re: Retirement Planning

« on: August 08, 2020, 03:13:43 PM »

I have a mundane view of a point that's meant to enlighten us of the socialism in our current society. It's under the presumption that we're 1) ignorant to this fact and 2) not informed over the distinctions of individualism vs collectivism in today's society, AND 3) completely disregards how the current political climate encourages actively attacking individualism. What next, are you going to educate us on the difference between socialism and DEMOCRATIC socialism, as if we're toothless MAGA sign toting buffoons?

Like I said previously, you presumed a LOT about me in my post.

40

Politics / Re: Retirement Planning

« on: August 08, 2020, 12:52:35 PM »

I am semi-retired. I quit the captive wage slave gig about 7 years ago and I am now self-employed.

I have never been in favor of pensions and nobody in their right mind should depend on employer-sponsored pensions. Why? Because they are always under-funded and can be canceled on a whim. You are also acting against your own self-interest by depending on your employer to look out for your money. This is a) socialism, b) foolish. But most people seem to be ignorant of their own financial health and welfare and want Big Daddy Warbucks to look after them... this is the fundamental attraction of pensions.

I've had two pension plans canceled out from under me. The first time, they gave us the option of cash, stocks, or rollover into IRA, I took the latter as cash was 10% penalty, stock in the company was loser bet. The 10% penalty was a "forgiveness" one-time deal because it was involuntary pre-retirement age withdrawal. Thank you federal government for being so understanding. I rolled over $32,000 into IRA and never looked back. I dealt with a brokerage (M-S), and the old call your broker/advisor system for many years until he talked me out of selling some tech stocks that had performed REALLY WELL. I smelled the tech bubble about a week before the crash and I called him to sell but he talked me out of it. He also talked me out of MSFT IPO buy when it was $12 a share. Had I bought the shares when I wanted to it would be worth $15M today. Broker/advisors have a hidden flaw. They don't know what they don't know and they specialize in certain stocks and when you go outside their area of interest they will always give you bad advice. If you have to ignore your advisor it's time to go self-managed. Once I fired him and transferred my account to a self-managed discount brokerage my self-chosen investments took off. I finally bought my MSFT but I missed 4 splits as a result.

Second rug was pulled out when the company that acquired previously mentioned company denied us membership in their pension plan for 3 years after merger but allowed 401(k) plan withholdings. I wisely socked away 12% but in hindsight I should have done 15%, the maximum and taken advantage of the resulting maximum company contributions. Those employees who didn't do the 401(k) and relied on their pension plan have all lost in the process because it was underfunded and when they froze it they were all locked into the catastrophically bad monthly payments of the resulting termination plan.

Once I terminated I rolled it over into a rollover IRA and reorganized it into ETFs and stocks I selected without biased advice. It has been performing well but the Trump Recession put the big hurt on everyone. There's another one coming soon. I can sense it. Markets are volatile and fickle.

No one who is working and contributing to their IRA or 401(k) should be doing it in a ROTH IRA... they should be in a conventional IRA to take advantage of the tax shield and only do the Roth conversion after retirement. Suze Orman not withstanding. She has her own biases and she's speaking to retired or about to retire couples. One should be converting their traditional IRA to a Roth IRA at least 5 years prior to actual retirement and/or withdrawal of any funds from the Roth IRA. The 2017 Tax Cuts and Jobs Act eliminated the ability to recharacterize any conversions or qualified rollover contributions made to a Roth IRA in 2018 or after. This is Trump and McConnell screwing over the little guys. Still liking your pitiful tax cuts?

Anyone who puts his faith in employer pensions and then turns around and yells at youngsters about socialism is not qualified to render an opinion about what and what is not socialism.

Lol. I see my avatar is as provocative as ever.

It had nothing to do with your avatar. I didn't even notice it until now.

It affected you subconsciously(since we're presuming so much).

To actually respond to you, I don't think that I'm an idiot or "unqualified to have an opinion" just because I made an inference about age vs approval of socialism, and insinuating that there's a correlation between that and future socialism. Look at the Cuban model: grand parents remember Castro, parents are moderates, young are socialists.

41

Politics / Re: Retirement Planning

« on: August 08, 2020, 12:14:55 PM »

I am semi-retired. I quit the captive wage slave gig about 7 years ago and I am now self-employed.

I have never been in favor of pensions and nobody in their right mind should depend on employer-sponsored pensions. Why? Because they are always under-funded and can be canceled on a whim. You are also acting against your own self-interest by depending on your employer to look out for your money. This is a) socialism, b) foolish. But most people seem to be ignorant of their own financial health and welfare and want Big Daddy Warbucks to look after them... this is the fundamental attraction of pensions.

I've had two pension plans canceled out from under me. The first time, they gave us the option of cash, stocks, or rollover into IRA, I took the latter as cash was 10% penalty, stock in the company was loser bet. The 10% penalty was a "forgiveness" one-time deal because it was involuntary pre-retirement age withdrawal. Thank you federal government for being so understanding. I rolled over $32,000 into IRA and never looked back. I dealt with a brokerage (M-S), and the old call your broker/advisor system for many years until he talked me out of selling some tech stocks that had performed REALLY WELL. I smelled the tech bubble about a week before the crash and I called him to sell but he talked me out of it. He also talked me out of MSFT IPO buy when it was $12 a share. Had I bought the shares when I wanted to it would be worth $15M today. Broker/advisors have a hidden flaw. They don't know what they don't know and they specialize in certain stocks and when you go outside their area of interest they will always give you bad advice. If you have to ignore your advisor it's time to go self-managed. Once I fired him and transferred my account to a self-managed discount brokerage my self-chosen investments took off. I finally bought my MSFT but I missed 4 splits as a result.

Second rug was pulled out when the company that acquired previously mentioned company denied us membership in their pension plan for 3 years after merger but allowed 401(k) plan withholdings. I wisely socked away 12% but in hindsight I should have done 15%, the maximum and taken advantage of the resulting maximum company contributions. Those employees who didn't do the 401(k) and relied on their pension plan have all lost in the process because it was underfunded and when they froze it they were all locked into the catastrophically bad monthly payments of the resulting termination plan.

Once I terminated I rolled it over into a rollover IRA and reorganized it into ETFs and stocks I selected without biased advice. It has been performing well but the Trump Recession put the big hurt on everyone. There's another one coming soon. I can sense it. Markets are volatile and fickle.

No one who is working and contributing to their IRA or 401(k) should be doing it in a ROTH IRA... they should be in a conventional IRA to take advantage of the tax shield and only do the Roth conversion after retirement. Suze Orman not withstanding. She has her own biases and she's speaking to retired or about to retire couples. One should be converting their traditional IRA to a Roth IRA at least 5 years prior to actual retirement and/or withdrawal of any funds from the Roth IRA. The 2017 Tax Cuts and Jobs Act eliminated the ability to recharacterize any conversions or qualified rollover contributions made to a Roth IRA in 2018 or after. This is Trump and McConnell screwing over the little guys. Still liking your pitiful tax cuts?

Anyone who puts his faith in employer pensions and then turns around and yells at youngsters about socialism is not qualified to render an opinion about what and what is not socialism.

Lol. I see my avatar is as provocative as ever.

42

Politics / Impacts of the "S"word

« on: August 08, 2020, 10:31:16 AM »

I am 32 years away from collecting social security, at most of the frequent contributors to this thread one may be 15-17 years away. Sgt Dick 10-12 perhaps(sorry to call you out, old fart). Of this 15 year span, how comfortable are you that SS will be the same when you're of age? I think that specifically this span of people, "old" millennials and "young" gen x, are the last of a dying breed that don't want everything for free and actually pursue employment actively, which in turn keeps money flowing into SS.

If you combine that with our leaders in recent history "borrowing" from SS it doesn't look good. In trump's case I heard 54% of his spending came from the federal reserve(since yall were bringing up fucked up things trump has done that no one mentions, instead they just call him a racist), and the inflation that results from that will be worse than any tax. Gold/ silver have already skyrocketed so it's mostly too late to take that path. Jeez, early 2020 was the time for that......

Back to the topic: im lucky enough to have a pension. It's about 1/3 as good as a federal government one, but nothing compares to those. Ive put nearly 9 years into it, and it'll take 20 to be able to collect close to 1,000 a month at retirement age. That's the milestone I aim to achieve before changing employment to something where I don't travel as much. So, if I add SS on top of that that would be a  steady basis for a liveable income. There are a couple other things in the picture, but in a nutshell if I don't get SS then I'm not going to retire as comfortable as I planned.

Are any of you thinking about Roth IRAs? Who is thinking about self sufficiency and self preservation, and what are you doing?

43

Politics / Re: Current Politics & History Only Thread

« on: August 08, 2020, 06:03:24 AM »

Buried in the headlines:

https://apnews.com/48b805ba801bfa92495e24471751f1fe?fbclid=IwAR2zxlIy1qcyAoU3wSveWq0Y5i4D5npAaEaW7aAQy9mGmBDpEoBLz68rrY8

44

Politics / Re: Current Politics & History Only Thread

« on: August 07, 2020, 06:43:27 PM »

45

Politics / Re: Current Politics & History Only Thread

« on: August 07, 2020, 12:52:20 PM »

Yeah, more specifically this happens(scroll down to contingent elections):

https://history.house.gov/Institution/Electoral-College/Electoral-College/#:~:text=In%20the%20case%20of%20an%20Electoral%20College%20deadlock%20or%20if,contenders%20to%20determine%20a%20winner.

Of course, Trump will contest the election and refuse to step down. Then it's going to be a shit show.

Ive been looking for property for months. Even today. Moving back to hurricane ally and watch the dominos fall from there.