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Old 06-27-2016, 11:23 AM  
DaFace DaFace is offline
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Personal finance and investing megathread extravaganza

I know lewdog (and maybe others) have mentioned the desire to have a place to chat about personal finance stuff. We'll see if there's enough interest to keep this going in the long-term, but at least for now, here's a place to chat about whatever personal finance topics come up.



If you're just getting started thinking about saving and don't know where to begin, this flow chart can help. Ask for advice in the thread for more help!

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Old 11-21-2019, 10:21 AM   #3286
kepp kepp is offline
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Anyone use Bloom or similar for their 401k?

Just curious on overall experience with it.
I have and they were bad. I fired them, took back control, and doubled my returns. I'm a very basic user, but even I could see that the way they redistributed my 401k was bad.

DISCLAIMER: that was a couple years ago though...maybe they've improved?
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Old 11-24-2019, 05:11 PM   #3287
displacedinMN displacedinMN is offline
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Holy cow--we are all rich...

Quote:
What does it mean to be rich? You may be closer to it than you think
When you look at the actual numbers, if you make $34,000 a year, the average wage here in Minnesota, worldwide you're in the top 1%.

Author: Gordon Severson
Published: 6:51 PM CDT October 8, 2019
Updated: 10:26 PM CDT October 8, 2019
GOLDEN VALLEY, Minn. — Here's a question for you, are you rich?

Very few people “think” they are, but some new numbers may challenge your perception of wealth.

When you hear the words rich or wealthy, what comes to mind?

Million-dollar yachts? Private jets? Your own island?

It's easy to see what mega-rich looks like, the billionaires of the world, but what about the "regular" rich people?

The ones who can afford a nice car, a million dollar house, stuff like that... how much do they make?

Turns out it's a lot less than you'd think.

GoBanking Rates, a personal finance website, surveyed 5,000 Americans, asking them how much do you need make to be rich?

The average Minnesotan said it would take a million dollars a year, but what does “rich” actually mean?

It’s a word that’s difficult to define.

If you define rich as being in the top 5% of income earners, here in Minnesota your household income needs to be over $218,000 a year.

Top 20-percent? $118,000.

That may be the real rich, not the million dollars-a-year many Minnesotans expected, but why don't we see it that way?

"If you said to these people, ‘you're rich.’ They’d go no I'm not, I'm middle class," Augsburg economics professor Jeanne Boeh says.

We as Americans often talk about the class system, we measure ourselves by being in the lower, middle or upper class.

But the guidelines for each class are fuzzy at best.

RELATED: Recovering from summer spending hangover

"People overestimate how much money other people actually have. They overestimate what the income distribution is, they overestimate how much savings they have, they overestimate all of that," Boeh says.

Boeh says it's basic human nature that when it comes to money, there's never enough. We always need more.

A lot of that has to do with the rich and famous, celebrities, athletes and actors, who make millions and distort our view of what it means to be rich, Boeh says.

And TV families that show a "normal" American family isn't exactly normal.

"Starting with the Brady Bunch, and the Cosby family, all those TV families. Those people were really, really, wealthy and they were portrayed as like the family next door. That's not the family next door,” Boeh says.

It all makes us think we're doing worse financially than we actually are.

It's why people worry about money, get depressed about money, and why families fight.

But when you look at the actual numbers, if you make $34,000 a year, the average wage here in Minnesota, worldwide you're in the top 1%, according to the Global Rich List.

That's right, 99% of the world makes less than you do.

"We tend to forget really just how wealthy we are as a country. Just in terms of happiness, if you thought about how much you had versus how much you had versus how little you had, you would be happier," Boeh says.

Of course, the cost of living does factor into all of this and it's hard to make ends meet in Minnesota on $34,000 a year.

This story doesn't aim to discount that, but only aims to get people thinking.
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Old 11-24-2019, 07:53 PM   #3288
Demonpenz Demonpenz is offline
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It's all about the pussy though. 34 thousand a year ain't going to get it done if you want to bread with a non heffer. Unless you are just a swaggy mother ****er or got other shit going for you
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Old 11-24-2019, 07:59 PM   #3289
lewdog lewdog is offline
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Originally Posted by Demonpenz View Post
It's all about the pussy though. 34 thousand a year ain't going to get it done if you want to bread with a non heffer. Unless you are just a swaggy mother ****er or got other shit going for you
CP has me believing that $34k and a Jeep Liberty can get ANY lady.
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Old 11-24-2019, 08:10 PM   #3290
Camaro Camaro is offline
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Iíve never learned much about retirement accounts but I know Iím long overdue to start one and Iíve been told to do a roth. Where is good place to start one?
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Old 11-24-2019, 09:10 PM   #3291
lewdog lewdog is offline
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Originally Posted by Camaro View Post
Iíve never learned much about retirement accounts but I know Iím long overdue to start one and Iíve been told to do a roth. Where is good place to start one?
Start with what you employer offers. Do you know what they offer? Many offer a Roth IRA.
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Old 11-24-2019, 09:14 PM   #3292
Demonpenz Demonpenz is offline
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Originally Posted by lewdog View Post
CP has me believing that $34k and a Jeep Liberty can get ANY lady.
lol in sunny arizona no less.
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Old 11-24-2019, 09:21 PM   #3293
Camaro Camaro is offline
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Originally Posted by lewdog View Post
Start with what you employer offers. Do you know what they offer? Many offer a Roth IRA.
Iím self employed, Iím leaning towards vanguard.
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Old 11-24-2019, 09:23 PM   #3294
DaFace DaFace is offline
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Quote:
Originally Posted by Camaro View Post
Iím self employed, Iím leaning towards vanguard.
Yeah, I was going to mention Vanguard. I'm not speaking from experience, but they're known for a lot of investor-friendly practices.
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Old 11-24-2019, 09:25 PM   #3295
lewdog lewdog is offline
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Originally Posted by Camaro View Post
Iím self employed, Iím leaning towards vanguard.
Vanguard or Fidelity would be my choice.
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Old 11-24-2019, 10:43 PM   #3296
Buehler445 Buehler445 is offline
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Quote:
Originally Posted by Camaro View Post
Iíve never learned much about retirement accounts but I know Iím long overdue to start one and Iíve been told to do a roth. Where is good place to start one?
At the advisement of CP, I started one at Vanguard. They have pretty low fee accounts. I also did a Target Date fund that automatically re-allocates as you get closer to retirement.
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Old 11-24-2019, 11:02 PM   #3297
HonestChieffan HonestChieffan is offline
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We had Fidelity for our corporate 401k program. They were OK.

3 years before I retired I had my Merrill Lynch guy start managing for me and when I retired I transfered to him

Key is, know your guy...not just a phone call I know you

Ask a ton of questions

Get a guy younger than you..old guys die

My guy was on the Tball team I coached many years ago
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Old 11-25-2019, 01:19 AM   #3298
scho63 scho63 is online now
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Originally Posted by Camaro View Post
Iíve never learned much about retirement accounts but I know Iím long overdue to start one and Iíve been told to do a roth. Where is good place to start one?
Start here and work you way up to the $10 and $20 tickets!

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Old 11-25-2019, 07:47 AM   #3299
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Originally Posted by Camaro View Post
Iím self employed, Iím leaning towards vanguard.
Same.

I have a SEP IRA as part of a managed account.
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Old 11-25-2019, 11:37 AM   #3300
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YES!!!!

Positive US-China trade vibes are propelling Asian markets higher

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Hong Kong (CNN Business)Asian stocks advanced Monday, boosted by positive signals about a potential US-China trade deal.

Hong Kong's Hang Seng Index (HSI) opened up 1.1% and widened the gains to 1.9% in early trading. It's the top performer so far among major indexes in the region.

Investors may also be paying attention to election results in Hong Kong. Pro-democracy candidates appear to have made major gains in the city's District Council elections. The elections have been framed as a de facto referendum on the almost six months of ongoing protests in the semi-autonomous Chinese city.

Meanwhile, South Korea'sKospi index (KOSPI) gained 1.2%. Japan's Nikkei 225 (N225) also rose 0.9%, while China's Shanghai Composite Index (SHCOMP) improved 0.7%.

On Friday, President Donald Trump told Fox News that the United States and China were "potentially very close" to reaching a deal.

Chinese President Xi Jinping also said Friday in Beijing that he wanted to work out an agreement based on "mutual respect and equality," according to news reports.

The Chinese government on Sunday calling for stronger protections of intellectual property rights. That kind of action, though, would address a key concern by the United States as the two countries negotiate a trade deal.

US futures rose during Asian trading hours Monday following a higher close at the end of last week. Futures for the Dow (INDU), S&P 500 (SPX) and Nasdaq (COMP) were up between 0.2% and 0.4%.
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