DoctorEncore | 3,691 Posted April 26, 2021 Share Posted April 26, 2021 Elon Musk hosting SNL on May 8th. Make sure to get your DOGE before then and sell immediately after. Also, for those having a hard time wrapping their head around the economics at play: DOGE has unlimited supply which puts it in a positive feedback loop until it crashes. That is, the higher the price goes, the more it gets mined (miners want more of the coin because its worth more), the higher the supply goes. This works until it doesn't. Supply and demand eventually equilibrate, but only for a brief moment until supply outstrips demand. DOGE then crashes much faster than it rose. Reddit hype can only take you so far. That is why DOGE will never be worth $10. Could it get to $1 some day? Maybe, but if it does, it won't stay there so I certainly wouldn't hold it long term. If you can make money, get out while the getting's good. Link to comment Share on other sites More sharing options...
phart010 | 1,779 Posted April 26, 2021 Share Posted April 26, 2021 Haiku time: Doge coin is a joke. If you spend money on it, The joke is on you. 2 2 Link to comment Share on other sites More sharing options...
a3quit4s | 4,343 Posted April 26, 2021 Share Posted April 26, 2021 39 minutes ago, DoctorEncore said: Elon Musk hosting SNL on May 8th. Make sure to get your DOGE before then and sell immediately after. Also, for those having a hard time wrapping their head around the economics at play: DOGE has unlimited supply which puts it in a positive feedback loop until it crashes. That is, the higher the price goes, the more it gets mined (miners want more of the coin because its worth more), the higher the supply goes. This works until it doesn't. Supply and demand eventually equilibrate, but only for a brief moment until supply outstrips demand. DOGE then crashes much faster than it rose. Reddit hype can only take you so far. That is why DOGE will never be worth $10. Could it get to $1 some day? Maybe, but if it does, it won't stay there so I certainly wouldn't hold it long term. If you can make money, get out while the getting's good. With crypto are there any regulations governing whatever trading platform you use from, say, doge hits $1 and they restrict you from selling until they sell their share and leave you holding the bag ala Robinhood recently? Link to comment Share on other sites More sharing options...
DoctorEncore | 3,691 Posted April 26, 2021 Share Posted April 26, 2021 (edited) 23 minutes ago, a3quit4s said: With crypto are there any regulations governing whatever trading platform you use from, say, doge hits $1 and they restrict you from selling until they sell their share and leave you holding the bag ala Robinhood recently? I would assume publicly traded exchanges like Coinbase and Voyager cannot legally limit trading to give themselves an unfair advantage. I suppose they could have liquidity issues like what happened with Robinhood which could pause trading. However, it wouldn't be so they can sell their share, instead it would be to get some emergency funding to make sure they can back up the trades. This is one of the risks of keeping your funds on an exchange. You are essentially letting them borrow your money so that you can easily make trades and earn interest on it, similar to keeping your money in a bank. If you are concerned about that, you could always hold your crypto in an off-exchange wallet, then immediately exchange A for B when the price of A starts to tank. i.e. Use the Exodus wallet to exchange DOGE for BTC immediately when you see DOGE crashing. Hopefully that makes sense. Crypto is confusing. Edited April 26, 2021 by DoctorEncore Link to comment Share on other sites More sharing options...
Link | 2,878 Posted April 26, 2021 Share Posted April 26, 2021 On 4/24/2021 at 2:16 PM, Tanooki said: I think everyone, even those in the lowest levels should kick something back in total fairness... shouldn't get a bite if you can't give up a bit too. Yet despite that, and it sounds like richy rambling, yet I do agree with the general sentiment, I don't think you should punish success either. It seems horrible to me to say well if this guy makes like 50K he should pay 20%, and if a dude makes 500K then he should owe 50%. That's punishing success, investment in oneself and others Do you have a million dollars? If not, do you think you ever will? Link to comment Share on other sites More sharing options...
phart010 | 1,779 Posted April 26, 2021 Share Posted April 26, 2021 5 hours ago, Link said: Do you have a million dollars? If not, do you think you ever will? If you are the average working American and you don’t have at least a million by retirement age, you have not been doing it right and may not even be retiring comfortably 1 1 Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,122 Posted April 26, 2021 Share Posted April 26, 2021 1 hour ago, phart010 said: If you are the average working American and you don’t have at least a million by retirement age, you have not been doing it right and may not even be retiring comfortably The way inflation is going, $1 million may not be much 20+ years from now. 1 Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted April 26, 2021 Share Posted April 26, 2021 7 hours ago, Link said: Do you have a million dollars? If not, do you think you ever will? The capital gains tax rates being talked about have to do with EARNING $1MM IN A SINGLE YEAR. That is a far cry from "having" a million dollars (which most middle class families can do if they save and invest) 1 Link to comment Share on other sites More sharing options...
phart010 | 1,779 Posted April 26, 2021 Share Posted April 26, 2021 49 minutes ago, Bearcat-Doug said: The way inflation is going, $1 million may not be much 20+ years from now. 1 Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,122 Posted April 26, 2021 Share Posted April 26, 2021 1 hour ago, arch_8ngel said: The capital gains tax rates being talked about have to do with EARNING $1MM IN A SINGLE YEAR. That is a far cry from "having" a million dollars (which most middle class families can do if they save and invest) I honestly don't know any people that even "have" a million dollars. Most of them live paycheck to paycheck and don't have much to save or invest. 1 Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted April 26, 2021 Share Posted April 26, 2021 (edited) 18 minutes ago, Bearcat-Doug said: I honestly don't know any people that even "have" a million dollars. Most of them live paycheck to paycheck and don't have much to save or invest. Let's put it this way -- household net worth > $1mm is not even top-10% of net worth in this country. INCOME of > $1mm is something like the top 0.01% (the "top 1%" is at $531k/yr for a household) EDIT: and just to be clear -- my earlier post was not to suggest that "most middle class families" ACTUALLY HAVE $1mm net worth, or anywhere close -- I am familiar with the statistics on this. I am just pointing out that relatively frugal middle class families that save and invest over their lifetime CAN reach $1mm net worth, quite reasonably -- whether they maintain that level of frugality, or not, wasn't the point Edited April 26, 2021 by arch_8ngel 3 Link to comment Share on other sites More sharing options...
Hammerfestus | 4,100 Posted April 26, 2021 Share Posted April 26, 2021 Awful lot of clueless yuppies in here. 1 Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted April 26, 2021 Share Posted April 26, 2021 4 minutes ago, Hammerfestus said: Awful lot of clueless yuppies in here. Is that a dig at my post? Link to comment Share on other sites More sharing options...
Hammerfestus | 4,100 Posted April 26, 2021 Share Posted April 26, 2021 (edited) 4 minutes ago, arch_8ngel said: Is that a dig at my post? It is not. I mean I must just not be doing it right Edited April 26, 2021 by Hammerfestus 1 Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,122 Posted April 26, 2021 Share Posted April 26, 2021 1 hour ago, arch_8ngel said: Let's put it this way -- household net worth > $1mm is not even top-10% of net worth in this country. INCOME of > $1mm is something like the top 0.01% (the "top 1%" is at $531k/yr for a household) EDIT: and just to be clear -- my earlier post was not to suggest that "most middle class families" ACTUALLY HAVE $1mm net worth, or anywhere close -- I am familiar with the statistics on this. I am just pointing out that relatively frugal middle class families that save and invest over their lifetime CAN reach $1mm net worth, quite reasonably -- whether they maintain that level of frugality, or not, wasn't the point Okay. It makes more sense when you put it that way. Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted April 26, 2021 Share Posted April 26, 2021 (edited) deleted Edited April 26, 2021 by arch_8ngel Link to comment Share on other sites More sharing options...
phart010 | 1,779 Posted April 26, 2021 Share Posted April 26, 2021 1 hour ago, Hammerfestus said: It is not. I mean I must just not be doing it right I wasn’t criticizing anyone who may be retirement age. Just pointing out to the younger generation, there’s a lot of learning resources and YouTube videos nowadays. Dave Ramsey is an example. If someone has a modest annual income of $45k and they save 10% pretax monthly, that’s $750 a month or $375 biweekly. At 10% average annualized return (pretty easy to find with many mutual funds) that will get you $1M in 25 years (assuming no major collapse of the financial system as we know it) Anyone who is 18 years old right now, follow this and retire at 43. 10% annual return on $1M is $100k spending money each year. Link to comment Share on other sites More sharing options...
a3quit4s | 4,343 Posted April 26, 2021 Share Posted April 26, 2021 1 hour ago, Hammerfestus said: Awful lot of clueless yuppies in here. Did you get us reservations at Dorsia? 1 Link to comment Share on other sites More sharing options...
Gloves | 12,251 Administrator · Posted April 26, 2021 Share Posted April 26, 2021 3 minutes ago, a3quit4s said: Did you get us reservations at Dorsia? I literally just watched that for the first time the other day. Spooky. 1 Link to comment Share on other sites More sharing options...
Hammerfestus | 4,100 Posted April 26, 2021 Share Posted April 26, 2021 6 minutes ago, a3quit4s said: Did you get us reservations at Dorsia? Whoa whoa whoa. Do you mean Olive Garden? Link to comment Share on other sites More sharing options...
Hammerfestus | 4,100 Posted April 26, 2021 Share Posted April 26, 2021 9 minutes ago, phart010 said: I wasn’t criticizing anyone who may be retirement age. Just pointing out to the younger generation, there’s a lot of learning resources and YouTube videos nowadays. Dave Ramsey is an example. If someone has a modest annual income of $45k and they save 10% pretax monthly, that’s $750 a month or $375 biweekly. At 10% average annualized return (pretty easy to find with many mutual funds) that will get you $1M in 25 years (assuming no major collapse of the financial system as we know it) Anyone who is 18 years old right now, follow this and retire at 43. 10% annual return on $1M is $100k spending money each year. That seems very reasonable. If you have never have family, never experience employment disruption, never have any medical issues, live in a cardboard box, AND you get guaranteed 10% returns. 1 Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,122 Posted April 26, 2021 Share Posted April 26, 2021 40 minutes ago, Hammerfestus said: That seems very reasonable. If you have never have family, never experience employment disruption, never have any medical issues, live in a cardboard box, AND you get guaranteed 10% returns. See, it's that easy! 2 Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted April 26, 2021 Share Posted April 26, 2021 1 hour ago, phart010 said: Anyone who is 18 years old right now, follow this and retire at 43. 10% annual return on $1M is $100k spending money each year. This is not a safe understanding of statistically likely rates of return. 10% drawdown has a VERY high "failure rate" over the course of retirement. 3-4% is "safe" (where you can reliably both (a) adjust for inflation and (b) not drawdown principle so that you won't outlive your portfolio) 10% drawdown is a recipe for misery, though. 1 Link to comment Share on other sites More sharing options...
phart010 | 1,779 Posted April 26, 2021 Share Posted April 26, 2021 2 minutes ago, arch_8ngel said: This is not a safe understanding of statistically likely rates of return. 10% drawdown has a VERY high "failure rate" over the course of retirement. 3-4% is "safe" (where you can reliably both (a) adjust for inflation and (b) not drawdown principle so that you won't outlive your portfolio) 10% drawdown is a recipe for misery, though. Your right, I’m not drawing down yet, so have thought all that through yet. I get that you should be in stable investments by retirement age. But assuming you got 1M by age 43 and if you can afford to work and extra 10 years after that (not touching investments) you should be able to stay in growth funds for an average of 10% another decade right? You may get a low return some years but averaged out over the 10 years, should come out ok right? Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted April 26, 2021 Share Posted April 26, 2021 (edited) 1 hour ago, phart010 said: Your right, I’m not drawing down yet, so have thought all that through yet. I get that you should be in stable investments by retirement age. But assuming you got 1M by age 43 and if you can afford to work and extra 10 years after that (not touching investments) you should be able to stay in growth funds for an average of 10% another decade right? You may get a low return some years but averaged out over the 10 years, should come out ok right? phart -- even with a 100% stock allocation, a 10% drawdown is NOT SUSTAINABLE over any realistic set of market conditions over a long period of time. I saw you mention Dave Ramsey -- be sure not to fall into the trap of "average rates" in the way he uses the term. He uses the arithmetic average when he talks about rates which is the WRONG way to do it, over long periods of time. You need to make sure you use the geometric average (which is generally comparable to CAGR, or compound annual growth rate). Edited April 26, 2021 by arch_8ngel Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now