Razors Edge ★ Posted January 28 Share #1 Posted January 28 Thinking about the demographic here and the steady growth of the US economy, are you literally the wealthiest you have ever been? If not, why not? Maybe beginning the pass to the next generation process, so transferring assets in a tax-advantaged way? Some unforeseen massive expenses setting you back? Something else? Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted January 28 Share #2 Posted January 28 No. 1 1 Link to comment Share on other sites More sharing options...
Popular Post donkpow Posted January 28 Popular Post Share #3 Posted January 28 Not since they took my yacht and seized all my assets. I only have what I saved in my cookie jar. 1 2 2 1 2 Link to comment Share on other sites More sharing options...
Chris... Posted January 28 Share #4 Posted January 28 There’s always money in the banana stand 1 1 1 Link to comment Share on other sites More sharing options...
shootingstar Posted January 28 Share #5 Posted January 28 Before the tax axe comes. It was partially my fault...I should have had the balls to restructure my portfolio several years earlier. I was on a hamster wheel not thinking 360 degrees vs. 200 degrees. Certain things happened which did grow (not all) and now it's like a bunch of sunflowers, wondering when to harvest. Or I'll just do it.. 1 Link to comment Share on other sites More sharing options...
donkpow Posted January 28 Share #6 Posted January 28 6 minutes ago, shootingstar said: Before the tax axe comes. It was partially my fault...I should have had the balls to restructure my portfolio several years earlier. I was on a hamster wheel not thinking 360 degrees vs. 200 degrees. Certain things happened which did grow (not all) and now it's like a bunch of sunflowers, wondering when to harvest. Or I'll just do it.. Buy a car. All your financial indecision will disappear. 1 Link to comment Share on other sites More sharing options...
shootingstar Posted January 28 Share #7 Posted January 28 18 minutes ago, donkpow said: Buy a car. All your financial indecision will disappear. And let it sit in my parkade. 1 Link to comment Share on other sites More sharing options...
shootingstar Posted January 28 Share #8 Posted January 28 @donkpowIgnoring he is a Canadian physician, he writes very well about the hamster wheel addiction: My Wealth Journey Part 2: The Wonder Years — Physician Finance Canada (looniedoctor.ca) Be aware most physicians aren't that looney. Hard to know how he finds time to do his blog, since he also has a family. Link to comment Share on other sites More sharing options...
donkpow Posted January 28 Share #9 Posted January 28 4 minutes ago, shootingstar said: @donkpowIgnoring he is a Canadian physician, he writes very well about the hamster wheel addiction: My Wealth Journey Part 2: The Wonder Years — Physician Finance Canada (looniedoctor.ca) Be aware most physicians aren't that looney. Hard to know how he finds time to do his blog, since he also has a family. Yeah but is he filthy rich and does he have a car? Link to comment Share on other sites More sharing options...
Popular Post Airehead Posted January 28 Popular Post Share #10 Posted January 28 I am busy giving away any wealth we had. Einstein is getting used to it. 1 2 4 Link to comment Share on other sites More sharing options...
shootingstar Posted January 28 Share #11 Posted January 28 48 minutes ago, Airehead said: I am busy giving away any wealth we had. Einstein is getting used to it. Smart, get less taxed later. 49 minutes ago, donkpow said: Yeah but is he filthy rich and does he have a car? He actually writes buying a motor home, then later a bigger motor home. And having a garage that fits it all so bikes doesn't fall it and ding it. We know that, right? The Earning & Spending Trap — Physician Finance Canada (looniedoctor.ca) A work colleague a few yrs. ago, described to me, an U.S. cousin who was a dentist in Texas who was incredibly rich (cause I was shown some photos of his backyard, etc.) and had about 4-5 different dental practices. Anyway, dentist now has ALS, a degenerative disease where now he is disabled and wheelchair bound. Money doesn't chase away degenerative, non-curable diseases. I don't know about CAnadian specialist doctors, since this physician-blogger is in ICU (dialed down to part-time now), but Canadian family physicians aren't particularily uber wealthy because of set billing per patient by the govn't. in CAnada. There IS a financial advantage to work directly as a hospital doctor and not have overhead costs of your own medical clinic in Canada. Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted January 28 Share #12 Posted January 28 Does anyone really expect to be the wealthiest they've ever bin more than a decade into their retirement? Are you planning on taking it with you. 3 Link to comment Share on other sites More sharing options...
JerrySTL ★ Posted January 28 Share #13 Posted January 28 Not quite. We had more money while I was still working. In the last 14 months we went on five vacations, including to London. Lastly we bought a home that is $160k more expensive than the home we sold. We're still doing fine though. 4 Link to comment Share on other sites More sharing options...
MoseySusan Posted January 28 Share #14 Posted January 28 7 minutes ago, shootingstar said: Money doesn't chase away degenerative, non-curable diseases. Preach! 2 2 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted January 28 Author Share #15 Posted January 28 Just now, maddmaxx said: Does anyone really expect to be the wealthiest they've ever bin more than a decade into their retirement? Are you planning on taking it with you. Good point. You can't take it with you is the right attitude! Link to comment Share on other sites More sharing options...
Popular Post Zephyr Posted January 28 Popular Post Share #16 Posted January 28 Yes, mainly because all the kids moved out and are self supporting. 4 1 3 1 3 Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted January 28 Share #17 Posted January 28 Just now, Zephyr said: Yes, mainly because all the kids moved out and are self supporting. I wish 1 3 Link to comment Share on other sites More sharing options...
BuffJim Posted January 28 Share #18 Posted January 28 It took losing both my parents. Had one of them still been alive, I would probably be marginally wealthier than in past years. 3 Link to comment Share on other sites More sharing options...
Popular Post ChrisL Posted January 28 Popular Post Share #19 Posted January 28 From an income stand point, yes primarily because WOChrisL is earning more than she ever has. I have earned more in the past but WOChrisL wasn’t working then. We also have been able to put money away which we weren’t able to do earlier. 3 3 Link to comment Share on other sites More sharing options...
Popular Post MoseySusan Posted January 28 Popular Post Share #20 Posted January 28 We’re not quite tunnel and Airstream wealthy, but we hit throw pillows and antlers level a few years ago. 1 3 5 Link to comment Share on other sites More sharing options...
2Far ★ Posted January 28 Share #21 Posted January 28 It sure doesn’t seem like it. 1 1 1 1 1 Link to comment Share on other sites More sharing options...
sheep_herder ★ Posted January 28 Share #22 Posted January 28 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post Bikeguy Posted January 28 Popular Post Share #23 Posted January 28 1 hour ago, maddmaxx said: Are you planning on taking it with you. That's why we built a new home. We figured we may as well live in a nice place for a while before we get moved to a nursing home 2 1 1 3 Link to comment Share on other sites More sharing options...
Popular Post Longjohn ★ Posted January 28 Popular Post Share #24 Posted January 28 I have always been extremely wealthy, I just never had much money. 3 8 2 3 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted January 28 Author Share #25 Posted January 28 5 minutes ago, Longjohn said: I have always been extremely wealthy, I just never had much money. Good point - especially for the retired folks. "Wealth" should be considered more than just dollars in the bank. When you approach retirement age, that's sort of the math you want to do - what adds up to more true wealth? Continuing to work and pile up money, or retire and translate those dollars into happiness of your own choosing. IOW, if you're having fun working (it's possible), then why retire? But if you'd rather be relaxing on a beach, riding across the Alps, volunteering at a dog shelter, or playing with the grand kids, that's where the "wealth" is being created vs the job & investments making the wealth. 1 Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted January 28 Share #26 Posted January 28 I haven't looked at the numbers. This last 2 years before the uptick, I was losing wealth and paying fees. I suppose I'm close to even now or maybe even slightly ahead but I need my stock to double in the next 6 years now -- so I'm not super optimistic. I agree with that English dude that said we are entering a war era and our generous markets may not be so generous anymore. I'm just hoping to get mine before so I can get out of the markets. I will then become like @maddmaxx: Full of life, zest, and happiness. UPDATE: I'm slightly ahead now of where I was 2 years ago so I am the wealthiest I've ever been. Not by much but I am. 1 1 Link to comment Share on other sites More sharing options...
Allen ★ Posted January 28 Share #27 Posted January 28 2 hours ago, Airehead said: I am busy giving away any wealth we had. Einstein is getting used to it. Sounds familiar. 1 1 Link to comment Share on other sites More sharing options...
Airehead Posted January 28 Share #28 Posted January 28 43 minutes ago, Longjohn said: I have always been extremely wealthy, I just never had much money. A perfect way to live. 1 1 1 Link to comment Share on other sites More sharing options...
shootingstar Posted January 28 Share #29 Posted January 28 27 minutes ago, Allen said: Sounds familiar. You did right. 1 Link to comment Share on other sites More sharing options...
Wilbur ★ Posted January 29 Share #30 Posted January 29 Nope. 1 Link to comment Share on other sites More sharing options...
Mr. Silly Posted January 29 Share #31 Posted January 29 Yeah, but I am still working. 1 Link to comment Share on other sites More sharing options...
BR46 Posted January 29 Share #32 Posted January 29 16 hours ago, maddmaxx said: Are you planning on taking it with you. I think Wo46 is planning on it 2 Link to comment Share on other sites More sharing options...
Ralphie ★ Posted January 29 Share #33 Posted January 29 18 minutes ago, BR46 said: I think Wo46 is planning on it Every time I stress about my wife spending money, I wonder if being married to an accountant might be equally stressful. 2 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted January 29 Author Share #34 Posted January 29 52 minutes ago, Mr. Silly said: Yeah, but I am still working. That is the process! Especially if following the "can't take it with you" arc. Start low, grow, hit a high mark, and then spend/disburse to zero. But, yeah, being at the top (and still having plenty of "up" left) is a great place to be. Link to comment Share on other sites More sharing options...
ChrisL Posted January 29 Share #35 Posted January 29 1 hour ago, Ralphie said: Every time I stress about my wife spending money, I wonder if being married to an accountant might be equally stressful. It’s a PITA. WOChrisL isn’t an accountant by trade but is by birth as both her dad & grandfather were. All I can say is don’t mess with her budget cause if it’s not in the budget it ain’t happening. 1 1 Link to comment Share on other sites More sharing options...
Ralphie ★ Posted January 29 Share #36 Posted January 29 1 minute ago, ChrisL said: It’s a PITA. WOChrisL isn’t an accountant by trade but is by birth as both her dad & grandfather were. All I can say is don’t mess with her budget cause if it’s not in the budget it ain’t happening. Yeah, that is how I meant it, as a state of mind, not strictly the occupation. Ahspose my wife might see me as a pita because I dislike spending money. Link to comment Share on other sites More sharing options...
bikeman564™ Posted January 29 Share #37 Posted January 29 Far as cash goes, it would be the day before I bought the maliboo. But it's an asset, so I'm aboot even 1 Link to comment Share on other sites More sharing options...
ChrisL Posted January 29 Share #38 Posted January 29 1 hour ago, Ralphie said: Yeah, that is how I meant it, as a state of mind, not strictly the occupation. Ahspose my wife might see me as a pita because I dislike spending money. Balance is good… If she were shopping the #1 driver is cheaper is better whereas I’ll spend more for better quality. We usually meet in the middle. Like a few weeks ago she struggled over which color top to get. Jeebus you never buy anything for yourself & are struggling over a $28 top… I waited for her to pick & then grabbed the other one and brought it to the register… 3 1 Link to comment Share on other sites More sharing options...
BR46 Posted January 29 Share #39 Posted January 29 10 minutes ago, ChrisL said: Balance is good… If she were shopping the #1 driver is cheaper is better whereas I’ll spend more for better quality. We usually meet in the middle. Like a few weeks ago she struggled over which color top to get. Jeebus you never buy anything for yourself & are struggling over a $28 top… I waited for her to pick & then grabbed the other one and brought it to the register… Wo46 always feels guilty if she spends any money on her self, you only buy things you need you never spend money on someone that you might enjoy. Since retirement she still struggles with going to spending vs saving 1 Link to comment Share on other sites More sharing options...
shootingstar Posted January 29 Share #40 Posted January 29 Well is anyone going to FIRE? Or maybe most people are too senior here? With FIRE talk among the younger generation, ie. stop work @40 or @50 when housing and living costs are waaaaay higher in certain parts of North America, I just shake my head. Don't be such dodo bird....there's no easy way out when it comes to working to feel moderately comfy about shelter, food, etc. ANd if same folks think they are carving new territory because they don't want experience stress of their parents or grandparents' working years.. I'm sorry. And AI will not solve things...it will compound complexity for their future and might even increase job competition waaay more than we could ever dream of. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted January 29 Author Share #41 Posted January 29 11 minutes ago, shootingstar said: Or maybe most people are too senior here? Do we still have anyone under 40 here or has @goldendesign joined the crew? 1 Link to comment Share on other sites More sharing options...
shootingstar Posted January 29 Share #42 Posted January 29 31 minutes ago, Razors Edge said: Do we still have anyone under 40 here or has @goldendesign joined the crew? I didn't perceive him as that young. I hope he is well.. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted January 29 Author Share #43 Posted January 29 1 minute ago, shootingstar said: I didn't perceive him as that young. I hope he is well.. He was here a couple days ago and seemed fine to me And, it looks like he turned 40 last year!!!! BWAHAHAHA. 1 1 Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted January 29 Share #44 Posted January 29 Are you your wealthiest RE? Link to comment Share on other sites More sharing options...
Scrapr ★ Posted January 29 Share #45 Posted January 29 I am at the top top. By just a smidge I think. The year before was a disaster as both stocks & bonds lost money. It's not "supposed" to do that. I made an error in holding bond funds & not individual bonds. But I rode it out. We spent a boat load on trips last year....and getting married and house improvements. The pile grew much more than that. I am gifting Lil Scrapr $$$ for his Roth account to help him start learning about markets. And his education fund grew a bunch. He isn't going to use his education fund for formal education. So i am going to parcel it out over 3 years for travel for him. Last time I talked to him he was thinking Japan or Austrailia. My eyes popped. LOL 1 2 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted January 29 Author Share #46 Posted January 29 9 minutes ago, Dottleshead said: Are you your wealthiest RE? My wealthiest, sure. THE wealthiest, not by a long shot Link to comment Share on other sites More sharing options...
Scrapr ★ Posted January 29 Share #47 Posted January 29 Funny antecdote from Lil Scrapr As WoScrapr had got her Stage 4 cancer Dx she wanted to sit with him & lay out how much the pile o money was. So we all went out to lunch & laid it out. His eyes kind of popped a bit. I mean it's not @Wilbur money but a nice stash. I might call it FU money. At the end he says why didn't you stop at $x,ooo? I chuckled & explained a good portion of it was from inheritance. And how I am managing (and he would be responsible in his time) for using it well. And that markets go both ways. Also that $x,000 wasn't enough of a pile 1 Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted January 29 Share #48 Posted January 29 15 minutes ago, Razors Edge said: My wealthiest, sure. THE wealthiest, not by a long shot You and I are tied to close to the market Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted January 29 Author Share #49 Posted January 29 3 minutes ago, Dottleshead said: You and I are tied to close to the market Yeah, I don't have much gold. Link to comment Share on other sites More sharing options...
ChrisL Posted January 29 Share #50 Posted January 29 2 hours ago, shootingstar said: Well is anyone going to FIRE? Or maybe most people are too senior here? With FIRE talk among the younger generation, ie. stop work @40 or @50 when housing and living costs are waaaaay higher in certain parts of North America, I just shake my head. Don't be such dodo bird....there's no easy way out when it comes to working to feel moderately comfy about shelter, food, etc. ANd if same folks think they are carving new territory because they don't want experience stress of their parents or grandparents' working years.. I'm sorry. And AI will not solve things...it will compound complexity for their future and might even increase job competition waaay more than we could ever dream of. You can make the argument my FIL was an early adopter of FIRE. He “retired” from his Govt job at 55 and has lived pretty comfortably financially for the past 25 years. The basic tenets of aggressive saving, not incurring debt and in his case smart investments have paid off. 1 Link to comment Share on other sites More sharing options...
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