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June 13, 2024, 02:02:47 PM *
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1  Economy / Economics / Re: Take care of your money and learn to save. on: Today at 01:00:45 PM
Most people in North America live under a “debt is the American dream” and consider debt to be good. They don’t teach anything about debt in high school. And this is the reason why so many people become buried in debt as they age.

Look at how many people are paying over $1000 a month for a car loan, this is crazy. $1000 a month used to be a mortgage but now people are paying that much for depreciating assets with interest.

And it can easily spiral out of control and you can forget about saving anything when you are this deep in debt.

QFT

100% Correct.  Government and society encourage financial illiteracy.  Debt (student loans, car loans, credit cards) will keep most people in debt slavery and poor for their entire lives.

A high credit score is not a measure of success, it is a measure of how good a debtor you are.   Your goal should be to be totally debt free and build your investments and other appreciable assets.

What you want is a high net worth (net worth = assets - liabilities)  that's easier when your liabilities are zero and not actively working against your wealth building.   
2  Economy / Economics / Re: Things to avoid when you earn a lot or become rich on: Today at 12:48:44 PM
To be sincere with you, debt is just like demotion. It is as if you are going forward, but something is dragging you back. When you are owing money, you will not be able to plan another thing that will benefit your life until you clear such debt, and you will be like some one who is not even getting the money at all. Although I know that some conditions require you to collect debt, sometimes it is not really to set some financial problems that come your way, but the real thing is to pay it back. 

To most, debt is a trap.  It's like being in a hole that the sides keep caving in - you have to expend effort just to keep even and even more of you want to get ahead.

In the United States, the biggest debt traps are student loans, new car loans, and credit cards.  Collectively, these will keep most people poor their entire lives. 
3  Economy / Economics / Re: The government cares for no one but waits for you to get rich for taxes paying. on: Today at 12:41:52 PM
Governments and the wealth that controls them don't really want you to become rich.  For the system to work most citizens need to remain in either the government dependent category (welfare) or in the wage / salary category where you shoulder the largest percentage of the cumulative tax burden.  There is a reason public education systems do not teach financial responsibility and society, corporations, and media instead push the traps of debt and consumerism upon the populace. 
4  Other / Politics & Society / Re: Will communism ever be realized? on: June 11, 2024, 01:00:45 PM
No.  Because not everyone in society will work toward a common / collective good.

Exceptional creativity / effort should be rewarded exceptionally. 
5  Other / Politics & Society / Re: Banks are used for criminals, will governments ban banks? on: June 10, 2024, 11:12:48 PM
Q:  What is the difference between Organized Crime and Government?

A:  The Organized part.   Grin
6  Other / Off-topic / Re: Dream Job or Dream Salary? on: June 10, 2024, 03:26:34 AM
I never considered a job to be a dream.  It was a necessity to make me enough to never have to work another day in my life.  That dream took 45 years of working to come true.   Cool
7  Economy / Economics / Re: The government cares for no one but waits for you to get rich for taxes paying. on: June 10, 2024, 02:27:14 AM

Then definitely paying tax for a house you rent should not be your responsibility because you are not the owner; you stay there as rent, not yours, so for this, the owner of the house is the one to pay. You don’t have to include house rent in things like this since the tenant is not the owner of the house, so he won’t be the one to pay tax. However, even if the government did not collect tax from a poor person who rents a house, it is not a big deal on a normal basis; they were not suppose to collect since the house is not their property.

But if a poor person can buy a house, a car, or anything else that a country's government collects tax from, they will definitely collect it from them too, no doubt, so to me, just because the government is not collecting tax from tenants doesn’t mean they are also pitying them. Is it not their responsibility to pay that tax? If not, the government won’t look at how poor they are; they will pay for it. 

Businesses, including landlords, always pass the tax on to the consumer.  As a renter, you are making the mortgage and tax payments as part of the rent, you're just not getting the benefit from it (equity and deductibility). 
8  Economy / Economics / Re: The government cares for no one but waits for you to get rich for taxes paying. on: June 09, 2024, 08:56:18 PM
This is really dependent on which country you live in, because I am quite happy with the services that my government provides - even if they are sometimes imperfect or elements need vast improvements. However I can see why some people in more corrupt countries might get disenfranchised with their government, as you hear some really tough stories where leaders can hoard money for a very small inner circle. In an ideal world they should tax the richest billionaires much more, however these people can often move around into jurisdictions that will bend rules to get them in, even if they do not contribute very much it looks good to have many billionaires in your country.

All politicians everywhere are owned by the wealthy.  They are the real power.  The politicians only exist at the whim of the wealthy to serve as a buffer and to give the common people some illusion of control and representation over their lives.

"The rich shall rule over the poor and the borrower is slave to the lender" - Solomon, son of David, King of Israel. 
9  Economy / Economics / Re: Things to avoid when you earn a lot or become rich on: June 09, 2024, 08:48:53 PM
Most people become ostentatious after becoming rich.  It means they want to show everyone that they have a lot...

No.  Most wealthy people do NOT show off.  Wanna bees who buy luxury items on credit to show off are the real market for such items.  Real wealth is usually vastly understated.

Fake it until you make it is a lie.  Faking it (debt) will stop you from making it.  New Cars are the biggest wealth killer in the world. 

In the words of Dave Ramsey "Don't spend money you don't have to buy things you don't need to try and impress people you don't like".
 
10  Economy / Economics / Re: Things to avoid when you earn a lot or become rich on: June 09, 2024, 07:00:35 PM
From what I understand by looking at all the rich people, the thing that most rich people avoid (and the most common one) is taxes. I do understand that rich people do not want to pay taxes because the amount they are paying is huge compared to anyone else, but without that money going to government, a nation can't be sustained, so nations do end up charging even higher taxes to middle income or basically any salary worker.

All in all, I believe that tax is something everyone should pay, even if you have to pay billions because you are rich, you should. Avoiding silly investments just because you want to, is the number one thing that they should avoid, we have seen how it works so far and I think it will not be all that simple for wealthy to stop being silly with their money.


It doesn't (and can't) work that way.  Investors create the jobs for workers to have.  Workers pay the vast majority of taxes. If you remove the incentive to invest in jobs, the wealth will simply move to another, more profitable, investment.  The wealthy (investment class) have options that simply are not available to the poor (working class).  Any government attempting to screw the rich will find itself broke, out of power, and dealing with a failed economy.   
11  Economy / Economics / Re: The government cares for no one but waits for you to get rich for taxes paying. on: June 09, 2024, 06:50:54 PM
...It would be unfair and unjust to them.

"Life isn't fair, Highness. Anyone who says otherwise is selling something." - Wesley (The Princess Bride)
12  Economy / Economics / Re: The government cares for no one but waits for you to get rich for taxes paying. on: June 09, 2024, 03:02:15 PM
The working class are always proportionally taxed the heaviest.  The investment class (wealthy) require an incentive to invest their wealth in creating jobs for the working class so they are given a tax break to do so.

The working class also heavily outnumber the investment class so their taxes provide the bulk of the wealth confiscated by governments. 
13  Economy / Economics / Re: Things to avoid when you earn a lot or become rich on: June 09, 2024, 10:37:10 AM
Your labor is a finite resource.  There are only so many hours in a day and so many days in a lifetime.  Your ability to exchange your labor for money is not scalable or infinite.

Your money, when invested, can work 24/7/365 making you even more money and it is infinitely scalable.

Most of us who started with nothing have no choice but to work for our initial money to invest (capitol).  The late Charlie Munger summed it up best:

"The first $100,000 is a bitch, but you gotta do it. I don’t care what you have to do – if it means walking everywhere and not eating anything that wasn’t purchased with a coupon, find a way to get your hands on $100,000. After that, you can ease off the gas a little bit." - Charlie Munger

https://jayvas.com/charlie-munger-is-right-haul-ass-for-your-first-100k/

Once you are no longer living paycheck to paycheck, the game changes dramatically and the way you view money changes forever. 

14  Other / Politics & Society / Re: Americans will burn in hell for eternity on: June 09, 2024, 12:08:01 AM
The people of the U.S. have struck a bargain with Satan where a special area in hell has been reserved just for them.

As they have achieved their end of the deal by committing more evil than any other peoples throughout history, the vast majority of Americans will enjoy a slightly cooler area in the fire-pit where they will burn eternally.

My attorney has advised me not to sign that agreement.  Cheesy
15  Economy / Economics / Re: Things to avoid when you earn a lot or become rich on: June 08, 2024, 11:59:16 PM
1. This is one big mistake people make! Once they start earning a lot, they begin to squander the money on luxurious things forgetting that there was a moment they had nothing. A song writer says, “when you’re at the top, prepare for the landing”. If only people knew this secret, they will make the most out of their very first salaries.

Lifestyle creep.

2. You should even owe anyone. Try as much to never owe so you don’t have any debt to pay. It is important so you don’t end up using all your salary to keep paying debt.

"The rich shall rule over the poor and the borrower is slave to the lender" - Solomon, son of David, king of Israel. 
16  Economy / Economics / Re: Things to avoid when you earn a lot or become rich on: June 08, 2024, 11:52:56 PM
I remember shopping with my father once when I was younger.  We were shopping at Target (kind of like Walmart for those unfamiliar).  I remember running in to a man who had a handful of coupons.  He was a friend of my fathers and they had a nice chat and he went on his way.  I'll never forget my father saying "that is the richest man in our state, and even he clips coupons"  "those who get rich stay rich by making careful money and investing decisions".  He couldn't have been more right.

QFT

When you start thinking of and treating your money as an appreciable asset rather than just something to spend on goods a services, your entire life changes.
17  Other / Politics & Society / Re: Russian Invasion of Ukraine[In Progress] on: June 08, 2024, 07:24:48 PM
I would expect to see thousands of posts on social media from the soldiers and impacted civilians on both sides of the conflict - instead, nothing but crickets.

Oh, so warporn... it is all over the place. It is unlikely that "impacted soldiers" will selfi themselves after the fact. The video barely qualifies, but it is the recently hit refinery near Rostov, but there is so much stuff published out there and it is so simple to find that ... well, just go google a bit and you will see all your voyeuristic wet dreams fulfilled by the magic of people posting carnage all over. You can find all short of snuff there.

https://t.me/etorostov/55308

You're projecting.   Roll Eyes
18  Other / Politics & Society / Re: Russian Invasion of Ukraine[In Progress] on: June 08, 2024, 12:11:17 AM
I would expect to see thousands of posts on social media from the soldiers and impacted civilians on both sides of the conflict - instead, nothing but crickets.
19  Other / Politics & Society / Re: Russian Invasion of Ukraine[In Progress] on: June 07, 2024, 11:10:23 PM
I'd expect to see war footage all over X, tik tok, etc...  not just the lame stream media who has lost all credibility.
20  Alternate cryptocurrencies / Altcoin Discussion / Re: What's Your Take on Celebrities Backing Memecoins? on: June 07, 2024, 06:55:35 PM
lol - why would I take a celebrities' advice on anything other than the career / job / specialty than made them a celebrity  in the first place?   Cheesy
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