- Joined
- Dec 21, 2020
- Messages
- 2,351
- Likes
- 3,499
SPY and VOO 52 week high this morning.
SPY MaxPain 439
Might be a good day to take 5% off the table?
5% correction on SPY. It's time for me to buy back my 5% at SPY 434.
Happy hunting!
-
WANTED: Happy members who like to discuss audio and other topics related to our interest. Desire to learn and share knowledge of science required. There are many reviews of audio hardware and expert members to help answer your questions. Click here to have your audio equipment measured for free!
The wealth-building thread
- Thread starter JeffS7444
- Start date
5% correction on SPY. It's time for me to buy back my 5% at SPY 434.
Happy hunting!
OP
- Joined
- Jul 21, 2019
- Messages
- 2,783
- Likes
- 4,090
- Thread Starter
- #802
I chanced upon this video by The Minimalists with Ramit Sethi, and though the topic of the show was particularly germane: Why accumulate wealth at all (is it just another sort of hoarding?) and ventures into what it means to live a "rich life".
- Joined
- Dec 21, 2020
- Messages
- 2,351
- Likes
- 3,499
5% correction on SPY. It's time for me to buy back my 5% at SPY 434.
Happy hunting!
Last Fri, Aug 18, 2023 dip at 5% holding on SPY 434. Now moving up with current price 438+ for Monday Aug21. Let's see if it cracks a new high from here.
Halving in 5 months. Game on, again. Seems some straining at the leash already. The largest wealth transfer in history is happening and most are oblivious.It can be confusing for sure. Nothing like this has ever existed before, and there is nothing to relate it to. To help clarify the questions you have about “asset” and “medium of exchange, it helps to understand that free market money evolves through four stages:
1. Collectible
2. Store of value
3. Medium of exchange
4. Unit of account
Bitcoin is currently transitioning from a store of value (asset) to a medium of exchange. El Salvador declared bitcoin legal tender. It’a a medium of exchange there. More will follow.
To answer your question about the fixed number of coins. It’s important to realize that bitcoin is the first money with rules. It is entirely governed by math. I attached the formula below it uses to create new blocks that contain new bitcoin. At any point you can personally verify the total number of bitcoin in existence. The ledger is completely transparent.
Finally, bitcoin is not a bubble. It’s the pin
View attachment 300500
I agree that the US financial markets seem to be pricing in the best of all possible worlds, which is dangerous.
However, until we get rid of the nation state, there are fewer substitutable blockchain assets, transaction costs in blockchain can scale well, and there is some legal killer application of blockchain assets, I don’t think they make a good store of value.
However, until we get rid of the nation state, there are fewer substitutable blockchain assets, transaction costs in blockchain can scale well, and there is some legal killer application of blockchain assets, I don’t think they make a good store of value.
TheWalkman
Senior Member
- Joined
- Jan 9, 2020
- Messages
- 462
- Likes
- 1,255
Perhaps some of our French members can remind folks how great wealth disparity played out for them in the 1790s.
Listening now, but first answer:
Wealth is a hedge against future uncertain consumption needs. Investing it makes it a better hedge, as you can often preserve your purchasing power and potentially grow in excess of that (increase the value of the hedge). Long-run stock investing is hardly gambling, it is participating in the efforts of people working really hard (mostly) to earn a return on productive assets*. This is the fundamental, measurable reason to do it, and it depends on your sense of what those consumption needs will be, particularly in the years when you will not be able to, or want to, work.
Certainly for other people, wealth is a way of keeping score, or gives a sense of self-worth. This is sort of the golden ear/hifi status part of the argument, and is similarly worthless.
* I would argue that the *earnings* part of stock returns is not a gamble, as the podcast question suggests, but the increase or decrease in *multiple* put on those earnings probably is. Although multiples seem subject to some mean-reverting properties.
UPDATE/PERSONAL OBSERVATION:
One of the things that confounds my retirement planning is my own lifestyle inertia. I live in New York City, own a country home, and like to travel. I have enough money to safely choose any two of these things. My wife is particularly resistant to moving out of the city, but I am very attached to the concert-going and ease of restaurants and transportation. So I find myself continuing work to grow the travel budget. Will I feel like traveling and for how long? Could I be happy living somewhere cheaper (probably, although it might be in some non-US city). It's hard to know future me.
Last edited:
Things are radically different now. You can become a sovereign individual. You can move to where you are treated best. You don't have to stay trapped in your castle collecting income from the peasants that work your land. You're coming for me because you consider me too wealthy? Later dudes.
I'm afraid that is wildly overstated. Have you tried
Yup. The USG websites on this topic are difficult to follow. This page from a law firm is easier to follow (and potentially giggle at or puke over):
What if I Give up My U.S. Citizenship: Taxes and Immigration
What if I Give up My U.S. Citizenship: Taxes and Immigration. Learn about taxes that may be due when you give up your U.S. Citizenship.
www.expatriationattorneys.com
I wouldn't suggest renouncing US citizenship. Things would have to be really bad before anyone should ever consider that. But you are correct, it's a nightmare to leave. I think the US is the only country that taxes you no matter where you live on the planet. And I think they also tax you if you renounce citizenship.
The solution is to have enough money so it doesn't matter. Have enough so that after the tax hit, well, you still have enough. The goal is not to keep every last dollar, the goal is to remain independent of any shenanigans that seem to continuously arise.
Skimming through the link blueone posted above, one will most likely need to pay tax in the US if you renounce citizenship. Looks to be a potential loophole(s) but probably nearly impossible to qualify for as Uncle Sam will take his pound of flesh somehow.
I don't think the US is the only one that taxes you even if you live elsewhere, particularly on income. I know Brazilian citizens/permanent residents need to pay income tax in Brazil on income earned outside of Brazil. That said, there are many countries where there are reciprocal tax arrangements where you don't pay income tax in one country if you've paid it in another.
I don't think the US is the only one that taxes you even if you live elsewhere, particularly on income. I know Brazilian citizens/permanent residents need to pay income tax in Brazil on income earned outside of Brazil. That said, there are many countries where there are reciprocal tax arrangements where you don't pay income tax in one country if you've paid it in another.
- Joined
- Feb 23, 2016
- Messages
- 23,136
- Likes
- 43,070
The line must go up........right?
dis yo find out?
did you find out
But there are very few countries that do that, the US & Brazil being only 2 of a few.
Precisely, this is what most countries do, and it is the only proper way. The downside is that it invites tax evasion.
I’m not sure exactly what your position is, but if there is a wager you’d like to make, I might be open to it. Something specific, time-bound and as dramatic as your pronouncements.
