You mean lending to people who didn't qualify? Yes, that was a bad, bad mistake.
The Great Wealth Transfer
- Thread starter mcmurtry66
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And you seem to be doing fine.
Some people here don't realize their future in America doesn't depend on their parent's success or failure.
It's brutal. I bought a rental house for each of my kids college. They'll each have a paid off house when it's time that are more then enough for school and they are still a decade+ away.
Rates were so low and prices hadn't blown up yet... At that value could still cash flow and now they are actually paid off and building cash in 529s off the rent. But housing prices /rates are such now that not even that is doable today. Two houses that are worth maybe $200-250k that rent for $1300 in a 8% mortgage world for investment homes are no bueno if starting now.
Not sure what I'd do today. I know people that pile 3-4k/mo into 529s but that's not realistic for most families.
You still had to work for it. Everyone has a talent that they can develop.
I just think being poor is great motivation for finding a way to make things happen. I know it was for me.
My daughter, who had no athletic ability (she still won 10 letters in HS) to speak of, still studied hard and got an academic scholarship to IU. We paid her living costs, which were probably cheaper in the dorm than if she would have if living at home. So, she came out of college with no debt, which is awesome. But the academic part was on her and she came through.
Good stuff!!! I will say sports are zero work. And practicing is zero work. Kids do it because they love it and it’s fun. And honestly so much luck. I have the feet of God. No one in the national pool had more skill. But it took me a month to run from box to box. God giveth god taketh away. That’s how he laughs at me
When I coached youth soccer (you'd laugh if you knew me - no one else would do it) I had a little girl, one of my daughter's friends, who wasn't particularly athletic, but she was OK. She had the quickest feet of any of the kids in the league. I put her on defense and she was awesome. These big boys would come down the field, looking to blast the ball, and she should step in and steal it from them.
Strategy-wise, I had no clue, really. But I could identify kids' strengths and tried to put them in positions where they'd be most effective and we did pretty well.
That unique intuition is evident in your posts as you find weaknesses in the defenses of other posters and prey on same
Not sure what you’re alluding to. When I talked to my son and daughter in law I impressed upon them to treat my X well and I never wanted them to use us against each other. My X is not the devil. We grew into oil and water. We should have never gotten married at ages 19 and 18. I stayed married very simply for my son. Had I gotten divorced when my son was 5/6 years old my X would have worked to make it as difficult as possible to be with him. He saw us argue loudly way too much but we were always there for everything for him.
He seems to have come out of it a fantastic young man.
The 90 trillion dollars exist in various forms of assets.
Presumably the heirs to these assets will invest these assets in ways that will benefit others and solve problems.
I understand. I'm just saying that that's a loooong time.
Were you pushing him to get married at a young age? "Hey son, you're 16 now, I'm not getting any younger. Time to find a wife, isn't it?"
You should join a book club. . .Yea I was more interested in the waiting it out part. Not much fighting, I’m just a bit bored. But I spend too much time at work and with you guys, so the idea of making a change doesn’t make sense to me.
You’re not going to believe me but I encouraged him not to get married young. If he would have waited until after 30 like I told him I wouldn’t have waited to get divorced.
Ha. Of course I believe you. Given what you've said, it's obvious you'd caution your kid against that. My prior post was a joke, stoll.
I commend you for staying. I have too many people in my life telling me I should get divorced, deserve happiness, etc. They say Oh, the kids will be just fine. etc. etc. you need to be happy. Maybe they would be, maybe I'm making the wrong decision, but it's unknowable. And no one other than you has to live with that decision.
It sounds like You’re going through exactly what I did. I don’t know the right answer.
Try going through that with an enormous penis
Thank God, I'll never have to do that.
How did you even find the strength, for Heaven's sake? Prayer? Goggins? The WARRIOR?
You know how many times I’ve asked God why
Proof that a double peckerd Billy goat, only has twice as many problems.
It’s not all it’s cracked up to be, amiright?
Yeah unless you have some chick you’re obsessed with that you’re banging and is into you or your house is radioactive hold on til the kids leave. It’s not that long. They’ll remember and appreciate it
I've always felt children shouldn't be collateral damage for adult bad decisions.
Unless there's mental abuse and/or physical violence, I think it's better for kids overall for parents to stick together and maintain a family unit.
If I had done that I'd still be flipping burgers at McD... I think when my mom died in the mid 90s she was getting around $400/month in SS. Naturally I and my siblings sent her money.
Or one of those liar clubs you see in a lot of restaurants in the morning where all these older people are sitting at a table telling stories.
I think, to a large extent, happiness is a choice. I know that I'll get a lot of push back on that statement,
Looks like there was a surprise in that group. 😅 😅
China will be the biggest beneficiary
America's 'Great Wealth Transfer' is underway. How will it impact the country?
Boomers are set to pass on as much as $90 trillion in assets to younger generations.www.yahoo.com
Here ya go @BradStevens
That’s an awful take on wealth.America's 'Great Wealth Transfer' is underway. How will it impact the country?
Boomers are set to pass on as much as $90 trillion in assets to younger generations.
Here ya go @BradStevens
First of all, giving money to your kids is not n economic transfer.
Second, wealth is not a zero sum thing. People create wealth.
Third, the so-called wealth is largely a product of inflation.
Fourth, we have all the means necessary to equalize wealth. We do that by encouraging, creativity, risk-taking, entrepreneurship, good education etc.
Fifth, we can encourage #4 by increasing opportunities for ordinary people instead of crushing opportunities under the weight of more and more rules, regulations, and mandates. When we only focus on employee betterment, we will have more employees and fewer but larger employers. Small businesses are squeezed out.
Hey, you are talking about me here. One of the benefits of old age is that we can tell the same stories over and over because nobody remembers what you said the last time.
Over the last 25 years 2 out of 3 jobs are created by small businesses. Entities the least equipped to deal with rules, regs, mandates etc.
Yet they continue to create those jobs, and many thrive and prosper. It always has been so.
I don’t that’s true. I think most go under within five years. Or ten for sure
"Giving money" to someone is the very definition of an "economic transfer."
There might be other motivating reasons, sure, but it is what it is.
Of course. Small businesses are a high risk venture, and they come and go. Restaurants are the worst. Good cooks don't usually make for good business people. But that's been the case for as long as I can remember.
Oh I know what you mean.... I just think it's funny the way quite a few restaurants I've been in have a group like that. I don't blame you a bit.... I would probably enjoy it too.
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