Donating to Free Republic :)
Posted on 11/20/2012 10:24:01 AM PST by 4everontheRight
I heard recently that a lot of "wealthy" Americans are selling off their wealth. I am not by any means "wealthy" but really, what does that mean? Government wealthy? Own my own home wealthy? Just wondered what FReepers are doing? Selling? Buying?
There ain’t no money here to do anything with.
What money?
I’m working through just that right now. It will be the very last of next month when I do it.
If I do, I’ll be withdrawing $5K -$10K per month in cash and putting it somewhere (not electronic)....
I hope to be so ‘poor’ by the end of next year, I qualify for food stamps.
I’ve become a crazy prepper.
Drinking most of it. Things don’t seem so bad any more...
A lot of ramen noodles, beans and rice etc.
My local Walmart is out of one item, ammo.
5.56mm
You have money? As part of the 1%, it is your duty to give it all to the less fortunate.
As for me, I can’t decide which item on the MickeyD value menu my dollar will go to....
All kidding aside, Happy Thanksgiving to you and yours.
What you mean “my money” Kemosabe?
Haven’t you heard? Since the election it is now all Obama’s money. Silly person!
Part of me wants to up my contribution to my 403b to the maximum because it’s before-taxes money. But my other, even more paranoid side says “One day the government will confiscate those.” So I’m just putting it in savings for now. Of course, I’ve wondered if one day the government will make a move for that too... but at least I think I’d see the warning signs and maybe be able to get there first. It’s much easier to pull your money out of savings than it is these darn retirement accounts where they literally just make it almost impossible to get your hands on it.
Same thing I’ve always done.
Spending wisely and sparingly.
Why save $$$ when they can change currency overnight and make what we have now obsolete.
Eat. Drink. Be merry.
Seriously, I'm thankful everyday that I'm as old as I am but feel so sorry for little kids coming up.
My generation is responsible fot the generation that produced the stupid generation.
Not really. The long term capital gains tax is going up in Jan. However, if you sell now, you will pay a short term capital gains tax which is higher than the current long term. Convert the sale quickly and hold the new assets to make them long term...a year and a day I think...and you'll be paying the new long term rate. Screwed either way. Last year was the time to sell stock.
Selling my main house in the South Bay (Los Angeles), paying off the mortgage on my commercial building and leasing out most of it. I’ll keep about 900 sq. ft. to run my freight business, as well as layoff about 5-people.
I’m moving to my “second home” in Palm Springs, let my son run the business and collect about $80K/yr. from the building rent, even if the business produces zero profit, which is pretty much what’s been happening with the Obama economy...
Are you investing or defending?
Investing is purchasing to increase either the monthly return on the money or to improve the principle or both. By extension, investing can be buying a business or a house and renting, etc. The idea is to improve the monthly cash flow by increasing the amount of money coming in.
Defending is protecting the principle from loss due to taxes, inflation or devaluation (currency devaluation). By extension, defending can be paying off debts or refinancing the house, etc. The idea is to improve the monthly cash flow by decreasing the amount of money flowing out.
Taking money out of a 401K to pay off debt is kind of an expensive proposition in the long run. First you will be hit with a 30% tax on the money coming out. This only makes sense if you have very high interest debt say 25% or higher credit card debt. But if you are concerned that the government is going to effectively take that investment, paying off debt does make sense.
I have seen other combine 401k withdrawal / loans to create a new monthly cash flow picture. This person had a larger home that they no longer needed but were upside down. They tapped their 401K to get right side up, then sold their home, and then borrowed on a smaller home that met their needs. Net savings was over $700 per month. This savings was then used to pay off other debts.
I am of the defensive mindset at this time. Pay of debt as fast a possible, reduce monthly expenses, etc.
Lean times... but I will vote with my dollars, since my ballot obviously means absolutely NOTHING any more!
If all Conservatives would demonstrate the same constraint (a consumer boycott, if you will) with their money, I am sure we could send a LOUD message...
This IS a Capitalist system STILL and hanging on to your dollars will be noticed.
I recently put about half of my IRAs into gold and silver, the rest is in bonds and ZERO, NADA, SQUAT in stocks.
When the economy goes into another recession {and it will in 2013} metals will appreciate and my bonds are fairly safe.
The stock market is going to crap the bed and 7,500 will not be the bottom.
The U3 unemployment will exceed 10% and the real number, the U6 will be 20+++.
obama will blame Bush, the msm will blame Romney and Rush and the UAW will go on strike, demanding a 30 hour work week and 20 weeks of paid vacation.
I also bought more ammo, dry/canned food and water and have a mountain cabin to escape to when the riots start.
Only my family will be welcome and others will be warned and then ...
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