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Escalating US-China Tensions Increases the Chance of Retesting of the March Lows


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#11 CLK

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Posted 22 May 2020 - 10:23 PM

I guess they think that people will somehow just figure out how to make it, with no savings or income.

Good luck to those with no jobs to go back to and are faced with 5000 applicants for the next job opening

and no more stimulus in a few months, UI only lasts for so long. 

I think a lot of people would rather take the risk and go back to work now while they may still have one to go back to.


Edited by CLK, 22 May 2020 - 10:25 PM.


#12 CLK

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Posted 22 May 2020 - 10:52 PM

http://hill.cm/ZvmzIP1



#13 pdx5

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Posted 23 May 2020 - 10:40 AM

I guess they think that people will somehow just figure out how to make it, with no savings or income.

Good luck to those with no jobs to go back to and are faced with 5000 applicants for the next job opening

and no more stimulus in a few months, UI only lasts for so long. 

I think a lot of people would rather take the risk and go back to work now while they may still have one to go back to.

Taking back to my early 20's age when my first engineering job paid $500/month,I rented a hole in the wall apartment for $50/month on West Belden street in Chicago. It was livable but had occasional visitors called roaches at night. Point is, I saved half of my wages! Few years later, I was working in 2 jobs, total 60 hours/week, and saving atrocious amounts of money. My rent in a better apartment now was $110/month in 1965.

 

I read a book with title "you only have to get rich once". That book made enormous impression on my young mind. I bought my first condo in 1970, paying cash. From then on, I never needed mortgages. You sell current house at profit, buy the next upgrade with a few extra dollars in cash. Like the book said once you only have to get rich ONCE. Ditto with cars, when I buy a brand new car, I begin saving for the next one. Result is never had a car loan. Instead of paying interest, my savings account paid me interest.

 

So, it is difficult for me to feel sorry for people who lose jobs and immediately are broke. They lived beyond their means while they had jobs, people  like me skimped and saved, and now my taxes support them via $600/week ADDITIONAL unemployment check every week.


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#14 typicalbear

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Posted 23 May 2020 - 12:47 PM

 

I guess they think that people will somehow just figure out how to make it, with no savings or income.

Good luck to those with no jobs to go back to and are faced with 5000 applicants for the next job opening

and no more stimulus in a few months, UI only lasts for so long. 

I think a lot of people would rather take the risk and go back to work now while they may still have one to go back to.

Taking back to my early 20's age when my first engineering job paid $500/month,I rented a hole in the wall apartment for $50/month on West Belden street in Chicago. It was livable but had occasional visitors called roaches at night. Point is, I saved half of my wages! Few years later, I was working in 2 jobs, total 60 hours/week, and saving atrocious amounts of money. My rent in a better apartment now was $110/month in 1965.

 

I read a book with title "you only have to get rich once". That book made enormous impression on my young mind. I bought my first condo in 1970, paying cash. From then on, I never needed mortgages. You sell current house at profit, buy the next upgrade with a few extra dollars in cash. Like the book said once you only have to get rich ONCE. Ditto with cars, when I buy a brand new car, I begin saving for the next one. Result is never had a car loan. Instead of paying interest, my savings account paid me interest.

 

So, it is difficult for me to feel sorry for people who lose jobs and immediately are broke. They lived beyond their means while they had jobs, people  like me skimped and saved, and now my taxes support them via $600/week ADDITIONAL unemployment check every week.

 

 

You're wrong.  600 wk has nothing to do with taxes. We're broke, so we borrow the money which taxes will never be able to repay.

Enjoyed your story - grew up in Chi about the same time .  Back then if you couldn't find a job in Chi, you couldn't find one anywhere. They had all the appliance mfg, candy companies, tv mfg,, etc.



#15 pdx5

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Posted 23 May 2020 - 12:57 PM

 

 

You're wrong.  600 wk has nothing to do with taxes. We're broke, so we borrow the money which taxes will never be able to repay.

Enjoyed your story - grew up in Chi about the same time .  Back then if you couldn't find a job in Chi, you couldn't find one anywhere. They had all the appliance mfg, candy companies, tv mfg,, etc.

 

There is no Santa Claus in DC. Yes they are borrowing money but everything has a limit. 

At the end of day, FUTURE taxpayers will have to pay if the country wants to stay alive and not follow Venezuela.

So it may not be me paying the taxes, but the younger generations will pay. There is never a free lunch.

 

Yeah I heard the same thing many times, if you can't find a job in Chicago, you can not find it anywhere.

Chicago was my home for 37 years. My memories of Chicago are great restaurants, great golf courses, good museums, and good jobs. But I am glad I don't live in high tax Illinois anymore. 


Edited by pdx5, 23 May 2020 - 01:00 PM.

"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule

#16 CLK

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Posted 23 May 2020 - 01:32 PM

 

I guess they think that people will somehow just figure out how to make it, with no savings or income.

Good luck to those with no jobs to go back to and are faced with 5000 applicants for the next job opening

and no more stimulus in a few months, UI only lasts for so long. 

I think a lot of people would rather take the risk and go back to work now while they may still have one to go back to.

Taking back to my early 20's age when my first engineering job paid $500/month,I rented a hole in the wall apartment for $50/month on West Belden street in Chicago. It was livable but had occasional visitors called roaches at night. Point is, I saved half of my wages! Few years later, I was working in 2 jobs, total 60 hours/week, and saving atrocious amounts of money. My rent in a better apartment now was $110/month in 1965.

 

I read a book with title "you only have to get rich once". That book made enormous impression on my young mind. I bought my first condo in 1970, paying cash. From then on, I never needed mortgages. You sell current house at profit, buy the next upgrade with a few extra dollars in cash. Like the book said once you only have to get rich ONCE. Ditto with cars, when I buy a brand new car, I begin saving for the next one. Result is never had a car loan. Instead of paying interest, my savings account paid me interest.

 

So, it is difficult for me to feel sorry for people who lose jobs and immediately are broke. They lived beyond their means while they had jobs, people  like me skimped and saved, and now my taxes support them via $600/week ADDITIONAL unemployment check every week.

 

'

What you fail to understand is that most people don't make enough to save much of anything, the key to your success is you started out an engineer at 20 yrs old, engineering school is very difficult and expensive, most people do not have what it takes to achieve that, so you started out  with 50% disposable income or more to save, that is very different from the 5% for most. 

The way the manufacturing jobs went away to China and Mexico, unless you are a doctor, lawyer, engineer, you don't have much of a chance, but you can live in a single wide trailer and work two jobs and maybe have a slightly better chance eventually.


Edited by CLK, 23 May 2020 - 01:35 PM.


#17 pdx5

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Posted 23 May 2020 - 08:48 PM

 

'

What you fail to understand is that most people don't make enough to save much of anything, the key to your success is you started out an engineer at 20 yrs old, engineering school is very difficult and expensive, most people do not have what it takes to achieve that, so you started out  with 50% disposable income or more to save, that is very different from the 5% for most. 

The way the manufacturing jobs went away to China and Mexico, unless you are a doctor, lawyer, engineer, you don't have much of a chance, but you can live in a single wide trailer and work two jobs and maybe have a slightly better chance eventually.

 

 

LOL when I was in engineering school in Iowa city, I lived just fine on poverty level spending.

When I got my  first job in Chicago in 1962, I lived healthy on $125/month including food, rent and transportation..

Because I drove 15 year old jalopies, looked for bargain clothes on clearance sale, and rented a cheap 1 bedroom apartment.

My colleagues drove new cars, and lived in single family homes, saving probably nothing. 

 

USA has the cheapest food compared to any Western country. And older used cars are very cheap. 

But most people want newer cars, fancy furniture, and go on expensive vacations. 

Just look at how many new cars are sold each year. Cars can last 15 years. How many people keep them 15 years?

No wonder they have little savings. How much you save depends all on how much below your means you are willing to live.


"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule

#18 CLK

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Posted 23 May 2020 - 09:08 PM

I drove a car around 20 years, I lived cheap, problem is I lost all my savings $2500 at a time trying to figure out how to trade short 

term options. Buy and hold would have been half million by now, of course I wasn't willing to wait 20-30 years.



#19 CLK

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Posted 23 May 2020 - 09:14 PM

Pay to inflation was way better in the 60's than now.



#20 Dex

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Posted 23 May 2020 - 10:43 PM

 

 

'

What you fail to understand is that most people don't make enough to save much of anything, the key to your success is you started out an engineer at 20 yrs old, engineering school is very difficult and expensive, most people do not have what it takes to achieve that, so you started out  with 50% disposable income or more to save, that is very different from the 5% for most. 

The way the manufacturing jobs went away to China and Mexico, unless you are a doctor, lawyer, engineer, you don't have much of a chance, but you can live in a single wide trailer and work two jobs and maybe have a slightly better chance eventually.

 

 

LOL when I was in engineering school in Iowa city, I lived just fine on poverty level spending.

When I got my  first job in Chicago in 1962, I lived healthy on $125/month including food, rent and transportation..

Because I drove 15 year old jalopies, looked for bargain clothes on clearance sale, and rented a cheap 1 bedroom apartment.

My colleagues drove new cars, and lived in single family homes, saving probably nothing. 

 

USA has the cheapest food compared to any Western country. And older used cars are very cheap. 

But most people want newer cars, fancy furniture, and go on expensive vacations. 

Just look at how many new cars are sold each year. Cars can last 15 years. How many people keep them 15 years?

No wonder they have little savings. How much you save depends all on how much below your means you are willing to live.

 

 

In today's dollars that would be a very conservative $12,734.55 a year.

https://www.usinflationcalculator.com/

 

College cost and medical costs have the highest inflation rates since the 60s

 

 

 

I don't think you have a feel for the cost of living in today's world. 

 

Your success has more to do with when you were born more then it does for you lifestyle. You were born at a very opportune time. 

 

You should price out what it costs to live now and then get back to us.


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