Dow @ 20K. Time to jump off!
POSTED BY: JO753
UPDATED: Friday, April 4, 2025 13:08
VIEWED: 120054
PAGE 16 of 119
And the further away from a self sustainable life for the lower 50% every day!
Yay!
Do Right, Be Right. :)
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Dow futures are trading over 25,000 at the moment.
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Good way to put it, 6string.
HEY! Therez an idea!
Insted uv all the seperate welfare programz or even a GBI (garranteed basic income), just giv all the poor peepl stock sharez!
The Dow will probably exeed 25,000 today and if the bubble duznt pop now, maybe it never will! 30, 40 50 .... 100 thouzand!!! Just keep rizing till we break the planet.
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DUZ XaT SEM RiT TQ YQ? - Jubal Early
http://www.7532020.com
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Quote:Sorry you had to wait 78 days, but Dow is currently trading over 25,000.
Originally posted by JO753:
OK. Jump off wen it gets to 25K.
Anybody who took your advice to Jump Out at 20K has just missed out on 25% gain, in less than a year. Most people have not and will not see that again in their lifetimes.
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Dow closed at 25,075 today. The Dow had never traded above 25,000 before today.
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Quote:I want to thank you browncoats for informing me about the lack of availability and participation of 401Ks. I have also been helping some coworkers regarding this.
Originally posted by JEWELSTAITEFAN:Quote:I wasn't aware so many were refusing to participate in retirement funds, but I shouldn't be surprised.
Originally posted by 6IXSTRINGJACK:
Well... I did have a great job with a 401k and 100% company match until about a year after Obama was elected.:)
I don't even remember the last time I heard of a job without 401k.
For the past 3 decades my employers have been in WI and now MI. Maybe some state laws make company managed 401K offers beneficial to businesses, but that is where it seemed most jobs had 401Ks or similar available. I have not looked at jobs elsewhere, so did not know. The media sampling I've had also gave no clue to the dearth of this benefit.
For those not aware, I will point out a large advantage to putting your money in a tax-deferred account . this would likely not apply to Second, and 6String may already be familiar with it. If it makes sense, spread the info to your friends and family.
If you do not place your money in a tax-deferred environment it will be taxed at the highest rate available for your income level, likely 25% or 35% for many of you. So if you want to contribute/shelter $10,000 you would save $2,500 - 3,500 this past year - instead of giving it to Congress to spend as wisely as they know how to.
If you do place it in tax-deferred status, then you will pay income taxes on it in the year when you siphon funds from the account. WHEN YOU ARE RETIRED. Think of this in terms of today's dollars: how much money do you plan to spend each year when retired? That is how much you will withdraw, and expose to income taxes. A person this coming year who pulls out $12,000 will pay no Federal Income Tax on it, if that is the total of their income for the year. $20,000? About $800 of Fed Income Tax. You will be choosing how much Income Tax to pay based upon how much money you expose via withdrawal from your account.
So, pay $5,000 - $7,000 Tax on $20,000 during your peak or highest earning years now, or pay $800 on the same $20,000 when you choose to withdraw it. In the meantime, that extra 20-30% gets to work in n your account, growing during the interim years.
So the question becomes: how much do you need when you are retired? Your house would likely be paid off (mortgage). Without work needs, your food, clothing, transportation costs should be less. Likely no obligations for education.
How much can you spend fishing all day?
Sitting on the porch?
Learning to play golf, checkers, crochet, card games?
How much gas will you need for your fishing boat?
Likely you won't need the same amount you are earning right now, so At that time you'll be in a lower Tax bracket and pay far less taxes when you withdraw your funds.
Does this make sense to you all? It seems this is the point that many don't understand. And it must be addressed now. Once you thrown away your income to Washington, it's gone, you cannot get it back. You must choose now to save it now, so it will be there later.
I hope this helps.
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Dow closed at 25,295 today. Over 220 point gain in one day.
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Quote:
Originally posted by JEWELSTAITEFAN:Quote:I want to thank you browncoats for informing me about the lack of availability and participation of 401Ks. I have also been helping some coworkers regarding this.
Originally posted by JEWELSTAITEFAN:Quote:I wasn't aware so many were refusing to participate in retirement funds, but I shouldn't be surprised.
Originally posted by 6IXSTRINGJACK:
Well... I did have a great job with a 401k and 100% company match until about a year after Obama was elected.:)
I don't even remember the last time I heard of a job without 401k.
For the past 3 decades my employers have been in WI and now MI. Maybe some state laws make company managed 401K offers beneficial to businesses, but that is where it seemed most jobs had 401Ks or similar available. I have not looked at jobs elsewhere, so did not know. The media sampling I've had also gave no clue to the dearth of this benefit.
For those not aware, I will point out a large advantage to putting your money in a tax-deferred account . this would likely not apply to Second, and 6String may already be familiar with it. If it makes sense, spread the info to your friends and family.
If you do not place your money in a tax-deferred environment it will be taxed at the highest rate available for your income level, likely 25% or 35% for many of you. So if you want to contribute/shelter $10,000 you would save $2,500 - 3,500 this past year - instead of giving it to Congress to spend as wisely as they know how to.
If you do place it in tax-deferred status, then you will pay income taxes on it in the year when you siphon funds from the account. WHEN YOU ARE RETIRED. Think of this in terms of today's dollars: how much money do you plan to spend each year when retired? That is how much you will withdraw, and expose to income taxes. A person this coming year who pulls out $12,000 will pay no Federal Income Tax on it, if that is the total of their income for the year. $20,000? About $800 of Fed Income Tax. You will be choosing how much Income Tax to pay based upon how much money you expose via withdrawal from your account.
So, pay $5,000 - $7,000 Tax on $20,000 during your peak or highest earning years now, or pay $800 on the same $20,000 when you choose to withdraw it. In the meantime, that extra 20-30% gets to work in n your account, growing during the interim years.
So the question becomes: how much do you need when you are retired? Your house would likely be paid off (mortgage). Without work needs, your food, clothing, transportation costs should be less. Likely no obligations for education.
How much can you spend fishing all day?
Sitting on the porch?
Learning to play golf, checkers, crochet, card games?
How much gas will you need for your fishing boat?
Likely you won't need the same amount you are earning right now, so At that time you'll be in a lower Tax bracket and pay far less taxes when you withdraw your funds.
Does this make sense to you all? It seems this is the point that many don't understand. And it must be addressed now. Once you thrown away your income to Washington, it's gone, you cannot get it back. You must choose now to save it now, so it will be there later.
I hope this helps.
This is all true. I've mentioned before that if I'm still at my current place of employment that I would throw in money up to the 6% company match for an instant 6% return, but that's because I have a very unique situation where I don't have a rent or mortgage, but I work a shitty job. Even if I got promoted it's not likely that I would make more than the 25k necessary to even begin getting Federal taxes. And you still have to pay the 15.30% for Social Security and Medicare before you put it away.
More than 50% of Americans make less than the federal poverty level. I couldn't even tell you how many of them are mired in credit card debt. All of them?
Putting away anything is next to impossible for a majority of America
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Arent you going to explain the downside, JSF?
----------------------------
DUZ XaT SEM RiT TQ YQ? - Jubal Early
http://www.7532020.com
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Quote:
Originally posted by JO753:
Arent you going to explain the downside, JSF?
I don't know which downside you're thinking of J0, but I did think of one for people putting the money in that have a low income. It's actually something that would effect me most likely.
I thought I was going to put enough in to maximize my company match of 6%, but that depends entirely on whether or not I'm making more money next year.
It's foolish to lock my money into something that will have a 10% penalty to get a 6% match if the money would have been less than what would be taxed federally.
I'll only put in for the 6% match if all 6% of that is income above $12,000 next year. That way if I take it out early, I'm just paying the taxes I avoided when I pay the 10% penalty.
(NOTE: I don't gamble anymore. Any money I put in would be strictly to dodge taxes and to get extra money from my employer. It would be put in the lowest earning funds with the absolute least amount of risk. Anything with zero risk/zero return would be ideal).
Do Right, Be Right. :)
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