Off-topic, uncensored, anything goes thread

[maldorf]

The sky is falling!

View attachment 152644

Inflation is as high as it was in 1982 on that graph, so youd have to go back to the late 40s before it was higher. There is no sign that it is going to slow down or correct yet. Eventually all economic classes are going to feel the pain. Youll certainly feel it now if you need to buy a new car or build a house. Inflation is rising faster than salary. Last year our family took in $80,000 less than we usually do. For us that is significnt pain buddy.

 

[maldorf]

How these people ever survive the worse recession that happen in 2007?

I loved that time. Our income wasnt affected and the price of goods fell. We built our new home cheap and did a lot of improvements like a sprinkler system at a killer price. Im hoping it happens again. We need a correction. Time to raise interest rates.

 

[OuchThatHurts]

Inflation is as high as it was in 1982 on that graph, so youd have to go back to the late 40s before it was higher. There is no sign that it is going to slow down or correct yet. Eventually all economic classes are going to feel the pain. Youll certainly feel it now if you need to buy a new car or build a house. Inflation is rising faster than salary. Last year our family took in $80,000 less than we usually do. For us that is significnt pain buddy.

The point is that there are plenty of short-lived spikes and dips. All over the graph, in every decade.

Your 1st world financial problems are your own. You're down $80k? That's more than the 2020 median family income for the USA. We've had 5.9% growth, manufacturing is up, investments across all assett classes has been great. If you're struggling now, it's because of your decisions. And nobody that has any equity in anything would be looking back fondly at the 2008-2009 recession (or any depreciation for that matter) except maybe as a good entry point to buy.

I get sick of listening to people bellyaching about inflation when they have 6 vehicles in the drive of a $750k house and a boat at the marina. You could go to any major city in the world right now and find any bridge and there will be people sleeping under it.

Lastly, inflation at this unprecedented time is a global phenomenon. Raw materials cost more because labor costs are increasing and there are fewer workers. Borders have tightened so less migrant workers, and every country lost 100's of thousands due to covid or many people who just took their foot off the consumer gas pedal and decided they just aren't returning to the workforce and want to spend more time with their families.

 

[Muay Thai]

sure it can be done if you want to live in gangand or high crime neighborhoods for less, or out in the sticks

It's not really sustainable and the brunt of a lot of my stress.


Muay Thai, I think it may have been you who told me in the thread when I was thinking about moving out here that you need to make 100k to live comfortably. I think it can be done on a bit less..but you were not wrong. Unfortunately, nothing has gotten better and it doesn't seem like it's going to get anything but worse.

the only inexpensive neighborhoods are usually infested with gangs, even downtown (barrio logan heights, sherman, woptown, lomita) except places like north park etc. North county sd infested with exception to Poway and valley center and maybe Carlsbad. eastside sd is infested, south east SD is infested, south bay/chula vista is infested (not bonita), east county is infested with skinheads and white supremacists (lakeside, KLANtee). I grew up in north county and it was a warzone but as within any city, the edges and outskirts are usually nicer (suburbia). I think the timeless song country roads by john denver is due here.

 

[Cito33189]

I don’t understand crypto currency.
A lot of sponsors ask for bitcoin. If my total is say $200 dollars and I purchase that much in Bitcoin to pay for my gear. What if the market suddenly instantaneously drops can I still buy my gear. I just don’t get it.

 

[OuchThatHurts]

I don’t understand crypto currency.
A lot of sponsors ask for bitcoin. If my total is say $200 dollars and I purchase that much in Bitcoin to pay for my gear. What if the market suddenly instantaneously drops can I still buy my gear. I just don’t get it.

If I was going to make a small merchant purchase, I'd just make sure my wallet has more than enough in it. I've always kept copies of the amount transferred in BTC, transaction ID, and value in cash based on the timestamp. Even if it drops 10% or more, either you can show them you paid the agreed to price or if they decide to turn the screws on you, send another $20 or $30 bucks. Never had anyone ask me to do that.

And it happens both ways. Sometimes you send BTC only to see it go up in value 13% overnight. And you certainly don't get a refund on the difference.

You could also ask if they accept USDC coin. That coin is mated to the USD. One coin is always one dollar.

 

[Cito33189]

This is the best and most simplistic answer I have ever gotten. I really appreciate you taking the time to write that.
Thank you

 

[OuchThatHurts]

This is the best and most simplistic answer I have ever gotten. I really appreciate you taking the time to write that.
Thank you

Anytime

 

[Mr OZ]

I loved that time. Our income wasnt affected and the price of goods fell. We built our new home cheap and did a lot of improvements like a sprinkler system at a killer price. Im hoping it happens again. We need a correction. Time to raise interest rates.

what are your rates like in the US? in Australia i just locked my mortgage into a rate of 1.79% which is pretty good by Australia standards

we (US/Aust) seem to have quite similar things going on, cost of houses going way up, cost of goods going way up etc etc

 

[goback2013]

we (US/Aust) seem to have quite similar things ...

As a whole not really that similar.
Maybe NY, Washington, Oregon, and California are similar to Aus.. but other states nowhere near similar to what you guys are dealing with or allowing to happen..
I saw these NZ 'warriors' doing a haka in protest of what's going on.. once they got done with their cheerleading routine, then hurried back to their homes before start of curfew. Once we were warriors indeed.... what a joke...

 

[maldorf]

what are your rates like in the US? in Australia i just locked my mortgage into a rate of 1.79% which is pretty good by Australia standards

we (US/Aust) seem to have quite similar things going on, cost of houses going way up, cost of goods going way up etc etc

Our rate is 2.85% ,but that was about 6 years ago. I think it's a bit lower now. The low rates are helping to spark record home building and real-estate prices here. Supply and demand. Higher rates should bring that back down to earth and lower prices to a more reasonable level. It has to happen sometime.

 

[maldorf]

As a whole not really that similar.
Maybe NY, Washington, Oregon, and California are similar to Aus.. but other states nowhere near similar to what you guys are dealing with or allowing to happen..
I saw these NZ 'warriors' doing a haka in protest of what's going on.. once they got done with their cheerleading routine, then hurried back to their homes before start of curfew. Once we were warriors indeed.... what a joke...

I think he was talking about economics.

 

[Big A]

I’m always curious to hear how many of you can honestly afford to pay $2k plus a month for rent along with where you live? Let’s see Atl, Dallas, or Houston money. I have a very good idea but I want to see whose honest. I make over a $100K and I can’t do that.

Here in Australia, when we see you americans talk about prices, it seems like you live in paradise.
I need a new rental for one of my execs and I can't find anything decent in the $2k/week range. Sure there's cheaper stuff, but you don't want to live in those areas.

 

[Big A]

what are your rates like in the US? in Australia i just locked my mortgage into a rate of 1.79% which is pretty good by Australia standards

we (US/Aust) seem to have quite similar things going on, cost of houses going way up, cost of goods going way up etc etc

What makes me wonder where are all these people getting their money from? Late last year I sold 11 of my properties in WA. All sold on the first home opens for 50% more than pre-covid.
Only one was sold to a local and he needed finance. All the others sold to NSW people that wanted immediate cash settlement.

 

[OuchThatHurts]

What makes me wonder where are all these people getting their money from? Late last year I sold 11 of my properties in WA. All sold on the first home opens for 50% more than pre-covid.
Only one was sold to a local and he needed finance. All the others sold to NSW people that wanted immediate cash settlement.

We got folks on here hoping, yes, hoping! for a recession and depreciation of property values. Tells a few things. Says they don't have any significant amount of equity in property or securities to lose. For those that do, we're loving these 2.75% interest rates and high property values. A recession and depreciation of assets is a bad situation. It amazes me that even if there's limited income, you can still amass a decent net worth where 10 or 15% inflation isn't the end of the world. How people can live on the razor's edge of financial ruin is beyond me.

Where I live, if you make $100-200k per year, in 10 years you can have a net worth of millions along with building equity on leveraged properties from that huge amount of low-interest credibility. Any cash settlements are pure gold. You don't even have to handle tenants with a decent realtor. Heck, at 2.75% interest, you can just take the cash and put it in a good mutual fund and earn 15-20%/year while paying the interest only. If rates gets too high, you just cash out, pay the self-insured loan off and keep all that compounded interest or reinvest. I know there are people struggling but you can do it if you start small. By the time your my age, the numbers stack up.

 

[manlikeg]

My cousin picked up a 2019 C63 AMG super cheap thinking he was going to be billy badass rolling down the street, after spending 8k on his first routine service he sold it for 10k less than what he paid for it a month prior....

I would never own a modern car out of warranty, lease or nothing.....they are nothing but rolling computers made to fail.

i have the same car, routine service is around £1k for service B and 500 for service A. To pay 10k he must of had lots of things wrong, wouldnt have been routine. sounds like they rebuilt the turbos

 

[pesty4077]

We got folks on here hoping, yes, hoping! for a recession and depreciation of property values. Tells a few things. Says they don't have any significant amount of equity in property or securities to lose. For those that do, we're loving these 2.75% interest rates and high property values. A recession and depreciation of assets is a bad situation. It amazes me that even if there's limited income, you can still amass a decent net worth where 10 or 15% inflation isn't the end of the world. How people can live on the razor's edge of financial ruin is beyond me.

Where I live, if you make $100-200k per year, in 10 years you can have a net worth of millions along with building equity on leveraged properties from that huge amount of low-interest credibility. Any cash settlements are pure gold. You don't even have to handle tenants with a decent realtor. Heck, at 2.75% interest, you can just take the cash and put it in a good mutual fund and earn 15-20%/year while paying the interest only. If rates gets too high, you just cash out, pay the self-insured loan off and keep all that compounded interest or reinvest. I know there are people struggling but you can do it if you start small. By the time your my age, the numbers stack up.

Exactly, most young people don't invest and think they have all the time in the world. If your house is not paid for and you are living debt free by retirement, you planned your life wrong. Plus have a nice nest egg set aside. Also, redisual income is a must too. I now have three sources and looking at a fourth. Not that I make lots of money on each one, but add them all together and it makes me live a good life and above average income.

 

[maldorf]

My only issue now is with inflation prices of goods and the price of building a new home. I like building a new home because you get everything just the way you want it. Selling your home at a good price now is nice but if you build a new home the price is nowhere near on the same level. If you haven't shopped and priced out a new home then you don't know. I'd say building a new home has nearly a 50% markup over that of buying an existing home. Even land is marked way up. So it would be a fair price to buy an existing home, but then you are stuck with gutting much of it and then paying for the remodeling. A neighbor just got 2 quotes for $50,000 to remodel their master bath. Ridiculous. Thats the going rate.

We could afford to do these things but that doesn't make it smart. I refuse to support the madness. This will all end sometime, it can't keep up. Another 2008 is going to happen sometime. When it does, I'll start spending again. You guys that buy stocks and ecoin don't plan on buying when prices are high and selling when low. It's common sense.

We don't owe much on our home now. Maybe 5 years and we are debt free. My plan is to buy a smaller ranch home and pimp it out, spend no more than what we have in this place and continue to be debt free. Building a new home like that now will cost even more than what our nice big house is worth and not even be as nice. We'd be moving into a house with less amenities and pay more for it. Pure stupidity. Vinyl floors in place of hardwood, hardiplank in place of brick, etc.

So for my family, this economy now is lousy. Income is down too, as well as the inflation. We don't play around with buying and selling real-estate. We don't want that hassle. All of our income is from a job.

 

[juggy38]

I live in the rural south, 1,800 square foot home, my 15 year mortgage is $1,080 a month.

Some of y’all’s apartment prices blow my mind.

 

[OuchThatHurts]

My only issue now is with inflation prices of goods and the price of building a new home. I like building a new home because you get everything just the way you want it. Selling your home at a good price now is nice but if you build a new home the price is nowhere near on the same level. If you haven't shopped and priced out a new home then you don't know. I'd say building a new home has nearly a 50% markup over that of buying an existing home. Even land is marked way up. So it would be a fair price to buy an existing home, but then you are stuck with gutting much of it and then paying for the remodeling. A neighbor just got 2 quotes for $50,000 to remodel their master bath. Ridiculous. Thats the going rate.

We could afford to do these things but that doesn't make it smart. I refuse to support the madness. This will all end sometime, it can't keep up. Another 2008 is going to happen sometime. When it does, I'll start spending again. You guys that buy stocks and ecoin don't plan on buying when prices are high and selling when low. It's common sense.

We don't owe much on our home now. Maybe 5 years and we are debt free. My plan is to buy a smaller ranch home and pimp it out, spend no more than what we have in this place and continue to be debt free. Building a new home like that now will cost even more than what our nice big house is worth and not even be as nice. We'd be moving into a house with less amenities and pay more for it. Pure stupidity. Vinyl floors in place of hardwood, hardiplank in place of brick, etc.

So for my family, this economy now is lousy. Income is down too, as well as the inflation. We don't play around with buying and selling real-estate. We don't want that hassle. All of our income is from a job.

So you want to sell at today's highs and buy at yesterday's lows at the same time? And why are you making less? What line of work are you in? Most Americans are making more now than ever. Median income has far exceeded the 50k of just a few years ago. If we have another 2008 financial meltdown, your house will sitting for years underwater. During that time many were stuck in homes where the selling price was less the mortgage they'd already been paying on for years.

What you're saying just doesn't make sense. If you have a big house but want to build your own, then build your own. Sell and roll the equity right into the new home, and finance the difference at < 3% interest and have a few hundred dollar mortgage that you can pay off early. Than, having 100% loan to value, you can get a massive low-interest HELOC and invest the money. No, but you don't want to do that. You're in a situation of your own making and blaming the world around you. If you think you're going to get to the riches and fabulous prizes by working a 9-5 and paying your monthly bills, it just doesn't work that way.