bigredfish
Known around here
Ditto
Money & Economics
- Thread starter bigredfish
- Start date
bigredfish
Known around here
Ditto in debt free brother
Ssayer
BIT Beta Team
and won't each of us feel like morons when they announce the debt jubilee and shortly thereafter.... the US bankruptcy...
Ssayer
BIT Beta Team
Ssayer
BIT Beta Team
bigredfish
Known around here
American Ponzi
www.zerohedge.com
The film lays out so many of the obvious truths of how America and the economic systems we have come to depend upon are nothing more than a colossal fiction, a fraud operating at every level and throughout every aspect of our Government, and the institutions we have come to think of as our culture.
And then it hit me.
The purpose of this revelation is to serve as cover for the even larger Ponzi scheme that is SBF about to unravel, and eventually, if I suspect correctly, the death blow that will be discovered when BlackRock is finally shown to be the exact same kind of Ponzi scheme as all the others.When the final downturn in our economic collapse goes into full Krakatoa and wipes out every last vestige of economic stability in the Western World
Zerohedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
The film lays out so many of the obvious truths of how America and the economic systems we have come to depend upon are nothing more than a colossal fiction, a fraud operating at every level and throughout every aspect of our Government, and the institutions we have come to think of as our culture.
And then it hit me.
The purpose of this revelation is to serve as cover for the even larger Ponzi scheme that is SBF about to unravel, and eventually, if I suspect correctly, the death blow that will be discovered when BlackRock is finally shown to be the exact same kind of Ponzi scheme as all the others.When the final downturn in our economic collapse goes into full Krakatoa and wipes out every last vestige of economic stability in the Western World
1099-K
www.keepertax.com
Form 1099-K: Last-Minute IRS Changes & Tax Filing Requirements [Updated for 2024]
Beginning in 2022, the 1099-K was supposed to go out to anyone earning more than $600 from credit cards and payment apps. But the IRS delayed this rule change — first in 2022, then again in 2023.
www.keepertax.com
bigredfish
Known around here
Much like the newly minted ATF pistol brace bait-n-switch, they’ll make it confusing for a while then declare you a criminal late on a Friday night before a holiday weekend.
I only accept cash and/or ammunition
I only accept cash and/or ammunition
Sybertiger
Known around here
Welp, still waiting on you smart guys to mention your mastermind plan to protect your nestegg and assets.
tigerwillow1
Known around here
All I know to do is minimize the loss as the government dilutes any savings through inflation. You know you're reducing your loss when it's taxed as profit:
Step 1: Invest $1,000.
Step 2: Wait xx years.
Step 3: The $1,000 has grown to $1,500.
Step 4: Inflation has halved the value of the dollar. Your step 1 $1,000 now has $750 of buying power.
Step 5: Your $250 loss is actually a $500 gain. Pay the taxes!!!
Become a Politician
bigredfish
Known around here
While we wait on the “smart guys”, this is really the very question and reason I started this thread. I wish I knew.
In the end, there’s very little us “little people” can do if governments and organizations such as WEF decide we all need to be poor and eat bugs to further their agenda.
But I seek to at least minimize or slow the theft of my savings.
My uneducated strategy, at least initially, is to spread my pile around and not leave it all in one convenient place for them to steal it.
1- Cash is King. Thus 50% if my pile is in cash.
2- Real Estate probably should be high on the list but I dumped that to feed #1
3- 401K and/or Roth. As I reach retirement I wish I had put more in a Roth than 401K. You’ll hear this from many who have retired and figured it out. Thanks to this thread I’m looking into a 401K - - > Roth conversion
4- Short term Treasuries- I’ve chosen ibonds
5- Physical Gold- I only have about 5% in it but I think it’s becoming more important.
6- many years ago we bought modest size Universal Life policies at a guaranteed 4%. They now have substantial cash value with only the interest being taxable. Or if one has no other substantial savings and really needs the death benefit, enough to pay for the policy if we stop premium payments now.
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Sybertiger
Known around here
That's the evil genius of the gubermint; their wreckless printing of money. The devaluation of our money as a result (inflation) is devastating because (as mentioned above) your cost basis is based on pre-inflation dollars which is worth a lot more. Unfortunately, there is no IRS rule that allows you to adjust your cost basis according to inflation.
Sybertiger
Known around here
I thought about becoming a thief, uh....I mean politician but I figured I'd have to live with myself and for some, that's an issue.Become a Politician
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When you state 50% cash, are you referring to Liquid?
bigredfish
Known around here
Yes, spread in 3 different banks. (Sm. Med, Lg)
One pays a nice little interest so I have a bit more than 1/3 there.
One pays a nice little interest so I have a bit more than 1/3 there.
Sybertiger
Known around here
- Inflation is killing your (and my) cash
- Real Estate is looking pretty iffy. Possible a 2008 type crash, maybe worse....but you are in FL so I'm hopeful it won't be that bad or may recover quickly. I wish I had cash on hand in perhaps 2012 to gobble up a bunch of deflated houses. I think I'd rather have cash just in case an opportunity opens up....but then again....INFLATION
- Not sure if a ROTH works for me or not. Still have to pay the tax on the money. Pay now or pay later. There is a benefit to pulling money out early and also no minimum required distribution so that's plus.
- I don't trust the gubermint and their failings due to the national debt. Of course, faltering on bonds is likely to hammer pretty much any asset you have.
- Gold can go down but it will never be $0. Problem is, likely you instantly have a loss on it due to whoever you sell it to wants to make a profit for the transaction. I thought about Silver too but for every $100K of silver you purchase you end up with 250lbs of metal. Gold is a little more manageable at 3+ lbs per $100K. I picture myself when SHTF talking a hack saw to cut some gold off to pay for things....LOL. It beats burning money to stay warm I suppose.
- Life insurance - when I'm dead my problems are over.....or are they....LOL.
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bigredfish
Known around here
Yeah the “savings account” at the medium bank is paying close to 4% so better than burying it in the back yard.
I know just enough to be dangerous but the Univ Life policies we took out with State Farm we’re never really intended for the death benefit. Approx 1/2 of the monthly premium goes to a building a cash account that pays 4%.
At some point we’ll cash them out or at least one The other way to play it, if you want to keep the death payout intact, is just quit paying the premium and let the cash pay for itself.
I know State Farm wishes I would cash out, they call every year wanting to buy it out
I know just enough to be dangerous but the Univ Life policies we took out with State Farm we’re never really intended for the death benefit. Approx 1/2 of the monthly premium goes to a building a cash account that pays 4%.
At some point we’ll cash them out or at least one
The other way to play it, if you want to keep the death payout intact, is just quit paying the premium and let the cash pay for itself.I know State Farm wishes I would cash out, they call every year wanting to buy it out
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