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Unless you live in a low COL third world country 60K will not last you a lifetime.
If you semi-retire you can move away from high COL areas and exist in relative luxury for 1000/month total spend including rent.
I’m in a medium to high COL area and without a family 72k is very comfortable. With a family you still need to work but not to survive, only for comfort
I mean to say that its the "right thing" to the people who this is targeted to appeal to. His base. Look, im pretty big into crypto and honestly Im with biden here. We live in the USA, and if electricity is so cheap that its profitable to mine bitcoin to me that sholdnt be possible in a 1st world country with high COL. I guess im going to be in the minority here, but I do think that regulating/taxing crypto is a good thing. If this bill pushes miners out of the USA, Im not really upset.
Its almost like tech workers should form a union. It would help both ends actually, as during times when things are slow and a company lays off employees; said employees could go to another company and ply their trade elsewhere. Also at a negotiated base wage based on the COL of the area you are living in. Said workers, could also set up aside separate portion of their pay check, for medical expenses which they can collectively be a part of.
The thing about investing is that so many flock towards something when it sparkles like gold & is shiny & thriving, but when making investments for gains - you actually wanna buy in when it stinks & smells like shit. Then when the markets turn positive, as invariably most always happens, then you are profitable. Yet w/ BTC, exchanging for lousy, worthless fiat currency works away from the ethos of what crypto is. Having the value of the coin, could be used as a leverage for a loan. Inflation isn’t going anywhere, arguably will only increase. Hence COG (cost of goods), COL (cost of living) will continue to increase. So $3k/mo SS payout, which is subject to gov’t shutdown (gov’t shutdown = zero income for SS or for military/gov’t paychecks) isn’t the most stable comfort. You’d have to own your home outright, have said home not have high property taxes or be in an area that is prone to insurance hikes against natural disasters (fire, flood, lava, etc) or insurance companies pulling out entirely, leaving homeowners subject to zero coverage. Notwithstanding maintenance of your home, as HVAC systems ain’t cheap & roofs do need to be redone (albeit not in gross frequency), and shit just breaks. And grow most of your own food… then you could reasonably navigate forward, albeit very modestly. As $500k would only afford you 8yrs to live at $3k/mo. If you could convert your IRA to bitcoin IRA, chances are that you will increase any potential upswing as being more profitable than a traditional or Roth IRA. Just some things to seriously consider. The days of jet setting & going where ever on the most minimal are a thing of the past. But if you live simply, and stay well w/in your means, perhaps you could make that $500k stretch to get you 10yrs of living? Perhaps NOT what you wanted as feedback, but just some things to consider. Meanwhile, perhaps start closing a few days a week (back to back days) - by picking the days that you are least busy. This way you can stave the irrevocable expense your body spends physically being taxed of the real demands of your trade. By giving your body some recovery time built into your active schedule, it will allow you to potentially offer your services for longer. Shortening your hours of availability on the days you do work, or staggering your days of availability can offset any further & future physical damage to your body as well. I was a massage therapist for a few decades, and my body taught me that I could not continue to offer my services 7-days a week. This was “how” I learned that I needed to begin taking a day off, then two. And shortening my load (physical demand) by capping my opening & closing hours. Eventually my shoulders & neck broke (yup 4 surgeries spread between those parts, despite doing all the right stuff - nutrition, exercise, sleep, etc) & I was forced to retire. It blows to be forced to retire from something you absolutely adore doing, but thems the literal breaks.
I would say this for all investments. I live in a high COL location and if I'm not leveraged to the tits in local real estate, stocks, and crypto, the people next door are. Cost of living keeps going up except for those deeply invested.
A 10th of a bitcoin? Doubt it, even at 10 million a coin which would be crazy for 10 years from now, that would be worth 1 million and might not be sufficient depending on COL
refreshing to see economic literacy on reddit. r/inflation would have you believe that grocery stores raising prices is responsible for inflation. > Except that the money printed is being handed directly to the richest people and banks. So the poor get extra screwed over This is called the cantillon effect. just gonna quote myself from another comment. > Inflation favors time-responsive actors e.g. investors (the upper class) over wage earners (the mid and lower class). Because an investor can simply dump all their assets and put them into cash when massive inflation occurs... or keep their money in stocks and other assets which are virtually immune to the effects of inflation. Whereas a wage-earner needs to wait for a pay raise to reap the benefits of inflation, which could take years... Meanwhile, the wage-earner is still paying higher COL, since corps can simply raise their prices, and the buying power on the money he does earn is greatly reduced.
NEVER keep PM's in a safe deposit box. That's not your property and can be seized for just about anything: bank holidays, panics, govt bail-ins, etc. I've had 90% junk silver since 1997 and it just about stays equal to "COL/CPI." Not your keys, not your coin. Buy and download into a cold wallet and NEVER read a text about your exchange account being compromised. Do as I say, not as I do...
So you made most of your profits in the 2020 bull? I didnt make as much as you i think, unless you bought a home in a cheap COL city. I cant even buy a home with what i made so i decided to quit my job instead and focus on making more money from the gains.
So you made most of your profits in the 2020 bull? I didnt make as much as you i think, unless you bought a home in a cheap COL city. I cant even buy a home with what i made so i decided to quit my job instead and focus on making more money from the gains.
Okay, but then why are you comparing your non USD salary and expenses, to someone that has USD salary and expenses. His COL is not remotely similar to your COL…
It depends on what a house means to you. If a house is a crash pad where some of your stuff lives, and especially if you are in a high COL city, I tend to agree. But if your house is more than that - a place you want to modify to your needs, a place you can do whatever you want (remodel, paint, build onto) then buying gives you that ability. Also - a landlord can kick you out after 1 year or 5 years or 10 years. A landlord can say "oh, the broiler in the oven broke? Well, the rest of it still works so just get yourself a toaster oven" (this happened to me and as a person who likes to cook...this was not a solution). So if you are just a "whatever" kind of person who doesn't give a shit about the spot you sleep in, cool - stack all day. But to some people a house is so much more than that - and the "inefficiencies" of buying a house are outweighed by the psychological comfort a house provides (along with the headaches...)
I live in the West Coast. COL is higher but 300k a year is about 15-20k a month depending on the state. A million dollar house with 6% interest mortgage is like $6000 a month. Let's just add another 4k for living expenses. You still would have 5-10k left a month. If you chose to put yourself in a situation that blows through that remaining cash you're regarded
I'm kinda similar. Grew up fairly poor, hustled in the city for a decade, stacked sats. Understood the fiat problem, leveraged sound money for declining fiat. ​ I'm lucky enough to have quit my big city job and move back home to be with my parents, family and old friends. There's a COL arbitrage (thanks, WFH!) but my wife and I are focussed on a kinda fat BTC fire sorta outcome. Got our first kid on the way and a sweet house sorted (deposit paid with profits from bitcoin). We've got 1 year of paid maternity leave and we're ready for the next bull run, we both work 37 hours pw, focus on fitness and family. I do enjoy a nice iPhone and a Tesla but I can't imagine anything worse than chasing Instgram posts in Dubai or becoming an overweight coke addict in banking I actually like my job (STEM focussed), and spare money is put into sats instead of inflating away to zero. If Bitcoin pumps to $80k then it cements our retirement at 55. If it goes to $120k then we semi-retire and homeschool our kids. If it goes to $230k then we retire now. ​ It's hard to sum up our strategy, but I'd define it as a kinda diet-FIRE with the good elements of 1950s life. Good jobs but not excessive hours. Family nearby. humble high-school friends nearby. Our biggest liability is our fiat income being inflated away. But out savings in BTC partially mitigate that. ​ We're not on an endless treadmill of obnoxious, alienated wealth. Some of it is because of my BTC holdings. And the rest of it is because of my understanding of fiat, which came as a result of my BTC holdings. Thanks, Satoshi.
While this is surely true looking at historical data, I am betting that rents and COL will grow far more and much faster than they have in the past 50 years. In my housing market I’ve watched the rent more than double, and I don’t see room for that on most blue chip investments. Be real, Amazon, etc… aren’t gonna perform like they had been. But now housing is being bought up by everyone from wall street…
At best this is highly location and COL dependent and at worst, this is a very misleading information posted by a sketchy website that sells a blockchain course. No better than those cybersecurity bootcamps that promise X salary after a 6 week bootcamp.
What kind of multi year holiday can you go on for the current dollar value of 1btc? Even in an extremely low COL country it will be hard to make it for multi years.
Can’t imagine living on $100 usd / month even if COL is low in those countries. That is so sad 😞
Considering I have no wife or kids, I’d go to a low COL country like Indonesia or Thailand and spend whatever is left after the previous bear market
Depends where you live. If you make 100k/year in a high COL area then you’re basically paycheck to paycheck, and if you have kids you can almost forget about disposable income for investing.
I do not consider $7k US a lot of money, no. Maybe it depends on your situation and where you live and your COL
I think most people today would need 2-5 million dollars in the USA to comfortably retire around 50. COL varies wildly so that’s an important part of the equation. It’s going to be what 2035 or later before you see 5 mil in a winning scenario. Think you have what it takes to hold out that long or until 2045? Nobody knows for sure, central banks have a LOT of tools to stretch this out a lot longer than most people think. Best case scenario is USA fractionally backs the dollar to BTC then it becomes world reserve. You might see your number come early. Unlikely outside of a dollar meltdown but I left my crystal ball in my past life. I think you should buy some btc and work on your debt simultaneously my friend. Sats are nice but debt is not no matter the rate outside of corporations who eat it up productively.
Yeah, I refrained from commenting on whether I thought it was high or low because of the COL differences, but as I pointed out below, $200k is *juuuuuust* about what you need to comfortably buy a mid-sized suburban house in or near a major city like LA or Chicago. It's a high income, but not obscene wealth.
Hey, sorry you're going through a rough time. Depending on your COL, with inflation, even $130K drains away fast these days so you're not alone. Hope you find a way to fix your stuff without having to sell your investments, but if you do, that's okay too. Hope the rest of your weekend improves 🙏
First of all, I do believe the last several decades have been so much better than the years that preceded it on a macro scale. Most everything that's bad (rape murder, casualties of war, starvation, infant mortality rate, etc) has steadily declined for some time while much of what we think of as good (increased leisure time, increased life expectancy, increased wealth) has increased. We have come to a greater understanding of what exactly can be done to steadily improve the lives of everyone on earth...but our progress has stalled recently. Focusing on the US specifically; rape is up, suicide is up, murder is up, theft is up, life expectancy is down, maternal and infant mortality is up, retirement age is up, preventable deaths are up, birth rate is down, death rate is up, immigration is down, average COL is way up, wages have stagnated, homelessness is up, true rate of unemployment is way up, individual debt is higher than it's ever been, the deficit and unfunded liabilities are incomprehensibly large (and growing larger by the day), bipartisanship is wayyyy down over the last several decades, cultural division is so high the overwhelming majority of those in one political party don't even consider a relationship with someone from the "opposing" party, right-wing extremism has been on the rise, the fractured left-wing is torn between a majority of establishment elitists and people like Bernie Sanders, the rate of single men is way up, civil liberties are down, authoritarian activity is up, and last but not least; the US (and the West overall) have lost the support of a significant number of countries (just look at how many actually went along with the "suggestion" to sanction Russia, it's fucking pathetic). We know there is an elite class of people close to the money printers who have grown richer and more powerful through the creation of debt that is ultimately saddled upon your average American. This elitist establishment was the brainchild behind predatory student loans, they are responsible for pushing propaganda through the media to distract and divide us. They want to keep us reliant on their systems so they created an environment where success means exponentially more debt. Academia is in serious trouble right now because of the toxicity of the fiat system leading to a proliferation of pro-establishment, self-replicating nonsense. Some brave men and women academics have recently stood up against the establishment and published many phony articles written in "establishment-speak" just to prove how broken the system is. They'll publish just about anything so long as you use the right words and format, what's actually in the paper doesn't matter anymore. They control academia, they control the mainstream media, they control the money supply, and they even puppeteer Supreme Court justices. I know I sound like some conspiracy nut, but I have been exploring fiat much more over the last couple of years and the amount of verifiable evidence has proven to me that people in power have significant control of many of the institutions we Americans rely on to inform and guide our life decisions. They do not have total control over everything, but they do have enough control to make me worry about our future as a country. I was planning to address worldwide issues as well, but I'm low on energy and I don't feel up to it, and this post is already too long IMO. The fiat status quo is yet again responsible for the world economy's woes, but threats of nuclear war (which are not unique by any means) don't help anything, the IMF's treatment of the global south doesn't help, escalating conflicts around the world don't help, the fractured US culture doesn't help, wallstreet buying up suburbs doesn't help, student loans don't help, tricky "AirBNB loans" that are given based on how much profit is expected from the property don't help, corporate greed and record profits don't help, intimate relations between regulatory agencies and those they are supposed to regulate don't help... We have never ever seen debt like this in the history of humankind. Not even Rome just before collapse can compete with the debt that's been created by all of the "clever" fiat vehicles used to extrapolate far more wealth out of a thing than it actually possesses. We've got IOU's stacked on IOU's stacked on even more IOU's. The longer this persists, the greater the likelihood for collapse becomes. And IMO the longer this persists, the more apparent bitcoin's value proposition will be to humankind around the globe. Adoption is increasing and is inching towards critical mass, though I believe an argument can be made that we've already reached that point. If the fiat system truly broke, a decision would need to be made as to what the best replacement is and enough people have become convinced of bitcoin's almost miraculous power that it would then enter the ring to fight its competitors (such as gold) on the world stage, a plausible monetary championship if you will. I cannot be certain of any of this, but I believe it's certainly plausible. I do know this much; I know bitcoin, I believe in it, and I know fiat is unsustainable in its current form. If you know fiat, you know it won't last forever, it can't. So where are you going to place your bets? On fiat or one of its abominations? On altcoins? On gold and other precious metals that have already proved to be inadequate for the working class (see the early 20th century gold fuckery pulled by the govt)? Seriously, in today's world where are you going to be able to confidently store your wealth securely?
If I had the means to setup a formal retirement plan I would, but I don't. My only hope is to DCA what little is left over after paying bills into bitcoin. If I can't retire on bitcoin alone, then I will be working until I can't anymore, and we all know the rest of the story after that. If bitcoin can't save the destitute from a nonexistent retirement and an early grave, then I don't know what can. Being frugal can only take you so far and inflation is making it harder and harder to spend less to save more. Wages have stagnated, and COL looks like a rocket getting launched into space. Diversification is not in the cards for me, and I know I'm not alone in this.
Yea. Why not? There was a time when minimum wage was enough to support a family of three. Minimum wage was initially designed to match the COL. It really doesn’t matter what the person is doing for a living.
I live in a 3rd world shithole and even here the COL is insane
Well if you've made big gains, you can cash out at 0% tax legally, then move to a low COL country
5M. COL here is insane. Houses are 2M where I live.
You can still move and own a house….renting your house and moving for more money doesn’t make sense. Salary is highly correlated to rent and COL. You’re better living in an affordable area and working remote
I feel like this is a very narrow take on a complex issue aimed to get bad press for crypto users/owners. Yes there is some crypto money being used to buy property. But also many people from northern Europe and north America that are buying property to retire to after selling their home else where. It is the later influx of people coming for reduced COL and better QOL. The issue is not restricted to Portugal either, it's just very pronounced in Portugal as everyone is like "I must go to Lisbon"
I am not typically a bear, but everything is pointing to a downtrend in the US economy (inflation still high, COL high, student loans restarting, etc). With that said, while I think the halving typically sparks excitement and price movement I’m a bit wary this time around. I really think people will be selling assets to raise cash for expenses and needs. Just my two cents and would appreciate any input
My favourite happens to be my worst as well. Jumped into DefiKingdoms when $JEWEL was still $0.01 and rode it all the way to $21. Used their liquidity pools at 41,000% APR, and had over $400k in locked $JEWEL. Felt like I was finally going to get my dream of retiring at the age of 23, I lived in a very low COL country where the bank rates are about 18%. Would have been making about $6,000 a month on interest alone, where the average salary is $300. What happened you might ask, my wallet was hacked and all of that was syphoned. My biggest success, and my worst failure
Go to Thailand sir! I moved from a high COL area to Bangkok and I don't think I would ever go back to the US, not that I could afford to anyway. lol
I live in the neighbouring Cambodia with a very similar COL and I spend less than 1k USD a month including all bills, eating out 5 nights a week and partying 2 or 3 nights a week
6-figures isn’t enough to “go on permanent vacation” in most of the developed world, maybe only in low-COL areas if you never travel or eat out. So no, exiting at that point wouldn’t make sense, but I probably would re-balance my portfolio and move a lot of those gains into index funds
We all live in different COL areas We all make different incomes We all have a different QOL we are comfortable with We all have different goals Invest for yourself. You making $10k could be life changing, but to someone else they make that in a week.
I just don't want my kids worry about living anymore. COL is killing lot of young generation in Canada already
Okay I’ve read through the general consensus of the comments section and will provide an update on my behalf. First of all I already have enough BTC to pay off the 10% APR loan if I wanted to. I have approximately £1000 spare every month after living expenses including paying off current debts. I will have another £200 ish a month spare in a few months, I will be £500 a month better off in NOV 2024 when one of the interest free loans is paid off. I live in a low COL area, above average salary and I don’t really spend much on myself, other than the car and recent house purchase. I am for the most part frugal with my money and do not feel stressed with the debt I have currently, as it is well within my means to pay off monthly. As much as I agree 10% APR is on the higher side and would be a lovely guaranteed return, if I look at this logical I am struggling to see this outperforming bitcoin in the next 5 years. Even if it takes bitcoin 5 years to reach its prior old all time high (which I think most here would say that is an extremely conservative assumption), that investment strategy would outperform the car overpayment. Ultimately even if bitcoin went to 0, I would still be able to afford my monthly payments. Please do correct me further if you think I am deluded, but to me this seems like a financially sound move given the risk/reward here.
I'd like to "retire" early. I'm in a pretty solid place financially already. Low COL area, wife and I both individually have above local median salaries. We have 10k left in student loans and we have about 10 years left on our mortgage. Which I would love to finish off in no more than 5. Then start stacking our savings more and more for early "retirement". Despite enjoying my job, I would love to move to part-time and be more involved in working in our community, hence the quotations on retire and retirement. I see crypto in a moderate growth case, helping pay off mortgage sooner or in rapid growth case paying off mortgage and getting a bigger spike in our savings!
So Bitcoin is only comparable to "Median" houses, which are all in "desirable" places to live, and not in normie metro areas. And they are all built with 1920's materials, of historic quality. Do you want a hot tub? 3car garage for your 3 crypto-funded Lambos? Got it. OK, if you're all done moving goalposts around, let's get to brass tacks. > The median house price across the entire US is just under 400k. A median house is a 4br house, inside city limits, in a "desirable" place to live, and not the 16th largest metro area in the USA. Did I get that right? > I'm talking about desirable places to live.....not the "16th largest metro" OK, kid. #6 on [this list](https://livability.com/best-places/2022-top-100-best-places-to-live-in-the-us/) You want the suburbs instead, to get away from the undesirable COL-friendly town? the 16th-undesirable-est metro area [has suburbs too](https://money.com/chanhassen-minnesota-best-places-to-live-2021/)
Can confirm, high COL area. Need moons to be about $5-6 for that
We will get a lot of international nurses for cheaper. I make $30/hour (~55-60k) at a trauma center in a major metro area with high COL that deals with critical patients, traumas, etc constantly. $30 is how much keeping folks alive is worth, apparently. My mental health is in the trash. God I wish I could travel nurse, but life situation keeps me in one area. I could leave the field if I travel nursed for just two years.
Too high for the 99%. When your boss gives you a 3% COL raise in January and inflation YOY is 7%, your buying power is 4% less than last year. When that happens to everyone, the economy shrinks.
Moonfarming my friend. Try your best every round and depending on COL you might be able to survive on a tight budget til you land a job again. Goodluck!
Looked into this recently as I'm getting solar panels installed on my house. There's big potential to use spare renewables for mining and/or heating. ​ Problem is, I have other options too. I have the choice of putting excess energy into a battery, selling to the grid or mining. And mining is actually the least lucrative of the three. This is to be expected as bitcoin is in a significant hole right now, and I live in a high COL country. So where I live, electricity is more expensive per kWh than bitcoin. ​ But we also need to figure out what it would save me on heating. Some rough maths on sunshine hours and seasonal demand for heating suggests it might save me a couple of hundred bucks a year. ​ Add in the purchase price and I just cannot see it working for me. Electricity is generally the most expensive way to heat a space, and I suspect anyone living in a developed country is better off buying as little and selling as much as possible rather than mining bitcoin. I think you'd need to live in a low COL country or have stranded domestic renewables to make this work.
What you can afford can change. Lots of folks out there getting laid off and getting hit by insane COL increases.
Trying to objectively measure inflation in the MMT world is pretty silly. Reserve requirements and derivative markets matter 500x more (literally, not hyperbole) than gov't printing/spending. COL depends on the labor market, IMEX, currency exchanges, energy markets, and weather (food supply). Two totally different things. The narratives about the economy right now are so stupid and ill-informed.
Just gonna throw it out there that it did all of that while still on the gold standard. Since then production and cost of living has increased exponentially and wages have not followed suit with the COL.
90k a year is virtually lower middle class at high COL cities like SF these days lol
3.5% in Switzerland is pretty high considering their COL
Yea, they were rolling out the utilities thing when I was in, my understanding was that it only matters if you use +/- 5% than the average on base. I lived off base, so I had to pay utilities, regardless. You're right that I have no idea how things are at this exact moment, but I don't remember the military ever being in a hurry to change things too dramatically. Most of my friends that decided to become lifers are E-7+ now, and I don't hear a lot of doom and gloom from them. Mostly bitching about the new sensitivity trainings they have to administer. Back when I was in, I was making $60k+ (with BAH, of course) as an E-5, but I was in a high COL area and getting some specialty pay based on my job. Most high school grads aren't making that right out of school. Hell, most college grads still aren't making that right out of school.
Wages have came nowhere close to matching the COL increases. The cpi leaves out substantial expenses that have changes massively in US over the last 50 years. The median income has 5xed while the average price for a home has gone up more than 20. College has done even more, having gone up over 40x in some cases. Yes I understand "the s&p has done 7.whatever percent per year for the last long ass time." The thing I ask you is why? Those are the largest companies in the United States, so it is unrealistic to imagine they are substantially growing in terms of market share every year. Furthermore, the US economy hasn't grown if you cancel out for money supply increase in a long time. So where is this growth coming from? It's crazy investors pouring in more money to escape inflation, driving up P/E as the system unravels. I would go as far to say that the s&p returns minus gdp grow can be a piece of a fair judge of asset price inflation. The more money gets printed the more it concentrates with people who invest. I understand that there is a workaround (just invest yourself) but at the end of the day that system can't go on forever. In a deflationary economy you would have to be insane to buy the index, and would have to actively select companies with a competitive advantage. This is what investing was during the gold standard (broadly speaking) and was infinitely more sustainable. Sorry for the rant, I love these discussions.
You know when they say wages remain relatively stagnant it's with respect to COL right? First, let's take the recent post-pandemic inflation out of the picture. This was not something we predicted, but there was data prior to the pandemic [showing that paychecks were growing](https://www.politifact.com/factchecks/2019/jan/30/kamala-harris/are-paychecks-failing-keep-inflation/). The pandemic obviously threw a wrench in things and a lot of markets blew up. With that said even if we use the old argument of "wages are staying flat" you need to think of what that means. When people talk about the good old times of the 60s or 70s, then saying wages have stayed flat since then means you can at least live the same quality of life as before. You're right home prices have grown, but again, the growth since 2020 is totally abnormal and at an absurd rate compared to previous years and decades. Housing needs to be addressed. >Actually this is exactly what is broken with the system. Money is being concentrated with people who hold substantial assets while wages remain relative stagnant, and col increases. Now with regards to this, this is unfortunately always the truth. It's not a US only thing. Anyone with money can afford to make more money with it. If you had an extra $10 million, you have far higher potential to turn that into $1 billion than someone with no savings. That's just the nature of it. It's not the system. It's just reality. If you have no extra capital, how can you expect to turn it into more? But this is why we emphasize it's so important for AVERAGE JOES to invest too. Whether it's $20/month or $200/month or $2000/month, every little bit helps. When you talk about compounding growth over 40 years, the principal is only a tiny portion. Don't believe me? Here's what [$20/month for 40 years](https://www.portfoliovisualizer.com/financial-goals?s=y&stages=2&careerYears=40&glidePathYears=10&mode=1&initialAmount=1&years=40&taxTreatment=false&investmentHorizon=1&incomeTax=37.0&capitalGainsTax=20.0÷ndTax=20.0&affordableCareActTax=3.8&stateTax=0.0&simulationModel=1&timeSeries=1&historicalVolatility=true&fullHistory=true&startYear=1972&endYear=2021&bootstrapModel=1&bootstrapMinYears=1&bootstrapMaxYears=20&circularBootstrap=true&distribution=1&dof=30&meanReturn=7.0&volatility=12.0&sequenceStressTest=0&stressTestRetirement=true&inflationModel=1&inflationMean=4.0&inflationVolatility=3.0&rebalanceType=1&customIntervals=false&percentileList=10%2C+25%2C+50%2C+75%2C+90&returnList=0%2C+2.5%2C+5%2C+7.5%2C+10%2C+12.5&asset1=TotalStockMarket&allocation1_1=80&asset2=TotalBond&allocation2_1=20&endasset1=TotalStockMarket&endallocation1_1=40&endasset2=TotalBond&endallocation2_1=60&endtotal1=100&cfname1=savings&cftype1=1&cfamount1=20&__checkbox_cfinfadj1=true&cfstart1=1&cffrequency1=2&cfoccurs1=2&cftype2=2&__checkbox_cfinfadj2=true&cfstart2=3&cffrequency2=4&cfoccurs2=3&cftype3=2&__checkbox_cfinfadj3=true&cfstart3=3&cffrequency3=4&cfoccurs3=3) turns into. The principal is only $9,600, yet the balance turns into $110k+ for a 50th percentile. If you're diligent and you max out your 401k? We're talking $10 million+
I 100% agree with your last statement. Your fist statement does not correlate/jive well with your last one though. OP said "when inflation hit" as in the shit storm we are in now due to the fact we printed more money fighting COVID then we did fighting WWII. Inflation *has been* hitting us for 50 years as you pointed out. However, its way worse today than it has been collectively over the last 50 years. This is the contradictory part in your first statement in comparison to your last. You blow off OPs statement "it \[inflation\] has been hitting for 50 years" as if its not big deal, then your next comment underlines that today's inflation is not like it has been in the past. I know CPI is a bull shit number that does not reflect the true increase in the the COL we have seen. I was just said 10%+ inflation as it is the "reported" number. I know damn well it's not an accurate picture of the actual cost everything has increased by.
Hey europoors Do any of you have the same problem on binance like me? For example,when i go to "markets/favorites" ,under the price of any coin its "COL$ number" Same thing happpens when i check my spot.It doesnt show me the real value that i have,its a way bigger number.
My binance show some "COL$ " near ticker name. Anyone else with the same problem?
> Right. Are you under the impression other countries don't have their own payment solutions? Most of EU countries don't, they use bank transfers. > Neither does crypto as we have gone over. If your landlord gets paid in crypto, if he wants to actually use it, he need to convert it to fiat. Which will take the standard bank transfer amount of time. As crypto gains adoption, they wouldn't have to cash it out. Besides, they receive the money within minutes and it can't be rollbacked. With your line of thinking, Venmo would have never kicked off. > Yeah. That's kind of the point dude. There are no shortcuts to wealth There are, by playing with risks. You have to spot opportunities early and exploit them. Crypto was a big one. > I'm on track on retire by 45 with my stock investments And im retired at age of 25 with crypto. And that doesnt involve any inheritance because my parents aren't well off. But ofcourse you will call me a liar, while i enjoy traveling Europe. > 10% means your money doubles every 7 years. Which is why I have saved like crazy and encouraged my girlfriend to do the same thing. Combined we have over $500k in stocks. Despite both being under 30. Money doubling every 7 years is nice, but it only works when you have money. Double 500k is sweet. Double 10k is rent for a year (implying low COL and cheaper place) If you dont start rich, stocks may get you to being rich when youre 50 or 60, or earlier if you have a good job. But i rather have that money in my 20s where im in my prime and can actually enjoy life instead of spending 8 hours a day working for some prick
This lol. That is one of the big things I learned through all this. DCA is great but there is outside market impact on my budgeting which includes groceries and COL inflation. I would love to DCA but I no longer have excess money for DCA. Which means that I need to revisit my strategy because I can only DCA when the economy is good -.-
You are 100% right. Lots of guys will start moving to Mexico/South America because the COL is America is just ridiculous.
>Cost of living is high enough that I can't quit my job going for some hail mary opportunity. Yeah don't make any crazy moves because you're literally just gambling with your livelihood then, but also consider options on how to take in more money, either by moving to a lower COL area where you can pocket more, or getting a higher-paying job where you are at. Personally I got a remote job that pays extremely well, and then moved to a low COL part of the US. I can comfortably put half my salary into crypto and still have a considerable savings just in case I lose my job or something.
It also definitely depends on where you live and what shops are available near you. My COL might be completely different than yours. But I used to spend $400+ monthly on food and gradually got to where I am now. I've gotten my shopping down to a system to the point where I can't send my bf to the store without me lol. I've accumulated a decent pantry by taking advantage of sales (ranch/salad dressings for $.2 each with a bogo and coupons, spice mixes on clearance for $.15 with a coupon, 8 all-beef hot dogs for $.5 with sales and coupon, etc.). I've also worked in restaurants for my entire working life, so I'm very comfortable with experimenting in the kitchen and making new dishes with leftovers :)
100%. I followed "conventional advice" and prioritized debt repayment for the first few years that I earned a solid income - and really wasted some opportunities. Once I started understanding the factors that have been making it harder for my generation to earn wealth, I changed my approach. I used the sharp climb in housing prices as an opportunity to sell my home and buy a bigger one with a bigger mortgage at a lower rate - which freed up a big chunk of cash, and the new one has already appreciated by about 200% as much as my downpayment was. I leveraged cheap and available debt into a larger real estate investment in a more desirable location, which is climbing so fast that even a bubble pop won't leave me having lost money at this point (and increased my standard of living). I then took the cash I freed up by maximizing the size of the new mortgage, and invested it. Same with a bunch of my LOC money. Some call it living dangerously, but my LOC is roughly the size of my annual gross income, so all these moves were made to increase my power to invest with what I consider acceptable risk - I have ~30 years until retirement, my COL is more than covered by my income, and a crash in crypto or real estate prices wouldn't leave me needing to sell at a loss - I can wait out another crypto winter or depressed real estate market. This isn't WSB-style YOLOing credit card cash advances on options, it's just leveraging cheap debt that I had available to me into investments I truly believe in. It really comes down to good debt vs bad debt - 29% interest on a credit card because you wanted some nice consumables is bad debt. A 1.7% mortgage that lets me live in my dream home while putting a couple of years' worth of my salary into BTC a few years earlier than I'd have been able to do with cash is good debt.
I am a student, currently still living at home. Not living in a high COL city/area relatively, but people and institutions are paying over market price for pretty much every house. And the housing shortage looks like it will get worse before it gets better....
If you don't mind asking, are you working or a student? Do you live in a high COL city? Do you feel you can't move cause of parents? Job? etc.
Tip: Don't be afraid to move to a lower COL but yet growing city to purchase a home. Sometimes you can get lucky and find a solid house with a suite and good foundation (important). Once you begin growing in your career, save some money and grow your wealth then you'll be able to sell the house (if grown) to purchase a home in your target city.
Few factors. The shite with the main exchanges not allowing withdrawals hurt with lots of folk then selling Luna stuck on exchanges to likely buy BTC. Were probably some buyers that also bought on the COL 5 hype in a classic "buy rumour sell news" case. Also Luna always bleeds hard then absolutely fucking rips. I reckon it'll crank back up in coming weeks assuming nothing mental hits the markets.
I hold %45 LUNA and %30 DOT. Bullish on both. If you think LUNA is done set a reminder in one month. COL-5 update is just stabilizing, if anything the real run will start later on.
We are just starting to see benefits of COL-5. Bullish!
Conflating Net Worth with cash or, equivocally, expenses related to Cost of Living, is not as simple as “hey, the internet shows they have $100b dollars!” Do you - or anyone else parroting this willful ignorance - use any of the following services OR ITS AFFILIATES: Amazon (+Twitch), Windows PC (+Xbox), Tesla cars, PayPal (+Venmo), Facebook (+Instagram, Oculus), Google (+Chrome, YouTube) Just to name a few? Now, take ALL of those things away, and watch social infrastructure crumble for better or for worse - people will be eating rich and poor alike. A ridiculous amount of people who I see spout this kind of tautology you’ve mentioned use one or more of those services regularly - then go and complain about the companies they’ve explicitly or implicitly supported are “too rich for their own good.” What unfortunately happened in the pandemic is that many sorts of small business options that would otherwise serve as a competitors on a local level went through insane economic hardship. Not to mention, people would rather buy from these corporate mega giants out of ease of access (and PRICE AFFORDABILITY) than to buy from a local business at a premium, and risk investing in that tiny startup in town who may or may not be running their business profitably (and thus survive situations like the pandemic). Here’s a good start: if you use any of the apps or services mentioned above, delete them. Watch how your life changes. Did I mention a ton of those services are provided for FREE with anyone with access to a computer or smartphone with internet? The pandemic has defaulted people to using these avenues for daily life. Take them away and use the gains you make in crypto to provide something better for your fellow man who is also behind this uninformed sort of talk. Cost of Living is high? Take your crypto gains and risk it on a small business concept that might make it easier to, you know, live. What factors are influencing COL? Well…time to start diving down that rabbit hole, huh? Lack of dissenting opinions to this kind of talk (and any in this thread have been downvotes) leads to an echo chamber, which is unhelpful and unproductive for these idealistic goals. Disclaimer: if you do have practical solutions that you’re willing to develop, tech or otherwise, DM me. Eventually looking to invest in small businesses to transition out of pandemic that provide sound solutions.
DOT was $39 dollars just few weeks ago and parachain is yet to be announced so I think it has great potential but still feels like I should have prioritized getting more LUNA since COL-5 update was so close. but yeah PolkaDOT's days are soon to come.
well I am obviously over the LUNA(moon) but like I remember making the argument that parachain is yet to come and COL-5 is just around the corner in my head and to my friends but I still bought DOT anyway. Logically it should have been LUNA as we get close to $45 dollars now lol...
COL-5 burn after-effects. I have checked the analytics and found UST demand is steadyand not hitting ATH. I believe 10B UST deposited in Anchor this cycle is not a meme.
LUNA. done with COL-5 update ready to moon.
amazing that people are so stuck in their coins that they didn't even bother checking up for COL-5. few hours into the update and we are %12 up already.
why did you not buy LUNA before COL-5?
whether LUNA drops or rockets off COL-5 is exciting.
I'd be curious to see how much you're making hourly because having a job that can fully support a fulfilling life while also saving for retirement at the age of 17 is practically impossible without having a parent directly set you up with a job (and even then, 60k+ a year from a parent is hard to come by) ​ I'd be willing to guess that you're able to save 90% because you're not paying rent, insurance, bills ect.... Which is normal since you're 17 and they have to but once you have rent to pay + utilities + car insurance + car payment + misc bills + medical + groceries and eating out you'll quickly find that 90% figure practically impossible to maintain, unless you're making well over $100,000. ​ I was making around 50k a year while going through school and it was still worth it for me because I got a much higher paying job out of college. I'd highly recommend not dismissing college at such a young age, I mean that is of course that somehow you're making more than $35 hr at the age of 17 and don't live in a high COL area
LUNA. 3 days to go until COL-5.
what the above parent comment is saying is a more direct way of what i was trying to get at. if you are having trouble getting people to volunteer this is a large aspect of it. additionally, nonprofit or for-profit regardless, it may be sustainable for you to hold the funds in the 501c3 for an indeterminate period of time - which I, as either a potential donor or volunteer, would signal red to me, if this were happening. nonprofits take work and it doesn't end when you receive donations; additionally, you will be surprised how much $50k will run you in the context of business. assuming you are trying to target Seattle (a rather high COL area relative to many other places in America), you could probably snag someone part-time to do a decent chunk of duties that's part of your core operations (buying and distributing food). in addition, continual charity can beget more donations. i think you have something good to start with but if you have a FT job and want to continue developing this you might want to consider delegating the work to someone who shares a good chunk of the passion with you.
you've got a good start on it; that is, the idea that millenial generations will have to adhere to traditional methods of money-making per the last generation(s) (generally, stock investments, retirement accounts, while holding a regular job). or, they'll have to do what a lot of this sub is doing: finding a *different* way to make money. truth be told, there is a lot of space in crypto for development - just look at all the companies hiring in this space, even for customer support! i constantly pitch ideas around with *others who are also vested in this space* (like this sub) to see where DLT can be applicable. it's not always sexy, at its core (imo), but it certainly is very interesting. consider this: if you feel that you're not on track to where you want to be, then look for ways to make your money work, whether that's crypto alt investments (incl. bitcoin), or taking profits from market-making and then doing your own business - seeing real what you think needs to happen in this world. personally i'd vouch for the latter. debt sucks but it can also be a way to grow wealth in some aspects. ambitious companies take on debt to grow their companies for example also consider that $245k as an average cost (and not median? not sure where this data is coming from) is *very low* in many populated areas. you also have to weigh COL with that. for example housing in my little corner of america is at least $400k above that, and the median for houses in my immediate vicinity can go way higher, which basically necessitates someone making like...5x minimum wage at least here's an idea that may help you (since i understand some plights of your situation): invested in something like Chainlink? go check out [chain.link](https://chain.link) and see the plethora of use cases. dive into the tech. you can set up Chainlink nodes on AWS as a quickstart - see if you can make something out of it best of luck friend
LUNA up $8 dollars today. 5 days until COL-5 update.
What is the COL-5 update? I bought some LUNA on the dip too yesterday morning and tiny bit more this morning too.
i'm afraid i missed that train. not sure if it will continue pumping but most probably will dip after COL-5, no?
i don't know shit about fuck but i bought more LUNA during yesterday's drop. 7 days until COL-5 update.
LUNA ‘COL-5’ and ALGO ‘Governance’ soon.
8 days until COL-5. Let's get going LUNA!
Thank you for the explanation. I'll read into Col-5. But it would be super helpful if you'd ELI5 what makes COL-5 so good
I think a combination of investing and living frugally would be helpful in alleviating some of your anxiety. Do what you can but don’t stress yourself out too much about the future. COL is really high where I’m at too.
By this any government will say that its currency is a crypto but they didn't tell us for mass adoption. They say that they are taking over any crypto in Venezuela but if there is no crypto culture is really adoption? Apart from that all those many transactions are recorded in the Blockchain? At least? They are just moving money. A ton of people does that in Venezuela due inflation, that's our way of survival using USD, Euro or even COL as stable coins.
Don't miss the LUNA train. Dapps and NFTs are waiting for the COL-5 migration in the next couple of weeks before releasing. The stars are aligning for a huge pump.
Yep, with COL5 due by the end of the month, i have no doubt
can't believe I sold SOL at 100$ and there I thought what a great profit I made lol. my only consolation is that I bought LUNA at 24$ and now waiting for that COL-5 update.
I read recently that the average annual salary in El Salvador is $4000. That $30 kickstarter for signing up for the app is equal to a .75% COL increase. That amount is unlikely to directly change anybody’s life, but maybe it’ll plant the seed for enough indirect change. The crypto world awaits the results…
Yeah COL there is bonkers