31–40 of 112 posts
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High marginal income tax rates are designed to keep you from building wealth-- the capital-holding classes don't want the competition for assets.
Income tax rates are not the problem, stagnating wages are the problem.
I wonder how much higher it would be if medical costs were taken out. Housing is the biggest problem for my generation, but it gets almost no traction nor solution.
Housing is largely a problem to do with interest rates and mortgages inflating the land. The actual construction materials themselves (at least here in Canada) aren't too bad. I keep wondering why someone doesn't kickstarter a town. It has all the right incentives. Make guidelines that enforce density in the core and do common sense things from day 1, like wire fibre to every domicile.
I feel like technology has led to such an efficient form of capitalism over the past 20 years, that there's no room left for any possibility of social mobility. It's this system where there is just enough room for you to live and get by, but never get ahead. Prices for everything are so efficiently optimized at this point that there is no more "wiggle room" for a working person to build wealth. The basic necessities…
High marginal income tax rates are designed to keep you from building wealth-- the capital-holding classes don't want the competition for assets.
As it turns out, getting taxed on revenue is far more punishing.
This is a great example of how you can make up anything by aggregating unrelated statistical measures and then mislead people with a new definition on top of another woozy commonly used definition.
It's also a great example of using statistics to create a conclusion that fits a narrative, based upon statistically insignificant behavior. This article is entitled, "Over the Past 5 Years, Inflation for Millennials was 14% Higher than for Baby Boomers". Yet, we find out in the last paragraph, indeed in the final sentence, that there is virtually no difference between groups over a longer, more significant period of…
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Where do you live, and what on earth are you spending your money on? Housing may be absurdly costly in many cities but $5.5k a month after tax (assuming you're American) is enough to do much better than "barely ok" almost anywhere. Are you significantly in debt or living above your means?
>Where do you live, and what on earth are you spending your money on? Bay area ~$5,000 net monthly $2500 Rent/PGE $1000 Car/Insurance/Gas/Parking/Phone/Internet $500 Food/Clothing $500 IRA That leaves ~$500 monthly discretionary income, which I usually try to save as much as possible but inevitably gets eaten up by all the stupid little things in life that cost too much nowadays. I can't even imagine supporting a fam…
I tend to agree with you. In your position, you need to really want to live in SV for it to be worth it; you're paying a huge premium for the benefit of paying that huge premium.
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Where do you live, and what on earth are you spending your money on? Housing may be absurdly costly in many cities but $5.5k a month after tax (assuming you're American) is enough to do much better than "barely ok" almost anywhere. Are you significantly in debt or living above your means?
>Where do you live, and what on earth are you spending your money on? Bay area ~$5,000 net monthly $2500 Rent/PGE $1000 Car/Insurance/Gas/Parking/Phone/Internet $500 Food/Clothing $500 IRA That leaves ~$500 monthly discretionary income, which I usually try to save as much as possible but inevitably gets eaten up by all the stupid little things in life that cost too much nowadays. I can't even imagine supporting a fam…
PS One day you will realize that things you once thought important are actually unimportant. If you keep saving for that day, you will be in fine shape. There is no need for angst, today. If I might make a recommendation - run some numbers as to where you will be if you decrease your expenses, increase your income, save more, etc. Do all that, forecasting for a set period of time, and do not pay any financial advisors or ask anyone else. Just use your own efforts to investigate. If you do that, I believe you will make the best decision for what to do.
This is one reason why peer-review is essential. This author can throw out a claim like millenials get inflation 14% worse than everyone else, failing to mention it's a difference of 1% over 7-8%, and moreover he did not even look at variance or statistical significance. This would not pass muster in a statistics 101 course, never mind a reputable journal.
Earlier quoted context omitted.
Where do you live, and what on earth are you spending your money on? Housing may be absurdly costly in many cities but $5.5k a month after tax (assuming you're American) is enough to do much better than "barely ok" almost anywhere. Are you significantly in debt or living above your means?
>Where do you live, and what on earth are you spending your money on? Bay area ~$5,000 net monthly $2500 Rent/PGE $1000 Car/Insurance/Gas/Parking/Phone/Internet $500 Food/Clothing $500 IRA That leaves ~$500 monthly discretionary income, which I usually try to save as much as possible but inevitably gets eaten up by all the stupid little things in life that cost too much nowadays. I can't even imagine supporting a fam…
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In the Bay Area, $90K is not sufficient. A one bedroom might cost $3500/month - that’s $40K of your net income.
If you are making $90k and living in SF you should be looking at studios or for roommates, not at one bedrooms. A one bedroom in a city like SF is a luxury.
This is a great example of how you can make up anything by aggregating unrelated statistical measures and then mislead people with a new definition on top of another woozy commonly used definition.
We just bought a house about two years ago. Say a younger couple living in our same area of town was renting. Our housing cost may have gone up 5% because of insurance and taxes, but the couple renting would have seen rent go up by 30% during the same period.