391–400 of 443 posts
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Thank you for ignoring the request and not providing the simple link i requested. Also, from your own link: >Is It Illegal to Be Homeless >No US law makes the status of being homeless a crime. You cannot face arrest simply for not having a permanent address or for being unable to afford rent.
Yeah but you can't sleep outside of a home, so good luck with not sleeping for the rest of your life.
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I think you're missing the point why younger people do that. Real wages have been deteriorating over the years. It's much more difficult to afford a house today than it was 50 years ago. People are perfectly aware that investing into index funds is the "correct" approach, however it does not solve anything for them. They're desperate and for them _to gamble_ seems like the only way to become decently rich allowing to…
Real wages are higher today than they ever have been. The whole story about median real wages falling is entirely a result of Simpson’s paradox as applied to women entering the workforce from 1970-2000. This sort of axe grinding is just excusing people’s bad decisions it isn’t grounded in reality.
The hard part is behavioural/emotional/psychological rather than technical. Usually discussions about money are never actually about money, but rather safety, fear, etc. That’s where a real advisor earns their keep. Understanding the client and instilling confidence/comfort.
I have had a financial advisor for a while now. (Did and does handle my dad as well.) Costs a bit of money but he probably does some things with his brokerage's computers that I don't have easy access to and, with one exception, I've consolidated a number of accounts to him--a couple of which I barely looked at. He's also good as a sounding board. I'll sometimes push back if I have a slightly different view of risk/r…
Your advisor doesn't have any fancy computer with more info than you have. You're paying for an illusion and it's not cheap:
A 1% annual fee reduces your wealth by 20-25% over a 30 year period.
At least do yourself a favor and check to see what your total return is with him vs simple index funds.
If you need a professional sounding board you can pay by the hour.
I use YNAB ( https://www.ynab.com/ ) for budgeting so I already had all of my financial data in a single source. Exporting the CSVs locally and asking Claude to be my financial advisor legitimately gave me good advice. Not just nagging me to save more (which is always useful), but how to organize my budget categories better, detecting longer term spending patterns I wasn't thinking much about, researching credit card…
> I use YNAB I was happy to pay for YNAB4, which was local-only data. I have no interest in paying a subscription for YNAB5 when I have no need for cloud-access or cross-device syncing. If YNAB5 was one-time purchase plus optional syncing, I'd consider the one-time outlay.
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I have had a financial advisor for a while now. (Did and does handle my dad as well.) Costs a bit of money but he probably does some things with his brokerage's computers that I don't have easy access to and, with one exception, I've consolidated a number of accounts to him--a couple of which I barely looked at. He's also good as a sounding board. I'll sometimes push back if I have a slightly different view of risk/r…
With respect, you're likely being taken advantage of. Your advisor doesn't have any fancy computer with more info than you have. You're paying for an illusion and it's not cheap: A 1% annual fee reduces your wealth by 20-25% over a 30 year period. At least do yourself a favor and check to see what your total return is with him vs simple index funds. If you need a professional sounding board you can pay by the hour.
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> Never buy or sell an individual security. This is controversial but very bad advice. No index funds, by their nature, will ever match the return of high-flying company stocks. If you have very little investment capital available, then yes, allocate it all to index funds because you can't afford to narrow it down yet. But as soon as you have some room to invest in individual stocks, do it. After about three decades…
>more than 95% of my returns are from just a small handful of individual stocks Yeah, but did you know which ones from the start? The whole point of index funds or diversification in general is that you don't.
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Real wages are higher today than they ever have been. The whole story about median real wages falling is entirely a result of Simpson’s paradox as applied to women entering the workforce from 1970-2000. This sort of axe grinding is just excusing people’s bad decisions it isn’t grounded in reality.
How are your real wages being calculated?
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Roth contributions are withdrawable without penalty. Also most employers offer a match of some amount, which is essentially free money.
Most people here are probably paid too much to contribute to a Roth IRA.
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The problem with giving financial advice to people is that many struggle to pay their rent. Telling them to invest in index funds from an ivory tower is laughably misguided of the realistic situation they live in. After they pay their rent and feed themselves, they may have a little left over which they will simply spend on basic pleasures, or simply rack up debt to get by. The financial advice ignores the fact that…
I don’t know what this has to do with financial advisors. People in that situation are not seeking investment advice.
Why do you think poor people often fall into get quick rich schemes? You don't think they are seeking advice?
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The problem with giving financial advice to people is that many struggle to pay their rent. Telling them to invest in index funds from an ivory tower is laughably misguided of the realistic situation they live in. After they pay their rent and feed themselves, they may have a little left over which they will simply spend on basic pleasures, or simply rack up debt to get by. The financial advice ignores the fact that…
>The problem with giving financial advice to people is that many struggle to pay their rent. If you're struggling to pay rent... Your quality of life is too high and you need to reduce it. Straight up. This isn't a wealth inequality issue, it's a "you're overspending" issue.
Just so that I understand your position, you think the reason a cashier at McDonald struggles is because he is overspending on his rent? and not due to wealth inequality which causes low wages ?