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| Topic: Advice for the Poor | |
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Thanks David1979T, Okay so you would advise that a person try to save at least a little or perhaps $10.00 a month. (Or as "The Richest Man in Babylon" book suggests, 10% of your income.) How important is it to pay off credit cards? What can a poor man invest in? (Gold and silver being too expensive perhaps.) Should people stock up on goods for hard times ahead? Food? Water? How risky is the stock markets when the dollar is in such a shaky state? How safe are banks, and government bonds? What about investing in Foreign currency? If you invested in the Yen last year then you would have a 116% return if you sold that money this year. Not to shabby. |
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Those percentages for unemployment are wrong. They only count people who are collecting unemployment compensation. They are not counting people who aren't. it depends upon which numbers are being referred to,, the national unemployment rates are not based upon unemployment compensation though |
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Edited by
David1979T
on
Tue 03/22/11 08:46 PM
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Thanks David1979T, Okay so you would advise that a person try to save at least a little or perhaps $10.00 a month. (Or as "The Richest Man in Babylon" book suggests, 10% of your income.) How important is it to pay off credit cards? What can a poor man invest in? (Gold and silver being too expensive perhaps.) Should people stock up on goods for hard times ahead? Food? Water? How risky is the stock markets when the dollar is in such a shaky state? How safe are banks, and government bonds? Make a pantry. (mine has been used at least once by most of my neighbors - when they hit hard times). To save for emergencies put a nickle, dime or quarter aside each and every day. (it adds up real quick). If you are poor you should not have a credit card. (They are a rip off anyway, when all you can pay is the minimum balance). The stock market is a fancy way to play the horses. (it is gambling). |
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Soylent Green.
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Thanks David1979T, Okay so you would advise that a person try to save at least a little or perhaps $10.00 a month. (Or as "The Richest Man in Babylon" book suggests, 10% of your income.) How important is it to pay off credit cards? What can a poor man invest in? (Gold and silver being too expensive perhaps.) Should people stock up on goods for hard times ahead? Food? Water? How risky is the stock markets when the dollar is in such a shaky state? How safe are banks, and government bonds? What about investing in Foreign currency? If you invested in the Yen last year then you would have a 116% return if you sold that money this year. Not to shabby. How does one invest in foreign currency? |
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Edited by
Chazster
on
Tue 03/22/11 08:56 PM
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Thanks David1979T, Okay so you would advise that a person try to save at least a little or perhaps $10.00 a month. (Or as "The Richest Man in Babylon" book suggests, 10% of your income.) How important is it to pay off credit cards? What can a poor man invest in? (Gold and silver being too expensive perhaps.) Should people stock up on goods for hard times ahead? Food? Water? How risky is the stock markets when the dollar is in such a shaky state? How safe are banks, and government bonds? What about investing in Foreign currency? If you invested in the Yen last year then you would have a 116% return if you sold that money this year. Not to shabby. How does one invest in foreign currency? You can buy foreign currency at most banks if you wish. I would think it could also be done the same way you would invest in precious metals like gold etc. I will be selling my Yen next month. But I was paid in yen so that a different story. |
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Thanks David1979T, Okay so you would advise that a person try to save at least a little or perhaps $10.00 a month. (Or as "The Richest Man in Babylon" book suggests, 10% of your income.) How important is it to pay off credit cards? What can a poor man invest in? (Gold and silver being too expensive perhaps.) Should people stock up on goods for hard times ahead? Food? Water? How risky is the stock markets when the dollar is in such a shaky state? How safe are banks, and government bonds? What about investing in Foreign currency? If you invested in the Yen last year then you would have a 116% return if you sold that money this year. Not to shabby. How does one invest in foreign currency? You can buy foreign currency at most banks if you wish. I would think it could also be done the same way you would invest in precious metals like gold etc. I will be selling my Yen next month. But I was paid in yen so that a different story. How do you sell your yen for yen? |
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Edited by
heavenlyboy34
on
Tue 03/22/11 09:31 PM
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Hi, I used to work as an Investment Banker in the UK and I can tell you where you are going wrong to start with. Your first paragraph - You couldn't be more wrong, all the above absolutely applies to those in your situation. You just need to remember that if money is tight Its just on a much smaller scale. $10 a month saved or invested might just pay one of those bills one day or if you need emergency work to your home etc if you found yourself below the breadline due to unemployment, illness etc. In terms of who it will affect the most, depends n your point of view. The rich will lose more in terms of value but the lower end in terms of percentage. In the UK the only people shielded by the markets are those on support. They will always be accounted for in budgets and state reforms. Its not just the cash they are given each week/month its the benefits as a total including reduced rent on government owned properties, free prescriptions, dental, healthcare costs etc. The person worst hit is the average joe who works 9-5 and takes home an average wage. Its them that get hit hard and thats why when the financial state of any country is good and money is flowing that is the time to invest, use tax allowances etc to safe guard yourself through rougher times. Unfortunately though this is where the banks and im sorry to say Investment bankers got it wrong and leveraged to much in this period to try and inflate market returns, mainly with money guaranteed by the government if it was lost, and therefore yet again passed onto the tax payer. In terms of your paycheck not going up, there is a very good reason for that. For example say you work in a supermarket, with 40 other staff. The cost of gas is up so distribution cost is high, electricity is up so running shop cost is up, people or poorer so not spending as much so revenue is down and so on. The managers/directors do a forecast and by not putting up the wages lets them keep all the staff on. By raising your monthly wage by $100 = 40 x$100 = An extra $4000 a month of net cash that just isnt available. If they did it 3 months later 25% of the staff would be made redundant and your hours would rise to accommodate the shortage and in essence lower your hourly wage back to what it was. Times are hard, they will get harder but will also get better probably 3-5years. ] Love, that is the UK. Here, the poor and middle class get FUKKED. Free dental? BALONEY Free Medical? In your DREAMS Free ANYTHING? Only for the rich. Nothing in this whole world is free (except love). Even a study of basic economics will teach you that. The only rich folks who get freebies are those who have connections to the regime. This means the Goldman Sachs, Lehman Bros., Bank of Americas, "defense" contractors, and General Motors of the world. This is just how American fascism has always worked. |
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Thanks David1979T, Okay so you would advise that a person try to save at least a little or perhaps $10.00 a month. (Or as "The Richest Man in Babylon" book suggests, 10% of your income.) How important is it to pay off credit cards? What can a poor man invest in? (Gold and silver being too expensive perhaps.) Should people stock up on goods for hard times ahead? Food? Water? How risky is the stock markets when the dollar is in such a shaky state? How safe are banks, and government bonds? What about investing in Foreign currency? If you invested in the Yen last year then you would have a 116% return if you sold that money this year. Not to shabby. How does one invest in foreign currency? You can buy foreign currency at most banks if you wish. I would think it could also be done the same way you would invest in precious metals like gold etc. I will be selling my Yen next month. But I was paid in yen so that a different story. How do you sell your yen for yen? Who said anything about selling yen for yen? I will sell them for dollars. |
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The bottom 99% and the poor are not the same thing. Also I am not saying its not out there written somewhere. Hell now you wrote it so I can say I read that somewhere. Still that does not make it a reliable source of information. Ok, as a source of information what are YOU bringing to the table? You did no research, you only offered opinions. On that regard, I give in-- you're a perfectly reliable source on your own opinions. I know my personal situation vis-a-vis the economy better than you possibly can and my statement about Warren Buffet's position has been in all the major news sources. Unreliable? I think not. A full 70% of Americans, when polled, think America's on the wrong track. That, too, can be checked. Home starts for the most recent reporting period? The worst since some time in the 60's. Checkable. Unemployment? Checkable. It takes a lot more than clever naysaying to counter arguments made by people who like to debate. Raise, cover or fold. Let's see your cards-- I'm calling your bluff. -Kerry O. |
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The bottom 99% and the poor are not the same thing. Also I am not saying its not out there written somewhere. Hell now you wrote it so I can say I read that somewhere. Still that does not make it a reliable source of information. Ok, as a source of information what are YOU bringing to the table? You did no research, you only offered opinions. On that regard, I give in-- you're a perfectly reliable source on your own opinions. I know my personal situation vis-a-vis the economy better than you possibly can and my statement about Warren Buffet's position has been in all the major news sources. Unreliable? I think not. A full 70% of Americans, when polled, think America's on the wrong track. That, too, can be checked. Home starts for the most recent reporting period? The worst since some time in the 60's. Checkable. Unemployment? Checkable. It takes a lot more than clever naysaying to counter arguments made by people who like to debate. Raise, cover or fold. Let's see your cards-- I'm calling your bluff. -Kerry O. I did not nay say nor did I give opinions. My reply was you saying you read something somewhere was not a reliable source of information was fact. I was not referring to your post about Warren Buffet, that came after the fact. If you asked anyone if a post from some random person on an internet forum was reliable I am sure the consensus would be no. I am trying to bring some realism to what you are posting. You are saying how horrible everything is for anyone that is not the top 1% and making it seem as if everyone not in that 1% is poor. Neither of those cases are true. I have plenty of friends and family doing just fine, making good money, etc and they are no where near that 1%. Those are the points I am trying to make. |
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Buffet hopes to invest to the south аsian.
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I think the first hit will be the rich who have all of their money in a single acct. FDIC doesn't cover your $32,000,000 record label profits lol
The second would be the welfare system which is closely related to the poor as there are many who do work and also rely on some sort of welfare to help them just get by. Next will the luxury employed. People who work at the Plasma TV factory or the Amusement Park, movie theatre. Places that rely on disposable income to keep doing what they do. The very last to be hit will be the government. No matter how little you have, they will still want their 18.9 to 39.6% Lest just pray it never happens. |
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I did not nay say nor did I give opinions. My reply was you saying you read something somewhere was not a reliable source of information was fact. I was not referring to your post about Warren Buffet, that came after the fact. If you asked anyone if a post from some random person on an internet forum was reliable I am sure the consensus would be no. I am trying to bring some realism to what you are posting. You are saying how horrible everything is for anyone that is not the top 1% and making it seem as if everyone not in that 1% is poor. Neither of those cases are true. I have plenty of friends and family doing just fine, making good money, etc and they are no where near that 1%. Those are the points I am trying to make. Well, I just think your hoised yourself on your own petard. Who are these 'plenty of friends and family' and how do we know they aren't the same random voices that don't represent a majority of the population? Second, if you want to talk about keeping it real, don't misquote me. I most certainly did NOT say that everything is horrible for the 99% who are not the 1%, I said that that same 1% has had the proverbial times of their financial lives. Sort of like Nero fiddling while Rome burns. Here's the exact quote from me: I read somewhere recently that the top 1% saw their wealth in 2010 increase at a rate that surpasses any recorded since records began being kept. Never has the old lament that 'The Rich get richer, the poor get poorer" ever been more literally true. An entirely different meaning from what you've twisted my words to say. Whereas I've quoted Buffet, you've quoted whom? And by your own admission, you're haven't even been in the country for a while. Indeed, mnay not even be in country as you post this! Ergo, you're getting ALL your information from 'reading it somewhere'. 'Somewhere' that is NOT _here_. Do you know what's happening to property values in places like Cleveland and Detroit? How they are hemmorhaging population, How entire neighborhoods are becoming ghost towns? Just the fact that GM, once the acclaimed gold standard of American manufacturing might, has seen all the value of its stock evaporate into nothing while the CEO pay on Wall Street is still at monstorous levels should be a data point. Add to that the unconscionable price manipulation by The Few that's happening now with crude oil. Throw in the practice by rich folks who 'flipped' houses and welched on their 'bets' by turning the keys back into the bank when those investment went 'underwater'. Then tell me why the other 99% shouldn't be MAD AS HELL with what some of the top 1% has wrought. Gordon Gecko, we hardly knew ye. -Kerry O. |
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I did not nay say nor did I give opinions. My reply was you saying you read something somewhere was not a reliable source of information was fact. I was not referring to your post about Warren Buffet, that came after the fact. If you asked anyone if a post from some random person on an internet forum was reliable I am sure the consensus would be no. I am trying to bring some realism to what you are posting. You are saying how horrible everything is for anyone that is not the top 1% and making it seem as if everyone not in that 1% is poor. Neither of those cases are true. I have plenty of friends and family doing just fine, making good money, etc and they are no where near that 1%. Those are the points I am trying to make. Well, I just think your hoised yourself on your own petard. Who are these 'plenty of friends and family' and how do we know they aren't the same random voices that don't represent a majority of the population? Second, if you want to talk about keeping it real, don't misquote me. I most certainly did NOT say that everything is horrible for the 99% who are not the 1%, I said that that same 1% has had the proverbial times of their financial lives. Sort of like Nero fiddling while Rome burns. Here's the exact quote from me: I read somewhere recently that the top 1% saw their wealth in 2010 increase at a rate that surpasses any recorded since records began being kept. Never has the old lament that 'The Rich get richer, the poor get poorer" ever been more literally true. An entirely different meaning from what you've twisted my words to say. Whereas I've quoted Buffet, you've quoted whom? And by your own admission, you're haven't even been in the country for a while. Indeed, mnay not even be in country as you post this! Ergo, you're getting ALL your information from 'reading it somewhere'. 'Somewhere' that is NOT _here_. Do you know what's happening to property values in places like Cleveland and Detroit? How they are hemmorhaging population, How entire neighborhoods are becoming ghost towns? Just the fact that GM, once the acclaimed gold standard of American manufacturing might, has seen all the value of its stock evaporate into nothing while the CEO pay on Wall Street is still at monstorous levels should be a data point. Add to that the unconscionable price manipulation by The Few that's happening now with crude oil. Throw in the practice by rich folks who 'flipped' houses and welched on their 'bets' by turning the keys back into the bank when those investment went 'underwater'. Then tell me why the other 99% shouldn't be MAD AS HELL with what some of the top 1% has wrought. Gordon Gecko, we hardly knew ye. -Kerry O. I didn't misquote I was paraphrasing. I used this quote too. There's always Google if one wants to find the statistics. If you pay me to do the research, I'll be glad to supply you with reliable statistics. With corporate profits up and unemployment still stuck close to 10%, it's pretty clear that many of us are being asked to do more work for the same or less money. American productivity is at an all-time high, yet wages are stagnant, and every year we are asked to pay more for health insurance, food and gas. Someone's reaping the benefit of that. And it's not the bottom 99%, is it? It seems that you were lumping everyone not in the top 1% together. I also never said you said that. I merely said they are not the same. If it is not what you meant then you could have stated that wasnt what you meant. I was only making it clear to everyone here they are not the same. My friends are making good money with their engineering jobs be in in Louisiana, NY, CO, etc. My sister, Father, cousin, etc are also doing well. You don't need to be the top 1% to increase your personal wealth. I have done it this past year. Its just called saving money. Yes some people are struggling. There is a 10% unemployment rate but that means close to 90% employment. It just isnt as bad as you are making it out to be. |
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i think the rich will notice since its mostly liquids. I saw on the news though that rent was on the rise which is going to screw over everyone who is not rich, i mean wages aren't on the rise---ever
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Edited by
KerryO
on
Fri 03/25/11 06:37 PM
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I did not nay say nor did I give opinions. My reply was you saying you read something somewhere was not a reliable source of information was fact. I was not referring to your post about Warren Buffet, that came after the fact. If you asked anyone if a post from some random person on an internet forum was reliable I am sure the consensus would be no. I am trying to bring some realism to what you are posting. You are saying how horrible everything is for anyone that is not the top 1% and making it seem as if everyone not in that 1% is poor. Neither of those cases are true. I have plenty of friends and family doing just fine, making good money, etc and they are no where near that 1%. Those are the points I am trying to make. Well, I just think your hoised yourself on your own petard. Who are these 'plenty of friends and family' and how do we know they aren't the same random voices that don't represent a majority of the population? Second, if you want to talk about keeping it real, don't misquote me. I most certainly did NOT say that everything is horrible for the 99% who are not the 1%, I said that that same 1% has had the proverbial times of their financial lives. Sort of like Nero fiddling while Rome burns. Here's the exact quote from me: I read somewhere recently that the top 1% saw their wealth in 2010 increase at a rate that surpasses any recorded since records began being kept. Never has the old lament that 'The Rich get richer, the poor get poorer" ever been more literally true. An entirely different meaning from what you've twisted my words to say. Whereas I've quoted Buffet, you've quoted whom? And by your own admission, you're haven't even been in the country for a while. Indeed, mnay not even be in country as you post this! Ergo, you're getting ALL your information from 'reading it somewhere'. 'Somewhere' that is NOT _here_. Do you know what's happening to property values in places like Cleveland and Detroit? How they are hemmorhaging population, How entire neighborhoods are becoming ghost towns? Just the fact that GM, once the acclaimed gold standard of American manufacturing might, has seen all the value of its stock evaporate into nothing while the CEO pay on Wall Street is still at monstorous levels should be a data point. Add to that the unconscionable price manipulation by The Few that's happening now with crude oil. Throw in the practice by rich folks who 'flipped' houses and welched on their 'bets' by turning the keys back into the bank when those investment went 'underwater'. Then tell me why the other 99% shouldn't be MAD AS HELL with what some of the top 1% has wrought. Gordon Gecko, we hardly knew ye. -Kerry O. I didn't misquote I was paraphrasing. I used this quote too. There's always Google if one wants to find the statistics. If you pay me to do the research, I'll be glad to supply you with reliable statistics. With corporate profits up and unemployment still stuck close to 10%, it's pretty clear that many of us are being asked to do more work for the same or less money. American productivity is at an all-time high, yet wages are stagnant, and every year we are asked to pay more for health insurance, food and gas. Someone's reaping the benefit of that. And it's not the bottom 99%, is it? It seems that you were lumping everyone not in the top 1% together. I also never said you said that. I merely said they are not the same. If it is not what you meant then you could have stated that wasnt what you meant. I was only making it clear to everyone here they are not the same. My friends are making good money with their engineering jobs be in in Louisiana, NY, CO, etc. My sister, Father, cousin, etc are also doing well. You don't need to be the top 1% to increase your personal wealth. I have done it this past year. Its just called saving money. Yes some people are struggling. There is a 10% unemployment rate but that means close to 90% employment. It just isnt as bad as you are making it out to be. I don't even know where to start. No only did you NOT paraphrase me, you misattributed my words above to yourself. Maybe it was sloppy formatting, but it makes the conversation that ACTUALLY happened impossible to follow. I'd have to check your age in your profile, but I'd say I'm roughly double your age. Even in past recessions, I've never seen interest on my savings go to almost zero percent. Nor have I seen the _real_ unemployment rate go as high either. And even during the Arab oil embargo of the 70's, there wasn't the kind of crude oil volatility there is today. Not to mention oil peaking waaay above $100/ barrel. I'm quoting this from memory, but I think it was around $140/ barrel. ( Don't shoot me. Anyone interested in the exact number can Google it.) -Kerry O. |
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Thanks David1979T, Okay so you would advise that a person try to save at least a little or perhaps $10.00 a month. (Or as "The Richest Man in Babylon" book suggests, 10% of your income.) How important is it to pay off credit cards? What can a poor man invest in? (Gold and silver being too expensive perhaps.) Should people stock up on goods for hard times ahead? Food? Water? How risky is the stock markets when the dollar is in such a shaky state? How safe are banks, and government bonds? What about investing in Foreign currency? If you invested in the Yen last year then you would have a 116% return if you sold that money this year. Not to shabby. How does one invest in foreign currency? You can buy foreign currency at most banks if you wish. I would think it could also be done the same way you would invest in precious metals like gold etc. I will be selling my Yen next month. But I was paid in yen so that a different story. Foreign Exchange Futures Contract Use the Foreign Exchange Market - don't deal with anyone less reputable (anyone on the street) |
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Thanks David1979T, Okay so you would advise that a person try to save at least a little or perhaps $10.00 a month. (Or as "The Richest Man in Babylon" book suggests, 10% of your income.) How important is it to pay off credit cards? What can a poor man invest in? (Gold and silver being too expensive perhaps.) Should people stock up on goods for hard times ahead? Food? Water? How risky is the stock markets when the dollar is in such a shaky state? How safe are banks, and government bonds? What about investing in Foreign currency? If you invested in the Yen last year then you would have a 116% return if you sold that money this year. Not to shabby. Please tell us to the exact percentage how much return will there be in a year's time, on money invested in Yen now. |
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