Retirement Planning - Lessons Learned

   / Retirement Planning - Lessons Learned #1,361  
At one time I wanted the set... 2door, 4 for and Wagon...

I do have a factory Continental kit pulled from a parts car...
 
   / Retirement Planning - Lessons Learned #1,362  
Hey I was working $50 a week and still have my Rambler American... 1959

I was 13 and paying taxes, had a checking account and each week in summer of the $50 in wages $20 went to mom for room and board... and $20 in the bank.
Don't we all wish that world still existed? Unfortunately, the world we grew up in is gone, never to return.
 
   / Retirement Planning - Lessons Learned #1,364  
Wonderful thing, America, you can believe as you wish. Facts, however, are a thing. The US has never experienced hyperinflation. What you are describing about the Nixon/Carter era was Stagflation. This was supposed to be impossible according to Keynes, who erroneously convinced generations of politicians that it was possible for government to spend its way out of recession.

Taxes are not really a factor in inflation as you describe the Great Society. Whether the government raises taxes or not, increasing the money supply is one way to spur inflation. Ultimately, it was Johnson's Great Society that led to the problems during the Nixon era...Nixon just made it worse by ignoring his economists, including Milton Friedman.

One reason the US has not experienced hyperinflation is that the minimum wage is not pegged to inflation. By definition, that would cause an ever expanding upward spiral in inflation. This is not really a debatable fact. It is exacting like an infinite loop in a computer program, if wages rise, then prices rise to pay them, then inflation indexes wages, which increase prices...ad infinitum.

For examples of hyperinflation, see modern day Venezuela, post WWI Germany, or post WWII Hungary.
That's a scary story, but I don't believe it. You obviously do. If you think having to pay more that $0.79 for a Big Mac will drive America into hyperinflation, I can't help you. You're trying to justify oppressing the most economically helpless class in American society. Here's a clue: inflation is not driven by the steadily increasing price of menial services.
 
   / Retirement Planning - Lessons Learned #1,365  
Don't we all wish that world still existed? Unfortunately, the world we grew up in is gone, never to return.
Somethings different for sure... back then a bank manager had authority...

I went in to cash my check and the teller called the manager over... he asked if this was my check and I said yes and then asked how long had I been working and I said one week on my summer job at the car dealership as gopher...

He approved cashing my check and gave me his card saying to see him to set up a checking account because anyone pulling down a weekly paycheck can open an account in his branch and that is how it started...

The funny thing is the world is gone because those in power deemed it so...

Now opening a checking requires ID and background check and I doubt any manager could or would approve on only a minors signature...

My brothers all worked... youngest at 16 lifeguard for park district and pre approved for credit card... and Savings and Loan manager approved it for $200 saying if my brother didn't pay the money would be coming out if his pocket... years have passed but brother still does business with Savings and Loan as Realtor...
 
   / Retirement Planning - Lessons Learned #1,366  
Maybe it is unique here in SF Bay Area but a lot of immigrants with nothing are sending kids to universities...

Lots of small business Asian and Spanish speaking in restaurant and trades...

At one time I was told 4% mortgage money of parents age would never happen as I signed papers for 13.5%

Wonder if Wonders... I currently have 2.75 fixed mortgage...

Never is relative...
 
   / Retirement Planning - Lessons Learned #1,367  
The 196 cast iron block had overhead valves by 1962. I know. I rebuilt one.
Well, not exactly. There was an overlap of different engine choices. A 1964 American base 220 of mine still has the flathead.
 
   / Retirement Planning - Lessons Learned #1,368  
That's a scary story, but I don't believe it. You obviously do. If you think having to pay more that $0.79 for a Big Mac will drive America into hyperinflation, I can't help you. You're trying to justify oppressing the most economically helpless class in American society. Here's a clue: inflation is not driven by the steadily increasing price of menial services.
You are not understanding that the economy is connected. It is not just that worker or that burger. When the minimum goes up, people making more than the minimum will get more, too. Many union contracts are pegged to the minimum wage. They automatically get raises if the minimum goes up. They could already be make 2-3x the minimum, but the contracts move them up. Even in nonunion environments, if you want to keep your good employees happy, when the minimum goes up, so does everything else. You cannot claim moral high ground based on intentions. I am sure that you and many others truly believe that boosting minimum wages will benefit the poor. The data shows just the opposite. Sure, for a few weeks or months, those who keep their jobs will have a bit more.

It is super scary right now because we have money supply concerns on top of pressure for massive increases in the minimum.
 
   / Retirement Planning - Lessons Learned #1,369  
While a 5.9% SS check increase sounds good until I realized if everything I buy inflates the same I have lost ground in a major way. Inflation is a killer tax.
 
   / Retirement Planning - Lessons Learned #1,370  
While a 5.9% SS check increase sounds good until I realized if everything I buy inflates the same I have lost ground in a major way. Inflation is a killer tax.
Oddly enough, this becomes a good argument for not paying off your house/property even if you have the cash. ( Unless you have a high interest rate or worse, an adjustable rate. ) Your payment stays the same, but your income increases. The money not tied up in your property can make even more if invested carefully.
 

Tractor & Equipment Auctions

New/Unused Self Dumping Hopper (A48837)
New/Unused Self...
2019 CATERPILLAR 938M WHEEL LOADER (A50458)
2019 CATERPILLAR...
2015 FREIGHTLINER CASCADIA (INOPERABLE) (A48992)
2015 FREIGHTLINER...
Toro 30495 Groundsmaster 7200 72in Zero Turn Mower (A48082)
Toro 30495...
2023 KENWORTH T680 TANDEM AXLE SLEEPER (A50046)
2023 KENWORTH T680...
2013 Ford Taurus SEL Sedan (A48082)
2013 Ford Taurus...
 
Top