/biz/ - Business & Finance

[Anonymous No.56923856]

You guys are preparing for retirement right?
>Fifty-two-year-old David Hanson had a successful construction company that generated $1.5 million in revenue and roughly $400,000 in net income. But, as he told Hammer, a series of unfortunate events — including the pandemic and the deaths of his wife and stepson — turned his life upside down.
>Based on analysis by SmartAsset, Hanson’s net income of $400,000 would easily put him in the top 5% in his home state of Texas. By his own admission, the success of his construction business and decades of hard work should have put him in a comfortable position.
>Hanson hasn’t made an income for several months and hasn’t paid rent since September. His only financial asset is $200 in crypto. All his business and personal bank accounts are in overdraft, while his credit card debt is somewhere between $30,000 to $40,000. There’s another $20,000 due for unspecified legal expenses.
>Unfortunately, Hanson’s situation isn’t unique. A recent survey by Credit Karma revealed that 27% of seniors 59 or older had no retirement savings. Some of these people might be relying on the Social Security program that is also on the brink of depletion.

[Anonymous No.56923865]

Whale just deposited $400m into tether yeah I’m thinking we’re back

[Anonymous No.56923868]

>>56923856
Is this the boomer guy who went on Financial Audit?

[Anonymous No.56923894]

>>56923856
>400k net income
>stepson
Jej

[Anonymous No.56923938]

>>56923856
>His only financial asset is $200 in crypto.
Biz can get that sorted out for him.

[Anonymous No.56923952]

>>56923856
>His only financial asset is $200 in crypto.

If you want to see some real poorfolios ask people IRL that you work with or are at the pub about their crypto investments.

[Anonymous No.56923969]

>>56923856
Pull yourself up by the bootstraps boomer

[Anonymous No.56923974]

this is exactly the kind of person i imagine when i see all of the baggie generals in this shithole board

[Anonymous No.56923983]

>>56923952
How much is $100k when Munger said this worth now?

[Anonymous No.56923994]

>>56923983
about 20 years ago, so $200k in today's money

[Anonymous No.56923998]

>>56923983
doesn't really matter when he said it, his experience is of course when he was younger so id say its fair to assume it would be around 1mil now.

[Anonymous No.56924033]

>>56923994
>about 20 years ago, so $200k in today's money
are you retarded ?
just with covid devaluation 100k is 200k....

[Anonymous No.56924049]

>>56924033
>hurr durr le covid inflation
retarded moron

[Anonymous No.56924071]

>>56923856
who says we'll be able to retire in the future?

lol
I know for a fact there won't be any money to pay out pensions well before I hit that age

[Anonymous No.56924144]

>>56923952
>After that you can ease of the game a little bit
What did he mean by this?

[Anonymous No.56924226]

>>56924144
He’s saying you can put the knee pads away

[Anonymous No.56924240]

>>56923983
Around 1.2 million

[Anonymous No.56924244]

>>56924049
>my money still have same purchasing power
(you) probably deserve to be poor

[Anonymous No.56924256]

>>56924226
OP future

[Anonymous No.56924266]

>>56923983
much more important than the money though is getting into Harvard Law because your dad is friends with the Dean, not sure why he doesn't mention that part.

[Anonymous No.56924275]

>>56923983
300k

[Anonymous No.56924281]

>>56924144
He's saying if you save a bunch when you're young then compounding interest does the work for you. Wish I had started earlier, but

>>56924071
>I know for a fact there won't be any money to pay out pensions well before I hit that age

I always invested like there wouldn't be, so I'm better off than most. You should do the same.

[Anonymous No.56924295]

>>56923856
I'm 31. I have 30k in my 401k and a few years in the pension system. I did a PhD is why my stats are kind of low, but I have thirty years to make up for it. Also my earnings are higher because of the PhD

What are your stats?

[Anonymous No.56924430]

>>56924295
>Also my earnings are higher because of the PhD
sweet child.... degree don t matter

[Anonymous No.56924514]

>>56923856
>hasn’t paid rent
Dude has been making $400k and still paying rent lmao

[Anonymous No.56924599]

>>56923856
>live through the most prosperous times in human history
>make 8x median income for years, maybe decades
>lose your ability to make money
>don’t own your home, own nothing of value, have nearly $100k dollars in debt, lose everything and die penniless
Boomers. It boggles the mind that you could make so much for your entire life and have NOTHING of value.

[Anonymous No.56924623]

>>56923856
>the deaths of his wife and stepson
This could bankrupt a lot of affluent people - medical bills are the #1 reason people lose their homes.

[Anonymous No.56924650]

>his wife's son

[Anonymous No.56924670]

>>56924623
>medical bills are the #1 reason people lose their homes.
*in america. in normal countries you have insurance

[Anonymous No.56924677]

>>56923856
>retirement
ha. gonna work until I'm dead.
simple as.

[Anonymous No.56924716]

>>56924670
>*in america. in normal countries you have insurance
Meme

[Anonymous No.56924750]

>>56924623
>Despite the slowdown, Hanson could have avoided financial trouble by relying on savings. Unfortunately, his spending habits quickly eroded that safety net. “I was spending it, I’m telling you,” he says. Much of the money went into his son’s motocross career (which he admits isn’t profitable) and expenses associated with traveling and living out of luxury hotel rooms.
No medical debt mentioned. He simply couldn’t stop spending like a nigger rich retard.

[Anonymous No.56924789]

>>56923998
good thinking, although pragmatically i would put it closer to the $4M to $8M range
median burgerican house value was $10k in the late 50s
so he's talking having 10 median houses worth of money

[Anonymous No.56924857]

>>56923952
I know a guy irl that somehow lost 2k in the past 2 weeks.
I'm wondering how, I'm up almost 3x just by holding.
I told the guy to pick three BTC, a L1/L2 and some degen defi thing that isn't in the top 100.
Instead he tried to swing trade

[Anonymous No.56924932]

>>56924750
this. it's always this. zero sympathy.

[Anonymous No.56925172]

>>56924430
>you can practice civil engineering without a degree
>you can practice law without a degree
>you can practice medicine without a degree
Didn't say what the PhD was in, anon.

[Anonymous No.56925262]

>>56923856
I’m realistic in the fact that the only retirement I can expect is a 7.62 bullet to the head on the chance that I become too fucked up to take care of myself any more or get dementia or something (hoping I don’t, but you never know). Seriously, between pensions being non existent anymore and a total meme anyways, to 401k’s being proven time and again to be complete shams, you’re either going to be a working sucker who will maybe live off dividends after decades of regular investing in the twilight years to replicate what a NEET in his 20’s does now, or somehow get lucky enough to land into money. I’ll be shocked if social security as a concept still even exists, or if it isn’t replaced by getting a can of beans as a ration once a week or something by the time I’d be 65. Thats still 40 years away regardless. Guess I can always hope to become a terminator or something at least.

[Anonymous No.56925365]

>>56925172
let me guess...ancien egypt gender behavior

[Anonymous No.56925450]

>>56925365
No idea, but without a degree you won't even get an interview with the engineering outfit I work for.

[Anonymous No.56925506]

>>56923894
Kek

[Anonymous No.56925526]

>>56925365
theoretical physics. my current position requires it

[Anonymous No.56925529]

>>56925262
I have a good amount of money and I'm in the same boat. If I look a few years into the future or more all I can see is how fucked I am. I let way too many value destroying entities into my life and for some reason I don't have the mental fortitude to get rid of them so my time is divided between taking care of my own ass directly and indirectly by managing these value destroyers and limiting the damage they can do.

I'm not thriving in any sense though and I'm legitimately over a $1.5 million net worth.I don't have children, but I have people in my life that I have a similar relationship to as you would children in that they are dependent on me and if I cut off that dependence they are massively fucked and will blame every day of consequence they go on to experience on me. I can't deal with large amounts of people cursing my name for the rest of their lives, so I just sit here.

Elon Musk saying "wanting to be liked is a weakness" was so fucking spot on I almost wrote a suicide letter upon hearing it and was going to go hang myself in my garage because I'm probably going to have to at some point anyway and that seemed like finally someone got me and I don't even know the guy.

[Anonymous No.56925543]

GC's are either bankrupt or heading for bankruptcy. It dey cultcha.

[Anonymous No.56925552]

>>56925529
Just cut them off nigga like turn off the computer

[Anonymous No.56925642]

>>56925552
Yea I'm hoping I grow some balls. I'm not getting any younger.

[Anonymous No.56925657]

>>56924750
>Much of the money went into his son’s motocross career (which he admits isn’t profitable) and expenses associated with traveling and living out of luxury hotel rooms.
case closed this is just fucking stupid

[Anonymous No.56925672]

>>56923894

[Anonymous No.56925675]

>>56924750
Ok so this retard literally WASTED his entire saving, and then blames the death of his wife and step son on it?
How is this even worth the news?

[Anonymous No.56925823]

>>56925529
what do you do for work? It sounds like you're unsatisfied with your day to day and leech family

[Anonymous No.56925865]

>>56923856
>stepson
Damn this guy really lost in life

[Anonymous No.56925881]

>>56925529
grow a fucking spine, you're digging your own grave if this isn't a shit larp

[Anonymous No.56925902]

>$400k income
>paying rent
Also, and I'm not reading this article because it's pathetic, where the fuck did all of the money go? Needed to buy a 7th fucking truck to drive in circles to Walmart?

[Anonymous No.56926159]

>>56924623
Yeah but on a 400K salary why does is wife and stepson not have health and life insurance?

[Anonymous No.56926851]

>>56923856
I'm not having kids or getting married so I don't think I have to worry about retirement too much.

[Anonymous No.56927054]

>>56924244
>>my money still have same purchasing power
nobody said that, retard. post covid inflation isn't 100% as this >>56924033 anon decribed

[Anonymous No.56928300]

>>56926851
How much does one need to retire if theyre single with no kids? $200K?

[Anonymous No.56928451]

>>56923952
>ask people IRL
My friend bought like $100 worth of Bitcoin Cash and constantly goes on about how he's down and hopes it goes back to ATH and if it goes back up he doesn't know what his sell target should be and wouldn't it be awesome if it went to 100k. But his $100 still isn't going to be worth very much, so I don't know why he cares so much.

[Anonymous No.56928515]

>>56923856
>>Unfortunately, Hanson’s situation isn’t unique. A recent survey by Credit Karma revealed that 27% of seniors 59 or older had no retirement savings. Some of these people might be relying on the Social Security program that is also on the brink of depletion.
He's not a senior though he's 52 and like most gen xers will probably consider killing himself.

>>56923894
The bigger thing to note is that he owned a business at 52 and made 400k. Most larpers on /biz/ claim to be making 300k purely as a software engineer at half his age lmao.

[Anonymous No.56928532]

>>56924266
Revealing that everything is connections used to be a cardinal sin. Nowadays people are dumb enough to tell you they're only successful because they joined the right frat and met the son of a microsoft executive or whatever.

[Anonymous No.56928590]

>>56928300
lol

[Anonymous No.56928668]

>>56923894
Lol

[Anonymous No.56928751]

>>56928590
Too low?

[Anonymous No.56928878]

>>56928751
At current REAL inflation rates, most millenials will need at least 3 million saved up in order to retire from a full time career at 65.

[Anonymous No.56928896]

>>56923856
>retirement
>thinking there is a future for humanity

[Anonymous No.56929070]

>>56928878
so basically only 3% will retire

[Anonymous No.56929196]

>>56928751
At least a million

[Anonymous No.56929198]

>>56924677
I am already dead inside... just go to work to pay the bills until my body dies.

[Anonymous No.56930277]

>>56923856
You guys base retirement on goy consumption. 37, I own 36 acres, building the orchard, small livestock for consumption from cattle, goat, chicken and fowl. 1 hour from a major city 3 from an international airport and better city. Taxes $225 annually for ag land with dwellings. Spend 8 months traveling or living abroad. Launch fireworks casually to celebrate the tits American lifestyle. $3 mil at 5% would be 150k annually and is ideal but not necessary. Minimal Roth IRA, what pittance of social security that still exists, and whatever the fuck I could make from my property and I would live like a king till I die. Honey mead only gets better with age. Biz is like consumer bots that want to live like Andrew Tate. Maybe you will. But don’t measure success by it when success is a family

[Anonymous No.56930356]

>>56923856
>a series of unfortunate events — including the pandemic and the deaths of his wife and stepson
these people are ALL obese