HS parking lots are like demo derbys. Kids slamming into each other and just taking off. Told my kids, if it already is dented, I will never notice a new dent so it keeps me from getting mad at you
Our two vehicles are 2010s. Mine has some dents and scratches. I don't mind parking close to someone else or someone else parking close to me or the kid dragging stuff through the garage banging into them.
How many farmers and small businesses are very successful, but according to the tax report, they are showing little or no profit? Lots of them are better off than most people, living the good life, but getting Obamacare and other discounts because on "paper", they show little income. I know quite a few of them.
You should see their financials. Usually leveraged pretty hard for those good life ones who brag about no profit on paper (it’s dumb to show no profit as you will get hammered some year then)
My second car was a 92 Ford Ranger handed down from my grandpa in 2008, it only had 98k miles, or so he claimed it rolled over at 99,999. First car was a hand me down from my mom, 96 Ford Contour, that thing was a POS. Had to jump from 2nd to 4th because the transmission was so bad. She just gave it to a friend who replaced the transmission himself for his daughter.
Wife’s grandpa had a saying that stuck with me, “poor people have poor habits.” Is it simplistic, yes, but there is some truth to that.
The problem with a privatized type of system would work our great for people that take the time to invest their money. What happens to those that do not have the knowledge, skill or just do not want to save? Is the government going to tell that 70 year old, "sorry, but you should have been saving along?" What happens to disabled people or the children of parents that are killed?
Have to disagree, the ones I know are family or close friends, have been farming for years, in most cases the land was given to them by their parents, and they have purchased more land along the way. Every year come tax time they have to show a loss of income, so they purchase a new piece of equipment or something else.
There would be very limited investment options in reality with such a system because as you mention most don't understand or don't want to try to understand. Kind of like the age range deals that greatly lower risk as you get closer to an older age.
The days of handing equipment to kids is gone. Now when a piece moves it has to reclaimed at FMV by the parents. Or if the kid sells it them it will be caught. My CPA loves to tell the story of the no tax crowd retiring and sitting in amazement of their 400k tax bill. All income no expense the last year. Land is not depreciated (maybe a very little but basically none) so if they are buying land then they are paying taxes.
Depending on how the next say 8 years or 10 years go, we have contemplated just using what myself and my wife might get to help some others who are elderly who are trying to live off it as a sole source of income. We've pretty much ignored it as a source of income for retirement just due to all the uncertainty. If they means test me out I don't think I would throw a tantrum about it.
Stock investing has a COLA, it's called dividends and share appreciation. The compounding effect doesn't hurt either.
