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RE: Stock market and cryptocurrency   You are logged in as Guest
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Ricardo

Posts: 12955
Joined: Dec. 14 2004
From: Washington DC

RE: Stock market and cryptocurrency (in reply to BarkellWH

quote:

I was practically the lone dissenter, advising them to stay in. The market regained all its losses within three years and continued climbing.


Yes that is the problem folks have. My little nest egg chart looks like a big capital “W”

_____________________________

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  REPORT THIS POST AS INAPPROPRIATE |  Date May 28 2021 14:44:02
 
rombsix

Posts: 7572
Joined: Jan. 11 2006
From: Beirut, Lebanon

RE: Stock market and cryptocurrency (in reply to Richard Jernigan

I own my condo where I live now. Bought it in 2018, and it's appreciated in value. I thought about buying a rental property, but damn, the real estate market is very hot right now. Everyone is one, two, three, or four-upping other offers on homes, etc. to even have a chance at getting in. I could still try, but I should have either gone in earlier or wait until it cools down a bit. But yes, real estate is still on my mind. That's how my orthopedic surgeon uncle made most of his money (not his two private clinics and all the operations he did).

I do have a major firm that manages the brunt of my investments. I also have accounts with another huge firm. One is more aggressive, and one is more conservative, so that provides diversification in several different asset classes. I only self-direct two accounts (one crypto, one stocks) that comprise a small portion of my net worth that I could lose and not flinch. Of course, I could lose even more and not flinch because as y'all said, my main assets now are my income from clinical work and my years of work that I can still put in (I have psychiatrist colleagues who are still very active in academia, etc. close to their 80's and plan to work for 10 more years).

I was thinking of getting an admin job in the next three years to ramp up my income, but I'm starting to think more about the burger-flipper mentality now as being more enticing. Just lay low, keep an inconspicuous profile, make things simple, have lower stakes through my work, generate a reasonable sum that is easy to make and sustainable, then take things easier, travel, be more laid back. I was going into the MBA with more of a mentality that I want to come out and change healthcare. As I'm learning more now in my current "Legal Aspects of Healthcare" business law course, I'm starting to think perhaps that was too lofty of a goal, and it might more conducive to my peace of mind to just water things down. But I'm learning a lot...

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Ramzi

http://www.youtube.com/rombsix
  REPORT THIS POST AS INAPPROPRIATE |  Date May 28 2021 15:03:18
 
Mark2

Posts: 1643
Joined: Jul. 12 2004
From: San Francisco

RE: Stock market and cryptocurrency (in reply to Richard Jernigan

I have a daughter who went to UCSB and she never left SB. She lives in Carpinteria and works at a high end sushi restaurant in Montecito. Tips are good, food is expensive. Celebs visit regularly. Doc from Back to the Future used to come in but she hasn't seen him since covid. I told her if Harry and Meghan show up hopefully they will tip well.

Her husband to be used to work at the four seasons and Jack Black was a regular-he tipped well. The four seasons never re-opened and the former employees are suing for severance pay. My soon to be son in law took a job as a commercial fisherman and while I might not get a discount at the four seasons, the shrimp is excellent and fresh. SB is really nice even today. I'd love to go down there and snag a rich woman who'd wine and dine me, but I doubt my wife would understand.



quote:

ORIGINAL: Richard Jernigan

quote:

ORIGINAL: estebanana
None of them are giving you the best advice, marry a rich woman.


I moved to Santa Barbara in 1989. I was 51, single, still had all my hair, ran 5 or 6 miles a day. I took a stake in a small employee owned defense business. Salary was tops for the defense business, benefits were literally all the law would allow. Had some investment income besides the dividends from the business.

In most places I would have been well off. In Santa Barbara I was just relatively solid middle class.

Several people, both male and female, seriously advised me to find a wealthy Montecito widow. Just flat out said that's what I ought to do, and meant it.

It didn't accord with my self image. I told my advisors, honestly, that I was very poor at taking orders.

Besides, I was still in love with my girlfriend in San Francisco.

But apparently finding a rich Montecito widow was seen as a legit financial move.

One of a few explicitly discussed social customs I encountered only in Santa Barbara.

RNJ
  REPORT THIS POST AS INAPPROPRIATE |  Date May 28 2021 21:14:49
 
rombsix

Posts: 7572
Joined: Jan. 11 2006
From: Beirut, Lebanon

RE: Stock market and cryptocurrency (in reply to Mark2

quote:

but I doubt my wife would understand.




_____________________________

Ramzi

http://www.youtube.com/rombsix
  REPORT THIS POST AS INAPPROPRIATE |  Date May 29 2021 0:30:07
 
estebanana

Posts: 8324
Joined: Oct. 16 2009
 

RE: Stock market and cryptocurrency (in reply to rombsix

quote:

wn my condo where I live now. Bought it in 2018, and it's appreciated in value. I thought about buying a rental property, but damn, the real estate market is very hot right now. Everyone is one, two, three, or four-upping other offers on homes, etc. to even have a chance at getting in. I could still try, but I should have either gone in earlier or wait until it cools down a bit. But yes, real estate is still on my mind. That's how my orthopedic surgeon uncle made most of his money (not his two private clinics and all the operations he did).

I do have a major firm that manages the brunt of my investments. I also have accounts with another huge firm. One is more aggressive, and one is more conservative, so that provides diversification in several different asset classes. I only self-direct two accounts (one crypto, one stocks) that comprise a small portion of my net worth that I could lose and not flinch. Of course, I could lose even more and not flinch because as y'all said, my main assets now are my income from clinical work and my years of work that I can still put in (I have psychiatrist colleagues who are still very active in academia, etc. close to their 80's and plan to work for 10 more years).

I was thinking of getting an admin job in the next three years to ramp up my income, but I'm starting to think more about the burger-flipper mentality now as being more enticing. Just lay low, keep an inconspicuous profile, make things simple, have lower stakes through my work, generate a reasonable sum that is easy to make and sustainable, then take things easier, travel, be more laid back. I was going into the MBA with more of a mentality that I want to come out and change healthcare. As I'm learning more now in my current "Legal Aspects of Healthcare" business law course, I'm starting to think perhaps that was too lofty of a goal, and it might more conducive to my peace of mind to just water things down. But I'm learning a lot...



You are extremely privileged and already well set up, why did you even ask the question about what to do?

_____________________________

https://www.stephenfaulkguitars.com
  REPORT THIS POST AS INAPPROPRIATE |  Date May 29 2021 2:29:21
 
chester

Posts: 829
Joined: Oct. 29 2010
 

RE: Stock market and cryptocurrency (in reply to estebanana

quote:

You are extremely privileged and already well set up, why did you even ask the question about what to do?


bait
  REPORT THIS POST AS INAPPROPRIATE |  Date May 29 2021 7:22:32
 
estebanana

Posts: 8324
Joined: Oct. 16 2009
 

RE: Stock market and cryptocurrency (in reply to chester

Master
quote:

bait
ing

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  REPORT THIS POST AS INAPPROPRIATE |  Date May 29 2021 8:18:08
 
rombsix

Posts: 7572
Joined: Jan. 11 2006
From: Beirut, Lebanon

RE: Stock market and cryptocurrency (in reply to estebanana

quote:

You are extremely privileged and already well set up, why did you even ask the question about what to do?


Because I'm still a total noob when it comes to investing and personal finance, and in my part of the world, we don't approach saving, retirement, etc. the way people do in the USA, so I'm trying to learn all the time from people who know more than I do and from people I trust such as the Foro folks. Also, despite my education, we never really get taught about how to manage money, so that is a big gap that I am trying to fill.

_____________________________

Ramzi

http://www.youtube.com/rombsix
  REPORT THIS POST AS INAPPROPRIATE |  Date May 29 2021 13:23:22
 
mrstwinkle

 

Posts: 440
Joined: May 14 2017
 

RE: Stock market and cryptocurrency (in reply to Ricardo

I am not a qualified financial adviser.

Personally I'd invest in physical stuff now like land / property. Possibly gold.

If you have specialist knowledge in an industry, invest there.

Look at what tax plans exist in your country to protect you if you invest. Many places have some sort of structure within which you can invest at favourable tax rates.

The West is borrowing more than it can afford to pay back. It is doing this by either straight borrowing or just printing money. Crypto might protect you, or on the other hand governments might just make it impossible to spend in the real world - even if you still own it in theory, it isn't any good if transferring it into goods is impossible.
  REPORT THIS POST AS INAPPROPRIATE |  Date May 29 2021 14:03:33
 
estebanana

Posts: 8324
Joined: Oct. 16 2009
 

RE: Stock market and cryptocurrency (in reply to rombsix

I guess you don’t understand the meaning of the word privilege.

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  REPORT THIS POST AS INAPPROPRIATE |  Date May 29 2021 14:27:09
 
Mark2

Posts: 1643
Joined: Jul. 12 2004
From: San Francisco

RE: Stock market and cryptocurrency (in reply to estebanana

I’m not sure either. One of my long time client’s best friend is also a doctor. He’s a black guy who happens to be gay. Pretty sure he’s not a republican but when he started earning over a million a year he was outraged by his tax bill. Since he works at two hospitals in different states his accountant advised him to buy homes and cars in both states to increase his deductions. What kind of privilege does he have? Black? Gay? Or green? To me it’s not privilege, it’s the reward for years of hard work. I met him at my client’s wedding. He’s an amazing guy, sorta like Ramzi.


quote:

ORIGINAL: estebanana

I guess you don’t understand the meaning of the word privilege.
  REPORT THIS POST AS INAPPROPRIATE |  Date May 29 2021 19:44:17
 
rombsix

Posts: 7572
Joined: Jan. 11 2006
From: Beirut, Lebanon

RE: Stock market and cryptocurrency (in reply to estebanana

quote:

I guess you don’t understand the meaning of the word privilege.


I'm not sure what you mean, Stephen. Did I offend you in some way?

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Ramzi

http://www.youtube.com/rombsix
  REPORT THIS POST AS INAPPROPRIATE |  Date May 29 2021 22:15:09
 
estebanana

Posts: 8324
Joined: Oct. 16 2009
 

RE: Stock market and cryptocurrency (in reply to rombsix

I don’t give a f—- if you have money or want to make more money. I don’t give a fu— about you or any black dude who has to buy property to keep from paying more taxes. That’s what privilege looks like. I’ll wager the black doctor knows exactly that.

Privilege is when you ask for advice about money in public and then further on disclose you already have plenty of it, but want more. Really? Because asking is fine, but you already know the technique to make money and you already have a career. I don’t need to know about your financial wish list after you divulge that you are better off than most people. It’s vulgar.

Where I’m from in Oakland there are more people on the street living under bridges than during the Great Depression. I grew up in jr. High with one shirt and two pairs of pants because we were so poor. I had shoes with holes in them and when I changed in the locker room the coach looked the other way so he wouldn’t let on he was sorry for me. Now I teach at a school where I see boys and girls who are poor from poor families and they inherit the school uniform from an older brother or cousin and it’s ridiculously too large for them. I just smile at them and say hello because I understand how they feel.

You already have money no one needs to hear your desires for more money just because it’s interesting to you. It’s insulting and it’s vulgar. And any of you who want to argue about it can really go F-U-ck yourselves.

_____________________________

https://www.stephenfaulkguitars.com
  REPORT THIS POST AS INAPPROPRIATE |  Date May 30 2021 2:22:26
 
Piwin

 

Posts: 3291
Joined: Feb. 9 2016
 

[Deleted] 

Post has been moved to the Recycle Bin at May 30 2021 5:57:59
  REPORT THIS POST AS INAPPROPRIATE |  Date May 30 2021 3:38:26
 
rombsix

Posts: 7572
Joined: Jan. 11 2006
From: Beirut, Lebanon

RE: Stock market and cryptocurrency (in reply to Piwin

Stephen,

Sorry if I rubbed you or anyone else here the wrong way. My intention here was not to flaunt that I'm rich. I am in fact far from it.

I had to buy my condo with a special doctor's loan with zero down, otherwise, I'd have never been able to afford it. I had been refusing to buy and insisted on renting because I was always afraid of getting myself into debt. The way I was raised was that if one did not have cash to buy something, then one did not get to. The only reason I bought and got myself into a mortgage was because I learned that getting into real estate in the long run will help my financial situation, so I decided to go for it even though this now means I have to work very hard to make enough money to buffer that significant expense. I'm still paying off my car which is a 2013 used vehicle. I invest with two major brokerages because one of them is a free service through my bank, and the other is my mandatory retirement account through my job. Neither of them has minimum required amounts to open investment accounts, so I did because otherwise, I used to think the "right way" to invest was to put all my money in a savings account. I had to wait three years in the USA before I was approved to get a credit card. I was constantly afraid that if I got one I'd go into significant debt and end up in trouble.

My father never learned how to manage finances the way people in the USA do. All he knew was to never spend more than he had in cash, and he never bought anything with credit. He worked 12 hours each day for 40 years to put me and my brother through school because back home the kids go to school, the father is the breadwinner, and the mother is the home-maker. We lived in a 110 square-meter apartment in a building constructed in the 1960's for our entire life. My brother and I shared one bedroom with bunk-beds. We never went on a vacation or a family trip my entire life because we couldn't afford to since my father wanted my brother and me to have the best possible education, so the entire family sacrificed. We all lived in the Lebanese civil war, hunkered in bomb shelters. My mother would be pregnant and had to lug gallons of water up 10 stories daily because we had no running water. We had no electricity, so my father studied to become an electrical engineer and got his PhD in the USA in record time (only two years from start to finish) then got hired by NASA but refused to work for them because they wanted him to design their ballistic missile control systems. He returned to Beirut and started making Lebanon's first uninterrupted power supplies to help the country have electricity so people could watch TV and find out when the next shelling was going to happen so they would potentially avoid getting killed. My father spent all his money putting my brother and me through school because that's the only thing he knew to arm us with in a country that had zero resources. Private universities there had no financial aid, so all the money he made went into our tuition (which was expensive).

Throughout my adult life in Beirut, I still had to deal with wars, militia fighting, assassinations, Israeli airstrikes decimating the country, no more than four hours per day of electricity, polluted water, etc. I would often have to sleep in the medical school hallways because it was too dangerous to walk back home lest I get killed. I endured, and finished medical school, then went to graduate school so I'd stand a chance at the discrimination (against foreign medical graduates) I'd face trying to come to the USA. Despite that, and the segregation and unfair treatment here, I made it, and I couldn't afford to get furniture when I arrived in Nashville. So I rented an apartment that ended up being infested with spiders, and got my first brown recluse bite on day one of my arrival to the USA because I had to sleep on the floor.

My uncle endured the same things and escaped the civil war to get to the USA. He started his surgical training and became a surgeon, opened two clinics (one in NJ and in NY) through his blood, sweat, and tears, then got into real estate. He would buy houses, and redo them himself (he loves carpentry and is good with his hands - likely something in common with his surgical skills). He worked abroad away from family and never went back once to visit Beirut. After four decades of working as a physician doing 12-hour shifts every day, yes, he did become a millionaire.

My father saved all of his money in the hopes of finally retiring in his mid-seventies. Alas, the economy of our beloved Lebanon collapsed, and all his Lebanese Pounds he had in his savings account lost their entire value. The government forced him to not be able to withdraw more than 25 dollars per week when the cost of a can of tuna became 10 dollars due to the corruption. He and my mother thus were in shambles back home, so my brother and I took them in and they now live in Montreal where I am their sole provider. So, I have to manage my mortgage, my car payments, my tuition, my expenses, and I have to provide entirely for my elderly parents who have several health conditions but hopefully will be here for many more years. My uncle who is still stuck in Beirut because he has three disabled children that require 24/7 care is also struggling now that the country is going down the drain, but he can't go anywhere because his family would not endure a move. I also support them. In my culture, we take care of our family members, because they pay forward what they have to us, so if the tides turn and it is our time to give back, then we sacrifice ourselves to do so.

Of course, I am making money. I only went to school for 18 years to get to this point. But that doesn't mean that I am rich, or that I am not in debt, but I am learning that despite all of the above, I have to find a way to invest, because I realized from my father that putting my money in a savings account is not the right thing to do. I say that I can lose my money and not flinch because I can still work, not because I have boat loads. In fact, I work seven days a week, nearly year-round - no holidays, no weekends. Last year, when COVID was rampant and Tennessee had the highest rate of transmission in the entire world (per Johns Hopkins), I saw that as an opportunity, so when all psychiatrists at Vanderbilt were finding ways to avoid work, I actually was working 112 hours per week in the emergency department when there were still PPE shortages. I was taking care of psychotic, violent, agitated mentally ill patients with COVID and putting my life on the line because I had a strong commitment to remain productive so that I can support my parents just like they sacrificed and supported me during the war. That is why I'm asking others who have spent most of their lives in the USA how to invest because I want to set myself up for the future so that I avoid falling victim to similar issues as my father did so that if I have my own heirs then I can provide unto them.

I figured this was a community that I can trust (after 15 years of participation on the Foro) and that has people wiser and older than me that would be interested in lending me their experience so I could avoid some mistakes.

I hope that better frames my situation. And by the way, I still wear the same clothes from when I was a teenager. I also have shoes that are 20 years old that I still wear. They were passed onto me by my grandfather.

_____________________________

Ramzi

http://www.youtube.com/rombsix
  REPORT THIS POST AS INAPPROPRIATE |  Date May 30 2021 6:20:07
 
estebanana

Posts: 8324
Joined: Oct. 16 2009
 

RE: Stock market and cryptocurrency (in reply to Ricardo

When you explain the back story it makes sense which is why I asked why you want more money. The US has a culture now where money is the superstar and if you speak about money it’s difficult even if you are trying to take care of a big family. I grew up with nothing and accepted clothes from other people, went without, endured the close up violence in drug culture around us.

I didn’t get angry with you, I just wanted to know where you are coming from. As someone who spent all the money I had to change countries later in life I get the little and big difficulties of adapting to a new place that doesn’t really want you to be there. I paid 10% interest on a car load for the first five years in order to establish credit, but that was what had to be done. And this isn’t an especially easy place to set up a business either, there are old methods of holding and monopolizing territory that younger Japanese folks recognize and dislike, but that’s how it is for now and I work to change it. There’s racism too, even though I’m white I still encounter it. Today in front of Yuko some guy ****ed with me and I came very close to walking over and punching him. I’m glad I didn’t, but the idea that I’ll live here and be part of it is always prefaced with a social wall, I can be here, but no matter how long I’ll always be an outsider. I’ll never be accepted as anything but a foreigner. In the US you are an American, and I’m happy you are.

I prodded you a bit too hard, but what made me angry wasn’t you. Hearing that someone has to buy property in order put the money somewhere rather than pay taxes. That twists my anger and wrings it out. Any black guy that rises up and makes that kind of money knows he’s pretty lucky and worked very hard. But the US has among the lowest taxes on the wealthiest citizens who live on the high standards in the world. Having to invest money rather than pay it forward in taxes is the definition of privilege. Poor babies making all that money and not having to invest it back into the social infrastructure that enables people in the US to accrue obscene amounts of wealth. Rich people in the US are very lucky and when I hear these lame excuses from business owners ‘oh my taxes are too high’ I want to ****ing vomit.

Well Ramzi I misjudged you, but I don’t regret getting pissed off about people whining about their taxes. Welcome to America wherever you go.

_____________________________

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  REPORT THIS POST AS INAPPROPRIATE |  Date May 30 2021 8:50:00
 
That_Guy

 

Posts: 47
Joined: May 31 2012
From: Abingdon, VA

RE: Stock market and cryptocurrency (in reply to Ricardo

Bitcoin is so odd. Its value is somewhat stable in that it is an encrypted currency, and people on the darknet looove that given they can make shady transactions without anything getting traced to them. At the same time, it is a HUGE carbon footprint, as Musk stated. I honestly don’t know what the future of bitcoin holds at the moment.
  REPORT THIS POST AS INAPPROPRIATE |  Date Jun. 7 2021 10:03:14
 
Andy Culpepper

Posts: 2951
Joined: Mar. 30 2009
From: NY, USA

RE: Stock market and cryptocurrency (in reply to That_Guy

quote:

Bitcoin is so odd. Its value is somewhat stable in that it is an encrypted currency, and people on the darknet looove that given they can make shady transactions without anything getting traced to them. At the same time, it is a HUGE carbon footprint, as Musk stated. I honestly don’t know what the future of bitcoin holds at the moment.


Bitcoin is a public ledger where literally every transaction is recorded for anyone in the world to see. It is not even remotely untraceable, it just comes down to old fashioned police work to link the public bitcoin address with who's behind it. They've brought down countless darknet players this way and just recently were able to recover the ransom paid to the Colonial pipeline hackers. Cash is more anonymous, but Bitcoin is digital and thus much more useful in today's day and age (read: better money). I like Elon's quote that Bitcoin is slightly less BS than fiat money, or something to that effect.

The carbon footprint IS a massive issue though. Bitcoin did an incredible thing by creating the most secure form of digital money, solving the 'Byzantine Generals' problem and creating a truly decentralized and trustless payment system, but all that turns out to be pretty energy intensive. The future is most likely in some kind of proof-of-stake system like Ethereum 2.0 is going to be. Ethereum transaction volume is already higher than Bitcoin and I think eventually the market cap will also overtake Bitcoin. Its blockchain is also designed to be used for a lot more than just payments. Bitcoin certainly isn't going anywhere though.

I started fiddling around with Bitcoin in 2013 and for years had it as a payment option on my website for my guitars, which zero people ever took me up on.

As far as Ramzi goes, if anyone's going to be rich in this world, I can't think of anyone more deserving than him

_____________________________

Andy Culpepper, luthier
http://www.andyculpepper.com
  REPORT THIS POST AS INAPPROPRIATE |  Date Jun. 8 2021 3:00:53
 
rombsix

Posts: 7572
Joined: Jan. 11 2006
From: Beirut, Lebanon

RE: Stock market and cryptocurrency (in reply to Andy Culpepper

quote:

As far as Ramzi goes, if anyone's going to be rich in this world, I can't think of anyone more deserving than him




_____________________________

Ramzi

http://www.youtube.com/rombsix
  REPORT THIS POST AS INAPPROPRIATE |  Date Jun. 8 2021 11:53:11
 
rombsix

Posts: 7572
Joined: Jan. 11 2006
From: Beirut, Lebanon

RE: Stock market and cryptocurrency (in reply to rombsix

Check this guy out...

https://www.youtube.com/channel/UCvk0KB4Ue0vfPqvDzjIAwiQ/videos

_____________________________

Ramzi

http://www.youtube.com/rombsix
  REPORT THIS POST AS INAPPROPRIATE |  Date Aug. 12 2021 15:10:28
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