The job-switching premium has nearly disappeared. Plus, how negotiating made Sofia Franklyn the villain, a universal retirement plan proposal, and the corporate lobbyists behind your license plate.
Everyone needs the ability to retire and for that you need money. However, by tying more people's future comfort into the stock market aren't we just artificially pumping more money into the stock market? If everyone must invest to survive in the future then everyone's fate is dependent on the stock market and it becomes even more of a political imperative to do nothing that might upset it? I feel like we're collectively being bought off. Or am I just paranoid?
I absolutely feel this way. I honestly think one reason we haven’t had a repeat of the French Revolution in the US in recent years is because the upper middle class/professional class has “wealth” that is entirely tied up in housing and retirement accounts. Theoretical money in a 401K is something people feel they can’t risk rocking the boat for.
I think about this a lot, but more in an ecological-doom sense. When I first started investing I couldn't bear the idea of giving my money to corporations in promise of a payout later. Like I couldn't believe THAT'S what investing is--it seems obvious but no one ever explained it to me??? The advice is always "just buy into a total market fund--don't worry about giving money to Exxon and Raytheon!!!!" I had no idea that "saving for retirement" was essentially just investing in the market, which consists of companies who are only ever thinking "line go up = GOOD" (I mean sure, there are bonds and other commodities you can buy, but especially in your 20s you're "supposed" to focus on index funds/stocks.)
Like oh my god we are already in HELL!!!! I try to have the funds I invest in be ESG, but does that even do anything? Isn't ESG just greenwashing? How do I know my money isn't building weapons, supporting prison labor, or buying up mid-sized suburban homes en masse??? (Tangentially, every time I hear a financial influencer promote investing in real estate, whether that be by becoming a landlord or buying into a real estate fund, I want to walk into the ocean.)
It feels like the only ethical thing to do is take a vow of poverty and/or start a commune in the woods...
Ironic that people all over the world right now are like "Social Security doesn't work because the birth rate is going down" when the stock market is equally a pyramid scheme.
It is worth keeping in mind that even back in 2019, federal income and payroll tax expenditures related to retirement savings totaled $276 billion. Households in the top 20 percent of earners received more than 60 percent of the benefits of the income tax expenditure. The bottom 40 percent together received less than 5 percent of the benefits. Fewer than one in five households in the lowest income quintile benefited from exclusions for pensions and retirement savings accounts. We already heavily subsidize assets in the market. It just happens to be that those subsidies disproportionately reward those who already have access to employer-sponsored plans and those who benefit from more generous contributions and matching structures. https://www.cbo.gov/publication/57413
On refunds, I think the average return will trend downward by tax day. I think people who know they are getting a return tend to file earlier than people who are not getting a return or owe money. It’s all a matter of liquidity.
I am always interested in other peoples portfolios, thanks for sharing. it’s interesting to see that you have invested in so many ETF’s that duplicate or include each other — is this just because you want to reweight towards more small cap and REIT and towards value as opposed growth? would love to hear your thinking. my portfolio is boring, just VTI, VXUS, and BND.
Katie I am here to tell you that you absolutely need Love is Blind Ohio in your life. The women are beautiful and accomplished, they have scary dads, and half the men seem fine and normal and half of them are sociopaths! We are soooooo back.
The fuckass moccasins and long jeans on the “blue collar” outfit 💀 I am obsessed right now with how badly Sam Altman has miscalculated their steps in this (terrifying) scenario.
That ChatGPT phrasing call out is so accurate. I’m convinced that AI is behind all the “quiet (fill-in-the-blank here)” headlines/subheadings all over the internet.
Everyone needs the ability to retire and for that you need money. However, by tying more people's future comfort into the stock market aren't we just artificially pumping more money into the stock market? If everyone must invest to survive in the future then everyone's fate is dependent on the stock market and it becomes even more of a political imperative to do nothing that might upset it? I feel like we're collectively being bought off. Or am I just paranoid?
I absolutely feel this way. I honestly think one reason we haven’t had a repeat of the French Revolution in the US in recent years is because the upper middle class/professional class has “wealth” that is entirely tied up in housing and retirement accounts. Theoretical money in a 401K is something people feel they can’t risk rocking the boat for.
I think about this a lot, but more in an ecological-doom sense. When I first started investing I couldn't bear the idea of giving my money to corporations in promise of a payout later. Like I couldn't believe THAT'S what investing is--it seems obvious but no one ever explained it to me??? The advice is always "just buy into a total market fund--don't worry about giving money to Exxon and Raytheon!!!!" I had no idea that "saving for retirement" was essentially just investing in the market, which consists of companies who are only ever thinking "line go up = GOOD" (I mean sure, there are bonds and other commodities you can buy, but especially in your 20s you're "supposed" to focus on index funds/stocks.)
Like oh my god we are already in HELL!!!! I try to have the funds I invest in be ESG, but does that even do anything? Isn't ESG just greenwashing? How do I know my money isn't building weapons, supporting prison labor, or buying up mid-sized suburban homes en masse??? (Tangentially, every time I hear a financial influencer promote investing in real estate, whether that be by becoming a landlord or buying into a real estate fund, I want to walk into the ocean.)
It feels like the only ethical thing to do is take a vow of poverty and/or start a commune in the woods...
Nope, you are correct. This is the unspoken reason why so many people are concerned about the birth rate.
Ironic that people all over the world right now are like "Social Security doesn't work because the birth rate is going down" when the stock market is equally a pyramid scheme.
It is worth keeping in mind that even back in 2019, federal income and payroll tax expenditures related to retirement savings totaled $276 billion. Households in the top 20 percent of earners received more than 60 percent of the benefits of the income tax expenditure. The bottom 40 percent together received less than 5 percent of the benefits. Fewer than one in five households in the lowest income quintile benefited from exclusions for pensions and retirement savings accounts. We already heavily subsidize assets in the market. It just happens to be that those subsidies disproportionately reward those who already have access to employer-sponsored plans and those who benefit from more generous contributions and matching structures. https://www.cbo.gov/publication/57413
Hahahha it’s me! I called you inimitable and I stand by it. 🖤🖤🖤
On refunds, I think the average return will trend downward by tax day. I think people who know they are getting a return tend to file earlier than people who are not getting a return or owe money. It’s all a matter of liquidity.
Thank you for having a brilliant, unique voice. AI could never.
I am always interested in other peoples portfolios, thanks for sharing. it’s interesting to see that you have invested in so many ETF’s that duplicate or include each other — is this just because you want to reweight towards more small cap and REIT and towards value as opposed growth? would love to hear your thinking. my portfolio is boring, just VTI, VXUS, and BND.
I cannot wait for the epstein episode, it's been eating my brain alive
Katie I am here to tell you that you absolutely need Love is Blind Ohio in your life. The women are beautiful and accomplished, they have scary dads, and half the men seem fine and normal and half of them are sociopaths! We are soooooo back.
No ai, no ChatGPT, Just KGT. ✨
The fuckass moccasins and long jeans on the “blue collar” outfit 💀 I am obsessed right now with how badly Sam Altman has miscalculated their steps in this (terrifying) scenario.
Unrelated but Tressie just said on her stories that her interview with you was one of her favorite media things she’s ever done! Enjoy cloud 9
Please! Everyone! Tell Katie how many hours a week you work so I can continue thinking about your hours while I work my hours!
thanks for using archive.ph!!!!!!
That ChatGPT phrasing call out is so accurate. I’m convinced that AI is behind all the “quiet (fill-in-the-blank here)” headlines/subheadings all over the internet.
So curious for more on the IP thriller and the divorce saga. Thanks for sharing!
The love is blind trainwreck is the palate cleanser you need right now
I thought I was decades past idolizing someone as a demigod but KGT has proven me wrong. Every neuronal output with the Midas spark 🌎 🔥 ⚡️