The past ten years in the stock market have been a struggle.
Inflation has destroyed what you thought you had. Or think you have.
The dollar is worth a warm bucket of spit.
And of course, Americans' #1 asset, housing, has collapsed. Which wouldn't have been so bad, had everyone not lost their minds and HELOC'd their gains away.
There's no question that the rich got richer under Bush/Cheney - even though the last two years will have proven to be brutal I think as real estate and credit melted down.
So how's it lookin' HP'ers?
And are you worried or optimistic about the next 10 years?
September 02, 2008
Add it all up - is your net worth (assets minus liabilities) more or less than it was ten years ago?
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18 comments:
More.
Sold at the top of the bubble.
Took the money and ran.
Yeah, I love how all these moronic fake conservatives (I call them fake conservatives because they don't even know what conservative really means) like to say I'm making bucket loads more of cash since Bush...
It's called inflation stupid.
And then they like to talk about how all the trillions spent on the military industrial complex is justified to fight those islamo fascist extremist jihadist terrorists that want to destroy America. Those terrorists that don't have an army, don't have a navy, don't have intercontinental ballistic nuclear missiles, don't have orbital satellites, don't have the most pervasive intelligence and military apparatus the world has ever seen.
Yet they never think about what will happen to the military when that same military industrial complex bleeds the American economy dry and causes it to collapse.
They never wonder how on Earth could a bunch of third world terrorists could circumvent the multi-trillion dollar national security apparatus. They don't even know that those same terrorists like Osama Bin Laden were trained by the aforementioned military industrial complex.
Do a search for "Osama Bin Laden Brzezinksi" in Google images and you will find the image of Brzezinksi (Obama's national security advisor) with a very young Bin Laden in military garb when they were collaborating to fight the Russkies in Afghanistan.
Bin Laden is a CIA asset people.
See Fabled Enemies for more info:
Fabled Enemies
WAY more.
But it has nothing to do with real estate, or even the economy. Ten years ago I was an employee for a big corporation and today I'm an entrepreneur who owns several business and a best-selling author. It's been over five years since I quit my last job.
So my story is certainly the exception. But it goes to show the kind of opportunity that's out there for those who want it badly enough and are willing to work for it. That's why whiners piss me off so bad.
10 years ago we had the Russian financial crisis of 1998. Comparing today's net worth with one in 1998 would cause a lot of division-by-zero, infinity and not-a-number errors. Now, the expectations for the next 10 years are clearly heightened by past performance and this is a bit worrying. The gov't-controlled media instills optimism with its "Concept 2020" - a bold extrapolation of past 10 years' economic trends - and it doesn't any more look convincing than Soviet plans.
Ten years ago we were approaching the frenzied peak of the dot com bubble. Not sure this is a reasonable comparison for some of us who made, how shall I say, not-real-smart investment decisions.
i'll be ok cuz i work my ass off and my boss recognizes it.
100 hr weeks are not that uncommon.
more. traded well.
More.
10 years ago I had 100k cash and 300k assets. Today its 500k cash and 400k assets. 10 years ago the house I wanted was $350k today its 520k. My income is up this year from selling inflated commodities, and I look forward to high taxes, social programs, and the huge bill for the last 8 years as soon a s Obama gets in.
More.
FWIW, my #1 asset isn't my house. Not everyone plays that game.
Scottsdale Frank; I'm shocked your like the 7th poster for this question, I figured you would have been the first.
Way more I just turned 40 so I'm more expereinced in my field. My first good paying job was a dot com and of course I bought first home in 99 in san diego county sold in 05.
Oh yea, its higher, much higher.
12 years ago (i was 31) I quite my regular job and went into business (not in real estate) for myself. I now own and run 3 businesses (well, the managers I employ run them with my oversight) that employ 30 people.
Oh, I also own 2 multi-unit apartment complexes and business as soared as people who shouldn't have been buying homes have lost them and gone back to renting.
Ridicule Bush's tax cuts all you want but it has enabled me to invest more which has directly resulted in my being able to employ more people and grow my businesses (trickle down).
10 years ago I had a net worth of $40K, was just starting my career. Today that net worth is about $1.6 million or so. Yeah it's still far from the ultra-wealthy but it's a good start.
I'm gonna miss ur blog keefer.
-Mike
In 1998 my net worth was $0 as I had just graduated from college. Today it's in the low 7 figures. Inflation or no inflation, the last 10 years have been very, very good to me.
I honestly cannot understand how HP and the media in general make things sound so bleak out there. All I had going for me were 2 things: an education and work ethic. I didn't come from a wealthy family, I had no special connections or anything.
What I did have was drive to succeed. I studied my ass off in high school and got a scholarship to a top college. I studied my ass off in college and got into a top law school. I worked my ass off in law school and joined a prestigious firm. And I worked 80, 90, 100 hour weeks my first few years. It sure wasn't easy.
It's a lot easier to sit around and blame Bush than work hard, I know. Which is why Obama will win and win big this year. Too many people looking for an easy answer to their lives and looking for shallow promises that if they only vote Obama all their troubles will go away.
Keeps getting worse.....
Ten years ago I was living in Phoenix and had a decent job with student loans recently paid off and a small savings.
After the tech bust and frenzy to offshore any job possible my income and saving went down for a time until I up and left that hell hole of a state called Arizona.
Now I have plenty of income and savings to buy a new car, house, or whatever but with the threat of a McCain Presidency I can't bring myself to part with a penny out of fear for the upcoming depression if he wins the election.
Keith, this post is your forte' all-the-way, politics you really go of the deep end.
IMHO. Nothing you havn't heard before.
In some ways you remind me allot of Cramer, Take'm with a grain of salt but to have some mental fun, one can't avoid Not tuning back in to see/read what pot your stirring up.
Kudo's, i encourage that also.
Enjoy Paris, er' the city. LOL!
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