On the fiduciary rule it there is a simple fix, just become paranoid about financial advice and assume it is not in your interest., but that of the advisor. Use what the default settings of most funds have become, target date retirement funds and/or index funds.
Also if you don’t understand just say no thanks.
All it means we are back to buyer beware on the advice front, just like in most of the economy.
That’s pretty much how I operate, Lyle. On your first day of work, tell your employer to max out your 401(k). Put it in stock index funds. When your change employers, roll it to the new employer or to an IRA.
And the folks who get ripped off end up with insufficient savings in old age and the rest of us have to support them while the stolen money ends up in the hands of the already-wealthy. Make America Great Again?
don’t worry too much about having to support the losers. prominent in the Ayn Rand ohilosophy is the “evil of charity” (not to say taxes for welfare). When you are too old to work at your regular job, an entrepreneur (first rater) will find something you can do. be a Wal-Mart greeter. You can be a telephone solicitor even while on an i.v. And if all else fails you can buy a reverse-insurance policy (like a reverse mortgage) in which you sell the rights to your organs in advance for food while you are still alive. And don’t mind that man in the suit with his foot on your oxygen tube. He is just the cost control officer looking out for your interest.
Here is an interesting post no attitudes to immigration in US history: https://madeinamericathebook.wordpress.com/2017/02/01/americans-and-the-unassimilables/#more-5366
Note 1 that for most of us history the public did not favor immigration. There were always preferred and non preferred immigrants, and the bias against Catholics from 1850 to the 1920s at least was worse than that against Moslems today.
That assimilation happens faster today is consistent with family history, it took 3 generations for some of my ancestors from Germany to change over to English in the home. (The was a push to do this because of the anti-german sentiment of WWI, to give a concrete example, there is a stone in the cemetery of the Trinity Lutheran Church in Darmstadt In both the husband and wife are on the same stone, he died in 1914 and the inscription is in German she died in 1921 and the inscription is in English)
It might be interesting for folks to go back in their ancestry and look at how long it took for their familys to assimilate. (Note that being in rural communities often helped slow the assimilation if there was a big enough community, and also you had both their and the big cities ethnic segregation in churches, with services in the original languages)
Did not get a picture of it. Unfortunately, but it does stand out in memory. During WWI my great grandfather who came up the mississippi in april 1861 had his front door painted yellow due to not having taken the second papers out.
Drum brushes against an important point here but doesn’t quite hit it.
He says “(do you think there’s enough aid in the world to keep Bangladesh afloat when there’s no longer any work there?).”
Trucking industry aside, a lot of the first jobs to go will be low end knowledge jobs. The kind that have been outsourced to rural areas of the United States and growing urban areas in the developing world. Shanghai, Chennai, Pune, cities where substantial portions of income that flow to a growing knowledge-fueled middle-class will be among the first to go when those activities are on-shored to deep data. Call centers where you have to recognize voice with 95%+ efficiency and follow a call script then escalate, transactional accounting that currently requires someone to look at a scan of a piece of paper and decipher information, or return reports based on natural language requests, legal research.
Worry for India, the “world’s largest Democracy.” Revolutions don’t start with the lower class, they start with a middle class educated intelligentsia that decides things aren’t moving in a direction that benefits them.
On the fiduciary rule it there is a simple fix, just become paranoid about financial advice and assume it is not in your interest., but that of the advisor. Use what the default settings of most funds have become, target date retirement funds and/or index funds.
Also if you don’t understand just say no thanks.
All it means we are back to buyer beware on the advice front, just like in most of the economy.
That is how we ended up with President Trump. The sad fact is you can fool most of the people most of the time
That’s pretty much how I operate, Lyle. On your first day of work, tell your employer to max out your 401(k). Put it in stock index funds. When your change employers, roll it to the new employer or to an IRA.
@Lyle,
And the folks who get ripped off end up with insufficient savings in old age and the rest of us have to support them while the stolen money ends up in the hands of the already-wealthy. Make America Great Again?
Feh.
Joel
don’t worry too much about having to support the losers. prominent in the Ayn Rand ohilosophy is the “evil of charity” (not to say taxes for welfare). When you are too old to work at your regular job, an entrepreneur (first rater) will find something you can do. be a Wal-Mart greeter. You can be a telephone solicitor even while on an i.v. And if all else fails you can buy a reverse-insurance policy (like a reverse mortgage) in which you sell the rights to your organs in advance for food while you are still alive. And don’t mind that man in the suit with his foot on your oxygen tube. He is just the cost control officer looking out for your interest.
ohilosophy = philosophy ??? What you said is true; except, the witch spouting about being independent took SS and medicare in the end.
Run
yeah. the p is silent.
Here is an interesting post no attitudes to immigration in US history:
https://madeinamericathebook.wordpress.com/2017/02/01/americans-and-the-unassimilables/#more-5366
Note 1 that for most of us history the public did not favor immigration. There were always preferred and non preferred immigrants, and the bias against Catholics from 1850 to the 1920s at least was worse than that against Moslems today.
That assimilation happens faster today is consistent with family history, it took 3 generations for some of my ancestors from Germany to change over to English in the home. (The was a push to do this because of the anti-german sentiment of WWI, to give a concrete example, there is a stone in the cemetery of the Trinity Lutheran Church in Darmstadt In both the husband and wife are on the same stone, he died in 1914 and the inscription is in German she died in 1921 and the inscription is in English)
It might be interesting for folks to go back in their ancestry and look at how long it took for their familys to assimilate. (Note that being in rural communities often helped slow the assimilation if there was a big enough community, and also you had both their and the big cities ethnic segregation in churches, with services in the original languages)
Lyle:
I think you can post those two graphs in a reply if you wanted to do so.
Did not get a picture of it. Unfortunately, but it does stand out in memory. During WWI my great grandfather who came up the mississippi in april 1861 had his front door painted yellow due to not having taken the second papers out.
http://www.motherjones.com/kevin-drum/2017/02/artificial-intelligence-coming-whether-you-it-or-not
Drum brushes against an important point here but doesn’t quite hit it.
He says “(do you think there’s enough aid in the world to keep Bangladesh afloat when there’s no longer any work there?).”
Trucking industry aside, a lot of the first jobs to go will be low end knowledge jobs. The kind that have been outsourced to rural areas of the United States and growing urban areas in the developing world. Shanghai, Chennai, Pune, cities where substantial portions of income that flow to a growing knowledge-fueled middle-class will be among the first to go when those activities are on-shored to deep data. Call centers where you have to recognize voice with 95%+ efficiency and follow a call script then escalate, transactional accounting that currently requires someone to look at a scan of a piece of paper and decipher information, or return reports based on natural language requests, legal research.
Worry for India, the “world’s largest Democracy.” Revolutions don’t start with the lower class, they start with a middle class educated intelligentsia that decides things aren’t moving in a direction that benefits them.