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hashtagconfused
Posts: 82
Joined: Thu Apr 18, 2019 5:35 pm

Re: The Pandora Papers - are we really susprised?

Thu Oct 07, 2021 7:38 pm

seb146 wrote:
johns624 wrote:
seb146 wrote:

It is also called "offsetting" and not "writing off" but both can be done.

https://www.irs.gov/newsroom/reporting- ... ort%20term.

But, again, the "average Joe" either does not make enough for this to matter or has none to begin with. And, yes, we are planning on only living on Social Security or, if we are lucky, an IRA also. If we can afford to retire.
The key is to live below your means. If you can't afford to contribute to an IRA, something is wrong with your lifestyle. It's not all about today, it's about tomorrow.


Why do you think we have so many homeless? They can not afford a house or an apartment, so they move into a tent in some alley or park. For many, it is only about today. Surviving another day.


i'm confused... they are homeless because the "average joe" does not have enough stock losses to make a differences on their taxes?
 
StarAC17
Posts: 4216
Joined: Thu Aug 07, 2003 11:54 am

Re: The Pandora Papers - are we really susprised?

Thu Oct 07, 2021 8:21 pm

hashtagconfused wrote:
seb146 wrote:
johns624 wrote:
The key is to live below your means. If you can't afford to contribute to an IRA, something is wrong with your lifestyle. It's not all about today, it's about tomorrow.


Why do you think we have so many homeless? They can not afford a house or an apartment, so they move into a tent in some alley or park. For many, it is only about today. Surviving another day.


i'm confused... they are homeless because the "average joe" does not have enough stock losses to make a differences on their taxes?


In many areas the issue is housing supply among other factors that drive of prices, so is unregulated foreign ownership.

Once housing costs exceed a third of gross income savings becomes challenging and if you make 60-70k a year paying $2,000 in rent (40% of someone earning 60k) then that is not a stable situation. It's easy to say live below your means and for many people that is the problem but for those who are homeless or living with their parents into their 30's this is a reality.

If many regions there is a lot of NIMBY's who don't want low cost housing built for whatever reason. I hear the moronic Toronto city council bicker about housing expansion on a weekly basis because a lot of the councilors are useless NIMBY's

Yes some people are idiots with money and in my business I see high earners with no money and moderate earners on the path to be millionaires, however saving today is far harder than 30 years ago.

One argument made in our recent Canadian election is that increased supply causes all prices to go down and those who can afford to benefit from the real estate market don't want prices to drop so if you can keep supply down you will.

There is a mismatch where people are getting paid less that what they can support and prices are two high and its a complex situation. Many people are getting paid much less than 30-40 years ago when inflation is taken into account and prices are much higher for at least real estate in the US, Canada, Australia, the UK, New Zealand etc.
 
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seb146
Posts: 24093
Joined: Wed Dec 01, 1999 7:19 am

Re: The Pandora Papers - are we really susprised?

Fri Oct 08, 2021 6:14 pm

hashtagconfused wrote:
seb146 wrote:
johns624 wrote:
The key is to live below your means. If you can't afford to contribute to an IRA, something is wrong with your lifestyle. It's not all about today, it's about tomorrow.


Why do you think we have so many homeless? They can not afford a house or an apartment, so they move into a tent in some alley or park. For many, it is only about today. Surviving another day.


i'm confused... they are homeless because the "average joe" does not have enough stock losses to make a differences on their taxes?


There are so many homeless because of the free market. Banks and property management companies charge whatever they want and if someone can not afford it, oh well... that is how the free market works.

Completely separate and independent of that, no, the average joe can not write off stock losses on their taxes because they are too busy working for peanuts to even think about investing.
 
johns624
Posts: 4341
Joined: Mon Jul 07, 2008 11:09 pm

Re: The Pandora Papers - are we really susprised?

Fri Oct 08, 2021 6:30 pm

I always drove a Ford Escort , Focus or the like. I lived in a one bedroom apt with a small TV. But I always made sure that I funded my Roth IRA every year. Some people live for tomorrow, others live for decades ahead.
 
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Tugger
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Joined: Tue Apr 18, 2006 8:38 am

Re: The Pandora Papers - are we really susprised?

Fri Oct 08, 2021 6:35 pm

seb146 wrote:
There are so many homeless because of the free market. Banks and property management companies charge whatever they want and if someone can not afford it, oh well... that is how the free market works.

There are really two types of "homeless", which I am sure you know. And we conflate the two far too often. The chronic addiction and metal issue ones are completely separate from the economic ones. While "homelessness can be and is broken down into more categories by many groups, the "Chronic" is the definitive separate category as it deals with people who effective do not want to live within the bounds of the requirements of society. Can't get sober, can't stay on meds, just can't. They others can and there are options and solutions society can works towards. But without involuntary actions applied to them, the "Chronic" population cannot be addressed.

Tugg
 
Newark727
Posts: 2619
Joined: Tue Dec 29, 2009 6:42 pm

Re: The Pandora Papers - are we really susprised?

Fri Oct 08, 2021 6:47 pm

johns624 wrote:
I always drove a Ford Escort , Focus or the like. I lived in a one bedroom apt with a small TV. But I always made sure that I funded my Roth IRA every year. Some people live for tomorrow, others live for decades ahead.


...and it doesn't matter which kind of person you are, if you don't have that surplus to lay away in the first place, does it? I don't know, I just feel like if it was that easy to simply save your way out of living in poverty, a lot more people would be doing it. When it's food and rent money, "living for tomorrow" is a necessity, not a choice.
 
StarAC17
Posts: 4216
Joined: Thu Aug 07, 2003 11:54 am

Re: The Pandora Papers - are we really susprised?

Fri Oct 08, 2021 8:26 pm

seb146 wrote:
hashtagconfused wrote:
seb146 wrote:

Why do you think we have so many homeless? They can not afford a house or an apartment, so they move into a tent in some alley or park. For many, it is only about today. Surviving another day.


i'm confused... they are homeless because the "average joe" does not have enough stock losses to make a differences on their taxes?


There are so many homeless because of the free market. Banks and property management companies charge whatever they want and if someone can not afford it, oh well... that is how the free market works.

Completely separate and independent of that, no, the average joe can not write off stock losses on their taxes because they are too busy working for peanuts to even think about investing.


In an objective sense with supply and demand if those said companies charge too much then no one would be renting from them making them lower their prices but people are renting at the rates. Homes are being sold over asking basically everywhere in the developed world. So the market is hitting equilibrium.

If anything supply is woefully inadequate by a lot of NIMBY-ism and bureaucratic red tape from people who don't want new housing developments and/or are just plain incompetent. Foreign ownership plays a factor and for those who can buy a lot or real estate the returns are better than the DOW. Where you do have a point is that many private sector entities both domestic and foreign are buying up huge chunks of real estate which is lowering the supply. That is a problem.

https://slate.com/business/2021/06/blac ... state.html

This benefits existing homeowners who have the leverage but for how long. I would argue for a business sense people who own homes don't want more of them because that means prices go down everywhere.

If we are are dealing with a real stint of sustained inflation interest rates are going to rise a lot sooner than expected and that will create stress on the markets as people can no longer afford as much on a mortgage as they can today.
 
johns624
Posts: 4341
Joined: Mon Jul 07, 2008 11:09 pm

Re: The Pandora Papers - are we really susprised?

Fri Oct 08, 2021 8:38 pm

Newark727 wrote:
johns624 wrote:
I always drove a Ford Escort , Focus or the like. I lived in a one bedroom apt with a small TV. But I always made sure that I funded my Roth IRA every year. Some people live for tomorrow, others live for decades ahead.


...and it doesn't matter which kind of person you are, if you don't have that surplus to lay away in the first place, does it? I don't know, I just feel like if it was that easy to simply save your way out of living in poverty, a lot more people would be doing it. When it's food and rent money, "living for tomorrow" is a necessity, not a choice.
Not everyone can, but many can if they try. It all comes down to making choices. Do I need a new cellphone every year? Do I need the big SUV? Do I need the 50in TV? Once you start questioning these things, you question every purchase. How much money do people throw away on cigarettes, alcohol and tattoos? How many drop out of school? How many don't take the better paying job because it's "too hard"?
 
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par13del
Posts: 10993
Joined: Sun Dec 18, 2005 9:14 pm

Re: The Pandora Papers - are we really susprised?

Sat Oct 09, 2021 1:13 pm

johns624 wrote:
Newark727 wrote:
johns624 wrote:
I always drove a Ford Escort , Focus or the like. I lived in a one bedroom apt with a small TV. But I always made sure that I funded my Roth IRA every year. Some people live for tomorrow, others live for decades ahead.


...and it doesn't matter which kind of person you are, if you don't have that surplus to lay away in the first place, does it? I don't know, I just feel like if it was that easy to simply save your way out of living in poverty, a lot more people would be doing it. When it's food and rent money, "living for tomorrow" is a necessity, not a choice.
Not everyone can, but many can if they try. It all comes down to making choices. Do I need a new cellphone every year? Do I need the big SUV? Do I need the 50in TV? Once you start questioning these things, you question every purchase. How much money do people throw away on cigarettes, alcohol and tattoos? How many drop out of school? How many don't take the better paying job because it's "too hard"?

Unfortunately, you are getting into details which attempt to derail the point that those in positions of power need to implement their policies. I note you do not mention contraceptives in your list, guess what the lack of use of those items cause, children, the largest single factor in folks living hand to mouth and ultimately "falling into poverty".

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