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Berkshire Hathaway Inc. Message Board

  • longbow2020 longbow2020 Jul 14, 2005 12:26 PM Flag

    $1,000,000 cash money

     

    What % of the population has $1,000,000 in cash money.How many made the money by investing?Why is it that Buffett can make 42 billion and the average person cannot make $1,000,000 cash in their life time?Could you live on the cash generated from 1 mil.?How would you invest it?Does higher education really teach anything worthwhile about making big bucks?Most all college grads know nothing about finance.They were your dot com buyers.I have seen MBA,s that really knew nothing about investing.Could not even read and understand a balance sheet.Most CPA,s know nothing about investing.They were also crazy over dot coms .To most people,investing is gambleing.

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    • "And with, say, a 5000 dollar deductible, that would be another 5000 bucks of tax-deferred income. Hey 9000 bucks of tax-sheltered money sounds like a helpful way of getting rich quicker!"

      a) You can fund it with the amount of your deductable, up to about 2500$/yr

      I think the upper limit is 2500 $/yr. I wish all things like this and IRAs had no upper limits. Why put a limit on saving? But they do....

    • agreed, brap. The only site I saw that had one available in my state made absolutely no mention of being able to keep the HSA funded with money directed into a mutual fund. That WOULD be ideal. Far better than whatever b.s. savings account rate the insurance company would be willing to provide, no doubt. And with, say, a 5000 dollar deductible, that would be another 5000 bucks of tax-deferred income. Hey 9000 bucks of tax-sheltered money sounds like a helpful way of getting rich quicker!

    • Sorry for the late reply. Took the weekend off.

      That quote is from Thoreau's essays "On economy" from the opening chapters of "Walden".

    • Figure out the inflation % for an avgerage car to be 1M in 18 years.

      SWUSC

    • 18 years from now a car may cost 1 mil,,almost any nice home in southern cal cost a million now,,what will it cost in 18 years,,so one million may not go very far 18 years from now,,i remember when hamburgers were 10 for a dollar in 1938..

    • or perhaps you're just jaded with a bug up your butt and an attitude to go with your air rifles and other violent toys

      GL & HE

      so sorry CAKE has been rising despite your best efforts... perhaps David is headed for leavenworth as we speak, have you thought of that rumour to start yet?

    • Wells Fargo has a HSA plan, used by Regence Blue Shield here in the NW. I am not sure about individual stocks, but you definately have a choice of funds to shoose from. Probably the best thing the Bush administration has done:
      a) You can fund it with the amount of your deductable, up to about 2500$/yr
      b) High deductable, tax free account.
      c) Doesn't have the "use or loose" after year end like old FSA accounts did.
      d) Interest growth is tax free..
      e) Using it for costs is not too much a hassle.

      Kipplinger mag has been pushing them for over a year now. Nice good financial mag....
      Do your own research on this one as there is some bad info out there on these...

    • Save $10K a year and be over that in 18 years.

      20% return, which is been easy so far. I can really see how buffett said 50% would be easy with 1M and leverage. The above is with no leverage.

      I take the 1M and live off it. Never invested in bonds. I don't hold anything over 3-6 months anyway.

      SWUSC

    • That's from "Walden".

    • The recently published "Losing Moses on The Freeway" by Chris Hedges was recently recommended to me. I read it in 2 days. It is informed to a large extent by Dostoevsky and Thoreau, and of course, Mosaic Law. I highly recommend it. It has made me examine a lot of things in my Capitalist driven life.

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