Did not have a lot time to spend on trading today. So many things needed to be taken off. Daughter and son-in-low is moving into their new house tomorrow. My wife and I will have to babysit our grandson, Camden, tomorrow. They got a ten-year fixed 2.75% rate mortgage with only around $489 closing cost from their credit union. Unbelievable. If you have the gut to borrow money so cheap and get a 10% return on your money. No wonder all these BDCs who applied and got up to 225M SBA loans (two SBIC licenses) at low fixed rate for ten years would have no way but make money. Incidentally, GARS is going to get their first SBIC license soon. That may explain its recent rise.
I heard that there are 16 million house holds in the U S of A that have a net worth of one million dollars or more.
Yet many people are ill prepare for retirement , and have LOW savings.
How much do we need for retirement?
My son-in-law put 20% deposit down and wants to pay off the loan in less than ten years. The funny thing is the yield of any loans that is more than ten years or less than ten years all have higher rates. The credit union paid most of the closing cosst and serves the loan (local) and I could not figure out how they make money since there is no origination fee. They can pay up to 20% of the loan early in the first year without penaly and then the rest after that. I believe they will probably pay it off in five years or less. It is not a cheap house. 3100 sq ft on one floor in a prime location.
My wife and I got a bit tired with working but both of us were not old enough to cash in our IRAs or receive our SS. But when you are getting closer to retirements, each year appears to become excruciating long.
Interestingly, according to an article, while the average household net worth of Americans (including houses) is around 330k and ranked no. 4 in the world, our median household net worth is only around 44k, ranking some 16th (from memory, can be wrong) in the world. They said it shows "income disparity" (or is it icome inequality?) in our country and most middle-class families live from paycheck to paycheck, with no emergent savings, but have houses and 401k.
For those with large IRA's or Roth IRA's and don't want to wait until turning 60+ years old to access the money, one can do a SEPP using rule IRS rule 72(t). Upside is you get a money flow without paying a penalty for early access. Downside is you are more or less locked into that specific amount of cash flow (with inflation kick ins) for the life of the SEPP (until you turn 60 or 62). If your IRA goes bust during the SEPP, you are fairly hosed as the whole account retroactively is deemed as an early withdraw so you owe penalties on the entire amount. I believe there are a few life changes that one can use to go in and change the SEPP however.
My favorite men's leather wallets were those that made by Bosca Leathers (Springfield, Ohio) because they were the only wallets that will last more than a year after my daily abuses. They used to be made in this country with quality leather and workmanship. I used to buy them in either Macy's (called Goldsmith's then) or Dillards and after using them to the point they came apart, I would dispose them and bought another one. That was until I found out they had life-time repair services for their wallets: that is you shipped it back to them (paid your postage) and they would repair it and return it to you (they paid the return postage). Well, one time they could not fix my totally worn wallet, they shipped me a new one. That was why when my daughter asked me last Christmas what I wanted for Christmas, I told her a new Bosca men's wallet. She bought one and gave it to me for Christmas and to my chagrin, it was Made in China, even for a $100 wallet. I almost wanted to throw it away.
Today I called their customer service and they told me they had been selling Bosca wallets that were made in China for ten years now. That long? They still provided life-time warranties though.
Now my fear is if I return my USA made Bosca wallet to them next week and they cannot fix it but send me back a Made in China Bosca wallet, should I cry or be joyful? LOL