chill's Journal: Signs of the times... 5
A couple signs of the times.
First, the McDonald's Monopoly game that is going on. The grand prize of $1,000,000 says on the advertisement "Give Up The Second Job!" Ouch. *SECOND* job.
Of course, it is paid out in something like $50,000 a year for 20 years but still...
Second, the positions in IT Security that were advertised at my prior place of work drew over 100 respondents each, before I left. Considering we had 9 openings listed, even with some overlap of candidates I am very glad I wasn't the one that had to go through the whole hiring process. There were close to 1,000 total applications!
Finally, Walmart is bringing back lay-away for this holiday. They did away with it a few years back but it looks like they're expecting year-end sales to be slow. It is just for limited sets of items, but that limit includes toys, clothes and electronics. There is a $50 minimum. People are reluctant to whip out the plastic -- assuming they have any available.
moof (Score:1)
While I was at my first job [of my computing career], circa 1997, a few of my coworkers and I were in agreement that we'd need about 2 mil to quit our jobs. The rationale was stick it in something safe like CD's, at 5% or better at the time, and live off the 100K a year it generated with no loss of principal. Many years later my sis got into personal finance as a pastime [and toyed with the idea of changing careers to financial adviser] and announced that she figured she needed 4 mil to safely retire! Befor
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"Give up the second job" Is that really that normal for people to have 2? I saw an article today but can't find it now on 2nd jobs.
Spreadsheeted the numbers - $1m over 20 years is is about $800k upfront. If you can find someone will to take Mc's credit risk, you could probably get $700k or so upfront by signing it over. But in the USA you still get to pay tax on it?
cash npv
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I think MickeyD's means give up that second job in the household. Most people nowadays are still inclined to spawn, and in recent times the kind of house Americans are accustomed to thinking of as being of suitable size for raising a family requires more than a single income for most couples.
Around here houses breached 1 mil for a while, for a generous-sized house. A 900K mtg at 5 and 1/4 % for 30 yrs is an astronomical 5K/month house payment. If the govt. was gracious enough not to take more than half the
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". A 900K mtg at 5 and 1/4 % for 30 yrs i"
http://www.commbank.com.au/personal/home-loans/fixed-rate/rates-fees/default.aspx [commbank.com.au]
"5 Year Fixed 6.74% p.a.
15 Year Fixed 7.59% p.a. "
And the exit penalties if you wanted to refinance would be enormous
http://www.commbank.com.au/personal/home-loans/compare.aspx [commbank.com.au]
Most Australian home loans are floating rate. Our government doesn't indirectly buy the mortgages and make a fake market for fixed rate home loans. Or subsidise the interest cost on home loan
Second job (Score:1)
Back before Reagan, a second job was the kids' paper route, or carrying some little old lady's groceries home for her, and the kid got to keep the money for himself. Dad was home every day by six, with nary a word or thought about the office. Mom was out playing golf or getting her hair done. Very sad to see that both parents have to work now to stay afloat. Oh well, Ronnie was right about one thing, government is the problem... now that they only serve the highest bidder.
Of course I also remember when 2000