Edmunds.com | Inside Line | Auto Observer Your Account | Help | Directory
You are here:
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
Automotive News & Views Are gas prices fueling your pain? 
10042 messages, Last post on Jul 12, 2008 at 3:07 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
|
Replying to: fintail (Jun 02, 2008 7:27 am) Where I work about 90% of the workers invest thru a 401K plan, and most of those people are in stocks somewhat. I would guess this holds true for most workers at companies over 50 employees. The reduced investing is what people do with their own money. I work in an area where there are 6 people making about $12-$15/hr; I know 3 of them fairly well. Do they invest in stocks outside of 401K's - I don't think so. Did they have the money to invest in stocks like energy funds - yes? 1 of them has bought a Harley besides his families 2 cars. Another has bought a new GM pickup to pull his camper. And another rents without a roommate, and just spent $2K on a HD TV (and of course had to upgrade his cable). I haven't seen any of these guys and many more with trucks and SUV's, crying yet. They come to work 5 days a week by themselves with these vehicles. |
|
|
Replying to: gagrice (Jun 02, 2008 8:25 am) The overall affluent market – households with $500,000 or more – rose by 7 percent to a record 14 million. 14 million families with a net worth of half a million. That is about 15% of the families in this country. About 1% of USA families are worth more than $5,000,000. Cities with the highest percentage of millionaires: Los Alamos, N.M. 9.7% Naples/Marco Island, Fla. 8.6% BridgePort/Stamford/Norwalk, Conn. 7.2% Vero Beach, Fla. 7.2% San Jose/Sunnyvale, Calif. 6.9% Sarasota/Bradenton/Venica, Fla. 6.7% Easton, Md. 6.7% Hilton Head Island/Beaufort, S.C. 6.6% San Francisco/Oakland, Calif. 6.4% Honolulu, Hawaii 6.4%
|
|
|
Replying to: gagrice (Jun 02, 2008 8:25 am) I'm sure there are many more millionaires today, as 2003 was not a particularly good year in the overall scheme of things. Sure, it looks great compared to 2001 and 2002. Looking back on my records though, it wasn't until late 2004 that I had fully recovered financially from the effects of the tech burst, the 9/11 tragedy, and the ensuing recession. But, 2003-2007 was a period of almost solid growth, so if people kept their money in the market and didn't make rash decisions, they should have done very well. I'd guess that if you had $600K back in 2003, and kept it fully invested in a decent mix, you'd probably be above the $1M mark today. But, the old adage is true...it takes money to make money. If you have $600K in 2003, you'd probably be sitting pretty right now, but if you only had $6K (and didn't add any more) then you're no closer to retiring now than you were 4 years ago. The gap between poor and rich just keeps getting wider, and even "middle class" ain't what it used to be. |
|
|
Replying to: andre1969 (Jun 02, 2008 8:27 am)
|
|
|
Replying to: gagrice (Jun 02, 2008 8:25 am) Income and wealth is consolidating, distribution is back to depression era levels. These are not trends that create a stable future |
|
|
Replying to: lemko (Jun 02, 2008 8:40 am)  ) LeMans to the GM show, come hell or high water or $5.00 gas!
|
|
|
Replying to: fintail (Jun 02, 2008 8:42 am) Yeah, it sure ain't what it used to be. I figure if I had a house that was fully paid off, I could probably quit my job and live off a million bucks, but I'd also probably have to have roommates for life. It wouldn't be an extravagant existence, either, and I'd probably run the risk of going back to work if we had a big enough economic downturn. Which is when it's usually harder to get back into the workforce!
|
|
|
Replying to: andre1969 (Jun 02, 2008 8:44 am) What kind of fuel economy does your DeSoto get? There's an article on the 1955-56 DeSotos in the current issue of Collectible Automobile. Which of your New Yorkers will be in the Mopar Show?
|
|
|
Replying to: fintail (Jun 02, 2008 8:42 am) Is it possible the results are skewed by those opting for the welfare roles rather than taking a job they consider beneath their dignity? I have an acquaintance that was making big bucks as a Sub-Prime mortgage broker. He is getting foreclosed on and has no job. He has turned down several jobs that he said did not pay enough for him to live on. I think as much as the wealthy getting wealthier, the entitlement mentality is destroying the will to work at whatever, to survive. I don't see anyone living at depression era levels in Southern CA. And we are one of the hardest hit by the housing bubble bursting. There was no $600 per month in food stamps in the 1930s. If people have to move in with relatives to get back on their feet, that is the way it is. I know we have my wife's brother and family living in our other home that we are trying to sell in this down market. Paying 3 mortgages cuts into my fun money. Oh, I forgot, I don't do anything fun... 
|
|
|
Replying to: andre1969 (Jun 02, 2008 8:54 am) 
|
|
You are here:
Forums
Automotive News & Views Are gas prices fueling your pain?
New? Join Now!
Forum Tools
Search Forums
Browse by Vehicle
Browse by Board
Browse by Topic
Today's Chats
