Geek Club Rich...

[mmmmm...beer 807]

Well if my cyphers are correct, we've breached the Geek Club inner scrotum!

Between 401k's, Roth IRA's, brokerage accounts, and cash on hand, we've finally joined all of you in the "Dos Commas" Club!

🫡

What's the secret handshake?

[Engorgeous George 2,331]

The first one is the hardest.

 

It's not a handshake.  Tilt your head back, adopt a disdainful expression.  Look down your nose at the inferiors while being insulting and dismissive and instructing them to fetch you a drunk.  We will notice from across the room and give a supportive and approving look.

[Engorgeous George 2,331]

Oh, time to let the wash board abs relax into a sansabelt slacks kind of gut.

[IGotWorms 4,058]

You got a pension as well, right? That puts you way over the top I’m sure. Congrats

[Cdub100 3,900]

Nice!!! 

I don't know the handshake anymore after losing 70% of my net worth. I should be back in a couple years though.

[edjr 6,580]

7 minutes ago, Cdub100 said:

Nice!!! 

I don't know the handshake anymore after losing 70% of my net worth. I should be back in a couple years though.

Going to be tough making that $700 back. Good luck pham

[mmmmm...beer 807]

9 minutes ago, Cdub100 said:

Nice!!! 

I don't know the handshake anymore after losing 70% of my net worth. I should be back in a couple years though.

Divorce?

[mmmmm...beer 807]

11 minutes ago, IGotWorms said:

You got a pension as well, right? That puts you way over the top I’m sure. Congrats

Yessir... both Mrs...beer and I have the .gov fers pensions.

[mmmmm...beer 807]

14 minutes ago, Engorgeous George said:

The first one is the hardest.

 

It's not a handshake.  Tilt your head back, adopt a disdainful expression.  LooK down your nose at the inferiors while being insulting and dismissive and instructing them to fetch you a drunk.  We will notice from across the room adn give a supportive and approving look.

Mmmm hhhrmmmmm raatheer! :practices looking downy:

[mmmmm...beer 807]

15 minutes ago, Engorgeous George said:

The first one is the hardest.

Dude... that first 100k was the hardest if I recall.

[IGotWorms 4,058]

1 minute ago, mmmmm...beer said:

Yessir... both Mrs...beer and I have the .gov fers pensions.

Very nice. Sounds like you got every angle covered. Pensions are great for you, but unfortunately you can’t really leave them behind (generally speaking). So you got the other accounts for that. Well done

[Engorgeous George 2,331]

1 minute ago, mmmmm...beer said:

Mmmm hhhrmmmmm raatheer! :practices looking downy:

That's it.  Try to channel Jim Baccus doing Thurston Howell III.

[Cdub100 3,900]

4 minutes ago, mmmmm...beer said:

Divorce?

No, I got jewed by a Jew.

[Engorgeous George 2,331]

So, a fool and his money were soon parted?

[5-Points 3,520]

20 minutes ago, Engorgeous George said:

The first one is the hardest.

 

It's not a handshake.  Tilt your head back, adopt a disdainful expression.  Look down your nose at the inferiors while being insulting and dismissive and instructing them to fetch you a drunk.  We will notice from across the room and give a supportive and approving look.

 Your presence has been requested @BunnysBastatrds

[IGotWorms 4,058]

5 minutes ago, Cdub100 said:

No, I got jewed by a Jew.

So karma is real 

[mmmmm...beer 807]

1 minute ago, IGotWorms said:

Very nice. Sounds like you got every angle covered. Pensions are great for you, but unfortunately you can’t really leave them behind (generally speaking). So you got the other accounts for that. Well done

Yeah... I have WEAPA term life @ 1mil

From 50-54 it's $2,175.96/yr for $1m

From 55-59 it's $3,615.96/yr

From 60-64 it's $5,889.60/yr for $900k

From 65-69 it's $4,638.36/yr for $400k

Vs.... at a minimum $6,800/yr for the 50% survivors pension which would be $34,000 a yr not counting COLA's each yr.

In order for Mrs...beer to get 50% of my pension should I die, I have to give the .gov -10% a check, which is like $565 a month.

I feel like I'd want that money up front and just keep paying the life insurance instead.

 

[frank 2,296]

57 minutes ago, mmmmm...beer said:

Well if my cyphers are correct, we've breached the Geek Club inner scrotum!

Between 401k's, Roth IRA's, brokerage accounts, and cash on hand, we've finally joined all of you in the "Dos Commas" Club!

🫡

What's the secret handshake?

 

[BunnysBastatrds 2,430]

2 hours ago, 5-Points said:

 Your presence has been requested @BunnysBastatrds

I thought it was the brothers handshake variation 

[Cdub100 3,900]

6 hours ago, IGotWorms said:

So karma is real 

Hopefully. He should be going to jail next year which will be nice.

[IndyColtsFan 325]

7 hours ago, Cdub100 said:

Nice!!! 

I don't know the handshake anymore after losing 70% of my net worth. I should be back in a couple years though.

How did you manage to lose 70 percent of your net worth?

[IGotWorms 4,058]

9 minutes ago, IndyColtsFan said:

How did you manage to lose 70 percent of your net worth?

 

 

[RaiderHaters Revenge 4,338]

Damnit the white man couldn’t keep you down

congrats 

[seafoam1 3,007]

7 hours ago, mmmmm...beer said:

Well if my cyphers are correct, we've breached the Geek Club inner scrotum!

Between 401k's, Roth IRA's, brokerage accounts, and cash on hand, we've finally joined all of you in the "Dos Commas" Club!

🫡

What's the secret handshake?

It's this: 

It's all downhill from there. Money makes more money. Easy peasy. It's awesome ain't it? 

[MDC 7,378]

This forearm is so rich that even Geeks who can’t afford a house retire at 50.  

[Mark Davis 396]

1 hour ago, Cdub100 said:

Hopefully. He should be going to jail next year which will be nice.

Hope so man. I have a buddy in CA who was better off than anyone I know well, got took for seven figures by a business he was invested in. State of CA is prosecuting him, he’s suing, all that good stuff. But I suspect like with most thieves when it comes crashing down there’s nothing really left. He’s most likely going to jail just may not do as much time out there as he would do where I live. 

[Alias Detective 1,398]

19 hours ago, IGotWorms said:

Very nice. Sounds like you got every angle covered. Pensions are great for you, but unfortunately you can’t really leave them behind (generally speaking). So you got the other accounts for that. Well done

Uncle government removing the stretch IRA really focked us over with that.

[Alias Detective 1,398]

12 hours ago, IndyColtsFan said:

How did you manage to lose 70 percent of your net worth?

Crypto

[IndyColtsFan 325]

13 hours ago, Alias Detective said:

Crypto

Seriously?

I just don't see how an intelligent person with common sense loses 70 percent of net worth. 

[IGotWorms 4,058]

1 minute ago, IndyColtsFan said:

Seriously?

I just don't see how an intelligent person with common sense loses 70 percent of net worth. 

Are you not familiar with CDumb?

[GutterBoy 2,899]

15 minutes ago, IndyColtsFan said:

Seriously?

I just don't see how an intelligent person with common sense loses 70 percent of net worth. 

They don't.

[IndyColtsFan 325]

10 minutes ago, GutterBoy said:

They don't.

You have always gotten the market, dollar-cost averaging, real estate and all that.

It seems that the only people who lose their asses are the ones who think they're better and smarter than everyone else and then make exponentially dumb financial moves.

The dumb ones also include those who panic and cash out in a bear run, which is when fortunes are made.

 

[MLCKAA 570]

On 7/5/2024 at 12:38 PM, mmmmm...beer said:

Well if my cyphers are correct, we've breached the Geek Club inner scrotum!

Between 401k's, Roth IRA's, brokerage accounts, and cash on hand, we've finally joined all of you in the "Dos Commas" Club!

🫡

What's the secret handshake?

Hey, congrats to you guys and welcome to the Well Prepared Club.  Your hard work has paid off.

I don’t recall where you live.  Just wondering what your state income/property tax scenario might be.

[mmmmm...beer 807]

1 hour ago, MLCKAA said:

Hey, congrats to you guys and welcome to the Well Prepared Club.  Your hard work has paid off.

I don’t recall where you live.  Just wondering what your state income/property tax scenario might be.

Right now... I'm renting a room in Colorado Springs, CO.  Wife has a DOD job in Japan.  We sold the house and moved over there in May.  I had to come back to finish up work.  I'm 49... I will retire in Nov. @ 50.

Our "home of record" is Washington State.  No State Income tax and they don't tax pensions/retirement.

We'll be back there in 2027.  

But... for the next 3 years, no mortgage/rent/or utilities.  No car payments as you can buy a Lexus over there with 50k miles for $4k cash.

Should be a pretty soft landing for retirement the next 3 years.

 

[Alias Detective 1,398]

9 hours ago, IndyColtsFan said:

Seriously?

I just don't see how an intelligent person with common sense loses 70 percent of net worth. 

I was spitballing.

[TimHauck 2,835]

2 minutes ago, Alias Detective said:

I was spitballing.

You were right.

[IndyColtsFan 325]

On 7/5/2024 at 10:15 AM, Cdub100 said:

Nice!!! 

I don't know the handshake anymore after losing 70% of my net worth. I should be back in a couple years though.

Chitler here says he lost 70 percent of his net worth and then denies losing 70 percent in another thread.

[Cdub100 3,900]

On 7/6/2024 at 10:05 PM, IndyColtsFan said:

Seriously?

I just don't see how an intelligent person with common sense loses 70 percent of net worth. 

Im going to answer your question sincerely.

I placed the majority of my crypto holdings in a company called Celsius Network. It had been around for a while and was doing well. 

Nobody knew the C-suite executives were lying and running a ponzi like operation. When you look at the other people involved this wasn't some run of the mill operation they had billions in business. Some very high level folks lost a lot of their funds.

I lost Bitcoin, ethereum and ada as my primary holdings. I wanted to earn some yield on my BTC. The only way to get yield was to loan it out and Celsius was supposed to do the due diligence but they did a shitty job., I was worried about locking up my ethereum in eth 2.0, because once you locked it in you couldn't take it out until recently, so I thought it was safer to have it with Celsius. I would earn less yield but I could withdraw and sell whenever I wanted. I split my ada and kept half staking and the other half in Celsius. 

What most people think and you thought this too is I was chasing ridiculously high APY. I wasn't, BTC was like 2.5% eth was less than if I staked my own node, as was ada. 

At the time Celsius locked withdrawals in 2022 there was a lot going on with companies going belly up, yuge crypto tokens going under and the stable coins losing their peg. I though Celsius would survive, but I didn't know what I know now 

I learned a lot about bankruptcy law and was an active participant during the whole process. 

I got back 30% and as a top 1% creditor I'm also a major share holder in a Bitcoin mining company that emerged from the chapter 11. 

Yes it sucked, I made all the right moves in crypto, sans one. And it cost me alot. 

I didn't lose any of my retirement, house, regular savings. Nor did anything about my life change. Short of maybe retiring super early but I turned 50k into a million and I'm well on my way to do it again. This time I'm in control of my crypto. 

I have been open and honest about it because unlike some here I'm willing to admit I made a mistake. I've made peace with it. I've had to keep some document and it hurts to see where I would be today but I remember the lesson.

[Cdub100 3,900]

6 hours ago, IndyColtsFan said:

Chitler here says he lost 70 percent of his net worth and then denies losing 70 percent in another thread.

You said retirement. I didn't lose a single penny of my retirement. Anyway read what I posted above 

[WhiteWonder 2,732]

On 7/5/2024 at 1:10 PM, Engorgeous George said:

 and instructing them to fetch you a drunk. 

You want them to bring you @BunnysBastatrds ?

 

edit: @5-Points beat me to it