[AAA]

$this->bbcode_second_pass_quote('odegaard', '
')My plan is to buy T-shirts more often than once every 10 years.

[Prince]

$this->bbcode_second_pass_quote('AAA', 'D')efinitely NOT a trust fund baby but I did have some perks like my parents paying for college.

Quick overview of AAA's life.

-Great great grandfather homesteads 160 acres in New Mexico in late 1800s and ranches
-I worked during highschool and invested 100% of those earnings in the markets.
-I sold all my stocks and bought my first house in Oklahoma when I was a sophmore in college.
-Parents paid for college so thankfully no student debt. I realize not everyone was as lucky.
-Worked during college and invested 95% or more of those earnings in the marekts & paid off the house
-Graduated and sold the house for a good profit and invested in stocks and bonds.
-Work full-time in oil industry and save over half of my salary through living frugally
-Bought 140 acres that borders our original 160 and split the cost with my brother and parents
-Then sold majority of my investments and bought my house in Los Angeles in 2007
-House will be paid off in January 2009

[Prince]

AAA--

Since you like to share so much of your life with strangers, let me ask... what is your ethnic and/or religious background?

[AAA]

$this->bbcode_second_pass_quote('Prince', '
')Clif's Notes version: "With mommy's and daddy's help, you can be financially independent too!"

[AAA]

Prince,

Why do you avoid the question, "What is your financial plan to prepare for a post-peak world?"

AAA

[gnm]

I just don't see how it would be so cheap as you say - I worked my way though college (nearly 40 hrs/week) and it barely paid for rent/food/car/insurance/etc - Between work and 15-17hrs I was bustin ass. I got a couple of grants fortunately for college but had to buy some credits out of my meager income as well.. You come out of that with a degree but no real savings (how ya gonna put 10% down on a house?)

-G

[Prince]

$this->bbcode_second_pass_quote('AAA', 'P')rince,

Why do you avoid the question, "What is your financial plan to prepare for a post-peak world?"

AAA

[AAA]

$this->bbcode_second_pass_quote('gnm', 'I') just don't see how it would be so cheap as you say - I worked my way though college (nearly 40 hrs/week) and it barely paid for rent/food/car/insurance/etc - Between work and 15-17hrs I was bustin ass. I got a couple of grants fortunately for college but had to buy some credits out of my meager income as well.. You come out of that with a degree but no real savings (how ya gonna put 10% down on a house?)

-G

[drew]

$this->bbcode_second_pass_quote('shady28', '')$this->bbcode_second_pass_quote('drew', 'A')AA, I play the markets too. It is a very risky thing to do, and not everyone is cut out for it. I am very grateful to this site and PO in general because I have been very heavily cash for several years now, in part because I though oil prices would tank the economy. I knew the housing bubble was a problem but didn't know when it would implode, just like I didn't know when (if) oil would be the catalyst. I have been successful only 50% of the time in my selling (things continued upwards)

Just for the record, here's my returns (lucky, lucky, lucky, I was-especially the 1st year)

'05 90%
'06 8%
'07 .5%
'08 1.5%
'09 15% so far....

I've been 50%+ cash for 2 years now.

I read the whole thread, I don't know exactly why you hit a few nerves, but you did.

I suspect jealousy, but perhaps a bit of hubris on your part too....

Drew

[threadbear]

Drew, In 2000, just after Bush was elected I bought Halliburton, because I figured Cheney's golden parachute was a sure promise to his former employer that he'd be wheeling and dealing for them from the white house. I wasn't paying much attention, but one day, I got this strong feeling that I shouldn't be trying to profit from such a creepy organization, so put in a sell order to my broker. Luckily it had gone up at least 50% and could have doubled. I can't remember. What I do remember is within a couple of weeks after I sold it, Halliburton was hit by a huge lawsuit involving asbestos, and the stock dropped over 50%.

[AAA]

$this->bbcode_second_pass_quote('threadbear', 'D')rew, In 2000, just after Bush was elected I bought Halliburton, because I figured Cheney's golden parachute was a sure promise to his former employer that he'd be wheeling and dealing for them from the white house. I wasn't paying much attention, but one day, I got this strong feeling that I shouldn't be trying to profit from such a creepy organization, so put in a sell order to my broker. Luckily it had gone up at least 50% and could have doubled. I can't remember. What I do remember is within a couple of weeks after I sold it, Halliburton was hit by a huge lawsuit involving asbestos, and the stock dropped over 50%.

[Battle_Scarred_Galactico]

For anyone lurking here the most important thing to take away from this thread is that 'AAA' worked in the oil industry and is now working towards an off-grid retreat, sounds like he's got most of it to.

Sounds like a good idea to me.

[AAA]

$this->bbcode_second_pass_quote('Battle_Scarred_Galactico', 'F')or anyone lurking here the most important thing to take away from this thread is that 'AAA' worked in the oil industry and is now working towards an off-grid retreat, sounds like he's got most of it to.

Sounds like a good idea to me.

[threadbear]

I have serious misgivings about the long term viability of the oil industry. However, it is a tangible product with tremendous utility, that will be preferred , at this time, over holding American dollars, US treasuries. What we are witnessing, in the energy and commodity markets, is the anticipated effect of bail outs and govt stimulus, working their way through the system. These are typical inflationary expectation plays, that have almost nothing to do with real supply and demand.

Here is what you have to watch out for....If international elites wish to retain the American reserve currency status, there could be another whipsaw that sends energy and other commodities plummeting again. Highly volatile. Hedge your bets.

When I look at how much I'm spending just to get through the month, I realize the govts, too, will intervene so that people can afford to eat. It's a terrible dilemma, as people with Alt A mortgages have to refinance in the next few years, and if the govt, tries to contain inflation, which makes food and energy more affordable, they could easily lose their homes, when they are forced to refinance at higher rates. It becomes a choice between, eating, transport, and shelter.

I posted this article 3 months ago. Please read to get an idea just how serious the situation is. It's by far the best piece written about the American banking system, and economic fall out, I've read.

The Quiet Coup--Simon Johnson--The ATLANTIC MONTHLY:

"From long years of experience, the IMF staff knows its program will succeed—stabilizing the economy and enabling growth—only if at least some of the powerful oligarchs who did so much to create the underlying problems take a hit. This is the problem of all emerging markets.

Becoming a Banana Republic

In its depth and suddenness, the U.S. economic and financial crisis is shockingly reminiscent of moments we have recently seen in emerging markets (and only in emerging markets): South Korea (1997), Malaysia (1998), Russia and Argentina (time and again). In each of those cases, global investors, afraid that the country or its financial sector wouldn’t be able to pay off mountainous debt, suddenly stopped lending. And in each case, that fear became self-fulfilling, as banks that couldn’t roll over their debt did, in fact, become unable to pay. This is precisely what drove Lehman Brothers into bankruptcy on September 15, causing all sources of funding to the U.S. financial sector to dry up overnight. Just as in emerging-market crises, the weakness in the banking system has quickly rippled out into the rest of the economy, causing a severe economic contraction and hardship for millions of people."

http://www.theatlantic.com/doc/200905/imf-advice

[jdmartin]

$this->bbcode_second_pass_quote('AAA', '
')In highschool I was working for around $10/hr doing random labor in the oilfields such as cutting weeds, etc... and investing all that money

In college I was interning at various oil and gas companies. The lowest wage I got was $25/hr and most were above $30/hr. and investing most of that money

Stocks had a few good years and I pulled my money out in the fall of 2000 to invest in the OK house. Houses were cheaper and resale was fairly good.

[threadbear]

$this->bbcode_second_pass_quote('AAA', '')$this->bbcode_second_pass_quote('threadbear', 'D')rew, In 2000, just after Bush was elected I bought Halliburton, because I figured Cheney's golden parachute was a sure promise to his former employer that he'd be wheeling and dealing for them from the white house. I wasn't paying much attention, but one day, I got this strong feeling that I shouldn't be trying to profit from such a creepy organization, so put in a sell order to my broker. Luckily it had gone up at least 50% and could have doubled. I can't remember. What I do remember is within a couple of weeks after I sold it, Halliburton was hit by a huge lawsuit involving asbestos, and the stock dropped over 50%.

[drew]

$this->bbcode_second_pass_quote('threadbear', '
')
The secret to developing your intuitive potential is to avoid investing money you can't afford to lose. Fear and nervousness are more likely to drown out the "little voice" if too much is at stake. My original stake of 6,000 quintupled in about 10 years, but only because I wasn't freaked out over what I might lose. I guess there are people who can bet the farm and retain a certain detachment, but I don't think I'm one of them.

[AAA]

Many professional money managers cannot match the returns of the S&P 500. The reason is they have to be almost fully invested all the time. Whether the market is going up, down, or sideways.

They don't have the benefit, like us, to sit on the sidelines for 6 months holding cash. They must be invested.

I just don't understand why millions of people send their money to those guys.

[gnm]

$this->bbcode_second_pass_quote('AAA', 'I') just don't understand why millions of people send their money to those guys.

[AAA]

$this->bbcode_second_pass_quote('gnm', '
')
Mostly because the fscked government rules that don't allow people to "get out - get in" or diversify (401k)

-G