I'm a suspicious sort. I can't help but wonder if rich peoples portfolios are suffering

[captain queeg]

as much as average people’s retirement accounts. Somehow I doubt that is the case.

[TigressDem]

1. Figures as of Aug 2021 say, NO. The richest are doing very well.

https://ips-dc.org/u-s-billionaires-62-percent-richer-during-pandemic/

U.S. Billionaires Got 62 percent Richer During Pandemic. They’re Now Up $1.8 Trillion.
Billionaire wealth gains made during the COVID-19 pandemic could pay for half of Biden's $3.5 trillion budget package

August 24, 2021 Chuck Collins





U.S. billionaires have seen their wealth surge $1.8 trillion during the pandemic, their collective fortune skyrocketing by nearly two-thirds (62 percent) from just short of $3 trillion at the start of the COVID crisis on March 18, 2020, to $4.8 trillion on August 17, 2021, according to a report from Americans for Tax Fairness (ATF) and the Institute for Policy Studies Program on Inequality (IPS). A table of the top 15 billionaires is below and the full data set is here.

Elon Musk has seen his wealth increase by an eye-popping $150 billion during the pandemic, a gain of over 600 percent.

America’s billionaire bonanza demonstrates the flaws in our current economic and tax systems President Biden and Democrats in Congress are trying to remedy by advancing a $3.5 trillion budget package, which has already passed the U.S. Senate and is being considered in the U.S. House today. If it becomes law through the budget reconciliation process this fall, it will aid communities and working families by making healthcare, eldercare, childcare, housing and education more affordable, investing in clean energy, expanding the Child Tax Credit and providing 12 weeks of paid family and medical leave. It will be paid for by making the wealthy and corporations pay their fair share of taxes, and it will not raise taxes on anyone making under $400,000 a year.

Not only did the wealth of billionaires grow, but so did their numbers: in March of last year, there were 614 Americans with 10-figure bank accounts; this August, there are 708. Their $1.8 trillion of increased wealth alone over 17 months, which will not be taxed unless they sell their assets, would pay for more than half of Biden’s 10-year $3.5 trillion investment package.

[applegrove]

2. There is so much wealth stocks were overpriced and hedge funds got into selling houses.

Creates inflation. Too much money chasing too few investment opportunities.

[rgbecker]

4. This is out of date. Jan 1, 2022 was peak...off 20-30% for this year.

My portfolio Mostly IRA, is back to the value it was in Feb 2019. Three and 1/2 years of investment gains lost in 9 months.

Predicting a rebound within 6 months, but not to Jan 2022 levels.

[brooklynite]

6. Markets peaked in November 2021.

I had my highest asset balance at that point. Down considerably since then.

[WarGamer]

14. I remember it well... lost a lot of money holding options contracts

through the Thanksgiving Holiday weekend 2021. By the next week, we were free falling.

[A HERETIC I AM]

9. The majority of the people on that list...

Have most of their wealth tied up in ONE stock.

Jeff Bezos holds Amazon shares.
Elon Musk holds Tesla.
Bill Gates holds Microsoft, etc.

[brooklynite]

3. Define suffer...

I’m a 1%er and our investments have dropped 15%

[captain queeg]

5. I'm thinking more of those living on fixed in come whose largest source of income is SS

I don’t think I am unusual. I do have a pension and a 401k so I’m better off than many.

[former9thward]

7. Most really rich people have financial advisors/managers.

Average people can't afford those. A financial manger can take defensive actions/positions which will reduce the amount an account goes down. So for that reason I'm sure the really rich do not have the same percent loss as the average investor.

[Baggies]

8. Average people's retirement accounts are suffering.

Come November, who will get the blame? It’s a simple question with an easy answer. Yet I’m not seeing it being expressed directly. I am seeing a lot of nervous twitching and misdirection.

This type of reaction will not do the Party any good. Those that have ears to hear, let them hear.

[GoodRaisin]

10. The S&P is up 30% over the last 5 years.

[PoindexterOglethorpe]

11. My income is from Social Security, two annuities, a very small pension, and what I take from my

investments. That last one, what I take from my investments, I may well have to cut back on. The total of that investment has declined recently.

Luckily for me, I can afford to reduce that payout. I'd rather not, of course, but I do live below my means, and so reducing the payout won't be all that difficult.

Were I to state my total net worth, it would seem like a lot to some here. Most of my life I have been relatively poor, and learned to live on not very much. There were many times in earlier years when I'd scramble for change so that I could purchase a meal. I have never forgotten that.

These days, my financial situation is much more comfortable, but I have never forgotten those earlier years. I'm inclined to live as if nothing has really changed from those early years. So I live very frugally, and honestly in the last year or so have not really noticed any increase in groceries. That's mainly because I do a lot of preparing large quantities of food that I can then freeze in individual portions. Right now I have a lot of those individual portions frozen, and I'm getting ready to make my Chicken of Muchness, a chicken soup based somewhat on a Middle Eastern recipe that I just love, and freezes well.

[captain queeg]

12. I'm like you I try to live below my means

But this last year Ive had a lot of medical and dental
Bills. Stilll helping my son thru college so I plan to increase my withdrawals from my 401k t least for awhile o

[PoindexterOglethorpe]

15. I understand.

I will suggest that you do not increase those withdrawals to some kind of unsustainable amount. You do not want to be withdrawing more that can be sustained. Really, you don't.

I know that we all have very different financial circumstances. But whatever yours are, do NOT pay for someone else, even a son, if it will go into your 401k or any other such investments. Don't. Just don't. Your son can manage his own college costs. Really, he can.

I am honestly distressed by how many parents decide to pay for their children's college, or buying a home, or whatever. No. We, this older generation, paid for those things ourselves. Yes, I understand the impetus to help out our kids, but DON'T DO IT. They need to be on their own, they really do.

[captain queeg]

16. i know. Thats good advice

I'm not going to do anything stupid He's not my only concern. It would be for a year at most I want to clear up some medical bills. I spent $6k a dental implant this year and i just got out of the hospital after 8 days.I've been getting by just taking out the interest every month and I calculate taking out a little extra for year or less won't hurt me. Once I clear my plate I can go back to what I was doing.I agree kids need to figure out how to finish school. He's a senior now.

[captain queeg]

17. I haven't done it yet. I've paid off all the "smaller" medical bills

Waiting to see what comes from my hospital stay. It’ll be my first experience with Medicare which supposedly covers hospital stays. I’ll believe when I see it. Right now I’m expecting some bills.

[WarGamer]

13. Rich people average down when the market dips...

If you're holding 1000 shares of GOOG at $120/share...


And it hit $96 last week... you're buying 1000 shares at a time while the price is down here.

So when it recovers and it's back up to $150 or so... they make a fortune.