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401K millionaires post balances on social media #4650843
01/30/18 08:56 AM
01/30/18 08:56 AM
Joined: Sep 2004
Posts: 22,374
Central Florida
Mr Nice Offline OP
Mr Nice  Offline OP

Joined: Sep 2004
Posts: 22,374
Central Florida
401K millionaires post balances on social media. The power of investing over a 20+ year timeframe.

https://www.marketwatch.com/story/people...edia-2018-01-29

Re: 401K millionaires post balances on social media [Re: Mr Nice] #4650847
01/30/18 08:58 AM
01/30/18 08:58 AM
Joined: Mar 2016
Posts: 827
Cincinnati, OH USA
CincyDavid Offline
CincyDavid  Offline

Joined: Mar 2016
Posts: 827
Cincinnati, OH USA
Yikes...bet they'll shut up when there's a correction.


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Re: 401K millionaires post balances on social media [Re: Mr Nice] #4650851
01/30/18 09:00 AM
01/30/18 09:00 AM
Joined: Mar 2004
Posts: 21,863
Upstate NY
Donald Offline
Donald  Offline

Joined: Mar 2004
Posts: 21,863
Upstate NY
Good way to get your children kidnapped while the criminal forces you to withdraw from your 401k.


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Re: 401K millionaires post balances on social media [Re: Donald] #4650881
01/30/18 09:44 AM
01/30/18 09:44 AM
Joined: Oct 2010
Posts: 9,540
Virginia Beach
Astro14 Online content
Astro14  Online Content

Joined: Oct 2010
Posts: 9,540
Virginia Beach
Originally Posted By: Donald
Good way to get your children kidnapped while the criminal forces you to withdraw from your 401k.


I was thinking the same thing....

I don’t want people knowing: my net worth, how much cash I’ve got, how much ammo, how many guns I own, or where I’m keeping any of that stuff...

In fact, when I was still driving my 1990 4Runner, it was a great “operational deception” vehicle. People would make all kinds of assumptions about me, and my net worth, or cash situation...


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Re: 401K millionaires post balances on social media [Re: Mr Nice] #4650918
01/30/18 10:13 AM
01/30/18 10:13 AM
Joined: Sep 2017
Posts: 428
One Step Beyond
MasterSolenoid Offline
MasterSolenoid  Offline

Joined: Sep 2017
Posts: 428
One Step Beyond
For better protection:

Security thru Obscurity.


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Clarity, Brevity, Simplicity, and Humanity.
Re: 401K millionaires post balances on social media [Re: Mr Nice] #4650935
01/30/18 10:29 AM
01/30/18 10:29 AM
Joined: Jun 2002
Posts: 12,883
The Motor City
Kestas Offline
Global Moderator
Kestas  Offline
Global Moderator

Joined: Jun 2002
Posts: 12,883
The Motor City
Frugality and compounded interest has been kind to me over the years. I still prefer to drive my 18 year old car. Others show off their new cars. I don't care to impress them.

My favorite story is where I was in Florida sitting in traffic at a light, and a transient started approaching to beg for money. He bypassed me (in my old car) and went straight to the guy in the new BMW behind me.

Another one is where the wife had her old Volvo rear-ended. She has a new car she uses to meet with friends, but still drives the old car to work and shopping, to "use it up." She once had someone anonymously pay for her meal at the drive-thru. I pointed out to her that she looks like a needy person in that smashed car.

Re: 401K millionaires post balances on social media [Re: Mr Nice] #4650953
01/30/18 10:41 AM
01/30/18 10:41 AM
Joined: May 2014
Posts: 3,948
Columbus,Nebraska
Yah-Tah-Hey Offline
Yah-Tah-Hey  Offline

Joined: May 2014
Posts: 3,948
Columbus,Nebraska
On paper only. The next 2008 could wipe out 30% or worse. I once hoped our investments would reach a million but 08 ended that. I like to see the monthly statements up a few thousand but that doesn't mean squat. The next big crash is just around the corner. Don't quit your day job.

Re: 401K millionaires post balances on social media [Re: Mr Nice] #4650980
01/30/18 11:07 AM
01/30/18 11:07 AM
Joined: Dec 2002
Posts: 42,634
New Jersey
JHZR2 Offline
Global Moderator
JHZR2  Offline
Global Moderator

Joined: Dec 2002
Posts: 42,634
New Jersey
There's all sorts of stuff people post on social media that they shouldn't. I can't even stand it anymore. Some of the "bragging" of what people do, like vacations, foods, eta is one thing. It's part of their life. But bragging on net worth, bank balances, politics, etc. are just wrong.

I fear even posting some images of stuff that I have on forums, let alone social media. I can't fathom the danger of people logging into everywhere and everything via Facebook, then showing their life on there.

Re: 401K millionaires post balances on social media [Re: JHZR2] #4651001
01/30/18 11:21 AM
01/30/18 11:21 AM
Joined: May 2012
Posts: 6,164
Fort Lauderdale, FL
DoubleWasp Offline
DoubleWasp  Offline

Joined: May 2012
Posts: 6,164
Fort Lauderdale, FL
You make a very valid point.

Kim Kardashian flaunting and updating on social media is what got her robbed in that hotel.


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Re: 401K millionaires post balances on social media [Re: DoubleWasp] #4651018
01/30/18 11:47 AM
01/30/18 11:47 AM
Joined: Mar 2014
Posts: 3,826
NJ
Leo99 Offline
Leo99  Offline

Joined: Mar 2014
Posts: 3,826
NJ
Originally Posted By: DoubleWasp
You make a very valid point.

Kim Kardashian flaunting and updating on social media is what got her robbed in that hotel.


Allegedly.


Without data you're just another person with an opinion. W. E. Deming

2003 Corolla 250,000 miles (RIP)
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Re: 401K millionaires post balances on social media [Re: Astro14] #4651045
01/30/18 12:18 PM
01/30/18 12:18 PM
Joined: Jan 2013
Posts: 2,496
Texas
WyrTwister Offline
WyrTwister  Offline

Joined: Jan 2013
Posts: 2,496
Texas
Originally Posted By: Astro14
Originally Posted By: Donald
Good way to get your children kidnapped while the criminal forces you to withdraw from your 401k.


I was thinking the same thing....

I don’t want people knowing: my net worth, how much cash I’ve got, how much ammo, how many guns I own, or where I’m keeping any of that stuff...

In fact, when I was still driving my 1990 4Runner, it was a great “operational deception” vehicle. People would make all kinds of assumptions about me, and my net worth, or cash situation...


You are 100% correct !


Wyr
God bless
Re: 401K millionaires post balances on social media [Re: Mr Nice] #4651168
01/30/18 02:39 PM
01/30/18 02:39 PM
Joined: Mar 2008
Posts: 6,414
Michigan
ZZman Offline
ZZman  Offline

Joined: Mar 2008
Posts: 6,414
Michigan
Must be nice. The top 10-20% are doing great.


2003 Mercury Grand Marquis. PP HM 5w-30 and Fram TG
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Re: 401K millionaires post balances on social media [Re: ZZman] #4651177
01/30/18 02:45 PM
01/30/18 02:45 PM
Joined: Oct 2010
Posts: 9,540
Virginia Beach
Astro14 Online content
Astro14  Online Content

Joined: Oct 2010
Posts: 9,540
Virginia Beach
Originally Posted By: ZZman
Must be nice. The top 10-20% are doing great.


Perhaps you mean the “over age 50” are doing great?

It doesn’t take big bucks to get to a million, it takes TIME...and lots of it.

I’ve been investing for thirty years...I’ve been working for over forty.

May I ask how old you are, and how long you’ve been investing?

I would also like to point out that over the duration of my investing experience, there have been several big market corrections. Periods during which the value of my investments lost large percentages. There have also been lots of mistakes, like buying shares in a fund just before annual distributions. In that case, the fund lost money, but I still had to pay taxes on the distributed gains. I turned a $5,000 Investment into $4,000 but had to pay taxes on the gains anyways...Nueberger Berman “Guardian” fund...what a dog...I will never forget that lesson...

Point is this: it takes time. Time during which you’ll make mistakes. Time during which markets will correct, or even crash.

But time during which you must absolutely remain firmly committed to a plan for your Long-range future.

Commitment, over time, equals wealth.

“Sour grapes”, complaints, envy, and other wastes of your time will never get you there.

Never.

Last edited by Astro14; 01/30/18 02:55 PM.

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Re: 401K millionaires post balances on social media [Re: Donald] #4651189
01/30/18 03:02 PM
01/30/18 03:02 PM
Joined: Feb 2003
Posts: 4,557
Arkansas
Win Offline
Win  Offline

Joined: Feb 2003
Posts: 4,557
Arkansas
Originally Posted By: Donald
Good way to get your children kidnapped while the criminal forces you to withdraw from your 401k.


Meh. Real estate records are public; in most places you can see who owns what, what the county says it's worth, without leaving the comfort of your easy chair. And unlike social media, it's real and the incentive is to undervalue.

Haven't heard of anyone's kids being snatched. Not since Lindbergh.

That said, I would still agree that kind of public overshare of private information is ill thought out, at best.


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Re: 401K millionaires post balances on social media [Re: JHZR2] #4651205
01/30/18 03:15 PM
01/30/18 03:15 PM
Joined: Feb 2003
Posts: 4,557
Arkansas
Win Offline
Win  Offline

Joined: Feb 2003
Posts: 4,557
Arkansas
Originally Posted By: JHZR2
.... I fear even posting some images of stuff that I have on forums, let alone social media. I can't fathom the danger of people logging into everywhere and everything via Facebook, then showing their life on there.


I think that is a valid concern. I posted one picture of changing the oil in one of my cars at my car shop. My social media thing is wide open - I want people to be able to contact me.

Now the only thing left in my car shop is the Xj12, and a few other things that were just too heavy to load into my truck and steal.

Are the two related? I dunno, but I consider it another life lesson learned.


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