From Reuters:
US set to unveil long-awaited crackdown on real estate money laundering
The U.S. Treasury Department will soon propose a rule that would effectively end anonymous luxury-home purchases, closing a loophole that the agency says allows corrupt oligarchs, terrorists and other criminals to hide ill-gotten gains.
The long-awaited rule is expected to require that real estate professionals such as title insurers report the identities of the beneficial owners of companies buying real estate in cash to the Treasury’s Financial Crimes Enforcement Network (FinCEN).
FinCEN is slated to propose the rule sometime this month, according to its regulatory agenda, though the timeline could slip, said two people briefed on the developments. Anti-corruption advocates and lawmakers have been pushing for the rule, which will replace the current patchwork reporting system.
Criminals have for decades anonymously hidden ill-gotten gains in real estate, Treasury Secretary Janet Yellen said in March, adding that as much as $2.3 billion was laundered through U.S. real estate between 2015 and 2020.
“That’s why FinCEN is taking this important step to put something officially on the books that would root out money laundering through the sector once and for all,” said Erica Hanichak, government affairs director of advocacy group the FACT Coalition.
Some advocates say FinCEN, which declined to comment on the timing of the proposal, has moved too slowly. Officials first said in 2021 that they planned to implement the rule.
first
Big picture: Schools are spending so much because there’s no one to stop them. Economist James V. Koch found that trustees approve 98% of cost-increasing proposals at large public universities, and Holden Thorp, former chancellor of the University of North Carolina at Chapel Hill, told the WSJ that universities are just “devouring money.”—CC
Shouldn’t the government be the first to slow down colleges? Joes inflation will get worse until they take rents out of the CPI. People are getting hammered with higher energy costs and food costs…. the White Houses answer was to take them out of CPI. LOL
When I was in grad school at Rutgers, towards the tail end, it was a new 70 million dollar building every year. This was after Corzine cut 150 mil per year in state funding and they proclaimed it to be the death sentence to the school. They’ve never stopped and have put up billions of dollars in buildings since then.
People are getting hammered with higher energy costs and food costs….
Labor costs for a maintenance call for a residential HVAC, plumbing issue, etc. are 50% greater than 3 years ago. Every cost is becoming decoupled. Anecdotal observations aren’t required though, look at the credit card debt levels and tell me everything is great.
Just picked my wifes car up from the dealer, 2014 Hyundai Santa Fe with 2.0t engine which has 98k mile. Car came with 10 year 100k warranty. There were 2 issues, at around 60k car started burning oil, got to the point where I was putting a quart in every other week and then couple of months ago heard a bang from under the car which cause it to be only have fwd. Took it into the dealer and they said the AWD gear stripped which was inside the transmission, so they had to replace the transmission and transfer case. While there they agreed to do an oil consumption test, if it burned more than a quart after 1k miles it failed, easily failed. They then kept it over night to clean the cylinders hoping it would fee up the rings. Drove another 1k miles, it failed again. They than agreed to replace the engine, so after 98k mile we have a new engine, transmission, and AWD transfer case with only a few miles left on the warranty. Do not think I would by another Hyundai
Ten 415.2
It went from 400 to 419 to under 400 to 415 in the space of 10 days.
Stunningly volatile for a massive market. Extremely unhealthy price action.
Ground beef is over $5.00 per pound now.
Three years ago it was $3.59 per pound.
No worries, it’s transitory.
Costs for nursing homes and adult care jumped by the largest monthly amount in July, according to new inflation data.
The latest report from the Bureau of Labor Statistics released Thursday showed that the costs for nursing homes and adult care increased by 2.4% in July from the previous month, the biggest gain on records dating back to 1997.
Thank G0d we’re bleeding wealth here.
Fast: Just throw the purchase on the card, and then just make the minimum payment every month. It’s that easy.
3b,
It’s that easy.
Imagine the envy you’re friends and neighbors will be feeling when you pull up in that shiny new GMC Denali towing two jet skis. They’ll wonder how you built that amazing wealth!
you’re = your
Fun WSJ article about how people retire with $5m in liquid assets. Which is more than 99.9% of americans. The first guy is 65, divorced, has an 18 yo daughter, and 95% of his liquid assets are in stocks. So he was 46 when he impregnated a woman who is not currently his wife.
Most of them spend anywhere from $100k to $300k per year. Several of them still have mortgages, though probably low rate ones.
With interest rates higher, maybe they will start rebalancing a bit from equities to fixed income.
Figuring out how much money you need to retire is really tricky. I’m still 10 years away from qualifying for social security, though that will be a really small proportion of my post-retirement income I expect. Future financial repression, inflation uncertainty are the big question marks.
Any of you suggest sources that provide advice for high net worth retirement planning? Besides just calling Chifi. Stuff from Fidelity and 401k plans is so mechanical and formulaic.
https://www.wsj.com/articles/heres-what-a-5-million-retirement-looks-like-in-america-1abc76d9?mod=hp_lead_pos9
Serious hit and run, police are tipped off that the suspects (2 males and a female) went into Applebees
police enter Applebees and ask an employee ???.
Employee identifies a couple (holding a baby?) as “potentially suspicious”
(???? Happens)
Large group of police take down guy, with baby in his arms, in a restaurant
Eventually they wrestle his baby away, hold him down, and punch him in the head over and over.
Employees of Applebees attempt to record/intervene
Guy is on the ground: handcuffed, bloody face, moaning -while the police try to get him to stand up.
Literally seconds before, he was holding a baby, about to eat a meal…
Manager ends up fired from her job, once recordings go public.
The couple were arrested (for disorderly conduct and resisting/obstructing arrest)
Then they charged the innocent man they were beating with resisting and obstruction
The actual suspects were later found, hiding in bathroom.
No One
The reasons you are having a tough time is because is personal and no magic 8 ball can pick it for you. But try the following table off the top of my head.
Choice A -I want to live like Charlie Sheen or Keith Richards
Choice B – I want to live like a monk and have a love one inherit everything
Choice C- I want to be a cheapskate and keep the heart going as long a toenail cell still alive like Feinstein or McConnell.
Timeline – 1 -Go Go years
Timeline – 2 -Slow Go years
Timeline -3 – No Go years
A-1 & A-2 – Keep cash flow going, the fun has to be paid for. 50% Vanguard Money Market Fund. 50% Income Funds with steady income. Plus any SS & Pensions.
A-3 -You’ll be dead before you get here of too much h00k3rs & bl0w.
B-1,B-2 – Live like a pauper, eating tuna and pbj. Keep everything in high growth etf in tax deferred account.
B-3 – You’ll be dead before you get here of malnutrition.
C 1-2-3 is the toughest. You’ll live like a pauper to save for C-3, you will pay a lot of premium for long term care, health insurance and other coverage during C-1 to C-2 in preparation for C-3, where a long lost relative or professional guardian will find you and bleed you dry until the reaper comes.
Just another good reason not to dine at Applebees.
“People are getting hammered with higher energy costs and food costs…. the White Houses answer was to take them out of CPI. LOL”
The CPI includes energy and food costs- always has.
The BLS also calculates “CPI, less food and energy”. Some economists prefer that metric because food and energy prices can be very volatile.
The BLS also calculates a few other inflation metrics.
They have been doing it this way for decades!
Keep eating all that ground beef and you will turn from Fast Fat Eddie to Fast Dead Eddie.
Fast Eddie says:
August 11, 2023 at 9:14 am
Ground beef is over $5.00 per pound now.
Three years ago it was $3.59 per pound.
No worries, it’s transitory.
The Budweiser tent at Sturgis is packed!
https://www.youtube.com/shorts/2Y9HGSNe0vw
Ha ha, Feinstein and McConnell will never have to worry about retirement. They have a pretty plush pension and benefits, would get even more income as an influencer after they retire, and yet senators never seem to want to retire anyway.
Neither A, B, or C sound like my intended path. I can’t think of any male in my family who made it to age 80, so I have no desire to keep a job into my 70s. My costly hobbies are golf and tennis at somewhat but not extremely expensive country clubs.
I can imagine doing some part time work in retirement at a university if they care about having a finance professor who actually did institutional investing. Probably doesn’t pay much but might get some benefits and keep me interested.
“F” the Rich: https://www.dailymail.co.uk/news/article-12397171/Abandoned-10m-Hollywood-Hills-mansion-built-famed-architect-Richard-Tuil-TRASHED-squatters.html
10:46 Trannies….as far as the eye can see…. why it’s a marketers wet dream!!
10:50 growing old ain’t what it used to be!
Had an HVAC guy come out and quote me $5k to replace the deteriorated duct work in my attic. Looking it over thinking …. DIY….
I’m sticking with the 3 or 4% rule in retirement where I decrease my spending on poor market years and increase my spending when times are good. During the early years of retirement, you really should try to live off the interest on your retirement accounts if that is possible. I plan to take out the largest mortgage that I can since mortgage debt is not paid off in probate unless the heirs want it. The Vegas home should cost around 600K in the current market.
If my current company won’t allow me to work remotely from Vegas, I’ll probably go work at Costco or someplace else that has health insurance for a few more years. Would be great if it was something I actually liked doing.
I have a lot saved.
I could probably live off the interest alone now. The killer is health insurance, especially with the D.
Eddie someone got you on camera, if you really are as fat as you claim to be:
https://www.reddit.com/r/PublicFreakout/comments/15npq0m/best_wendys_commercial_ever/?utm_source=share&utm_medium=web2x&context=3
“Figuring out how much money you need to retire is really tricky. I’m still 10 years away from qualifying for social security, though that will be a really small proportion of my post-retirement income I expect. Future financial repression, inflation uncertainty are the big question marks.”
No One-
The future is unknown. It really makes no sense to worry about possible future “financial repression and inflation.”
Just figure out how much you want to spend each year to live a happy life, and then use “the 4% rule” (or some variation of it) to calculate how much savings you need.
IMO, if the 4% rule worked for someone who retired on the brink of the Great Depression, and for someone who retired during the high inflation of the late 60s and 70s, it’ll probably work for us too.
Life is short. No one on their deathbed ever said “I wish I spent more time at the office”.
Better read up on this as well, from your friends at the American Bar Association.
Should have been titled, how to bilk old people out of their retirement savings:
March 09, 2022
70s Are the New 50s: How Grey Divorce Differs from a Typical Divorce
Scott Levin, Esq. and Patricia C. Van Haren
HVAC,
It’s annoying, but I have four window air conditioners and a steam furnace for radiator heat. My electric/gas bill is $300 month for a pretty large home. I purchased two of my bedroom AC units for $100 each and the third was in my multi when I started renting in 1999 and still works great. The large unit, which cools our entire downstairs was $200. In the 12 years they have been in service, I only needed to replace the large unit once, this year actually.
Putting them in is a pain since you have to weather proof around them with all kinds of foam. Taking them out for the winter is not too bad. The whole thing takes about one hour. The advantage of window units is you only crank them when you go to sleep in the bedrooms. You lower the downstairs unit at night. There are never any repairs, filters that need replacing, etc. I bet they cost one third to operate vs. HVAC.
Anyone moving in the fall/winter months gives away their A/C units at garage sales. No one wants to store them. Same with snowblowers, buy them in the summer, sell before a big snow storm.
But central A/C is a a huge step up from window units. One day you will get old and as osteoporosis turns those vertebrae into powder, and your disks into rubber, expect to get a slipped disc at a minimum lifting those things.
A big part of my business is injuries from boomer thinking they are 20 when they are 65.
“Do not think I would by another Hyundai”
Which is why I abandoned the Telluride idea. My brother said Kia/Hyundai brought in a complete German design department to design their car bodies going forward. They did not improve their engines at all. They are still smaller than normal and use much more aluminum and other thinner metals than the other car brands. He knows I drive my cars till they die. He asked me, “How many old Kia’s do you see on the road?” He’s right. You never see any.
Then, check this out. https://jalopnik.com/hyundai-and-kia-will-lose-2-billion-on-fixing-bad-engi-1849671352
Don’t worry. I’m done with window AC after this year. Will have mini-splits installed going forward.
Enjoys don’t consume oil. Oil leaks into the engine and it is burned.
yet senators never seem to want to retire anyway.
That’s the way crime organizations work. The mafia doesn’t let you retire. These idiots have amassed 100 million dollars by cheating the system. Do they enjoy it in their elder years? Seems like they just get pushed around in a wheel chair and used until they die.
“The killer is health insurance”
Lib-
With the ACA (Affordable Care Act), this may not be as difficult as you think.
The subsidies are pretty generous.
And the subsidy you receive is based on your adjustable gross income (AGI), so if you set up your retirement portfolio in the right way, you can really minimize the amount of your withdrawals that go into your AGI, and maximize your subsidy.
If all your retirement money is in a 401k or trad IRA you are kind of stuck, because every penny of your withdrawls counts toward your AGI (as well as being taxed at regular income rates.
But if you diversify your retirement money to include a brokerage account and/or a Roth IRA, you can withdraw a lot of money that doesn’t go into your AGI (and is taxed at lower or zero rates as well).
For example, with a brokerage account only your capital gains are considered part of your AGI- so if you take out $50k, of which $30k is cap gains, then your AGI is only $30k.
Phoenix 11:09 AM,
I’m not sure what language that guy was speaking but I will say I have about 40 lbs. on him. I’m just under 400 lbs. now and trying my best. Everyone here on this blog that has seen me knows how big I am. ;)
Ex
Get some flexible duct’s and do it yourself. Just make sure to tape both the inside and outside of the sleave to the vents. Did it in my last house, just make sure its on a cooler day
https://www.homedepot.com/p/Master-Flow-8-in-x-25-ft-Insulated-Flexible-Duct-R6-Silver-Jacket-F6IFD8X300/100396936
“A big part of my business is injuries from boomer thinking they are 20 when they are 65.”
Couple weeks ago I did a week long fishing trip in Quebec, and my arm is still sore from casting!
Interesting OC1,
All of my IRAs are ROTH. I reclassified all of the traditional IRAs years ago. My 401k is in the millions (mainly because I contributed the max amount for the first decade I was in it) knowing the value of compounding. But I don’t expect to hit the 401K for another 20 years. As long as I live off the interest in my taxable accounts for the first 20 years, then I should be good. Thanks for the tip!
Anyone with joint pain needs to seriously give yoga a try. Not all the mediation stuff but the poses and stretches. I do it for like 20 minutes 3 times a week. I went through a ton of compressed nerve joint pain in my 20s from my exercise routines and constantly diving for balls in basketball & baseball. It really hampered me from doing a lot in my 30s. I’m turning 43 next month yet my joints feel better than they did when I was in my early 20s.
Ohhhhhh get more popcorn…
BREAKING NEWS: Attorney General Merrick Garland has appointed a Special Counsel in the Hunter Biden Probe..
Problem on my fishing trip was that the friend I fished with most days is a real “heaver”- every cast has to be the absolute maximum possible distance.
So when he drove our little john boat, he would park us like 50 ft off of the weed beds we were fishing. When I drove the boat, I would park us like 20 ft off- much easier on the arm!
Phoenix
I saw that about the cops beating the guy holding a baby. I hope that couple gets millions and the charges dropped. Cops should at least be charged with endangering the welfare of a child for that stunt .
12:30 Governor Newsom likes the sound of that….damn 3 d chess shiiiit
Just in case you were wondering the dad holding his baby is black.
Black people didn’t really have any rights in this country until the the 1960’s
HMB,
Taxpayers will pay. They are the ones getting sued.
You have no idea what your life becomes when they come at you like a pack of rabid dogs.
I still have nightmares years later.
VSG,
Just in case you are wondering, they go after white people as well, especially if you are male, and a female bleats or grunts.
It’s like an episode of National Geographic.
How much do you think GEICO saved by sending out renewal cards on thin and unperforated A4 stock?
You need a scissor to cut out this years renewal cards which are more of less centered on the page. WTF?
Lib, it’s insane that you a multi millionaire have to live in relative squalor schlepping window units up and down your creaky old ass antiquated staircases.
The tradeoff between living standards and paper wealth that people in this country make never ceases to amaze me.
Still nothing built, still nothing back, still nothing better.
Boomer,
For me, it’s always been about having a great (and comfortable) retirement. I always planned to sacrifice luxuries and excesses until I was retired. I just have to make sure I am healthy enough to enjoy it all in the coming years.
Do you know who is probably living a lot like me, though he’ll never admit it. Chifi!
Now excuse my while I step out to mow my lawn.
11:52. I just talked my dude here, I think he’ll do it. He’s a badass Mexican Carpenter we met down the way. I want to cut open the drywall and replace the decrepit shit in the walls too. Over my pay grade.
we’ve got windows open, the insanely beautiful breeze from the Channel Islands. Air conditioning be damn!
12:11 I do yoga stretches regularly,Took classes in Iyengar try it in a swimming pool. transformational.
Which poses/stretches guys?
Went to a couple different beginner yoga classes a while back. Only guy in the room, only one not knowing anything at all.
Felt like a clueless perv, neither of which I desired….
Hips, knees, lower back, and shoulders….
I do the yoga offered by the Peloton classes. I even brought the bricks and belts. Just be happy I’m not shopping at Lululemon. Yet.
Left, I did it off video. Ddp yoga. It’s a combo of physical therapy, calisthenics, and yoga. Works wonders for strength, flexibility, and more importantly range of motion
I’ll also mention this, it has worked wonders on preventing injury as well. Any time I rolly ankle, it doesn’t even get sore and only hurts for like 5 seconds. Years ago, it was an automatic sprain
I fkd up my obturator nerve by going pretzel fold ham during my hip opener Peloton classes. It’s been 2+ months it’s slowly healing, the neuro consults, tingling and inability continue to go ham are a downer.
I’ve just now got back on the bike, but I don’t see myself getting back on the mat for some time.
Median rent in Manhattan hits all time high of $4,400. Average rent a new high off 5,558.
pretzel fold ham… 51’s the MIKE!
Wasn’t that audible the Manning brothers used to bark out when they canvassed the opponents defense?
Omaha! Omaha!
Phoenix
Have you heard of this blues musician? Great voice and lyrics.
https://youtu.be/sqSA-SY5Hro
I hate cars. It is a vice. I grew up as a street kid in Queens. I got a driver license at 25. I see how much people piss away. What a stupid waste! For what?
Libturd says:
August 11, 2023 at 1:56 pm
For me, it’s always been about having a great (and comfortable) retirement. I always planned to sacrifice luxuries and excesses until I was retired. I just have to make sure I am healthy enough to enjoy it all in the coming years.
Do you know who is probably living a lot like me, though he’ll never admit it. Chifi!
No One: you know how this works. More than anything else, you (you specifically, not others on thsi board) probably want to retain a good tax attorney, and go from there. Assume you will die with assets. As a result, make sure that you curate your kids lives into their 20’s & 30’s. Write good Trust documents that wall off your future idiot in-laws that they marry. Set aside money for eventual grandchildren.
The most important thing is that you do not encumber assets with restrictive contracts. You never know what life brings, so flexibility is paramount.
You should take your equity and stop having it reinvest in retirement. Have all of the dividends and capital gains paid out in cash.
Is your place a partnership, how do you offboard there? what are the tax consequences? Can you remain a shareholder as an ex-employee?
Is your wife on the same page with you? Ultimately, first marriage, and also kids are children of first marriage, means that the entire sceanrio is very straightforward.
You will see. Once the kids are out of college, you will feel as if you are sitting on a mountain of money. The biggest questions will be what kind of legacy do you want to leave, how do you want to continue intellectually stimulating yourself, and how do you want to limit taxation. The hardest piece (investing) is not an issue.
Variations of these things exist, but it might be too UHNW for you.
https://www.chicagobooth.edu/executiveeducation/programs/finance/private-wealth-management
I know Wharton and Yale do it too.
No One says:
August 11, 2023 at 10:01 am
With interest rates higher, maybe they will start rebalancing a bit from equities to fixed income.
Figuring out how much money you need to retire is really tricky. I’m still 10 years away from qualifying for social security, though that will be a really small proportion of my post-retirement income I expect. Future financial repression, inflation uncertainty are the big question marks.
Any of you suggest sources that provide advice for high net worth retirement planning? Besides just calling Chifi. Stuff from Fidelity and 401k plans is so mechanical and formulaic.
No One says:
August 11, 2023 at 10:01 am
Figuring out how much money you need to retire is really tricky. I’m still 10 years away from qualifying for social security, though that will be a really small proportion of my post-retirement income.
The only thing I can suggest is you put off taking social security, I actually took mine at the correct age( 66) and get $2000 a month, but my wife waited until 70 and is now only a couple hundred under $4000 a month , but will probably go over that after Joes inflation this year. If for no other reason if you pass, your wife will also get the higher amount.
I have put 90% of my $ into 5.5% cds, my goal is give each one of my kids 2 million apiece, I am there already , but Nursing homes @ $12,000 or more per month can suck you dry. I never touch any money invested but easily live off SS and income from my 4 unit, a little over $4,000 a month. I live well 6 vacations this year two with whole family. You have done very well for yourself, be proud but I am sure government is your partner. I have always been conservative and probably lucky, you just can’t beat hard work and I continue to feed my IRA and wifes IRA with stepped up $7500 for each account yearly.
Chifi,
Thanks, you know all the right topics.
Boomer, hope you heal well…but why the hell in the world would you even attempt something like that?
I’ve been walking min 6 max 10 miles a day. Joints were lighting up, new running shoes helped immensely. Got into a stretching routine pre- and post-, still have real stiffness and soreness on that large muscle group that wraps the outside of the pelvis and disappears into top of quad. Can’t figure out what it is from diagrams, the diagrams are too intricate, but seems to be something like the sartorius or TFL. Was looking for hip stretching exercises, reading up on your nerve and the hip adductor muscles going to take slowly.
Migrant crisis . . .
Obviously, Mayor Adams is crying for federal funds beccause he wants to direct it to his cronies (people who operate rundown apartment buildings getting $4k/month rent per apartment, hotel operators with high govt contracts, “language” services, etc).
If NYC govt wanted to tackle the “crisis” on housing the migrants, he doesn’t need hundreds of scattered sites. A city block is 200 x 800 ft, (160,000 sq. ft), so an office building which takes up an entire block might have a 100,000 sq. ft. floorplate. If each migrant gets a 50 sq. ft. space (say 7 x 7) containing a cot and foot locker (with a spray painted set of lines on the ground to demarcate space), you could house most of the migrants in a handful of vacant office buildings. Let’s say, generously, that 50K sq. ft. is bathrooms and walkways, you could fit 1,000 migrants per floor. Some of these buildings are 40 or 50 stories tall. Even at 20 stories, you are going in the direction of housing all 57,000 people that the city is currently caring for in approximate 2-3 buildings.
As an exxmaple, In 2022, the most expensive office building sale in nyc was 51 West 52nd St. (betewen 6th ave and 5th ave). It sold for $780M, it has 800,000 sq. ft. (about 40 stories tall of 50k sq. ft. per floor). So, it sold for about $1,000/sq. ft. Using my math above, let’s say 25k of space per floor is bathroom and walkways and other common amenities, so you get 25k of space per floor for cots, you are housing 500 migrants per floor (which, kinds matches normal occupancy, where with cubicles, that amount of office space probably accomodates about 300 workers). So, the CBS building (51 West 52nd), alone could accomodate 20,000 migrants or so. Lots of vacant office space in the city.
Sure, some challenges . . . you need to install maybe a floor full of showers to accomodate the residents of such a building. Need some dehumidifiers installed. It will be really hot in the summer with so many people. The sidwalks otuside will be uncomfotable as migrants go out to pass the time with nowhere to go, etc etc
Many ignore that variable
Libturd says:
August 11, 2023 at 1:56 pm
I just have to make sure I am healthy enough to enjoy it all in the coming years
Put the money in Ruth’s. Don’t take the tax deduction.
Jim says:
August 11, 2023 at 8:47 pm
and I continue to feed my IRA and wifes IRA with stepped up $7500 for each account yearly.
Roth’s
Here ya go Stu:
https://www.tiktok.com/t/ZT8NMaCo9/
From the comments on the realty site CR:
OnixOpals
Prices are just as crazy there now…. Americans ruin everything
Chicago says:
August 12, 2023 at 1:41 pm
Put the money in Roths. Don’t take the tax deduction.
I already have Ira’s , it was my understanding you cannot have both, is that still valid?