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Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Can my employer limit my maximum 401k contribution amount (below the IRS limit)? ### Answer: YMMV, but I don't accept non-answers like that from HR. Sometimes you need to escalate. Usually when I get...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do people buy new cars they can not afford? ### Answer: There are many reasons for buying new versus used vehicles. Price is not the only factor. This is an individual decision. Although interes...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do people buy new cars they can not afford? ### Answer: If everyone bought used cars, who would buy the new cars so that everyone else could buy them used? Rental car companies? Your rant express...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do people buy new cars they can not afford? ### Answer: Two reasons: Many people make lots of financial decisions (and other kinds of decisions) without actually running any numbers to see what i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do people buy new cars they can not afford? ### Answer: I had a 2000 Chevy Cavalier until late 2011. It worked well, but was very definitely at the end of its life. This was a low-end car, certai...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do people buy new cars they can not afford? ### Answer: The car you dream of might not be available in your local used car market. Or if it is, there might be something wrong with it. Here are s...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do people buy new cars they can not afford? ### Answer: Many reasons So in general you are paying more for peace of mind when you buy a new car. You expect everything to be working and if not you...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do people buy new cars they can not afford? ### Answer: I would answer your question very simply: marketing works. "If you don't have a new F-150, you are not a real man." for men, and "If you d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do people buy new cars they can not afford? ### Answer: Most people today (and maybe regardless of era) are irrational and don't properly valuate many of their purchases, nor are they emotionally...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do people buy new cars they can not afford? ### Answer: If you don't know how to fix your own car or have time to take car parts off of a car at a junk yard, the average amount of money per month...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I still need to file taxes with the Canadian government if I am working in the U.S. on a TN visa for a few years? ### Answer: You are considered a Canadian resident if you have "significant residen...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Do I still need to file taxes with the Canadian government if I am working in the U.S. on a TN visa for a few years? ### Answer: The other answer has mentioned "factual resident", and you have raised ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: I was given a 1099-misc instead of a w-2 what are my next steps? ### Answer: I agree that you should have received both a 1099 and a W2 from your employer. They may be reluctant to do that because som...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does doing your “research”/“homework” on stocks make any sense? ### Answer: Doing your homework means to perform what's more accurately called "fundamental analysis". According to proponents of fundam...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does doing your “research”/“homework” on stocks make any sense? ### Answer: TL;DR: Sure, "do your own homework" is sometimes a cop out. But that doesn't mean we shouldn't do our homework. I agree that...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does doing your “research”/“homework” on stocks make any sense? ### Answer: The markets are not as information efficient as some might have you believe. But on the contrary, looking up what the aggreg...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Does doing your “research”/“homework” on stocks make any sense? ### Answer: In fact markets are not efficient and participants are not rational. That is why we have booms and busts in markets. Emotion...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do interest rates increase or decrease? ### Answer: My answer is specific to the US because you mentioned the Federal Reserve, but a similar system is in place in most countries. Do interest rates...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why do interest rates increase or decrease? ### Answer: Fundamentally interest rates reflect the time preference people place on money and the things money can buy. If I have a high time preference t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: Yes, and the math that tells you when is called the Kelly Criterion. The Kelly Criterion is on its face about...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: I think the key to this question is your last sentence, because it's applicable to everyone, high net-worth o...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: There are 2 maxims that help make sense of insurance: Following those 2 rules, "normal" insurance makes sense...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: The point of insurance is to trade high variable costs for much lower fixed costs. The question isn't whether...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: It depends. "High net worth individuals" is very subjective. Lets say a person is worth 1.5 million. High...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: The general answer to this is "yes". When you're dealing with single-digit millionaires, the answer is that ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: Simply put, it makes sense from the moment you can afford the loss without negative consequences. For example...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: There is an economic, a social and a psychological side to the decision whether to buy insurance or not, and ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: I'm going to take a very crude view of this: Suppose that you have an event that would cost $100,000 if it oc...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: While a lot of the answers focus on cost to replace and how much money you should have for tangible goods. Th...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: The point about insurance is solidarity. Think about this: In London a few hundred years ago people first sta...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: I think that insurance is one of the best things ever created for this reasons: ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: Let's face it: most people pay more in insurance premiums than they "get back" in claims. I put "get back" i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: Indeed, there is conservation of money. If the insurance companies have those big buildings and television c...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: For very high-net worth individuals, does it make sense to not have insurance? ### Answer: Everyone is usually better off without insurance. A very few people are much better off with insurance. Ins...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: At tax time, what is the proper way to report cryptocurrency earnings and fiat income when you've started with “nothing”? ### Answer: In 2014 the IRS announced that it published guidance in Notice 201...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Relative worth of investment versus spending for the economy ### Answer: I don't think that there's a specific number or index that gives you what you're looking for. I think the closest thing to it...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Relative worth of investment versus spending for the economy ### Answer: I believe you're looking for some sort of formula that will determine how changes in savings, investing, and spending will aff...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Which % of the global economy is considered “emerging”? ### Answer: The company that runs the fund (Vanguard) on their website has the information on the general breakdown of their investments of tha...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Recommended finance & economy book/blog for a Software Engineer? ### Answer: Start at Investopedia. Get basic clarification on all financial terms and in some cases in detail. But get a book. One rec...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Recommended finance & economy book/blog for a Software Engineer? ### Answer: Another good economic comment blog is Naked Capitalism. ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Recommended finance & economy book/blog for a Software Engineer? ### Answer: For economics I recommend mises or these videos to get you started. For daily critical analysis of financial markets, keyn...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How does the debt:GDP ratio affect the country's economy? ### Answer: Is it not that bad? Depends how bad is bad. The problems causes by a government having large debt are similar to those caused by ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is the effect of a high dollar on the Canadian economy, investors, and consumers? ### Answer: It depends primarily on how the Canadian economy is designed i.e export oriented or import oriented. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the benefits of opening an IRA in an unstable/uncertain economy? ### Answer: IRAs have huge tax-advantages. You'll pay taxes when you liquidate gold and silver. While volatile, "the stock mar...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the benefits of opening an IRA in an unstable/uncertain economy? ### Answer: Regarding investing in gold vs. stocks, I don't think I could say it better than Warren Buffett: You could take al...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the benefits of opening an IRA in an unstable/uncertain economy? ### Answer: Even Gold lost 1/2 of it's value between 1980 and 2000. You would not have fared well if you retired during that...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the benefits of opening an IRA in an unstable/uncertain economy? ### Answer: You bring up a valid concern. IRAs are good retirement instruments as long as the rules don't change. History ha...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the benefits of opening an IRA in an unstable/uncertain economy? ### Answer: Yes, it's possible to withdraw money without penalty but you have to do it in a special way. For example you have ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the benefits of opening an IRA in an unstable/uncertain economy? ### Answer: As I stated in my comment on @JCotton's answer, the only way you benefit by putting your money in an IRA or other ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What are the benefits of opening an IRA in an unstable/uncertain economy? ### Answer: Your are mixing multiple questions with assertions which may or may not be true. So I'll take a stab at this, comm...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is everyone saying how desperately we need to save money “in this economy”? ### Answer: You ask a few different, though not unrelated, questions. Everywhere you turn today, you hear people talk ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is everyone saying how desperately we need to save money “in this economy”? ### Answer: As you point out in your question your risk level is personal. If you really believe your job is stable the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is everyone saying how desperately we need to save money “in this economy”? ### Answer: I would add to the other excellent answers that another factor besides just high unemployment numbers is the...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is everyone saying how desperately we need to save money “in this economy”? ### Answer: It's all about risk. In 1990, expressing the idea of the US defaulting on debt payments would result in you ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is everyone saying how desperately we need to save money “in this economy”? ### Answer: Saving some money for the future is a good idea. But how much to save is a tough question. I retired with ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is everyone saying how desperately we need to save money “in this economy”? ### Answer: This was called Financial repression by Edward S. Shaw and Ronald I. McKinnon from Stanford (https://en.wiki...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Will I get taxed on withdrawals from Real Cash Economy games? ### Answer: Situation #1: I keep playing, and eventually earn 1000 PED. I withdraw this. Will I get taxed? If so, by how much? This is p...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Will I get taxed on withdrawals from Real Cash Economy games? ### Answer: Income from a hobby is tax exempt under Dutch law. To consider whether it's hobby, a few rules are applied such as: How much t...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Investment / Savings advice in uncertain economy ### Answer: $23,000 Student Loans at 4% This represents guaranteed loss. Paying this off quickly is a conservative move, while your other investments m...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Investment / Savings advice in uncertain economy ### Answer: An alternative to a savings account is a money market account. Not a bank "Money Market" account which pays effectively the same silly rat...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I park my money if I'm pessimistic about the economy and I think there will be high inflation? ### Answer: For diversification against local currency's inflation, you have fundamentally 3...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I park my money if I'm pessimistic about the economy and I think there will be high inflation? ### Answer: If you think your cash will buy fewer goods in the future due to inflation, are ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I park my money if I'm pessimistic about the economy and I think there will be high inflation? ### Answer: Given those assumptions (which I happen to think are reasonable) it seems to me ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I park my money if I'm pessimistic about the economy and I think there will be high inflation? ### Answer: Taking into account your POV I would recommend mostly goods that will be harder ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I park my money if I'm pessimistic about the economy and I think there will be high inflation? ### Answer: Typically in a developed / developing economy if there is high overall inflation...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I park my money if I'm pessimistic about the economy and I think there will be high inflation? ### Answer: Apart from some of the excellent things others say, you could borrow money in AU...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Where should I park my money if I'm pessimistic about the economy and I think there will be high inflation? ### Answer: The best investment is always in yourself and increasing your usable skills. If ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How is gold shared in worldwide economies? ### Answer: Money is no longer backed by gold. It's backed by the faith and credit of the issuing government. A new country,say, will first trade goods for d...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How is gold shared in worldwide economies? ### Answer: You might want to read about about the Coase Theorem. "In law and economics, the Coase theorem, attributed to Ronald Coase, describes the econom...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How is gold shared in worldwide economies? ### Answer: I think you are asking a few questions here. Why is gold chosen as money? In a free market there are five characteristics of a good money: Gold a...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Totally new to finance, economy, where should I start? ### Answer: A couple of good books I enjoyed and found very understandable (regarding the stock market): As for investment information you can ge...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Totally new to finance, economy, where should I start? ### Answer: If you're looking to invest using stocks and shares, I recommend you set up an account at something like Google Finance - it is free ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Totally new to finance, economy, where should I start? ### Answer: I'd start with learning how to read a company's financial statement and their annual report. I would recommend reading the following:...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Totally new to finance, economy, where should I start? ### Answer: I'm going to be a bit off topic and recommend 'The Only Investment Book You'll Ever Need' by Andrew Tobias. It doesn't start with des...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Entering the stock market in a poor economy ### Answer: Forecasts of stock market direction are not reliable, so you shouldn't be putting much weight on them. Long term, you can expect to do better i...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Entering the stock market in a poor economy ### Answer: Buy low and sell high. Right now stocks are cheap (or at least cheapish). If you wait for better forecasts, the price will be higher. They mi...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Entering the stock market in a poor economy ### Answer: Well, you probably already know this, but no-one can guarantee you results...in any economic climate. Even traditionally low risk investments n...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Entering the stock market in a poor economy ### Answer: Are you kidding? The stock markets just took a nose dive this week. Perfect buying opportunity. Just be sure to dollar cost average your way in ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Entering the stock market in a poor economy ### Answer: If you have a long enough time horizon, investing in the stock market while in a bad economy can turn out to be a very smart decision. If you ne...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Entering the stock market in a poor economy ### Answer: Wow I love some of these answers. Remember why you are investing in the first place. For me I like Dividend stocks and Dividend Capturing. Here...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How should residents of smaller economies allocate their portfolio between domestic and foreign assets? ### Answer: why should I have any bias in favour of my local economy? The main reason is because...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How should residents of smaller economies allocate their portfolio between domestic and foreign assets? ### Answer: We face the same issue here in Switzerland. My background: Institutional investment ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a 'saver' maintain or increase wealth in low interest rate economy? ### Answer: Since the other answers have covered mutual funds/ETFs/stocks/combination, some other alternatives I like - thou...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a 'saver' maintain or increase wealth in low interest rate economy? ### Answer: Personally, I invest in mutual funds. Quite a bit in index funds, some in capital growth & international. ###en...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: How can a 'saver' maintain or increase wealth in low interest rate economy? ### Answer: I think this is a good question with no single right answer. For a conservative investor, possible responses to...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: If our economy crashes, and cash is worthless, should i buy gold or silver ### Answer: Neither. Food, fuel, and tools. Books on how to make and use basic tools -- the books published for farmers who ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are some countries' currencies “weaker”? ### Answer: 1:30 is not stronger than 1:79. These are just numbers. Trading 1:120 in 2008 and 1:79 now vs. trading 1:31 in 2008 vs 1:30 now is much better...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are some countries' currencies “weaker”? ### Answer: The answer from littleadv perfectly explains that the mere exchange ratio doesn't say anything. Still it might be worth adding why some curren...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why are some countries' currencies “weaker”? ### Answer: You may as well ask why a piece of wood is 25 centimeters long but only 10 inches. Most units of measure are very arbitrary. Somebody decides ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is economic growth so important? ### Answer: One of the best answers to this question that I've ever read is in a paper published by Robert Lucas in the Journal of Economic Perspectives. That jou...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is economic growth so important? ### Answer: If you have an increasing population but a steady supply of wealth then there will be a perceived effect of decline. As the average person can afford...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is economic growth so important? ### Answer: Wealth is not distributed equally in any economy. And, even if it were, differentiation between people would lead to different interests being expres...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is economic growth so important? ### Answer: There is an economic principle called "non-satiation," which translated into plain English means "people always want more." (This was best illustrated...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: Why is economic growth so important? ### Answer: nan ###end
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What is the main purpose of FED increase and decrease interest rate? ### Answer: When inflation is high or is rising generally interest rates will be raised to reduce people spending their money and ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: what's the best option to save money on everyday expenses? ### Answer: There is a saying in business: what gets measured gets done. Track every expense you make. Later, look over what you have learne...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What implications does having the highest household debt to disposable income ratio have on Australia? ### Answer: Stock market Tends to follow the DJIA and FTSE, so unlikely to see an Australia-only ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What implications does having the highest household debt to disposable income ratio have on Australia? ### Answer: I'd like to see a credible source for "the highest", but it's certainly fairly high. ...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What implications does having the highest household debt to disposable income ratio have on Australia? ### Answer: It is basically the same situation what US was when the crash happened. People took o...
Below is an instruction that describes a task. Write a response that appropriately completes the request. ### Question: What economic growth rate is required to halve U.S. unemployment? ### Answer: Two points. ###end