Superman Comic Saves Family Home From Foreclosure 217
A couple's home was saved from foreclosure after they found a copy of Action Comics #1 in a box in the basement. From the article: "In a statement released through ComicConnect, the owner of the prized comic book said the family was still 'a little shell shocked' after the unexpected find. 'I was so nervous when I realized what it was worth,' the owner said. 'I know I am very fortunate but I will be greatly relieved when this book finds a new home.'"
Superman saves a home... (Score:3, Insightful)
Superman saves family ... (Score:5, Insightful)
"Superman Comic Saves Family Home From Foreclosure"
rather than the more sensationalist:
"Superman Saves Family"
Re:Faster than a speeding (Score:1, Insightful)
Hopefully he was nowhere...
A roof over one's head is a necessity but stocks are tantamount to gambling by people who are just far too greedy in the first place...
They still have a mortgage? (Score:5, Insightful)
What kind of mortgage do these people have where they are still paying it off after ~60 years?
This is a commentary... (Score:2, Insightful)
Re:they have owned the home since the 50's (Score:5, Insightful)
yes, because no one has any legitimate need to do that, like sending someone to college, or stating a business.
Twit.
Re:Faster than a speeding (Score:1, Insightful)
Hopefully he was nowhere...
A roof over one's head is a necessity but stocks are tantamount to gambling by people who are just far too greedy in the first place...
Not this bs again...
Go read "Security Analysis", "The Ascent of Money" and "The Intelligent Investor". The only people who think like you are those who little or no understanding of economics and it's history.
Re:Faster than a speeding (Score:2, Insightful)
Re:they have owned the home since the 50's (Score:3, Insightful)
Starting a business, on the other hand, nobody has a "need" to do. And it is not for the faint of heart or wallet. If you can't afford to lose it, then you should not risk it.
Re:Where did you get your information? (Score:3, Insightful)
The vast majority of stock trading does nothing whatsoever to raise capital for businesses. Most of it is a form of legal gambling.
Well then. (Score:4, Insightful)
Re:Where did you get your information? (Score:4, Insightful)
It's not purely gambling. It's also a bit of pyramid scheme. As long as people keep putting more money into the stock market, stocks go up (to unreasonable heights), and when they get out because they need the money for something else, the whole thing collapses like a house of cards. First one to get in and the first one to get out win. Others lose.
Re:This is a commentary... (Score:1, Insightful)
Everything is worth whatever people will pay for it. A comic book does in fact have real value as long as someone, somewhere will pay for it.
Let me repeat, this is true of everything. Whether it's your TV set, the business you work at, the gold bar you found in the attic, or the cash in your wallet. None of it has any worth other than what someone, somewhere will trade for it.
If someone buys that comic it's because they either think it's worth that much "work" (whatever they did to collect the money) or because they think it is a good investment that they can sell later to someone for more value than they put into it.
Think of the comic as a 250k dollar bill and someone wants to trade 250k government treasury notes for it. It's just another trade like buying bread.
Nothing has any real value in the context of you're thinking of because your understanding of "real value" is fundamentally flawed.
Re:They still have a mortgage? (Score:1, Insightful)
Read the first page of TFA. "The couple had recently taken out a second mortgage on their home to start a new business, which failed in the uncertain economy."
That's why OP mentioned a 60+ yr mortgage.
Re:Well then. (Score:3, Insightful)
Except the alternatives to capitalism have been horribly oppressive, dehumanizing, and found not to really work at all.
I can handle that rich guys buy rare comics. No biggie. I also get to eat, sleep in my own bed, and buy trite shit myself.
Please go start your super society on some island somewhere. I'll give you 6 months before it becomes a new Jonestown or at best a new Cuba.
Re:let me see.... (Score:2, Insightful)
Re:Well then. (Score:2, Insightful)
Re:This is a commentary... (Score:5, Insightful)
Re:Faster than a speeding (Score:3, Insightful)
I think what you're failing to see is that your "retirement investments" are a gamble. You may have invested $10,000 per year for 20 years (total investment: $200,000). If you had put your money in a safe and not touched it, you would have exactly that amount. By putting it in a retirement fund, it is being gambled with every day. You may have $1,000,000, or you may have $1.
I was recently reviewing someone's 401k. They were laid off about a year ago, and that 401k is all they have left. They have about $40,000 invested into it. Not too long ago, it was worth $115,000. Today, it's worth about $30,000, and still dropping daily. When they cash out, they'll come out with something in the ballpark of $25,000.
They will be cashing out soon, haven't found a job and it doesn't look hopeful to happen before their other savings have been completely depleted,
I'm sure plenty of people will argue with me, but taking a $40,000 investment and only getting $25,000 is not a a good plan. For those who do, I'll be more than happy to start up a retirement fund for you. I'll take your money, and give you 65% of it back when you need it most. Sounds stupid when it's put into those terms, doesn't it? That's because it was, no matter how it was decorated for you when you bought into it.
Re:They still have a mortgage? (Score:1, Insightful)
Still no answer to the question: What kind of FIRST mortgage do these people have where they are still paying it off after INHERITING the house?
Re:Faster than a speeding (Score:3, Insightful)
It all depends on your view of retirement. It could be argued that at the age of 65, you will retire. You can plan for your 65th birthday to be your retirement date, and then take the funds out at that time. As you said, you should shift your funds to "less risky" options. That in itself says it's without risk.
These days, we don't get the luxury of deciding that we are retiring at 65. Sometimes we get a few months notice when they cut you loose for early retirement. These days, you are lucky to have two weeks notice, and it's rarely at retirement age. You'll find your department is closing, your job is being outsourced, or any of hundreds of kind ways they can say "you no longer have work." About half the people I've known to be cut loose in the last couple years have only had the luxury of being called in to talk to the boss, followed by a less than friendly escort to the door, and a company wide email saying "To all staff, Kronos does not work here any more. He is not allowed access to any company resources, and staff are not permitted to have contact with him." Regardless of how insensitive that sounds, I've read that email more times than I care to.
So, when are you going to retire? I guarantee it won't be on your schedule. If your schedule and the stock market don't coincide, then you are SOL. If you retired in the last couple years, did you really have a choice of when to dip into the retirement fund? I guess if you were making mad money, and had a bunch of money in the bank, then you're ok. For the rest of the world, you take what's in the retirement funds and cry about it until it's gone.
Re:Faster than a speeding (Score:3, Insightful)
Just curious..where do you live?
Around here...the max unemployment wouldn't even cover my rent?!?!
Ok, it would..but there would only be about $100-$200 left over a month from it maybe, and that leftover wouldn't cover power, car payment, insurance...the necessities of life.