The Economy

There was a time ... many, many, many, many moons ago ... when your humble correspondent was sort of into really good wine. Couldn't afford jack, but I liked to read about it, etc. I even subscribed to Wine Spectator (and believe me, I was very much the spectator). And on a fancy dinner date with my wife, I overhead some dude ordering a $150 (in today's dollars) glass of a particular first growth Bordeaux. Haughtily I thought to myself, "What a dumbass ... the only reason they're selling that by the glass is it was a terrible vintage."

And then I tipped back a glass of the cheap-o Australian Chardonnay we'd bought ... with a credit card ... that was right at its limit ... that we both would lay awake at night wondering how we were going to pay.

 

My wife and I went to a local taproom last night. We had two beers each. The check came, and it was $28. I cringed.

 

Sounds like my days of picking up Cigar Aficionado every month. We're talking late 90s.
I was given an entire box of Cohiba Esplendidos by a friend of my then father-in-law's who ran a marina that may or may not have been a favorite of some less than legal activities. The box was most likely on a shelf in Havana the day before. I still have the box and every single band all these years later.

 

Wow. That's a 30-pack of Banquet or PBR.

 

Friend of mine attended the government cheese concert at the Beacon in New York City last night and posted a picture of his double makers mark and Coke, which cost him 38 bucks

 

I splurged on a $14 six pack of the local Good People Brewing's Coffee Oatmeal Stout. I'd had it once and hadn't seen it available in a long time and Publix had it on an end cap. Damn good beer.

I like the brewpub stuff, but paying $8 a beer isn't something I'm going to do on the regular.

 

JFC. Is there any kind of good economic news? No matter comes out, somebody has to crap on it.
I know - because my wife told me - our net worth increased decently from Dec. 31, 2022 to Dec. 31, 2023. I'm sure there is something negative about that. I just don't know what it is because I don't obsess over money.

 

I check my retirement accounts every 3-4 weeks and it turned out strong in the last three months with the positive correction after the mess of 2022.

The earlier post on how inheritance is different is fascinating. For those of us with a parent who may have lived in a major metro (with the real estate value increase) could see an unexpected windfall — very different than the past.

That’s my goal is to have two properties to give to each kid — my mom’s place and also mine. Hoping to instill this for future generations. Take what came to you and also add your own to the next round.

 

No disrespect intended here, but you've been saying the same shit for 10 years.

 

There are a number of exceptions, but there are two times when the price of an investment is critical: the moment you buy it and the moment you sell it. Otherwise, it can go left, right, up or down and you don't actually need to care.

"On paper," I'm worth X, and X is larger at the end of 2023 than it was in 2022, but about the same as it was in 2020. However, I paid more for stuff in 2023 than in 2022, so I'm not sure whether I'm ahead or not.

Unless I sell tomorow (or when the stock market or real estate office is open) -- which would be ridiculous since I'd rather keep trying to beat inflation for the time being -- I only have a rough idea of at what value my assets are worth. Of course, the IRS and the County Tax Commissioner care, because they try to assess me based on their best guess of what I'm receiving in interest, dividends, stock sales and perceived home value.

If I tracked Zillow or the 401(k) every day, I'd be wasting more time than I have left. I'd rather worry about other things I can't control, like sports teams and my wife.

 

I used to track my Tribune Company pension estimate regularly in the Zell era and beyond when I was afraid those vultures would do something to it.

But since September, the payouts come every month.