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Originally Posted by DAVES
Having worked and saved. I was an overnight success it only took me 45 years of hard work and saving, I did not qualify for a covid check. I will once again be forced to pay for it.
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I didn't have kids, but was forced (and am still forced) to pay for the public education of everyone else's kids. I haven't ever needed the fire department at my house, but I've been forced to pay for their salaries anyway. I've never needed the grass on the town property in any town I've ever lived in, but I've been forced to pay for the landscaping anyway.
In MY country, we call it "civilization." Your mileage may vary.
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Social Security-first of all I was self employed. For people who work for an employer, you pay roughly 7% to social security. Your employer pays the same for you-essentially tax free income. I paid 13% being self employed.
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That's up to the first $142,800. If you earn more than that, you pay ZERO social security tax on the excess. The more you make, the lower your overall percentage is. The wealthy pay the smallest percentage, and get the biggest payout.
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Bit coin. I am not buying it. The reality is interesting. No one knows who started it. The name applied does not even exist. There are guesses. It is not sure if it is a man or a woman or perhaps a group of people. You can make money as it a highly volatile.
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The name is bitcoin, not bit coin. It's one word, and it's been around since 2008. You aren't required to buy into it, we still rely on dollars here in the USA. But just because you don't like it, doesn't mean it's not useful. You know when you buy insurance, you are betting on the worst case scenario. You're betting you'll die, or lose a limb, or go blind, or need chemotherapy, or wreck your car, or burn down your house. You are betting against yourself. And the insurance company is betting that you'll be happy and healthy and lacking drama long enough to keep paying for absolutely nothing. You bet against yourself, and pay every month or year for the privilege.
If you're looking at what makes sense, I'd say a crapshoot with bitcoin makes a lot more sense than betting against yourself and paying monthly for the privilege with no return at all.
But what do I know - I'm retired, not wealthy, not much in savings, and my biggest debt is my credit card which I owe under $100 on this month.