A Little Perspective
Jonathan Clements | November 20, 2018
TODAY WAS PAINFUL. How painful? Think of the financial losses:
- Homeowners who closed on their house sale might have lost as much as 6% of the proceeds to real-estate commissions.
- Car buyers who picked up their new vehicle probably gave up more than 10% of the purchase price just by driving off the dealership lot.
- Those who signed separation agreements with their soon-to-be-ex spouse likely surrendered 50%.
- Investors who bought load funds might have been nicked for 5.75%.
- Employees who got their paycheck were dunned 7.65% for payroll taxes, maybe 12% for federal income taxes and perhaps 3% for state income taxes.
- Those who then spent their paycheck might have lost another 5% to sales taxes. And if the money they spent was $100 in cash withdrawn from an out-of-network ATM, they could have lost another $3 to bank fees, or 3%.
Oh yeah, the S&P 500 also slipped 1.82%. Thank goodness for small losses.
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