A Little Perspective

Jonathan Clements

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 And if the money they spent was $100 in cash withdrawn from an out-of-network ATM, they could have lost another $3 to bank fees, or 3%.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.

Follow Jonathan on Twitter @ClementsMoney and on Facebook. His most recent articles include Simple Isn’t Easy, Fanning the Flames and Just Asking.

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