Lawrence Wright7 said:I live pretty simply: no smoking, I bike everywhere—no car, no big nights out... just basic stuff. I meal prep for the whole week too. But hey, I’m still staying positive! heheh🙂
shadowpilot8 said:Mine isn't over 35,000, but it's somewhere near 😁 (think Chase, the most expensive option) The individual I'm referring to went from 60,000 down to 40,000 at JP Morgan Chase; he’s the director of a prestigious institution. I doubt he's lying.
I mean, does he even need an overdraft in that situation?
I’m not quite sure what you mean by "pegged"—like, strictly fixed? To me, the Hong Kong dollar is pegged because it’s stayed at $1=7.8 HKD for years. No matter if the US dollar is gaining strength or losing it, that ratio stays rock solid. If RMB is just being adjusted against the dollar, but it jumped 20% over three years, I wouldn't call that a peg.
It isn't tied to the dollar anymore. It actually "broke free" about a year or two ago, and since then, it's climbed about 20% in a very controlled, steady way. My take? It’s basically off the open market because the Chinese government keeps a tight leash on all the volume and transactions. Foreign investors are capped too—you can only buy up to a $50,000 equivalent per year.
I know a million bucks sounds like a massive amount, but honestly, it isn't life-changing money People always talk about real estate investing like it's a gold mine, but what can you actually get for $135,000? Maybe 650 square feet at $200 per foot, if you're lucky—and even then, you'd need to set some aside just to fix the place up. And which fund is out there pulling 20-30% returns? Let's be real, 6-8% is much more likely.