A real snail-mail letter?
Might be a real thing.

Recently, AARP did a study of the largest fund families in 1989 and in March 2024.
Vanguard was at #5 with less than $50B in assets in 1989 and now is #1 with $8T in assets (grew 160 times).
Currently, in #2 position is ishares + BlackRock at $3T. BlackRock was also #2 in 1989 with $97B.
Both Fidelity and BlackRock grew from $97B in 1989 to $3T in 2024.
(Those with AARP membership probably can access that study if you are curious about it.)
When the #1 firm is 2.6 times the size of the #2 firm and it reached those heights by grossly undercutting competition on price, there is bound to be collateral effects. So, now Vanguard is looking to shed all the smaller clients. I do not know what their end goal is but the transition is bound to be bumpy.
As part of their transition, they are divesting their small business retirement accounts / plans.
https://www.ascensus.com/about-us/press-room/news/ascensus-to-acquire-vanguard-individual-401-k-multi-sep-and-simple-ira-plans/
So, that is a clue for those with small Vanguard fund investment, even if you have a large brokerage account with them. I have owned Vanguard ETFs outside Vanguard because of their service quality and a brokerage platform that is subpar. It will be interesting to see what the post-transition Vanguard will look like.

How far does $1M go in to NYC (Manhattan)? Not very. A $50K salary elsewhere would need to be $150K in NYC. Use this Calculator (linked below) to compare costs to where you live now.
cost-of-living/index

Doesn't that figure really depend on where "elsewhere" is? Even Boise, Idaho would cost over 25% more than your base $50K, using the CNN calculator.
And for that matter it also matters where "here" is - Manhattan's population is less than 20% of NYC's; Manhattan's land area is under 8% of NYC's.
According to the same calculator, one would need "only" $87K to live in Queens (another part of NYC) - where 40% more people live than in Manhattan. While that's far from inexpensive, it helps to look at where "real" people live. Queens has the reputation of being NYC's bedroom borough.

Also welcome to extremes..some have...many have not. 25% are millionaire and 20% are below the poverty line.
...
cost-of-living-calculator/city-life/new-york-manhattan-ny

This NerdWallet site is similarly confused about NYC. The URL and the drop down city selector say "Manhattan", and its top line figure, "median salary in New York (Manhattan), NY is:$51,270. Yet in the detail data, it gives the population as 8M (all of NYC) and the average salary per person as $31,417. Hard to tell what "average" means, though I'm guessing it is calculated across the whole city, not just the 1/5 of people living in Manhattan.
Here are some "alternative facts". Directly from the US Census Bureau, the per capita income in NYC (8M people) is $48,066. Since not everyone works, that makes the mean (not median) salary higher than $48K. Another page (SmartAsset) claims that "According to the U.S. Census Bureau’s 2020 American Community Survey 5-Year Estimates, the average individual income in New York City is $107,000."
The level of poverty in NYC is not good, though it is lower than cities such as Detroit, Laredo, Cincinnati, Memphis, Baton Rouge (all above 25%), Richmond, Miami, Tuscon, Atlanta, Dallas, Columbus (all above 20%). The whole country needs to do better.
100 largest US cities ranked by poverty level (sourced from US Census Bureau)
US metro areas w/highest and lowest poverty rates - Madison Trust Co. analysis of Census Bureau data - percentage of households w/income under $35K (noting that HHS defines poverty line as $30K income).
That last source gives Albany, GA as the 6th poorest metropolitan area. I mention this because that is the baseline area used by CNN/Money (see above) for how far $50K would go in other areas.

Well, NY has about 4% millionaires, but it is still behind Tel Aviv which has about 10%.
https://www.i24news.tv/en/news/israel/economy/1663172527-israel-nearly-1-in-10-tel-aviv-residents-is-a-millionaire-study

FD makes a different apples-to-oranges error. Consistent source (Henley and Partners) cited, but different years. The i24 News piece references the 2022 study which reported 42,400 millionaires in Tel Aviv (detailed data is in Middle East top 5), while the current study reports "only" 24,300. Over a 40% decline.
https://www.henleyglobal.com/publications/wealthiest-cities-2024

80K $12.50 beers could last a very long time.
But seriously, my 1200 sq ft house in western Washington is zillowed at $650K. The house I grew up in the Mississippi Delta, a bit larger, of similar age and condition, is zillowed at $16K. Since I own my house outright, I could sell it and move "home" and be half-way to being a millionaire before you factor in my pensions, SS, and savings. Indeed, a moderately middle-class existence could, overnight, be converted to privileged just by a move to the land of my origins.

The most important is the total performance and for many the risk-adjusted performance. I can generate an income very easily.
Suppose you are at Fidelity and you have one million invested in FXAIX(SP500). You can set up in 2 minutes a monthly sell order, on a certain date, for $3K(or another amount) to go on for months-years until you stop it. You just created an income monthly stream.
Basically, a fund that generates double the income of the SP500 but lags by 1% annually is still inferior. It is just a math exercise that the income crowd refuses to admit.
Income VS TR(total return) is one of the oldest discussions that have led the income crowd to miss a lot of performance since 2010.
I'm not against income, I'm against people who go blindly after income.
==========
While a low expense ratio is desirable, there are plenty of exceptions.
PRWCX in the last several decades.
PIMIX from 2010 to 2018.

@hank - "a $12.50 can of Bud" ??? !!!

Well, NY has about 4% millionaires, but it is still behind Tel Aviv which has about 10%.
https://www.i24news.tv/en/news/israel/economy/1663172527-israel-nearly-1-in-10-tel-aviv-residents-is-a-millionaire-study

Thanks @catch22. - A nice hour + drive north when I worked in the Detroit metro area, Also known for a huge Christmas decoration store open 12-months. Remember a pleasant river cruise once on a stern-wheeler. Chicken dinners of course … Not far from the fertile Saginaw Valley agricultural area. So them chickens ought to be plenty fresh.
Excerpt is from Franklin Insurance’s webpage. Do your own due diligence if considering:
Headquartered in Frankenmuth, Michigan, and doing business in 15 states, Frankenmuth Insurance is financially sound, with $1.8 billion in assets. The company has an A.M. Best rating of “A” (Excellent).

--- What: The COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance programs provide funding to help small businesses recover from the economic impacts of the COVID-19 pandemic.

--- An official letter has been received stating that: Dear Sir or Madam, We are reaching out to you regarding a loan taken out in your identity with the U.S. Small Business Admin. (SBA). This letter is to inform you that we believe your identity may have been used, without your knowledge or permission, to obtain a COVID-19 Economic Injury Disaster Loan (EIDL) for which you never received any of the loan proceeds. The SBA is committed to working with you to resolve this unfortunate situation.
--- All of the phone numbers and contact information in the letter matches the SBA online site correctly. So, the letter itself is not fraudulent. ALSO included is the loan #.
We already have 2 'free' credit watches from data breaches at a hospital and United Healthcare's 'Change Healthcare' data site that provides data for/from numerous hospitals and insurance companies. Geez !!!
Question? Has anyone here had this 'experience' and readily resolved this issue?
Thank you in advance,
Catch

@hank +1. No doubt. I must admit I hadn't thought of it that way.

How far does $1M go in to NYC (Manhattan)? Not very. A $50K salary elsewhere would need to be $150K in NYC. Use this Calculator (linked below) to compare costs to where you live now.
A$50K retirement income would need a $1.2M portfolio (at a 4% SWR). One would need a $3.6M portfolio to fund the $150K (a 4% SWR) retirement income to pay your bills in NYC.
cost-of-living/index
Housing is a biggy.
Median 2-bedroom apartment rent = $5,743
Median home price (3BR, 2BA) = $2,743,333
Also welcome to extremes..some have...many have not. 25% are millionaire and 20% are below the poverty line.
Average salary per person
$31,417
Unemployment rate
9.00%
Percent below poverty
19.40%
Public schools get low grade so if you are considering private schools:
Estimated average private high school tuition
$34,987 / year
source:
cost-of-living-calculator/city-life/new-york-manhattan-ny
Green Acres is the place to be.
Farm livin' is the life for me.
Land spreadin' out so far and wide
Keep Manhattan, just give me that countryside.
New York is where I'd rather stay.
I get allergic smelling hay.
I just adore a penthouse view.
Dah-ling I love you but give me Park Avenue.
...The chores.
...The stores.
...Fresh air.
...Times Square
You are my wife.
Good bye, city life.
Green Acres we are there.
source: https://lyricsondemand.com/tvthemes/greenacreslyrics.html

While it was never even a fleeting consideration (I'm a wild outdoors guy) I can now confirm that I won't be moving there anytime soon. Couldn't come close to competing. I do enjoy visiting however.

@Mark. I’m considering moving there so I may become a millionaire too. :) An armed guard unlocking the beer cooler and watching while I read the label off a $12.50 can of Bud was very motivational …
Enjoy visiting too. The sensationalist media is doing its best to deter visitors. Tourism is down compared to pre-Covid. Afraid this will eventually impact the quality of live performances and other culturally rich assets the city is renowned for.

@larryB Yes, and so much more. The community is a tourist destination year around.
Events of all flavors are in place, dependent upon the time of year. Including, Bonner's; reportedly the worlds largest Christmas themed store. I suspect 'hank' won't chastise me too much for stepping in with this info. And yes, the insurance company noted is from this community; and has been in business since 1868 (156 years).
Frankenmuth

Either way you still need to buy/sell a MMF or other cashy fund @ Schwab to make the $$$ available to avoid a short-term margin loan. (T-1 helps, but still, that friction is annoying)

@MikeM, T+1 will reduce the payment time by 1 day at all brokers - whether m-mkt fund is core (Fido, Vanguard) or not (Schwab).
So, on the 0-day (trade day), buy a stock/ETF/CEF anytime during the day. Also enter m-mkt order at Schwab to fund the purchase before the 4pm market close. One need to do this for mutual fund orders now. All will settle fine on T+1. But in cash or IRA a/c without cash available in core, the online buy may not be allowed (at Fido, Schwab, but OK at Vanguard) - however, no issues with margin a/c.
Flip side is that on sale of stock/ETF/CEF on 0-day, one can also enter a buy order for m-mkt fund at Schwab by the 4pm market close. Right now, it's different for the sale of mutual fund vs stock/ETF/CEF.

Auto insurance rates: As most of you are aware, the 'high tech' in autos/trucks adds a large dollar cost to repairs or determining whether a vehicle is 'totaled' after a collision.
This article link provides a small overview of repair cost changes.
ADD: A neighbor had very small cosmetic damage to a front fender and headlight assy. on a 2023 Chevy Silverado truck. This was from a co-worker backing into his truck at a parking lot and was paid for by the co-workers insurance. The repair cost was $1,250.
The cost may be higher for more damage. From an online check: Replacing the entire headlight assembly can cost as little as $30, rising to upwards of $4,000 for the parts, depending on the make and model of your vehicle.
NOTE: When you're thinking about adding another/different vehicle to your policy; the insurance company can provide a reasonable quote from the VIN number.
'The VIN number tells you when and where the car was built. It tells you the manufacturer, year, make and model, and the trim level including unique features and specifications. Your car's VIN number can be used to track recalls, registrations, warranty claims, thefts and insurance coverage.'

https://www.msn.com/en-us/money/realestate/one-out-of-every-24-new-yorkers-is-now-a-millionaire/ar-BB1lYCZF
(no paywall, likely abbreviated version)

” New York City's residents have more wealth-in excess of $3 trillion-than those of any other metro in the world. New York has almost 350,000 millionaires, which is the most of any city and up 48% from a decade ago, according to a global ranking of the wealthiest cities. That means about one in every 24 of its 8.26 million residents has a seven-figure net worth, compared with about one in 36 in 2013. New York still has a large share of the ultra-rich, too: the report found that it has 60 billionaires and 744 people with investable wealth of more than $100 million. ”
Story (might need subscription)

Don't look now but a utilities fund I follow (UTG) is up 6.5% over the last 3 weeks. Hopefully Giroux is on to something.

Yep. FSUTX is the first place I looked in trying to detect the likely culprit here. But it is up nearly 12% YTD. GLFOX isn’t a utilities fund - but holds a lot of them. It’s been in a funk most of this year, but has begun to move up in recent days. (Strong dollar also impacting this one)