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Thread: Chief Cody spoke to a group of enlisted folks at MacDill today

  1. #21
    Senior Member Rainmaker's Avatar
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    Re: Chief Cody spoke to a group of enlisted folks at MacDill today

    Quote Originally Posted by mikezulu1 View Post
    For those calling for a "401k" type system, we already have that its called the TSP. TSP is the exact same as a "401k" just with a different name, in fact its the lowest costing 401k program in the country by FAR. We just dont get an employer match, most people who work for a company that has a 401k dont receive a match either. We get a pension on top of it, if you are a 20 yr MSGT and retire you get a pension that is the equivilent of having about $1.5 Million in TSP converted to an annuity. That means you would have to save about 75k a year starting your first yr of service to yr 20 to end up with that balance. And saying the 401k "system" is going to collapse? sorry but thats not even a possibility, the baby boomers are in such a wide age range and have such diverse asset allocations that they will not have any impact on the stock market. Do you think they are all going to get together and say "we should all sell every equity we own and all switch to 100%bonds that are paying a historicly low 1.8%" doubtful. Even when fully retired most people still have a percentage of their portfolio in stocks/equity mutual funds to sustain long term withdrawls.
    The Baby Boomers are just starting to retire and pull money out of the stock market. 401K is just another bubble inflated by Giant Corporate Conglomerates. The boomer's buying thru the 401K scam was primary reason for the bull market of the 80's and 90's. When tens of millions of them start selling in the next decades? do you still think TSP's going to be getting a 7% rate of return? I hope you're right and all the stars and planets line up. but, I think this is going to be a disaster for the Military. Better get your kids ready for the draft if this happens.

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    Re: Chief Cody spoke to a group of enlisted folks at MacDill today

    Quote Originally Posted by Filterbing View Post
    I think we should drop the EPR from testing, the averages are usually around 130 anyway. There should instead be negative points assessed for getting in trouble which is usually the reason behind a lower rating in the first place.

    Yeah, I think we all know the popular retort to the idea of dropping the EPR out of the scoring for WAPS, but it's pretty much a moot point right now. As you said, most of us are going in there with damn near the same amount of points for our EPRs. Now getting rid of them would help make this process more about rewarded good testers, but since it pretty much already is, why not acknowledge that fact? Sometimes I think we get our wires crossed on testing these days. Once upon a time it seemed that those that got promoted fast were high speed. Now, I see a lot of ambition, but I don't see remotely as much competency when it comes performing our jobs.

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    Senior Member Rainmaker's Avatar
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    Re: Chief Cody spoke to a group of enlisted folks at MacDill today

    Quote Originally Posted by SomeRandomGuy View Post
    Exactly how much stock do you think baby boomers who are about to retire own? Any financial advisor would recommend a person diversify. They also recommend that the closer you to get to retiring the less stock you should own. At this point baby boomers are buying highly rated bonds, gold, and CDs. Your logic makes no sense on this response. Also the 401K managers would clearly be smart enough to have the money diversified as well. Just look at the rate of return on TSP. Even in a down market years it has not been bad at all.
    Well most of them aren't going to retire. Their going to work till they get too sick to work and become a burden on society or they drop dead. You mean take advice from the same financial advisors and 401K managers that didn't see the hit in 2007, that took the last 6 years to recover? or do you mean the Big Corporate CEOs and hedge fund manager's that used to make 3 times more than the average worker in the 1950s but, now make 300 times more, the one's that saw it coming and shorted the market? That took $50Million dollar bonuses for outsourcing our manufacturing base to the 3rd world for stock profits? Do you think they give a shit what happens to the average worker's 401K 20-30 years from now? Do you think they or the Congress they've bought off cares what happens to future generations of American's that give 20 years up in the military?

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    Re: Chief Cody spoke to a group of enlisted folks at MacDill today

    Quote Originally Posted by Rainmaker View Post
    Well most of them aren't going to retire. Their going to work till they get too sick to work and become a burden on society or they drop dead. You mean take advice from the same financial advisors and 401K managers that didn't see the hit in 2007, that took the last 6 years to recover? or do you mean the Big Corporate CEOs and hedge fund manager's that used to make 3 times more than the average worker in the 1950s but, now make 300 times more, the one's that saw it coming and shorted the market? That took $50Million dollar bonuses for outsourcing our manufacturing base to the 3rd world for stock profits? Do you think they give a shit what happens to the average worker's 401K 20-30 years from now? Do you think they or the Congress they've bought off cares what happens to future generations of American's that give 20 years up in the military?
    While you make some valid points, diversifying your portfolio is essential, man.

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    Re: Chief Cody spoke to a group of enlisted folks at MacDill today

    Quote Originally Posted by Shove_your_stupid_meeting View Post
    While you make some valid points, diversifying your portfolio is essential, man.
    Rainmaker be all abouts diversity bro!

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    Re: Chief Cody spoke to a group of enlisted folks at MacDill today

    I'd be interested to know what self directed funds you have? Do you pay a sales load? What are the expense ratios of those funds. Around 73% of actively managed funds dont the be index they track in any given year, so in fact over the long haul 20-30yrs an index fund will outperform virtually EVERY acitive fund that tracks its index. Factor in your sales load and expense ratio(if you pay anything over 0.75% youre being robbed) and the numbers arent even close. If you like active funds I would take a look at Vanguard they specialize in index mutual funds but also carry some very rock solid active funds, no sales loads or hidden fees and expense ratios that are close to what TSP charges. I dont work for them, just really like the company, so many people have no idea how bad they are taken to the cleaner when it comes to a funds expense ratio and sales fees. And just how bad it will eat into you portfolio balance over the long term.

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    Senior Member Rainmaker's Avatar
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    Re: Chief Cody spoke to a group of enlisted folks at MacDill today

    Quote Originally Posted by mikezulu1 View Post
    I'd be interested to know what self directed funds you have? Do you pay a sales load? What are the expense ratios of those funds. Around 73% of actively managed funds dont the be index they track in any given year, so in fact over the long haul 20-30yrs an index fund will outperform virtually EVERY acitive fund that tracks its index. Factor in your sales load and expense ratio(if you pay anything over 0.75% youre being robbed) and the numbers arent even close. If you like active funds I would take a look at Vanguard they specialize in index mutual funds but also carry some very rock solid active funds, no sales loads or hidden fees and expense ratios that are close to what TSP charges. I dont work for them, just really like the company, so many people have no idea how bad they are taken to the cleaner when it comes to a funds expense ratio and sales fees. And just how bad it will eat into you portfolio balance over the long term.
    Lately Rainmaker be self directing most of hiss excess funds at the local parimutuel events. Rainmaker finds He get a higher rate a return wagering on the Pic 6 carryover at the Monday Matinee than he do wiff his TSP. it's pretty easy to tell which dogs are doping.

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    Re: Chief Cody spoke to a group of enlisted folks at MacDill today

    Quote Originally Posted by Shove_your_stupid_meeting View Post
    Did anyone here happen to attend? I caught some tidbits second hand, but I was hoping someone else might be able to confirm some of the info that was passed along to me. Among other things, I was told:


    - Like so many others, he feels our rating system could be flawed. Like many before him, he preached accurate ratings (i.e. don't hand out 5s like candy). The idea of marking one down for not completing PME commensurate with their rank was mentioned (i.e. MSgt without course 14 accomplished). Now what didn't get relayed to me is his thoughts about EPRs and the points they earn you, which brings me to the next point of interest.

    - I heard he feels the scoring for promotions might need to be refined as well. Apparently he wonders why a SrA that makes SSgt at 6 years should get more points to help him/her make SSgt than a SrA making SSgt at 4 years. Now what wasn't relayed to me is the fact that there had been a trend of fewer people testing for years now, yet a higher rate of people being promoted, so I'm not sure that the "too many Chiefs and not enough Indians" epidemic is a concern, despite fiscal uncertainties. My point, is that it's easier to lead if there's actually someone to lead & if money is such a concern, perhaps we should reconsider how quickly some of these stripes are being handed out?

    - I heard about another PT change on the horizon. The Cliff's Notes version sounded like there's a concern that the PT test hasn't done enough to get rid of or "reform" some folks that may not represent the image the Air Force would like to portray. There was talk about bringing back measurements of the neck as well. Unfortunately, this is all I was told on the subject.

    - Naturally, money came up as well. Apparently there's talk of retirements becoming 401Ks in the future. I was told that he clarified it shouldn't happen to anyone wearing a uniform right now, or those that are already retired, but those thinking of joining down the road may not receive the same benefits. Speaking of benefits, I heard he mentioned that we'll all have to chip in more to TriCare, because there's no way we can continue to receive what we do now without paying more. Interestingly enough, it also sounded like he spoke about sequestration as if it was going to happen, and we can count on readiness being effected by mid May (I've heard the same at a HQ).



    Now despite the fact that it will probably seem like b.s., I'm honestly not trying to start any rumors here. What I am hoping for is that someone here has heard him speak recently, and perhaps they can verify some of this and maybe even elaborate. If not, nevermind.
    Rainmaker wonder if CMSgt Cody will push to get rid of the ridiculous prohibition on group study for WAPS testing? I imagine it worked out well for CMSgt Cody and his wife CMSgt Cody. Oops i left my marked up PFE in the bathroom. Besides, Giving people additional points for things like Time in Grade and actual experience is about as silly as using racist standardized testing to objectively measure someone's knowledge of a subject.

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    Senior Member Robert F. Dorr's Avatar
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    Re: Chief Cody spoke to a group of enlisted folks at MacDill today

    Quote Originally Posted by Rainmaker View Post
    Rainmaker be all abouts diversity bro!
    Rainmaker gots dat diversity all up the bazoo.

  10. #30

    Re: Chief Cody spoke to a group of enlisted folks at MacDill today

    Quote Originally Posted by Rainmaker View Post
    Rainmaker wonder if CMSgt Cody will push to get rid of the ridiculous prohibition on group study for WAPS testing? I imagine it worked out well for CMSgt Cody and his wife CMSgt Cody. Oops i left my marked up PFE in the bathroom. Besides, Giving people additional points for things like Time in Grade and actual experience is about as silly as using racist standardized testing to objectively measure someone's knowledge of a subject.
    Strataboomer wonders if Rainmaker is a big of an idiot as he sounds. To infer that CMSAF Cody or CMSgt Cody violated group study rules is a a personal attack on the Chief and his wife. I have had the pleasure to have known each of the Chiefs and I can tell you that this assumption is wrong. I am dual mil and I can tell you that intergrity does not end once your at home.
    Before you make statements like this I would ask you to pull your head out of your arse.

    That is all.

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