born-rich people

fucking lol.

As much as I may not like elusive's aggressive style, on the single point of investment in the stock market (however you do it) I think he has a point. I'm a bit surprised at the level of stock-aversion some people seem to have. It's not all that complex, I think - buy low, sell high, as someone else said. Picking wisely is the tough part. But there are all sorts of ways to manage risk, as mentioned you can go the safe route of blue chips, index funds and the like.

I poured much of my money into stocks directly after 9-11, as I figured that had artificially depressed stock prices. And I had the good sense to pull much of my money out before the recent "recession." Not sure what my rate of return was but it was pretty high. I don't think it's that hard to time things. You just have to be really patient, and not go for the quick buck.

  On 7/6/2011 at 3:49 AM, lumpenprol said:

I'm a bit surprised at the level of stock-aversion some people seem to have.

that's what the middle class do. they don't feel confident to pour their money into an investment or fund until everyone and their dry cleaner is comfortable being in the market (obivously, at the top).

then the market tanks/corrects - they continue to see the decline and then continual decline and after a while say enuff is enough and take their money out at the bottom. then of course, commit 'never to get in the stock market again'. the market slowly recovers. rinse and repeat.

  On 7/6/2011 at 3:49 AM, lumpenprol said:

As much as I may not like elusive's aggressive style, on the single point of investment in the stock market (however you do it) I think he has a point. I'm a bit surprised at the level of stock-aversion some people seem to have. It's not all that complex, I think - buy low, sell high, as someone else said. Picking wisely is the tough part. But there are all sorts of ways to manage risk, as mentioned you can go the safe route of blue chips, index funds and the like.

 

I poured much of my money into stocks directly after 9-11, as I figured that had artificially depressed stock prices. And I had the good sense to pull much of my money out before the recent "recession." Not sure what my rate of return was but it was pretty high. I don't think it's that hard to time things. You just have to be really patient, and not go for the quick buck.

yet it's no different from buying/selling property, since value goes up and down too, but it has the advantage that you can actually use it, or make money off it.

If getting good returns on the stock were as easy as you mention we wouldn't even be having this discussion. The best you should hope for is that your wealth retains it's value.

  On 7/6/2011 at 4:26 AM, GORDO said:

yet it's no different from buying/selling property, since value goes up and down too, but it has the advantage that you can actually use it, or make money off it.

 

If getting good returns on the stock were as easy as you mention we wouldn't even be having this discussion. The best you should hope for is that your wealth retains it's value.

property requires you to pay yearly tax; and usually a mortgage of which you are paying interest

a home requires you to pay yearly tax; and usually a mortgage of which you are paying interest. plus, repairs repairs repairs. a house can quickly become a major liability.

no one is saying 100% real estate and most certainly not 100% stock market. but if you're young you almost have to take risks - because you sure as shit can't take them when you are on final approach to retirement.

young people especially of this day and age should not be purchasing real estate with uncertainty in the job market. someone fresh out of school may need to move out of state to find work. this is one of the greatest assets of being young; not being tied down to family nor a house that will restrict you from relocating to increase your income. the freedom to move is priceless and in some cases necessity to find employment. however, a young person with a long time horizon can be socking away as much as possible into particular mutual funds, etfs, bonds even, etc. in order to begin the slow process of compound interest and dividend reinvestment. what 's the arguement against this?

none, but i think you overestimate how much cash the average young person has.

  On 7/6/2011 at 4:26 AM, GORDO said:

 

yet it's no different from buying/selling property, since value goes up and down too, but it has the advantage that you can actually use it, or make money off it.

 

If getting good returns on the stock were as easy as you mention we wouldn't even be having this discussion. The best you should hope for is that your wealth retains it's value.

Heh, if that were the case, why would anyone invest? The stock market is one of the main ways the rich make themselves richer. For the last 3 years I've been getting an average 12% return on a certain account of mine. It's managed for me. I don't have to do anything but sit back and take in the money. It can't really crash unless there's a global meltdown, as it's well diversified. I'm sure you think that it'll crash anyway - I'll be sure to let you know if it does. In the meantime, I'll continue to enjoy my 12%.

I wasn't aware that born-rich people only existed in the US..

  On 7/6/2011 at 4:41 AM, GORDO said:

none, but i think you overestimate how much cash the average young person has.

I think people say it's good to have about $10,000 if you want to start investing in the stock market. Not sure if that's still the rule of thumb.

Remember, it costs nothing to do a "dry run" and make mock investments and track them over time, like fantasy football. Give it a try and see if you come out ahead...

10K that you can afford to lose.

Seriously though, can we get back to talking about the ultra-rich? If you had 200 million, would you build a swimming pool out of bills? What denomination?

i would have a vault of coins like Scrooge McDuck....dimes I guess.

Man that shit would hurt to roll around in though.

Get 1 Yen coins. They're much softer.

And float.

i would go with toonies even though i'm not canadian.. those are some fantastic looking coins.

my bosses daughter, a 'struggling' musician living in london, just got bought a £3/4 million flat and a spanking new £50K kitchen designed by me. she's 26 and never worked a day in her life. i think she'd write better songs if she lived in a squat.

just saying that 10k at 22 isn't really easy to come by for just about all of my known peers.

trying to get on your feet with tons of monthly bills (car payment/insurance, student loans, health insurance, rent/mortgage, food, phone, internet, heat) right out of college with 30k debt stacked against you already... it's tough to invest.

i want to throw money at long-term investments, but i simply don't have the capital. if i did i would pay off student loans and car. and i also may not really have a choice - shelter is pretty necessary for me, but continuing to pay $600 (+ heat) for a tiny shit apartment is unacceptable.

just an extra 50k right now and i could retire several years earlier. that's the advantage of rich(er) kids

10k isn't necessary except if one were trading individual stocks and needed to diversify.

one shouldn't be trading individual stocks to begin with (considering the context of the subjects of this thread).

a few hundred here or there can make a difference regarding compound interest and being so far from retirement. the 'older you' will thank you and wish you were able to contribute more.

any young person in this thread in the america should definitely look into a roth ira - especially if you are currently of a low tax-bracket. just opening one is half the battle - regardless of how much you are in a position able to contribute.

elusive, i assume you are filthy rich?

my IRA had a net return of 15.02% in 4 months and it's in the lowest risk category. I guess i should start pouring money into it, problem is it is state handled and there's always corruption and shit.

the lack of perspective in this thread is amusing.

we all go through our own trials, in the end. whether we lead elegant, lavish lifestyles, or are stuck in the mud with barely anything. what we gain from our respective paths is going to be outlined in how we deal our own personal obstacles, no one has it any better or worse, we are all equal;

a poor man who has worked and fought for everything he has in his life may gain a certain perspective that allows him to deal with some things that a man born into money may not have, and the other way around. likewise, they will both face struggle and they will deal with it in different ways, but the real point is, they will both struggle. maybe the poor man will deal with external struggle more often, and the rich man, internal, to make a generalization.

((({{{orbo/chorbo}}})))

threads like this exist for the common man to celebrate themselves with a little comradery and validation. nothing wrong with that, i suppose.

  On 7/7/2011 at 8:32 PM, Luke Fucking Hazard said:

 

threads like this exist for the common man to celebrate themselves with a little comradery and validation. nothing wrong with that, i suppose.

Way to come off sounding like a cunt in the end

The irony of referring to watmm as a place for the common man to hang out. It's true though. Reality just happens to have a sharp taste for irony. But still. What's a common man supposed to do anyways?

  On 7/7/2011 at 9:30 PM, jefferoo said:

  On 7/7/2011 at 8:32 PM, Luke Fucking Hazard said:

 

threads like this exist for the common man to celebrate themselves with a little comradery and validation. nothing wrong with that, i suppose.

 

Way to come off sounding like a cunt in the end

cheers.

  On 7/7/2011 at 9:37 PM, goDel said:

The irony of referring to watmm as a place for the common man to hang out. It's true though. Reality just happens to have a sharp taste for irony. But still. What's a common man supposed to do anyways?

i dunno. this is why i wasn't posting for a few years.

everything is irrelevant, and whenever i reference the futility and subjectivity of a discussion, i start whirling down a black hole of philosophical resolution and come off looking like a cunt in the end.

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  On 6/20/2011 at 10:33 PM, jefferoo said:

It must be nice to party all the time, buy fancy clothes, take sweet vacations and to not have to worry about money.

it is. very nice indeed! ;)