Bruh, if you had invested your school lunch money instead of literally eating it and thus draining it down the toilet, you would have been a millionaire by now. Subscribe for more of my finance tips for just $20 a month.
this post was submitted on 10 Jan 2024
654 points (97.7% liked)
News
23259 readers
3212 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
i was so fucking dumb at 8 years old. instead of buying a house for renting for passive income i bought a 5 dollar guitar hero rock the 80s game on ps2
Wait, what did you do with the small million dollar loan from your parents?
load more comments
(3 replies)
You had lunch money? I had enough to cover 1 small milk carton a week. I had hunger and no investments.
tax. every. trade.
If you mean a small tax per share when purchased then that would be a great idea. Make high frequency trading, that contributes zero to society, unprofitable. It wouldn't hurt household investors as the tax would be small but it would hurt the assholes who manipulate prices through trading back and forth.
High frequency trading is fully automated insider trading done in broad daylight, but nothing gets done about it because most people don't understand what it is. It shouldn't be taxed; it should be illegal.
I wish I remembered the name of it but there was a really interesting documentary/video about how crazy the rapid trading got, to the point that companies were trying to install systems as close as physically possible to the physical location of the NASDAQ so their requests would have less "travel" time and show up before anyone else.
Absolute insanity...
load more comments
(1 replies)
It's a long and convoluted route from that to their 401ks not bring as plump as they could be. Indirect robbery of thousands is more palatable than being mugged for a few dollars.
load more comments
(2 replies)
Thats a great idea.
Hard agree. Make it impossible to dodge with loopholes for the wealthy. Eliminate capital gains and losses Taxing every trade is the only fair way to do it. And people don't need shares of stock to live, so it's not a burden on the poor.
Don't worry, they'll raise a panic alarm about how everyone and their brothers retirement pensions are invested in the market, and so "you'll hurt the poor" will resound, ignoring that a lot of those poor never had a choice to not have their pensions gambled on the fucking market.
I mean, it does have the potential and God forbid the risks aren't communicated.
Low risk retirement plans however should be fine
load more comments
(1 replies)
Abolishing the stock market in general would be nice, or at least moving towards that direction gradually. The wealthy don't typically get their money from great trading, but parking their money and letting it grow.
load more comments
(2 replies)
load more comments
(27 replies)
Well of course they do. That's the whole point of the legal scam of investing. If it benefits regular people it wouldn't exist.
Don't worry, it'll trickle down.... Annny day now.
This is an important thing to note when someone claims that you should be eager about stock market performance because of your [comparative handful of] shares in your retirement account. Accounts such as the 401k were probably devised to tie up regular people's money into the stock market, injecting more money into it and making it seem more important (and thus worth bailing out).
They were devised to get rid of pensions so companies didn't need to care for their employees, they could just have the option to match input, but retirement was made to be 100% on us.
More bullshit to benefit corporations, but to be honest there are so many scumbags out there and so many pension plans that were stolen from, I don't know how to feel about it.
It was also devised so that when a crash occurs, the lower classes get wiped out, the rich still have piles of cash, and they get to buy up everything at fractions of a penny on the dollar.
load more comments
(1 replies)
That and it artificially inflates stocks by creating regular buy pressure. Stocks are almost completely worthless unless you get a whale that wants to buy out the company or a large controlling share. It's not like you can just cash in your share to the company and they give you a percentage of the current value. You have to find someone else that wants to buy it.
load more comments
(2 replies)
Accounts such as the 401k were probably devised to tie up regular people’s money into the stock market
Aren't pensions also tied up in the stock market. Yes there's a difference of who manages and how the contributions are made, but both plans put the security of your retirement in the market in some capacity, right?
load more comments
(4 replies)
Billionaires shouldn't exist.
The "Eat the rich" crowd continues to do absolutely nothing.
No no you guys all don’t understand that this is a good thing because… (let me check my notes…) ….uh…hm…derrr…communism.
Seems weird to make this assertion, and fail to provide what the total holdings cutoff is to be in the top 10%.
Right. Is it 10 figures? 7 figures?
... 5 figures?
Almost like it's clickbait designed for echo chambers like eattherich.
Don't get me wrong, fuck the rich. But bold claims like this need to show their methodology. Hiding it is sus.
load more comments
(1 replies)
load more comments
(1 replies)
My wife and I constantly lament how we were born a few decades too late. For everything
load more comments
(2 replies)
One thing the article doesn’t make super clear to me is if that figure includes investment funds and whatnot, and to what degree. It sounds like it might but elaborated very little beyond a vague statistic.
load more comments
(1 replies)
Historical data would be great. How was that figure in each previous decade? Isn't it true that at the peaks this tends to happen, and when we get a stock market downturn, the rich get poor faster then anyone else?
Even when the stock market crashes the rich don't get poor. They can seemingly lose ungodly amounts of money exceptionally quickly but even after all that they'll still be rich because being rich is a comparison: If everyone on a mountain falls down the ones at the top will still be there.
load more comments
(2 replies)
Click on the link. Literally the first thing in the article is a graph over time.
tl;dr it was about 80% in 1990, and is now 92.5%. Or alternately, the bottom 90% of the population owned 20% of stock market wealth in 1990, and now they own 7.5%, so around one third as much as a generation ago.
load more comments
(2 replies)
No shit. If someone does not have money they don't need then they can not buy stocks or any investment.
load more comments
(2 replies)
Cause and effect
Is this really a new thing? Haven't the rich always been the stock-holders?
Gasoline is relatively cheap.
Just saying...
Tax stock over 100,000 shares 1% per current price, per stock, per quarter.
Guillotine anyone who tries to buy a yacht or private jet.
I don't think it's good to have such wealth inequality, but I do this general investment into the stock market should be encouraged.
401ks are so much better than pensions as a retirement vehicle. Better return on investment and more financial separation from the company I work for. I never worry about someone raiding the pension fund or a company going bankrupt, and I've received much better return on investments than the numbers you hear from pension funds! That's not even considering 401k matching......
load more comments
(2 replies)
view more: next ›