this post was submitted on 10 Jan 2024
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[–] [email protected] 162 points 11 months ago (2 children)

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.

[–] [email protected] 39 points 11 months ago (1 children)

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

[–] [email protected] 8 points 11 months ago (3 children)

Wait, what did you do with the small million dollar loan from your parents?

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[–] [email protected] 10 points 11 months ago

You had lunch money? I had enough to cover 1 small milk carton a week. I had hunger and no investments.

[–] [email protected] 93 points 11 months ago (30 children)
[–] [email protected] 83 points 11 months ago (2 children)

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.

[–] [email protected] 29 points 11 months ago* (last edited 11 months ago) (4 children)

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.

[–] [email protected] 6 points 11 months ago* (last edited 11 months ago) (1 children)

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...

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[–] [email protected] 6 points 11 months ago

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.

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[–] [email protected] 7 points 11 months ago

Thats a great idea.

[–] [email protected] 32 points 11 months ago (1 children)

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.

[–] [email protected] 24 points 11 months ago (1 children)

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.

[–] [email protected] 8 points 11 months ago (1 children)

I mean, it does have the potential and God forbid the risks aren't communicated.

Low risk retirement plans however should be fine

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[–] [email protected] 9 points 11 months ago (2 children)

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.

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[–] [email protected] 44 points 11 months ago

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.

[–] [email protected] 43 points 11 months ago (1 children)

Don't worry, it'll trickle down.... Annny day now.

[–] [email protected] 9 points 11 months ago (2 children)

I can already feel it trickle on me! No wait, that‘s asbestos.

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[–] [email protected] 35 points 11 months ago (3 children)

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).

[–] [email protected] 19 points 11 months ago (2 children)

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.

[–] [email protected] 15 points 11 months ago

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.

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[–] [email protected] 10 points 11 months ago (4 children)

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?

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[–] [email protected] 30 points 11 months ago (2 children)

And you thought Monopoly was just a game!

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[–] [email protected] 22 points 11 months ago

Billionaires shouldn't exist.

[–] [email protected] 19 points 11 months ago (1 children)

The "Eat the rich" crowd continues to do absolutely nothing.

[–] [email protected] 10 points 11 months ago (2 children)

Unfortunately cannibalism is still unwelcome in society 😔

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[–] [email protected] 13 points 11 months ago (3 children)

Seems weird to make this assertion, and fail to provide what the total holdings cutoff is to be in the top 10%.

[–] [email protected] 8 points 11 months ago (1 children)

Right. Is it 10 figures? 7 figures?

... 5 figures?

[–] [email protected] 5 points 11 months ago (1 children)

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.

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[–] [email protected] 5 points 11 months ago (2 children)

According to Wikipedia it's an annual income of 154k as of 2019.

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[–] [email protected] 13 points 11 months ago

No no you guys all don’t understand that this is a good thing because… (let me check my notes…) ….uh…hm…derrr…communism.

[–] [email protected] 12 points 11 months ago (2 children)

My wife and I constantly lament how we were born a few decades too late. For everything

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[–] [email protected] 12 points 11 months ago* (last edited 11 months ago) (4 children)

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?

[–] [email protected] 12 points 11 months ago (2 children)

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.

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[–] [email protected] 6 points 11 months ago

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.

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[–] [email protected] 12 points 11 months ago (1 children)

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.

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[–] [email protected] 9 points 11 months ago

Cause and effect

[–] [email protected] 9 points 11 months ago (2 children)

No shit. If someone does not have money they don't need then they can not buy stocks or any investment.

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[–] [email protected] 8 points 11 months ago

Is this really a new thing? Haven't the rich always been the stock-holders?

[–] [email protected] 6 points 11 months ago

Gasoline is relatively cheap.

Just saying...

[–] [email protected] 5 points 11 months ago (1 children)

Tax stock over 100,000 shares 1% per current price, per stock, per quarter.

[–] [email protected] 7 points 11 months ago

Guillotine anyone who tries to buy a yacht or private jet.

[–] [email protected] 5 points 11 months ago (2 children)

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......

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