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(MSN)   Yes. Duh   (msn.com) divider line
    More: Obvious, Investment, Bloomberg L.P., Bloomberg Television, Michael Bloomberg, Stock market, Bloomberg Businessweek, investor Stanley Druckenmiller, person contagion  
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1747 clicks; posted to Business » on 10 Jun 2021 at 8:35 PM (10 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



11 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-06-10 8:49:52 PM  
Flipping houses and "making" $66,000?
Let me laugh even harder.  Does that include property taxes, materials, labor, and every weekend and vacation time spent renovating the investment? Capital gains tax?  Middle income investment in house flipping and rental units is a 2% to 3% ROI on average.  It's way below that of an S&P 500 ETF, and carries more risk.
If you are a highly skilled trades person, who have buddies in the trades, then you can buy foreclosures and old rental buildings, gut and rehab them on your down time between jobs and flip for serious money (condo conversions can net $2 million on a $1.5 million investment with 6 months of part time work).  If you don't fit that description, its probably not a great idea.
 
2021-06-10 9:05:55 PM  

Northern: Flipping houses and "making" $66,000?
Let me laugh even harder.  Does that include property taxes, materials, labor, and every weekend and vacation time spent renovating the investment? Capital gains tax?  Middle income investment in house flipping and rental units is a 2% to 3% ROI on average.  It's way below that of an S&P 500 ETF, and carries more risk.
If you are a highly skilled trades person, who have buddies in the trades, then you can buy foreclosures and old rental buildings, gut and rehab them on your down time between jobs and flip for serious money (condo conversions can net $2 million on a $1.5 million investment with 6 months of part time work).  If you don't fit that description, its probably not a great idea.


I'd offer one addition:  if you really enjoy doing that kind of work, knock yourself out.  Just realize it's a financially risky hobby.
 
2021-06-10 9:20:54 PM  
Crypto and meme stocks are not investments. They're gambles.  An investment grows.  A company grows in size and wealth and passes that growth to its shareholders.  A bond uses the money given to it by investors to build wealth and pays that wealth back.  GameStop and Bitcoin don't grow. They just have winners and losers on each side of a bet.  They're a fixed pie at best.  The reason you were able to sell a Bitcoin at $60,000 is because someone is upside down at the current price.  The pool of wealth can't grow.  There is no productivity.  All it can do is pull in more gamblers.  You're gambling that you can get more people at the table. 

You don't need to gamble to be comfortable in wealth.   You just need to invest, sacrifice, and wait.

You're already laughing at such a foolish geezer idea.
 
2021-06-10 9:43:55 PM  
Never succumb to FOMO.

If you miss the opportunity, don't worry about. Market opportunities are like possessions in basketball: You'll get another chance at the hoop soon enough. Stop dwelling on missing the last one.
 
2021-06-10 10:03:06 PM  

Rapmaster2000: Crypto and meme stocks are not investments. They're gambles.  An investment grows.  A company grows in size and wealth and passes that growth to its shareholders.  A bond uses the money given to it by investors to build wealth and pays that wealth back.  GameStop and Bitcoin don't grow. They just have winners and losers on each side of a bet.  They're a fixed pie at best.  The reason you were able to sell a Bitcoin at $60,000 is because someone is upside down at the current price.  The pool of wealth can't grow.  There is no productivity.  All it can do is pull in more gamblers.  You're gambling that you can get more people at the table.

You don't need to gamble to be comfortable in wealth.   You just need to invest, sacrifice, and wait.

You're already laughing at such a foolish geezer idea.


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2021-06-10 10:15:22 PM  

Rapmaster2000: Crypto and meme stocks are not investments. They're gambles.  An investment grows.  A company grows in size and wealth and passes that growth to its shareholders. A bond uses the money given to it by investors to build wealth and pays that wealth back.  GameStop and Bitcoin don't grow. They just have winners and losers on each side of a bet.  They're a fixed pie at best.  The reason you were able to sell a Bitcoin at $60,000 is because someone is upside down at the current price.  The pool of wealth can't grow.  There is no productivity.  All it can do is pull in more gamblers.  You're gambling that you can get more people at the table. 

You don't need to gamble to be comfortable in wealth.   You just need to invest, sacrifice, and wait.

You're already laughing at such a foolish geezer idea.


That's already in the realm of gambling on gains in "value", unless you're actually talking about dividends from a company's ongoing profits.

/stocks generally don't make anybody any money at all --- until they are sold on to someone else.
 
2021-06-11 1:05:02 AM  

Bonzo_1116: Rapmaster2000: Crypto and meme stocks are not investments. They're gambles.  An investment grows.  A company grows in size and wealth and passes that growth to its shareholders. A bond uses the money given to it by investors to build wealth and pays that wealth back.  GameStop and Bitcoin don't grow. They just have winners and losers on each side of a bet.  They're a fixed pie at best.  The reason you were able to sell a Bitcoin at $60,000 is because someone is upside down at the current price.  The pool of wealth can't grow.  There is no productivity.  All it can do is pull in more gamblers.  You're gambling that you can get more people at the table. 

You don't need to gamble to be comfortable in wealth.   You just need to invest, sacrifice, and wait.

You're already laughing at such a foolish geezer idea.

That's already in the realm of gambling on gains in "value", unless you're actually talking about dividends from a company's ongoing profits.

/stocks generally don't make anybody any money at all --- until they are sold on to someone else.


Yes they do. If the company has grown, you own a share of it which has become larger.  This is the entire point of stocks.  It's not actually the dividends.  That's just profit sharing.

Things are so goobered up, people think owning part of an actual growing concern is the same as currency speculation.
 
2021-06-11 2:17:24 AM  

Ishkur: Never succumb to FOMO.

If you miss the opportunity, don't worry about. Market opportunities are like possessions in basketball: You'll get another chance at the hoop soon enough. Stop dwelling on missing the last one.


Definitely. I nearly screwed myself today trolling reddit. I had already made a day's wage with the only day trade I could make today and did good. But I wanted another deal. A post on WSB pops up and promptly gets deleted, but it's still on the front page so I check it out. 10 minutes of straight rocket. Here's my winner. Lets go. Everything looks good for a swing so let's make the deal and I can ride it for the rest of the day.

Needless to say it didn't work out quite as smoothly as I thought it would, what with it being forced to diamondhand a rocket that started pointing down exactly when I bought in. I fell through the ask with a market order and bought the bigliest lot of bags and triggered a short. Falling through cost me 10% already, and now it's rocketing straight down another 10. 🤦♂

Needless to say I doubled down, but then it kept falling so I tripled down and wasn't even averaging at that point. I'm an idiot. But I was in tits deep so I decided to throw all caution to the wind and YOLO. All in. Fark it. I've already blown up the account before, lets do it again!

I give it a rest sliding into aftermarket, at which point it explodes back up 25%. It settles back down and I'm only down 10% at this point. OK whatever, 6 EST, time for Kramer. I didn't really listen much to him, just watched the ticker roll and I saw the ticker come up and now I'm thinking my luck just changed. Lots of underdog meme bois rolling up and getting bid, sweet stuff, good times. By the end of the show I'm up 10% and the technicals are sick going into tomorrow, which is what I was counting on for the swing trade anyway! 😅

/lol, people kept calling into Kramer saying "to the moon"
//what a time to be alive!
///BTC looking weak, gonna be fun in the morning 👀
 
2021-06-11 3:11:52 AM  
Older people are getting scammed by the FOMO thing. My rather elderly relatives are starting to get solicitations, even in community groups, bridge groups, etc., from slick young predators looking for older types who are eager to get in on this newfangled block chain thing to see what it is all about.

It is "modern monetary theory" and "the new economics" that have come along with zero interest rates. You see. Things have changed.

People are getting into this Robin Hood mentality thinking that they are clawing some money back from the 1%ers, just like people think that they can beat the casino with the right system. Eventually, the people who are going to lose the most are the people who needed it the most.

By the way, this is NOT happening worldwide. There is some international overlap, but this is mostly a US phenomenon. Just so everyone is pretty clear on that.
 
2021-06-11 3:23:57 AM  

Rapmaster2000: Bonzo_1116: Rapmaster2000: Crypto and meme stocks are not investments. They're gambles.  An investment grows.  A company grows in size and wealth and passes that growth to its 

Yes they do. If the company has grown, you own a share of it which has become larger.  This is the entire point of stocks.  It's not actually the dividends.  That's just profit sharing.

Things are so goobered up, people think owning part of an actual growing concern is the same as currency speculation.


So. People do not really understand stocks. Traders hog a lot of press and excitement, and funds took over for all kinds of reasons, but here is a thing about dividends.

Dividends are seen by most people as boring, but let's say you have a company that has a strong cash business and growth, and it pays a 3% dividend, which is pretty low. Not great. But then, let's say that the company keeps paying at that rate, and the stock doubles over 10 years. UGH! TEN YEARS>>>>> THAT IS A LIFETIME!!!. Well, not really. All along the way, you have made 3% per year, cash. And now, your yield on that original purchase price is 6%. Wait another 10 years, and another doubling, and you have a stock that is worth four times what you payed for it. And your dividend is 12%.

Boring company. Low dividend. No splits. And you wind up quadrupling your money and with an asset paying you 12%. It just isn't all at once. People are not patient, so these stocks are nearly always undervalued.

Sorry to bore everyone. This is how people get rich and get a good night's sleep.
 
2021-06-11 6:08:16 PM  

Northern: Flipping houses and "making" $66,000?
Let me laugh even harder.  Does that include property taxes, materials, labor, and every weekend and vacation time spent renovating the investment? Capital gains tax?  Middle income investment in house flipping and rental units is a 2% to 3% ROI on average.  It's way below that of an S&P 500 ETF, and carries more risk.
If you are a highly skilled trades person, who have buddies in the trades, then you can buy foreclosures and old rental buildings, gut and rehab them on your down time between jobs and flip for serious money (condo conversions can net $2 million on a $1.5 million investment with 6 months of part time work).  If you don't fit that description, its probably not a great idea.


Are you a carpenter? Because you nailed it.
 
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