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Ask HN: It seems like everyone is getting rich?

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Re: Ask HN: It seems like everyone is getting rich?

#31

Post by p0d »

AnimalMuppet wrote: post #6

How do you not become discouraged? You don't have your identity in doing better than everyone else. And you don't have your happiness in how much money you have or in what you can buy. And how do you do that ? Aye, there's the rub. I think you do it by having your identity and your happiness somewhere else. You need more than just "not there". You need a specific somewhere else. For me, it's in Jesus Christ and his l…

Some of us do. I would point people to the book, "Jesus' Terrible Financial Advice". There is confusion among christians and non-christians about wealth and the pursuit of happiness. This book is good at tackling the confusion.

Re: Ask HN: It seems like everyone is getting rich?

#32

Post by rmah »

ceilingcorner wrote: post #3

If it is any consolation, we will probably experience massive inflation in the next 20-30 years. Those with primarily financial (and not physical) assets will be hardest hit. At some point the economic wizardry will hit the fan. But on a less depressing note, I suggest paying less attention to the areas where people are “getting rich.” Money isn’t the measure of true value and you will rarely find a correlation betwe…

Two points...

First, high inflation is good for holders of some financial assets (e.g. stocks) and bad for others (bonds). It's good for existing borrowers and bad for existing lenders. It's good for those in debt and bad for those who saved cash. Essentially, high inflation punishes financial frugality and rewards financial speculation.

Second, massive inflation-caused economic collapse is highly unlikely in any developed nation today. The more likely path is either 1) reasonable economic growth with high inflation (say 5% to 10%) or 2) economic stagnation similar to what Japan has experienced for the last few decades.

Be aware that the people predicting debt-fueled hyperinflation-style economic doom & gloom have been doing so for nearly half a century now. They have been saying it's a few years away for decades. Every recession they say "we were right, it'll just get worse!" They have been wrong every time for 40 years. Maybe they'll be right in the coming few decades... but I wouldn't bet my financial future on it.

Re: Ask HN: It seems like everyone is getting rich?

#33

Post by thebrowncat »

ceilingcorner wrote: post #19
pphysch wrote: post #17

Earlier quoted context omitted.

5-10 years imo

I originally wrote 5-10 but didn’t want to seem too ominous. But yeah, I’d bet on some serious issues in the latter end of the 2020s.

I was banking on it happening in the next year or so. If it’s not going to happen until 5 or 10 years then it seems like not joining in with the fools now and investing in FAANG stock / bitcoin means you’ll miss out on massive gains in the interim...

Re: Ask HN: It seems like everyone is getting rich?

#34

Post by deanmoriarty »

ceilingcorner wrote: post #3

If it is any consolation, we will probably experience massive inflation in the next 20-30 years. Those with primarily financial (and not physical) assets will be hardest hit. At some point the economic wizardry will hit the fan. But on a less depressing note, I suggest paying less attention to the areas where people are “getting rich.” Money isn’t the measure of true value and you will rarely find a correlation betwe…

In your opinion large diversified equity index funds will be hit hard? Care to quantify your speculation? 50% drawdown? 90%? 100%?

Re: Ask HN: It seems like everyone is getting rich?

#35

Post by giantg2 »

I am discouraged, and that's ok. There are plenty of people who are worse off.

There's a Japanese mindset/idea that the best you should hope for for your children is for them to be average. This is statistically sound and reduces the hurt that one would feel when their child is not above average as well as provides more joy if they do happen to exceed expectations.

Re: Ask HN: It seems like everyone is getting rich?

#36

Post by sawmurai »

Aquire something Money can’t buy, like a skill. Then take solace in the thought that money can (did) lose all its value over night, while the skill you acquired remains.

Also think about that it’s easier to find true friendship when you have little more to offer than yourself.

Basically stop glorifying material wealth. I know, easier said than done :)

Re: Ask HN: It seems like everyone is getting rich?

#37

Post by CozyBearNotSoy »

DoreenMichele wrote: post #11
antasvara wrote: post #10

You're experiencing a classic case of selection bias. You're much more likely to hear about the person that got rich trading crypto rather than the person that lost a lot of money trading crypto.

^ I'm quite open about my poverty. People literally do not want to hear it.

I experience this as well. I try to balance the good with the bad, but any talk at all of life's struggles is just "too much negativity" for many people.

Re: Ask HN: It seems like everyone is getting rich?

#38

Post by giantg2 »

ceilingcorner wrote: post #3

If it is any consolation, we will probably experience massive inflation in the next 20-30 years. Those with primarily financial (and not physical) assets will be hardest hit. At some point the economic wizardry will hit the fan. But on a less depressing note, I suggest paying less attention to the areas where people are “getting rich.” Money isn’t the measure of true value and you will rarely find a correlation betwe…

"Those with primarily financial (and not physical) assets will be hardest hit."

I'm not sure this is true.

Re: Ask HN: It seems like everyone is getting rich?

#39

Post by ceilingcorner »

rmah wrote: post #32
ceilingcorner wrote: post #3

If it is any consolation, we will probably experience massive inflation in the next 20-30 years. Those with primarily financial (and not physical) assets will be hardest hit. At some point the economic wizardry will hit the fan. But on a less depressing note, I suggest paying less attention to the areas where people are “getting rich.” Money isn’t the measure of true value and you will rarely find a correlation betwe…

Two points... First, high inflation is good for holders of some financial assets (e.g. stocks) and bad for others (bonds). It's good for existing borrowers and bad for existing lenders. It's good for those in debt and bad for those who saved cash. Essentially, high inflation punishes financial frugality and rewards financial speculation. Second, massive inflation-caused economic collapse is highly unlikely in any dev…

I’m not basing my prediction on the doomsayers, more on general decline of the Western world overall. There are too many issues piling up and to my mind, this will eventually cause some serious economic problems. But I’m not an economist, so I don’t take my word for it.

My broader point is simply that the rich today are succeeding in a system which might not be stable in a few decades.

Re: Ask HN: It seems like everyone is getting rich?

#40

Post by rmah »

ceilingcorner wrote: post #39
rmah wrote: post #32

Earlier quoted context omitted.

Two points... First, high inflation is good for holders of some financial assets (e.g. stocks) and bad for others (bonds). It's good for existing borrowers and bad for existing lenders. It's good for those in debt and bad for those who saved cash. Essentially, high inflation punishes financial frugality and rewards financial speculation. Second, massive inflation-caused economic collapse is highly unlikely in any dev…

I’m not basing my prediction on the doomsayers, more on general decline of the Western world overall. There are too many issues piling up and to my mind, this will eventually cause some serious economic problems. But I’m not an economist, so I don’t take my word for it. My broader point is simply that the rich today are succeeding in a system which might not be stable in a few decades.

The western world is better off by almost all socio-economic metrics than a half century ago. And hugely better off than a century ago. You actually are basing your predictions on doomsayers.

Oh, and debt levels are high because rates and inflation is low.

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