101–110 of 110 posts
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> my daughter is 14, her friend makes $17 hour working at a juice store. She makes about 300/week. This is not 3k a month. This is less than 1/3 of that.
Take $300 a week for a year, that is $15,600. Say that was invested this year, what do you think that would be worth 82 years from now?
Also maybe nothing.
Also, the 15 year old is going to wait 82 years, happily becoming a billionaire or whatever at 97 years young?
>> Person A was born in 1930. Person B was born seventy years later, in 2000. They both start applying the Graham investing strategy at a very early age, let’s say when they were 15 years. >> Person A becomes Warren Buffett, once the richest man on earth, who experienced one of the biggest booms in value stocks when he was young. Person B loses half of their money because value stocks are out of favor in the 2010s Bu…
Not if you don't have a decent amount of capital to start with. Don't forget that many people, the majority of people, despite their best effort, can't really raise themselves above a certain basic wage and salary, and therefore can't accumulate anything.
Without capital, there's no compounding effect of capital, and you're not going to be rich.
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>> much of wealth gain is lucky opportunity windows He sold gum, he sold Coke bottles, he sold magazines, he worked in a grocery store, he delivered newspapers, he sold golf balls, he sold stamps, he detailed cars, he invested in stock, he invested in land, he went to business school, he worked as an investment salesman, he worked as a stock analyst, he worked as a general partner, then chairman, then CEO at a compan…
The only feasible answer is that billionaires are insane hoarders, walling off society's resources for literally no reason.
See https://en.wikipedia.org/wiki/Power:_A_New_Social_Analysis
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Drives me bonkers. There was a time when you could just work a minimum wage part time over the summer and it would pay for college the rest of the year. Now, you can work minimum wage full time year-round and if you're lucky, you MIGHT cover tuition at a community college if you're still living with your parents and they don't charge rent.
I think you're exaggerating a little bit. It doesn't help whatever point you're trying to make. Average community college tuition cost[0]: $3,400/yr. $3400/yr is $70/week in order to pay your tuition without a loan. Your argument is only lucky people making minimum wage for 40 hours/week, who have their rent paid for, can save $70/week? [0] https://educationdata.org/average-cost-of-community-college
Setting aside quickly Googled statistics and the risks of using averages to understand individual situations, plus the wide state-by-state variation in support to community college, let's just take the minimum wage and your $70/week number. Let's also set aside how it's quite hard to get 40 hours per week these days in a lot of jobs because of corporate schedule fuckery that was much less severe when I was punching a McDonald's clock.
That's circa 10 hours per week of pay or 25% of their time. Is that number a lot? I would say yes. I don't know many people who can save 25% of their gross pay. If that's you, congrats.
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Drives me bonkers. There was a time when you could just work a minimum wage part time over the summer and it would pay for college the rest of the year. Now, you can work minimum wage full time year-round and if you're lucky, you MIGHT cover tuition at a community college if you're still living with your parents and they don't charge rent.
I think you're exaggerating a little bit. It doesn't help whatever point you're trying to make. Average community college tuition cost[0]: $3,400/yr. $3400/yr is $70/week in order to pay your tuition without a loan. Your argument is only lucky people making minimum wage for 40 hours/week, who have their rent paid for, can save $70/week? [0] https://educationdata.org/average-cost-of-community-college
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He’s saying that because he thinks they want to brag. But there’s a completely 100% rational reason for doing it that he completely ignores. Given the choice of going to a destination for the same price (or at least “affordable”), would you A) fly commercial B) fly private?
If the choice is between flying on a regular airplane and a regular route vs sharing a small "private" jet with a bunch of randos, the apparent situation described in the article, I'll definitely take A. The major airlines are well-known quantities who are well regulated. Dealing with a small, novel company adds risk, as does the small plane. And I would have strong concerns that the people who are pulled in by a "pr…
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Which is why I said "buffet-like person." We are talking about different things. I'm talking about the article in the OP at the top of this thread, you're talking about what you wish we were talking about.
> Which is why I said "buffet-like person." You edited your post to say "buffet-like person". At least have some integrity.
Anyway, throwing insults at each other like children is not what this site is about, let's have substantiative discussions like adults and keep this site fun and interesting and not turn it into reddit.
Mostly bemoaning about not being rich and famous comes down to desiring better (or perceived to be better) versions of items listed above -- or the ability to have "fuck you" money and the fantasy that buying people off will isolate you or solve all your interpersonal problems.
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I think you're exaggerating a little bit. It doesn't help whatever point you're trying to make. Average community college tuition cost[0]: $3,400/yr. $3400/yr is $70/week in order to pay your tuition without a loan. Your argument is only lucky people making minimum wage for 40 hours/week, who have their rent paid for, can save $70/week? [0] https://educationdata.org/average-cost-of-community-college
US minimum wage is $7.25; 40 hours a week would be $14,500 in pre-tax income. Average car ownership, per AAA, costs $10,728. Adding in the $3,400 for tuition leaves an entire $372 for food, clothing, hygiene, entertainment, and medical expenses. Seems reasonable! Setting aside quickly Googled statistics and the risks of using averages to understand individual situations, plus the wide state-by-state variation in supp…
We admit they're in the 0th percentile of earners, but then pretend like their expenses should be the median or mean expenses.
Why would somebody earning essentially the zeroth percentile wages be paying for 50th percentile car ownership?
The other common example is how minimum wage earners can't afford an average 2br rental in any state.
If minimum wage earners are paying for the 50th percentile apartments, who exactly is living in 30th percentile apartments?
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US minimum wage is $7.25; 40 hours a week would be $14,500 in pre-tax income. Average car ownership, per AAA, costs $10,728. Adding in the $3,400 for tuition leaves an entire $372 for food, clothing, hygiene, entertainment, and medical expenses. Seems reasonable! Setting aside quickly Googled statistics and the risks of using averages to understand individual situations, plus the wide state-by-state variation in supp…
I see this all the time when talking about minimum wage earners. At least you admitted it is not realistic, but you still presented it anyway. We admit they're in the 0th percentile of earners, but then pretend like their expenses should be the median or mean expenses. Why would somebody earning essentially the zeroth percentile wages be paying for 50th percentile car ownership? The other common example is how minimu…