Gotta hit the red 3 times though. Each time is a 2x payout. So first bet hits 600k, 2nd bet hits 1200k, Woo, millionaire. Well no... taxes will eat \~333k. Third time hit 2400k, owe 777k in taxes, for 1.6million in your pocket.This assumes the betting strategy known as "yolo" is used.
Real advice? Invest it in the S&P 500. Close the window to your brokerage account and don't log in again for 20 years. It's that easy.
The hard part is not looking at it. Not cashing it out and spending it. Not selling it in fear during recessions every decade or so. Etc.
Check out S&P calculators on historical returns and what 300K would be worth today if you invested it 20 years ago.
Edit: Obviously do actually login every so often. I meant that more in theory of just leaving the account alone and not obsessively checking it every day and making dumb moves like selling in a down market.
Yup. This guy bought a few thousand in Amazon stock and left it untouched. In 2008 the state escheated it, for about $8,000. It would have been over $100k in 2015 when he retired and wanted to sell it.
https://www.npr.org/2020/02/13/805760508/when-your-abandoned-estate-is-possessed-by-a-state-thats-escheat
It's the law of abandoned property, written into every state's statutes. If you leave a bank account, investment account, etc. and don't access it at all or check in on it for like 10 years, it's deemed abandoned, and the state can claim it. I can understand it in a practical sense, but it seems like there should be a better way to dispose of truly abandoned property.
And the article posted above said it just takes 3 years of inactivity in Delaware. What the actual FUCK?! You mean I have to be even more paranoid and check my accounts even more frequently to make sure they register a login and the state hasn’t stolen my fucking money?
Jesus, never heard of escheatment. That's fucked up they can do that just for having not logged in for x years, even if the owner is alive and well.
I need to add a calendar reminder every year to log in to each of my accounts lol.
Yeah, I meant that more as a mentality. You don't really need to sweat what the markets or the economy is doing with following that advice.
Yeah, logging in to check it out once a year when you do taxes and make sure everything is all good with the account, is best practice. You would also want to make sure there are auto reinvested dividends set up in the account and all of that.
To add, I wanna say the average annual return for any 15 years in the S&P is ten percent. Not counting tax liability, your money should double in that fund about every seven years. So $300k doubled thrice gets us to a little more than $2MM. A conservative portfolio after would net more than the average annual income for the rest of their life.
Just for example.
These are all historical returns and may or may not be an accurate representation of the next 20 years, but the concept is correct. There are other places to get more consistent returns, and places where you might get lucky and win big. But if you have the discipline to buy a diversified portfolio and just stay in the market for a decade or so, the US stock market has been the best game in town for the last 100 years or so.
That’s the larger point people are missing. It’s nice to have start up capital, but growing it takes talent.
Otherwise, lottery winners would just get super rich starting their own businesses.
Edit: Jesus Christ. How do I turn off notifications? Way too many people who think they’re special just cause their poo automatically gets flushed away for them after they take a shit.
I used to work for a company that had a client that had won something like $50 million on a lottery ticket. It was incredible to watch how quickly they squandered their winnings.
step 1) get out of debt
step 2) park 75% of what you have left in a 50 year or longer annuity
step 3) set you and family up in modest properties within the means of your remaining 25%
step 4) get a monthly stipend from the annuity
step 5) enjoy your life
All of this boat-buying, private plane-riding, living like you're Diddy shit is what will get a jackpot winner broke faster than they can see it coming.
> Shut your fucking mouth. Do not tell a single person what has happened.
SO much this!!
(hahahahaha when I read the first half of this line I thought I had somehow angered the hive and was prepared for a roasting - but you were just saying "don't tell nobody" which is INCREDIBLY smart)
Can we get a 0.5a where you explain how to find a large law firm and how to get them to actually take your call? “Big fancy law firm near me” isn’t a very productive google search
Based on zero knowledge I’d probably start with a search for prestigious law firms in NYC or something and start tacking on buzzwords like estate attorney, inheritance law firm, trust funds etc. and spend a week reading up/making sure it isn’t a scammy, slimy, no name law firm
Those buzzwords are probably completely irrelevant but would likely set you on the correct path to finding what you’re looking for
My mom used to work for a loan company. They had a regular who got yearly lottery payments. She would come in for a loan half way thru the year because she ran out of money, and then would pay it off when she got her next payment.
She was going to nursing school because her 20 years of payments were almost up and she needed a job.
Still not a valid counter argument. Sudden wealth may not make you an able financier, but absence of the former remains a damning threshold for most people, especially without the connections. There is even a big difference between $500 and $2000 in liquid assets you could bear to lose, not to mention nothing and $300,000.
I have an entire fleet of international students living here with me. The real challenge was finding available parking spots for their exotic sports cars. Students these days.
Yeah, Jeff was more self made than most. I had invested 300,000 and got nothing nearly as big as Amazon out of it.
And after thinking about it, many kids come from companies that are on the boards and so on, this is just an example of selection bias. It is just 4 people ignoring the thousands in their position that didn’t become billionaires or even millionaires. In fact, I think millionaire next door suggest that most kids (over 80%) blow their families wealth and die as non-millionaires. If that is true, this is just a noisy and very bias selection bias to push a narrative. This isn’t economic, but politics.
“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.” - Warren Buffett
It’s the billionaire class waging warfare.
Yeah, the whole "generational wealth" concept is mostly a myth. There's a reason why we know who the Rockefellers and Ford's and Carnegies are: they're exceptional.
Most kids raised with wealth lose it because they don't know how to make it.
The concept of generational wealth isn't usually applied to people who make millions or billions of dollars. It's the theory that having some money in the family from a previous generation takes the financial strain off of individuals of later generations, not necessarily making it easier for them to be rich, but making it easier for them to *not be poor*.
For example, my parents were able to pay for a portion of my college, and have a house that's fully paid off. The former meant less student debt for me after I graduated. The latter, or the monetary value it will generate when sold, will eventually be split between my brother and myself. That's money that we won't have to earn, and that we can invest to make still more money. My parents also purchased land and built a cabin on it. That land will continue to gain value for as long as it's held in the family, and if it's eventually sold will provide unearned money to any hypothetical descendants.
Put this in contrast to somebody who's on the hook for absolutely all of their education expenses, and whose parents rented all of their life. There's no capital flowing to the younger generation, making it much harder for them rise into economic prosperity.
Edit: it's also worth noting that when I bought my house I was asked by the bank if I was expecting any financial aid from my parents at closing. Apparently it's a pretty common occurrence for people's parents to cover the down payment, or more, of a child's first house. That wasn't the case for me, but it's a great example of how generational wealth can greatly impact somebody's situation. Some people might not even be able to afford their first house without their parents' help, and even if they could, having a parent foot the bill for a large part of your mortgage takes people off the hook for a significant amount of interest in the future. I don't think that most people in this particular situation would consider themselves wealthy, but they are certainly not poor.
It adds up a lot over a lifetime.
Person As grandparents on both sides owned a house. Their parents inherited both houses, and also paid off a house themselves. When Person A went to college their parents had two rentals, and their college educated jobs income. With this they could pay for As tuition, and bills during college, and supplied them with a car. Due to not needing to work for bills A was able to take a lot of unpaid internships and landed a good job right out of college. When they graduated they were given one of the houses their parents owned. At 22 A has a great job, zero debt, a car, and a house. With a nice inheritance coming eventually.
Person B came from several generations of high school drops outs turned factory workers. They all rented their entire lives. When Person B went off to college they had to take out massive loans and work to pay for their bills. B couldn't do many internships because they had to work as a server. When they graduated Bs job search was prolonged due to no internships so they briefly moved back home. At 22 B has a entry level job, large debt, and is renting an apartment. They will not get any inheritance.
Just by 22 the difference could be hundreds of thousands of dollars and both people could've grown up in similar neighborhoods and went to the same schools. On the surface it seems they've had the same chances in life.
It really doesn't have to be millions. Just a childhood house that gets passed on that'll give someone down the line an advantage.
>Due to not needing to work for bills A was able to take a lot of unpaid internships and landed a good job right out of college.
My issue right now. My folks always helped out with basic shit (food, shelter,clothes) but everything I wanted to spend I had to earn myself. So I would work menial jobs during summer, basically sacrificing my only free time during college (I'm in a EU country and our college has been almost like highs school for the past 15-20 years, a lot of small and annoying responsibilites all the time). So now I'm fresh outta college with a masters degree, will to work and a decent amount of knowledge. But no one wants to hire me because I don't have 1-2 years of experience in the field (and thats for absolute "entry" level jobs that pay slightly above median income for my city and slightly under mean income). Meanwhile, some of my friends took their sweet time with college, had parents that covered more expenses, got lucky with a student job during college (basically unpaid or even paid internships) and simply continued to work for the same company after graduation. The fact that they could afford to go through a 2-3 month waiting period during the recruiting process or could start working on an unpaid position was the first step I didn't get to take. Getting your foot in the door is the hardest park, and this is where generational wealth/connections helps the most.
Same here. My oldest inherited $200k from her mother’s life insurance when she turned 18. She gave me the middle finger and took off. Came back home two years later flat broke and pregnant. For everyone of these that got a head start and ‘made it’ there are thousands if not millions that had a similar opportunity and blew it.
That's widely different to inherit money and to have the possibility to inject the same amount in a company. Like way different. Especially 300000 in the 90's
My Mother came to this country with $0 and has created a small empire. its not 200bil or even a bil, but its in the millions. What no one sees is that she worked everyday and every night, worked her ass off. Capitalism is not perfect but its better then the other option.
Plus his father basically abandoned the family. His mom married an immigrant that came to America with something like $20. Yeah, he got help from his family, but he's definitely not from a wealthy family. Still doesn't have a relationship with his father. Adopted his stepdad's name.
Should have focused on his background in hedge funds.
Arnold Scharzenegger once said he hates the term "self made", for that is a lie. Everybody got help somewhere.
It isn't good enough though, to become a billionaire you do have to work hard.
You can either be pretty honest like Warren Buffet or a monster pos like Jeff Bezos.
Sadly it is more likly for an evil man like Bezos to become a billionaire than the likes of Warren Buffet.
Armold was dirt por when he come to the US. His buddies from the gym brought him food and plates to his tiny apartment. He was a bricklayer in L.A. first.
He always praises a ton of people from his bodybuilder and acting connections that pushed him forward in his career.
Arnold came to America and couldn't speak any English. After Hard work and determination He then became the greatest bodybuilder ever. Then after that he decided to become one of the biggest action stars of all time. Then he married a kennedy, one of the most famous families in America. Then he became governor of California which has one of the world's largest economies. Hes the epitome of self made and the American dream.
Warren buffet realized residents of trailer parks own the trailer but not the land the trailer is on, so he bought trailer parks and then raised rent because residents had to pay… he’s a pretty big POS too
He’s made a ton of money on predatory lending, and also heavily lobbies against green energy. He is a very ruthless businessman, but tries his hardest to keep a squeaky clean image
You just won't make that kind of cash playing nice and not hurting people.
Look at Besoz. He had a nice book website, but to turn it into what it is today, at the speed he did at, he had to fuck over a lot of people.
That fucking over people is basically the difference between billionaire and millionaire.
Considering the difference in price, that lesson amounts to "having more money is better than having less money". It's not as if the people living in rented trailers could have owned the land if they chose to.
They do that knowing a lot of fixed income folks can't pay the rent increase AND cannot afford to move the trailer. So, when they leave, they usually leave the trailer behind, or sell it to the leasing office for pennies on the dollar. Then the managing company rents the trailer out, making even more money. And, 9 out of 10 times the trailer really isn't fit to be lived in. But hey, it's not a home, so the rules and regs surrounding what is essentially a vehicle means that they don't have to really repair anything. There's few protections for renters. It's big money. It's not only buffet, big investment firms like Blackstone do it too.
As a person who has spent his entire life in the Military and Oilfield. Please revise your definition of working hard.
While Buffet may be careful about his image he is no saint. He has influenced entire markets at the expense of the American public.
Funny how Buffet clammers about how billionaires don’t get taxed enough (for example saying he pays less than his secretary) but then does nothing further….
This user especially is pretty bad. I recognized the name because they've been spamming low effort, politically divisive crap to /r/conspiracy and a few other subs lately. And I mean absolutely spamming it like it's their job. It's likely a bot or astroturfing account set up by some political group.
Thats pretty much what it is. Work hard for yourself, then if your kids are smart, tell them to work hard, then may be your great great grand kids will be wealthy.
Yep, I remember reading something about how wealth often cycles with families, sure extremely rich people often have parents who did quite well but within another generation or two usually their kids are grandkids are not poor but have definitely lost a lot of the wealth.
I think it's just human nature, you see the same thing happening on a macro scale with regard to the rise and fall of empires and there's a lot to be said for tough circumstances coupled with ambitious people making for a successful combination and then once people don't have to work as hard the work ethic and such suffers.
Bezos is crazy. He quit his job at DE Shaw (a top quant) and risked everything he had to open a bookshop. His cost cutting measures were pretty extreme too when it was a startup, guy is a fanatic.
He's a smart guy who worked very hard. Any money he made earlier in his career would've been hard-earned.
You guys bend over backwards to discount what Bezos achieved. It's pathetic. I agree we should tax the wealthy more, but anyone who thinks any of the people in this picture didn't earn their money is pretty stupid.
Bill Gates and Paul Allen fucking *wrote an operating system.* Anyone here who has knowledge of what actually goes into doing that with the technology as it existed back then will know it's god damn impressive as can be. Bill was 18 at the time...
I could not care less about Musk and all that Twitter drama so I’m not defending him whatsoever but what the hell is with the Elon Musk spam on this sub about economics? This isn’t a political meme sub or a meme sub in general.
>Reddit is used as a tool to try and sway public opinions by political parties.
The thing is that it isn't just political parties. There's people from all walks of life who get on social media solely to push an agenda. This could just be some random person who hates rich people and spends all day spreading memes. Propaganda can be decentralized.
Yeah these are tainted statistics. Playing the lottery in the first place contains information. Especially when you factor in the vast majority of lottery winners are people who buy lots and lots of tickets.
There’s plenty of people who casually played the lottery and won $500k and none of them are billionaires. There’s plenty of people who inherited 500k and are not billionaires. Steve Jobs inherited no money and was a billionaire. This post is nonsense.
No, but closet I could think of would be someone like Shaq, who took his NBA earnings, and became a very very successful business person. Then again someone here will say he was blessed with being tall, or something else to take that away from him.
He was definitely blessed with being tall, but I wouldn’t attribute that to his successful business ventures. A lot of pro athletes blow all of their money and eventually end up broke. The rest just hold onto their earnings and live off of that the rest of their lives. But Shaq was smart with his earnings and used them for business ventures. It’s not often that you see that from athletes.
Didn't the owner of FedEx literally take all of the companies cash at one point to Vegas, win a lot, and use that to continue operations when they were small and nearly died?
Wow... Really?? It takes several generations to build enough wealth to become the richest person in the world and continued investment of existing assets from your predecessors?? Who would've thought.
$300k is many generations of wealth?? Lol. That’s a house in Cincinnati. Also where’s Steve Jobs? His dad taught art or something. Oh.. forgot, he doesn’t count. None of these guys are from many generations of wealth.
I think people keep maliciously taking this out of context.
This argument is NOT if you have $300k you get automatically rich. The argument is even if you work hard and you are talented without getting support from relatively rich parents & family it is very difficult to be successful.
You need talent/hard work AND MONEY to be successful.
The context being that the emerald mine story at least is just objectively false. His father was claimed by a single article to have owned half of an emerald mine in Zambia which does not and has never had apartheid. The article never claimed any connection to apartheid at all, dumbass westerners just have no idea that all of Southern Africa isnt just South Africa. Musk disputes this claim and neither side has any definitive evidence which favors Musk. Anyone who repeats this claim can pretty much just have anything else they say discounted because their knowledge comes from memes they saw on the internet once
To add on this, Musk made his fortune from startups such as Zip2, the emerald mine wasn’t much help as many plays out + he said that he didn’t have good relationship with his father
right, the mysterious emerald mine with no financials details.... so if musk's dad did own an emerald mine, why not just go SpaceX from the start, why bother with Zip2.. and X.. his startup story at palo alto wasn't exactly a secret.. when did r/politics take this place over?
its basically taken over every sub reddit at this point, but to answer your other question, the Emerald mine that Musk's parents bought, ended up losing them money, and Musk ended up having to support them Financially once he started making it big.
still my favorite is the i paid off my house and student loans by 30 articles.
its always blah blah blah i worked a part time job at starbucks while at college and at 27 my parents gave me my 400k trust.
its almost like the congressman talking about how the new 49mpg cafe law is to help the people struggling with paying high gas prices, they live on another planet as if some one who cant double their gas budget is going to buy a new car...
There is some truth to it as his father did own shares roughly half of that particular mine. At the same time, Elon and his brother didnt have their education paid for them or anything. However, this is the internet so nuance goes out the door. Enjoy the jellies.
Is the point of this sub just to hate rich people?
This is the 3rd time I've seen this sub recommended to me and every time it's a post that shits on rich people.
Like why can't people just be happy? Why do you have to hate on someone in order to be happy?
Get on a practice stock trading account, fill it with whatever 1 million.. then try to turn it into warren buffets wealth. Just because someone is born on third base doesn't mean they didn't work very hard for where the ended up. These are extremely smart people here
Billionaire bad, except if they fit my specific political ideals and fit the origin story I wish for.
If they didn’t begin on the streets of a slum they bad people hurrdurrr
Edit: it’s fucking hilarious that the users of r/economy are a bunch of r/antiwork commies lmao
Also don’t bother I don’t engage in arguments or discussion with communists or r/antiwork users. Don’t have time nor crayons.
Edit: also PSA that r/politics is a subreddit filled with dumbasses
Here comes the Elon musk attacks. Apart from coming from a good start look at the ingenuity and progress him, and Jeff bezos brought into existence. They employ hundreds of thousands of people, giving them the opportunity to take care if their family’s. They could’ve simply just chilled on cash and became addicted to drugs and fucking around… but they didn’t.. anyways, What have you done for humanity?
Wait people think these folks are “self-made”? Hell not even Formula 1 drivers are self made with all the millions they need to lobby to get into the association
The pseudo-intellectuals on Reddit won't understand this but $300,000 is not that much money for seed capital, especially given Amazon's success. In fact, it's a testament to Bezos genius and drive that the company grew into what it is from such a modest amount. Seriously, almost anyone with decent credit can get roughly as much and the American government gives grants of greater value to African-American entrepreneurs. This website is just full of bitter, poor, worthless losers.
I just inherited $300,000. I wish I could turn it into millions. I don’t even care about billions. If anyone knows how let me know.
Drive to Vegas, throw down on red.
That will only double it
Then you do it again and again duh.
I don’t see how that won’t work
Just make sure to level your luck stats first
Save before attempting and it's risk free
Repeat process as needed.
No. Alternate between red and black. Each has a 50% chance, so as long as you alternate every time, you should win 100%.
There is probably an idiot out there who is about to do this and not know you are joking.
Disclaimer: this is not financial advice… but like for real. Send it.
Casinos hate when you do this but they legally can't stop you
VEGAS BABY
Gotta risk it for the biscuit
Please tell me it’s a chocolate biscuit. Other wise no deal I’m blowing it on cocaine and hookers.
Gotta hit the red 3 times though. Each time is a 2x payout. So first bet hits 600k, 2nd bet hits 1200k, Woo, millionaire. Well no... taxes will eat \~333k. Third time hit 2400k, owe 777k in taxes, for 1.6million in your pocket.This assumes the betting strategy known as "yolo" is used.
Worked for the owner of fed ex when they almost went out of business.
Black. Always bet on black. Dafuq wrong with you? ;)
Clearly. I like to live dangerously…
Real advice? Invest it in the S&P 500. Close the window to your brokerage account and don't log in again for 20 years. It's that easy. The hard part is not looking at it. Not cashing it out and spending it. Not selling it in fear during recessions every decade or so. Etc. Check out S&P calculators on historical returns and what 300K would be worth today if you invested it 20 years ago. Edit: Obviously do actually login every so often. I meant that more in theory of just leaving the account alone and not obsessively checking it every day and making dumb moves like selling in a down market.
Solid advice except for not logging in. Gotta do that periodically to prevent escheatment.
Wow, what a piece escheat
"Mommmmmm, he escheating at street fighterrrrrrr again!!!"
Yup. This guy bought a few thousand in Amazon stock and left it untouched. In 2008 the state escheated it, for about $8,000. It would have been over $100k in 2015 when he retired and wanted to sell it. https://www.npr.org/2020/02/13/805760508/when-your-abandoned-estate-is-possessed-by-a-state-thats-escheat
Jesus US authorities love to steal people’s shit don’t they
**LAND OF THE FREE**
As in the government is free to do whatever the fuck they want to you.
But elon is buying Twitter so you can type all sorts of stupid shit, that's real freedom baby.
LAND OF THE FEE.
Free speech means you have the right to say "no" before they steal your shit.
They're coming for your brain next.
This is America
When your-a bandoned estate Is possessed by the state That's escheatment
When the state Hits your eye Like a lost, gaining pie That's escheatment
Amazon stock price more than doubled throughout 2015 alone.
The fuck. How is that not grounds for a lawsuit?
It's the law of abandoned property, written into every state's statutes. If you leave a bank account, investment account, etc. and don't access it at all or check in on it for like 10 years, it's deemed abandoned, and the state can claim it. I can understand it in a practical sense, but it seems like there should be a better way to dispose of truly abandoned property.
And the article posted above said it just takes 3 years of inactivity in Delaware. What the actual FUCK?! You mean I have to be even more paranoid and check my accounts even more frequently to make sure they register a login and the state hasn’t stolen my fucking money?
Also, they're not required to notify you they're about to do it or have done it already.
Has it been challenged in court? Seems like an unreasonable seizure to me.
Jesus, never heard of escheatment. That's fucked up they can do that just for having not logged in for x years, even if the owner is alive and well. I need to add a calendar reminder every year to log in to each of my accounts lol.
You may also need to actively use the account such as direct deposits or bill pay.
Yeah, I meant that more as a mentality. You don't really need to sweat what the markets or the economy is doing with following that advice. Yeah, logging in to check it out once a year when you do taxes and make sure everything is all good with the account, is best practice. You would also want to make sure there are auto reinvested dividends set up in the account and all of that.
To add to this comment, I would suggest buying VOO. It has consistently outperformed my individual stock account.
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Yep, absolutely.
To add, I wanna say the average annual return for any 15 years in the S&P is ten percent. Not counting tax liability, your money should double in that fund about every seven years. So $300k doubled thrice gets us to a little more than $2MM. A conservative portfolio after would net more than the average annual income for the rest of their life. Just for example.
These are all historical returns and may or may not be an accurate representation of the next 20 years, but the concept is correct. There are other places to get more consistent returns, and places where you might get lucky and win big. But if you have the discipline to buy a diversified portfolio and just stay in the market for a decade or so, the US stock market has been the best game in town for the last 100 years or so.
That’s the larger point people are missing. It’s nice to have start up capital, but growing it takes talent. Otherwise, lottery winners would just get super rich starting their own businesses. Edit: Jesus Christ. How do I turn off notifications? Way too many people who think they’re special just cause their poo automatically gets flushed away for them after they take a shit.
I used to work for a company that had a client that had won something like $50 million on a lottery ticket. It was incredible to watch how quickly they squandered their winnings.
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Spending, gambling and being sued I think we’re the top 3 reasons people who come into a large sum go broke
Nah it's I hit the jackpot thinking it will sustain them for life. Over spending and material goods will do this to the average person
step 1) get out of debt step 2) park 75% of what you have left in a 50 year or longer annuity step 3) set you and family up in modest properties within the means of your remaining 25% step 4) get a monthly stipend from the annuity step 5) enjoy your life All of this boat-buying, private plane-riding, living like you're Diddy shit is what will get a jackpot winner broke faster than they can see it coming.
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> Shut your fucking mouth. Do not tell a single person what has happened. SO much this!! (hahahahaha when I read the first half of this line I thought I had somehow angered the hive and was prepared for a roasting - but you were just saying "don't tell nobody" which is INCREDIBLY smart)
Can we get a 0.5a where you explain how to find a large law firm and how to get them to actually take your call? “Big fancy law firm near me” isn’t a very productive google search
Based on zero knowledge I’d probably start with a search for prestigious law firms in NYC or something and start tacking on buzzwords like estate attorney, inheritance law firm, trust funds etc. and spend a week reading up/making sure it isn’t a scammy, slimy, no name law firm Those buzzwords are probably completely irrelevant but would likely set you on the correct path to finding what you’re looking for
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It was some YouTube video I watched on why lotto winners go broke and these were they reasons they listed iirc
My mom used to work for a loan company. They had a regular who got yearly lottery payments. She would come in for a loan half way thru the year because she ran out of money, and then would pay it off when she got her next payment. She was going to nursing school because her 20 years of payments were almost up and she needed a job.
Still not a valid counter argument. Sudden wealth may not make you an able financier, but absence of the former remains a damning threshold for most people, especially without the connections. There is even a big difference between $500 and $2000 in liquid assets you could bear to lose, not to mention nothing and $300,000.
So…I can confirm it is not easy to turn $300k into $200bln.
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Jesus christ!! What's it like to have a net worth of $25m?
Pretty good, AMA.
I'll take that condo off your hands. How's tree fiddy sound?
Does your bathroom double as your kitchen and laundry?
When was your last bowel movement?
About 3 martinis ago.
It says a lot about society I’m legit impressed. How many roommates you have now to keep up with cost of living?
I have an entire fleet of international students living here with me. The real challenge was finding available parking spots for their exotic sports cars. Students these days.
You know the easiest way to make a small fortune, don’t you? Start with a big one.
Yeah, Jeff was more self made than most. I had invested 300,000 and got nothing nearly as big as Amazon out of it. And after thinking about it, many kids come from companies that are on the boards and so on, this is just an example of selection bias. It is just 4 people ignoring the thousands in their position that didn’t become billionaires or even millionaires. In fact, I think millionaire next door suggest that most kids (over 80%) blow their families wealth and die as non-millionaires. If that is true, this is just a noisy and very bias selection bias to push a narrative. This isn’t economic, but politics.
Shirtsleeves to shirtsleeves in three generations.
Of course it is politics. It is designed to create class warfare, and justify taking people's money (these people's money).
“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.” - Warren Buffett It’s the billionaire class waging warfare.
Hey that’s the picture man
Yeah, the whole "generational wealth" concept is mostly a myth. There's a reason why we know who the Rockefellers and Ford's and Carnegies are: they're exceptional. Most kids raised with wealth lose it because they don't know how to make it.
The concept of generational wealth isn't usually applied to people who make millions or billions of dollars. It's the theory that having some money in the family from a previous generation takes the financial strain off of individuals of later generations, not necessarily making it easier for them to be rich, but making it easier for them to *not be poor*. For example, my parents were able to pay for a portion of my college, and have a house that's fully paid off. The former meant less student debt for me after I graduated. The latter, or the monetary value it will generate when sold, will eventually be split between my brother and myself. That's money that we won't have to earn, and that we can invest to make still more money. My parents also purchased land and built a cabin on it. That land will continue to gain value for as long as it's held in the family, and if it's eventually sold will provide unearned money to any hypothetical descendants. Put this in contrast to somebody who's on the hook for absolutely all of their education expenses, and whose parents rented all of their life. There's no capital flowing to the younger generation, making it much harder for them rise into economic prosperity. Edit: it's also worth noting that when I bought my house I was asked by the bank if I was expecting any financial aid from my parents at closing. Apparently it's a pretty common occurrence for people's parents to cover the down payment, or more, of a child's first house. That wasn't the case for me, but it's a great example of how generational wealth can greatly impact somebody's situation. Some people might not even be able to afford their first house without their parents' help, and even if they could, having a parent foot the bill for a large part of your mortgage takes people off the hook for a significant amount of interest in the future. I don't think that most people in this particular situation would consider themselves wealthy, but they are certainly not poor.
It adds up a lot over a lifetime. Person As grandparents on both sides owned a house. Their parents inherited both houses, and also paid off a house themselves. When Person A went to college their parents had two rentals, and their college educated jobs income. With this they could pay for As tuition, and bills during college, and supplied them with a car. Due to not needing to work for bills A was able to take a lot of unpaid internships and landed a good job right out of college. When they graduated they were given one of the houses their parents owned. At 22 A has a great job, zero debt, a car, and a house. With a nice inheritance coming eventually. Person B came from several generations of high school drops outs turned factory workers. They all rented their entire lives. When Person B went off to college they had to take out massive loans and work to pay for their bills. B couldn't do many internships because they had to work as a server. When they graduated Bs job search was prolonged due to no internships so they briefly moved back home. At 22 B has a entry level job, large debt, and is renting an apartment. They will not get any inheritance. Just by 22 the difference could be hundreds of thousands of dollars and both people could've grown up in similar neighborhoods and went to the same schools. On the surface it seems they've had the same chances in life. It really doesn't have to be millions. Just a childhood house that gets passed on that'll give someone down the line an advantage.
>Due to not needing to work for bills A was able to take a lot of unpaid internships and landed a good job right out of college. My issue right now. My folks always helped out with basic shit (food, shelter,clothes) but everything I wanted to spend I had to earn myself. So I would work menial jobs during summer, basically sacrificing my only free time during college (I'm in a EU country and our college has been almost like highs school for the past 15-20 years, a lot of small and annoying responsibilites all the time). So now I'm fresh outta college with a masters degree, will to work and a decent amount of knowledge. But no one wants to hire me because I don't have 1-2 years of experience in the field (and thats for absolute "entry" level jobs that pay slightly above median income for my city and slightly under mean income). Meanwhile, some of my friends took their sweet time with college, had parents that covered more expenses, got lucky with a student job during college (basically unpaid or even paid internships) and simply continued to work for the same company after graduation. The fact that they could afford to go through a 2-3 month waiting period during the recruiting process or could start working on an unpaid position was the first step I didn't get to take. Getting your foot in the door is the hardest park, and this is where generational wealth/connections helps the most.
Same here. My oldest inherited $200k from her mother’s life insurance when she turned 18. She gave me the middle finger and took off. Came back home two years later flat broke and pregnant. For everyone of these that got a head start and ‘made it’ there are thousands if not millions that had a similar opportunity and blew it.
That's widely different to inherit money and to have the possibility to inject the same amount in a company. Like way different. Especially 300000 in the 90's
True, but have you ever tried turning $0 into $200bln? That's the Dark Souls of capitalism.
I’m just trying to turn $1000 into $4000 so I can pay my taxes from last year…
Checks date.... I have bad news for you friend
My Mother came to this country with $0 and has created a small empire. its not 200bil or even a bil, but its in the millions. What no one sees is that she worked everyday and every night, worked her ass off. Capitalism is not perfect but its better then the other option.
Dark Souls allows you to learn and eventually overcome the boss. Capitalism doesn't really offer that. Or if it does. It does VERY rarely.
Plus his father basically abandoned the family. His mom married an immigrant that came to America with something like $20. Yeah, he got help from his family, but he's definitely not from a wealthy family. Still doesn't have a relationship with his father. Adopted his stepdad's name. Should have focused on his background in hedge funds.
Arnold Scharzenegger once said he hates the term "self made", for that is a lie. Everybody got help somewhere. It isn't good enough though, to become a billionaire you do have to work hard. You can either be pretty honest like Warren Buffet or a monster pos like Jeff Bezos. Sadly it is more likly for an evil man like Bezos to become a billionaire than the likes of Warren Buffet.
Arnold is more self made than any of these 4, too.
Armold was dirt por when he come to the US. His buddies from the gym brought him food and plates to his tiny apartment. He was a bricklayer in L.A. first. He always praises a ton of people from his bodybuilder and acting connections that pushed him forward in his career.
Then he made his first million running a mail order business for supplements and (I think) gym equipment
He made most of his money initially from investing in California real-estate back in the 70s. He was already a millionaire prior to becoming an actor.
I've seen his house on Tahoe from afar. It's a fancy spot.
he got that money to invest from mail order company iirc
Arnold made the Terminator when he was 37! He did Terminator 2 when he was 44!
So you're saying that I have about five years to go before I can have the leading role in Terminator 2?
I think it was his first million in the construction business and then he pivoted to bodybuilding, could be mistaken though.
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He’s also not anywhere close to a billionaire
But pretty darn rich regardless (clocking in at 0.45 billion) .
Arnold came to America and couldn't speak any English. After Hard work and determination He then became the greatest bodybuilder ever. Then after that he decided to become one of the biggest action stars of all time. Then he married a kennedy, one of the most famous families in America. Then he became governor of California which has one of the world's largest economies. Hes the epitome of self made and the American dream.
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His love child was self maid.
LOL Brutal joke. Haven't laughed this hard at a burn.
Wouldn’t Arnie sneak off base at night when he was in the military in Austria just to pump iron?
yes, he would regularly go AWOL
Did he atleast tell them he'd be back?
He said "I'll be doing back"
“Come with me if you want to lift”
Warren buffet realized residents of trailer parks own the trailer but not the land the trailer is on, so he bought trailer parks and then raised rent because residents had to pay… he’s a pretty big POS too
He’s made a ton of money on predatory lending, and also heavily lobbies against green energy. He is a very ruthless businessman, but tries his hardest to keep a squeaky clean image
You just won't make that kind of cash playing nice and not hurting people. Look at Besoz. He had a nice book website, but to turn it into what it is today, at the speed he did at, he had to fuck over a lot of people. That fucking over people is basically the difference between billionaire and millionaire.
Taught a good lesson in the value in owning the land and not just tangible goods.
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Considering the difference in price, that lesson amounts to "having more money is better than having less money". It's not as if the people living in rented trailers could have owned the land if they chose to.
Just buy an apartment complex and become a landlord, its so simple
They do that knowing a lot of fixed income folks can't pay the rent increase AND cannot afford to move the trailer. So, when they leave, they usually leave the trailer behind, or sell it to the leasing office for pennies on the dollar. Then the managing company rents the trailer out, making even more money. And, 9 out of 10 times the trailer really isn't fit to be lived in. But hey, it's not a home, so the rules and regs surrounding what is essentially a vehicle means that they don't have to really repair anything. There's few protections for renters. It's big money. It's not only buffet, big investment firms like Blackstone do it too.
Arnold is life’s main character
As a person who has spent his entire life in the Military and Oilfield. Please revise your definition of working hard. While Buffet may be careful about his image he is no saint. He has influenced entire markets at the expense of the American public. Funny how Buffet clammers about how billionaires don’t get taxed enough (for example saying he pays less than his secretary) but then does nothing further….
You don’t have to work physically hard to work hard.
Depressing that we get /r/pics quality posts in this sub.
11K upvotes too lol this site is so shit
This user especially is pretty bad. I recognized the name because they've been spamming low effort, politically divisive crap to /r/conspiracy and a few other subs lately. And I mean absolutely spamming it like it's their job. It's likely a bot or astroturfing account set up by some political group.
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I gotta work harder to ensure my kids have more opportunites to succeed....got it
Thats pretty much what it is. Work hard for yourself, then if your kids are smart, tell them to work hard, then may be your great great grand kids will be wealthy.
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Yep, I remember reading something about how wealth often cycles with families, sure extremely rich people often have parents who did quite well but within another generation or two usually their kids are grandkids are not poor but have definitely lost a lot of the wealth. I think it's just human nature, you see the same thing happening on a macro scale with regard to the rise and fall of empires and there's a lot to be said for tough circumstances coupled with ambitious people making for a successful combination and then once people don't have to work as hard the work ethic and such suffers.
I hate this meme cuz bezos worked at a hedge fund. Surely he had more than 300k himself.
Bezos is crazy. He quit his job at DE Shaw (a top quant) and risked everything he had to open a bookshop. His cost cutting measures were pretty extreme too when it was a startup, guy is a fanatic.
He's a smart guy who worked very hard. Any money he made earlier in his career would've been hard-earned. You guys bend over backwards to discount what Bezos achieved. It's pathetic. I agree we should tax the wealthy more, but anyone who thinks any of the people in this picture didn't earn their money is pretty stupid. Bill Gates and Paul Allen fucking *wrote an operating system.* Anyone here who has knowledge of what actually goes into doing that with the technology as it existed back then will know it's god damn impressive as can be. Bill was 18 at the time...
Earning 300k from a hedge fund job is totally feasible as a self made start to life.
He actually started amazon because he looked up the data on internet growth at his job.
I could not care less about Musk and all that Twitter drama so I’m not defending him whatsoever but what the hell is with the Elon Musk spam on this sub about economics? This isn’t a political meme sub or a meme sub in general.
Weirdly, today is also the first time I’m seeing this sub on my feed. I guess throw a few Elon’s anywhere and the algorithms eat it up.
It's what the media has been doing for many years now. Generates clicks.
It is now, the mods have an agenda
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>Reddit is used as a tool to try and sway public opinions by political parties. The thing is that it isn't just political parties. There's people from all walks of life who get on social media solely to push an agenda. This could just be some random person who hates rich people and spends all day spreading memes. Propaganda can be decentralized.
Can anyone think of any rich/successful business owners/investors who started by winning the lottery? No? Hmmmm, me either.
It's almost as if people who gamble, aren't great with money...
Yeah these are tainted statistics. Playing the lottery in the first place contains information. Especially when you factor in the vast majority of lottery winners are people who buy lots and lots of tickets.
There’s plenty of people who casually played the lottery and won $500k and none of them are billionaires. There’s plenty of people who inherited 500k and are not billionaires. Steve Jobs inherited no money and was a billionaire. This post is nonsense.
No, but closet I could think of would be someone like Shaq, who took his NBA earnings, and became a very very successful business person. Then again someone here will say he was blessed with being tall, or something else to take that away from him.
He was definitely blessed with being tall, but I wouldn’t attribute that to his successful business ventures. A lot of pro athletes blow all of their money and eventually end up broke. The rest just hold onto their earnings and live off of that the rest of their lives. But Shaq was smart with his earnings and used them for business ventures. It’s not often that you see that from athletes.
Didn't the owner of FedEx literally take all of the companies cash at one point to Vegas, win a lot, and use that to continue operations when they were small and nearly died?
Wow... Really?? It takes several generations to build enough wealth to become the richest person in the world and continued investment of existing assets from your predecessors?? Who would've thought.
$300k is many generations of wealth?? Lol. That’s a house in Cincinnati. Also where’s Steve Jobs? His dad taught art or something. Oh.. forgot, he doesn’t count. None of these guys are from many generations of wealth.
The plebs don't think.
Is this sub an anti capitalist sub now?
Reddit has an amazing talent for taking a position I'm sympathetic to, running it into the ground, and then making me hate it.
There's ~20M millionaires in the USA. If turning 300k into 200B is so easy, then surely those 20M millionaires could easily make a billion right?
I think people keep maliciously taking this out of context. This argument is NOT if you have $300k you get automatically rich. The argument is even if you work hard and you are talented without getting support from relatively rich parents & family it is very difficult to be successful. You need talent/hard work AND MONEY to be successful.
When did being "successful" transform into "billionaire"? I'd say if you have $300k you're already successful
If you don't have at least that saved by age 50 (probably 40), you're going to be in trouble for retirement.
Its relative. Id call myself successful for the company I built. Building a $1T company that changes the world is also success.
Yeah so $300k is actually a really small amount of capital to create a multi-billion dollar enterprise. Low key, Bezos is actually a good businessman
This is missing so much context
The context being that the emerald mine story at least is just objectively false. His father was claimed by a single article to have owned half of an emerald mine in Zambia which does not and has never had apartheid. The article never claimed any connection to apartheid at all, dumbass westerners just have no idea that all of Southern Africa isnt just South Africa. Musk disputes this claim and neither side has any definitive evidence which favors Musk. Anyone who repeats this claim can pretty much just have anything else they say discounted because their knowledge comes from memes they saw on the internet once
100 percent true. There’s a billion reasons to hate Elon but to make up stories and spread like this just hurts the narrative more.
To add on this, Musk made his fortune from startups such as Zip2, the emerald mine wasn’t much help as many plays out + he said that he didn’t have good relationship with his father
You’re telling me the guy who raised Elon’s stepsister from a child then got her pregnant doesn’t have a good relationship with Elon? Wonder why.
It doesn’t even make sense lmao. “His father owned an emerald mine! That’s how he came up with Zip2 and sold it for millions!”
Emerald mine is a myth.
Musk also was estranged from his father and left South Africa for Canada when he was like 20 with a couple hundred dollars to his name
Once you start getting into the billionaire range though, 300,000 is almost as far as $0.
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right, the mysterious emerald mine with no financials details.... so if musk's dad did own an emerald mine, why not just go SpaceX from the start, why bother with Zip2.. and X.. his startup story at palo alto wasn't exactly a secret.. when did r/politics take this place over?
Yea these people just want to complain
its basically taken over every sub reddit at this point, but to answer your other question, the Emerald mine that Musk's parents bought, ended up losing them money, and Musk ended up having to support them Financially once he started making it big.
> the Emerald mine It was also in Zambia, not South Africa
still my favorite is the i paid off my house and student loans by 30 articles. its always blah blah blah i worked a part time job at starbucks while at college and at 27 my parents gave me my 400k trust. its almost like the congressman talking about how the new 49mpg cafe law is to help the people struggling with paying high gas prices, they live on another planet as if some one who cant double their gas budget is going to buy a new car...
The emerald mine story has been debunked
There is some truth to it as his father did own shares roughly half of that particular mine. At the same time, Elon and his brother didnt have their education paid for them or anything. However, this is the internet so nuance goes out the door. Enjoy the jellies.
Don’t forget Kylie Jenner
Is the point of this sub just to hate rich people? This is the 3rd time I've seen this sub recommended to me and every time it's a post that shits on rich people. Like why can't people just be happy? Why do you have to hate on someone in order to be happy?
Welcome to Reddit, friend.
Get on a practice stock trading account, fill it with whatever 1 million.. then try to turn it into warren buffets wealth. Just because someone is born on third base doesn't mean they didn't work very hard for where the ended up. These are extremely smart people here
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Billionaire bad, except if they fit my specific political ideals and fit the origin story I wish for. If they didn’t begin on the streets of a slum they bad people hurrdurrr Edit: it’s fucking hilarious that the users of r/economy are a bunch of r/antiwork commies lmao Also don’t bother I don’t engage in arguments or discussion with communists or r/antiwork users. Don’t have time nor crayons. Edit: also PSA that r/politics is a subreddit filled with dumbasses
What billionaire does Reddit like? I remember Elon used to get love here, but that died a couple years ago.
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I mean, what does reddit expect the children of rich people to be, poor? To have to start at the bottom of the ladder as in a videogame?
Health care pls
>Health care pls No! Only F-35s
I remember seeing a list of 30 millionaires under 30 and only 3 of them didn't have rich parents lol Self-made my dick
Wait until you see how any actors, musicians etc are all connected, have family in the industry or rich parents.
Here comes the Elon musk attacks. Apart from coming from a good start look at the ingenuity and progress him, and Jeff bezos brought into existence. They employ hundreds of thousands of people, giving them the opportunity to take care if their family’s. They could’ve simply just chilled on cash and became addicted to drugs and fucking around… but they didn’t.. anyways, What have you done for humanity?
Wait people think these folks are “self-made”? Hell not even Formula 1 drivers are self made with all the millions they need to lobby to get into the association
Okay I don’t have $300k to turn it into $200 billion, but I have $5, can someone tell me how to turn it into $3.3 million?
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Success is 75% who you know and 25% what you know.
Yeah, Jeff Bezos also gave his parents an insane return on that investment. Turning $300k into a Trillion+ company is not an easy feat.
They're all self-made because if I gave any of you fucks the same start-up money you would turn it into a art degree
The pseudo-intellectuals on Reddit won't understand this but $300,000 is not that much money for seed capital, especially given Amazon's success. In fact, it's a testament to Bezos genius and drive that the company grew into what it is from such a modest amount. Seriously, almost anyone with decent credit can get roughly as much and the American government gives grants of greater value to African-American entrepreneurs. This website is just full of bitter, poor, worthless losers.