5 ms·
The line of thinking here seems to be that, to get to $1M, you probably have learned a lot more than someone making only $50-60k a year. So not only would you h
by dabockster 9y ago
The line of thinking here seems to be that, to get to $1M, you probably have learned a lot more than someone making only $50-60k a year. So not only would you have the capital, you'd also have the common sense not to make a poor investment.
- crankylinuxuser 9y agoBut it also continues the idea "Only the rich may get richer. These things are not for the little guy." Unless we want to equate "Not having a great deal of money as someone who is too stupid to know how to invest."
- s73ver_ 9y agoExcept this entire discussion was kicked off by trying to evade reporting and disclosure regulations.
- saalweachter 9y agoFrankly I think there's also some sort of "sympathy level" in the law. If a little old lady living on a fixed income loses all her meager savings to a huckster we feel a lot worse for her than if a Wall Street 1%er with three houses loses all his savings to the same huckster. Which might not be the fairest or most logical way to legislate, but laws are about feelings as much as anything else.
- Gargoyle 9y agoPeople with a million dollars are no better at detecting bad investments than people without. If anything, they're worse because they imagine themselves to be far more sophisticated than they actually are. I've witnessed this time and again.