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I know someone who did this. It didn't work out and it's their single biggest financial regret in life.

glouwbug 7y ago
I've seen 6 people in the last 2 weeks on wallstreetbets gamble away their student loans. The sad part is one guy will post their success of doubling their student loan, and it will just cause a bunch of younger inexperienced 19 year olds to lose tens of thousands to their own gambles. It's really sad. It's an addiction
- Proziam 7y ago
  For some, it is addiction. For others, they simply cannot fathom the risk they expose themselves to. They have no concept of the time, effort, and stress they will cost themselves over the course of their lives as a result of their error. Try explaining to a teenager that the 50k bet that costs them their chance at an education is actually them putting 1m+ at risk if you compound the effect over the course of their life.
  - owenmarshall 7y ago
    I think there’s a lack of understanding of markets as well. Great, you can toss 10k towards at it if you burn your student loans. GP might be able to toss 100k with a refi and investing his home equity. Market movers have plenty more zeros at their disposal. We are bugs and the best thing to do is to make decisions that don’t make us end up as splats on their windshield.
    - Proziam 7y ago
      All true. Even without the concern of competing against big money, there's always the simple fact that you can just lose a bet. Through a personal connection, I'm aware of a failed SAP implementation that cost a company their position on the DOW. You'd never consider that was a possibility as a teenager because SAP doesn't even exist in your universe yet.
- Der_Einzige 7y ago
  Long term puts right now would be printing money for those kids. They just have to get a nice pair of diamond hands and some late April puts
  - glouwbug 7y ago
    Robin hands, you mean
  - ac29 7y ago
    Maybe. They could also make a lot of money playing roulette. I'm not sure one is a better idea than the other, though at least if you lose a lot of money in a casino, they'll comp you a room and some meals.
- perl4ever 7y ago
  I remember someone describing the appeal of Robinhood to millennials - they said that buying some stock and having it go down was like "dropping your iPhone in the toilet".

I've seen 6 people in the last 2 weeks on wallstreetbets gamble away their student loans. The sad part is one guy will post their success of doubling their student loan, and it will just cause a bunch of younger inexperienced 19 year olds to lose tens of thousands to their own gambles. It's really sad. It's an addiction

Proziam 7y ago
For some, it is addiction. For others, they simply cannot fathom the risk they expose themselves to. They have no concept of the time, effort, and stress they will cost themselves over the course of their lives as a result of their error. Try explaining to a teenager that the 50k bet that costs them their chance at an education is actually them putting 1m+ at risk if you compound the effect over the course of their life.
- owenmarshall 7y ago
  I think there’s a lack of understanding of markets as well. Great, you can toss 10k towards at it if you burn your student loans. GP might be able to toss 100k with a refi and investing his home equity. Market movers have plenty more zeros at their disposal. We are bugs and the best thing to do is to make decisions that don’t make us end up as splats on their windshield.
  - Proziam 7y ago
    All true. Even without the concern of competing against big money, there's always the simple fact that you can just lose a bet. Through a personal connection, I'm aware of a failed SAP implementation that cost a company their position on the DOW. You'd never consider that was a possibility as a teenager because SAP doesn't even exist in your universe yet.
Der_Einzige 7y ago
Long term puts right now would be printing money for those kids. They just have to get a nice pair of diamond hands and some late April puts
- glouwbug 7y ago
  Robin hands, you mean
- ac29 7y ago
  Maybe. They could also make a lot of money playing roulette. I'm not sure one is a better idea than the other, though at least if you lose a lot of money in a casino, they'll comp you a room and some meals.
perl4ever 7y ago
I remember someone describing the appeal of Robinhood to millennials - they said that buying some stock and having it go down was like "dropping your iPhone in the toilet".