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I’m not a billionaire but I saw my wealth surge shortly after March, so I could only imagine billionaires made even more. It is a shame that so many people are

by xwdv 6y ago

I’m not a billionaire but I saw my wealth surge shortly after March, so I could only imagine billionaires made even more. It is a shame that so many people are not financially educated enough to take advantage of moments like this in history. A financial crisis is a time when fortunes are made, and if you properly navigate each one throughout your life you can give yourself a major step up in networth.

atentaten 6y ago
What are some things you did to navigate this crisis thus increasing your net worth?
jusiool 6y ago
A lot of people don't possess the capital to, well, capitalise on these events. I tried day trading as early as march, but guess how far 100 dollars of starting investment got me? The shame is not that people don't have financial literacy.
- xwdv 6y ago
  100 dollars for day trading is shit. You should never risk more than 2% of your account in a trade, that means on average you’d have to be satisfied with making a couple bucks of profit per trade.
  - Smaug123 6y ago
    I think that's the point the parent was making. If you simply don't have enough money to trade profitably with, then… you can't trade profitably.
cj 6y ago
> It is a shame that so many people are not financially educated enough to take advantage of moments like this in history For the vast majority of people the problem is lack of access to capital to invest, not education on how to invest. I know a lot of blue collar workers, restaurant workers, farmers, truck drivers... their concerns during the pandemic is “how am I going to pay my rent / mortgage / medical / credit card bills next month”... investing in the stock market is not on their radar: For the upper middle / upper class who do have extra cash to play with, it’s important to realize these specific market conditions are rare and unpredictable (it’s still possible for there to be another major sell off, just because we’re up doesn’t been we’ll stay up). It’s easy to look back and say “oh I could have made 40% in 3 months” after it happened. Yet many of the best money managers missed most of the upswing because no one was expecting a V shape recovery so quickly. To build wealth, don’t try to time markets or pull crazy stunts like outing cheap OTM options. Just invest a steady percent of your income in index funds every month over a long period of time.
igravious 6y ago
Please try not to extrapolate all of human existence from your unique circumstances and trajectory through life. Consider that many suffer from all manners of adversity that are tough to overcome: ill health, bad fortune, financial setbacks, lack of inherited wealth, and so on. Look around you – becoming successful is like walking on a tightrope, a series of little nudges can easily knock you off and you may never get back up. Your bio does say "Ethically challenged software engineer working for a major tech company" ! :) https://www.wired.com/story/why-are-rich-people-so-mean/ https://www.wired.com/story/why-are-rich-people-so-mean/

by xwdv 6y ago

atentaten 6y ago

What are some things you did to navigate this crisis thus increasing your net worth?

jusiool 6y ago

A lot of people don't possess the capital to, well, capitalise on these events. I tried day trading as early as march, but guess how far 100 dollars of starting investment got me? The shame is not that people don't have financial literacy.

xwdv 6y ago
100 dollars for day trading is shit. You should never risk more than 2% of your account in a trade, that means on average you’d have to be satisfied with making a couple bucks of profit per trade.
- Smaug123 6y ago
  I think that's the point the parent was making. If you simply don't have enough money to trade profitably with, then… you can't trade profitably.

cj 6y ago

> It is a shame that so many people are not financially educated enough to take advantage of moments like this in history For the vast majority of people the problem is lack of access to capital to invest, not education on how to invest. I know a lot of blue collar workers, restaurant workers, farmers, truck drivers... their concerns during the pandemic is “how am I going to pay my rent / mortgage / medical / credit card bills next month”... investing in the stock market is not on their radar: For the upper middle / upper class who do have extra cash to play with, it’s important to realize these specific market conditions are rare and unpredictable (it’s still possible for there to be another major sell off, just because we’re up doesn’t been we’ll stay up). It’s easy to look back and say “oh I could have made 40% in 3 months” after it happened. Yet many of the best money managers missed most of the upswing because no one was expecting a V shape recovery so quickly. To build wealth, don’t try to time markets or pull crazy stunts like outing cheap OTM options. Just invest a steady percent of your income in index funds every month over a long period of time.

igravious 6y ago

Please try not to extrapolate all of human existence from your unique circumstances and trajectory through life. Consider that many suffer from all manners of adversity that are tough to overcome: ill health, bad fortune, financial setbacks, lack of inherited wealth, and so on. Look around you – becoming successful is like walking on a tightrope, a series of little nudges can easily knock you off and you may never get back up. Your bio does say "Ethically challenged software engineer working for a major tech company" ! :) https://www.wired.com/story/why-are-rich-people-so-mean/ https://www.wired.com/story/why-are-rich-people-so-mean/