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I'd like to go on the record as the pessimist in the room. If you go down this path, I strongly believe that you're going to lose your shirt building a bankrupt
by bhickey 15y ago
I'd like to go on the record as the pessimist in the room. If you go down this path, I strongly believe that you're going to lose your shirt building a bankruptcy machine. In many ways, the markets are a mechanism for transferring your money to the pockets of people who started out with more money than you.
- FireBeyond 15y agoI'd strongly suspect that this guy is definitely in the upper middle, to begin with. "Why buy a Porsche when a BMW will do?", complaining about the duldrums of a six digit income... talking about being easily able to have quarter of a million in savings at age 24... etc, etc.
- bhickey 15y agoWe could be charitable and assume that he graduated from high school and college in 6 years, and was immediately hired into a well-paying job at age 20. With four years of pre-tax income at $140k, $200k in savings isn't out of the question. (Assuming a 30% marginal tax rate we get a post-tax savings rate of 51%.) Not typical in the slightest, but not impossible, especially if you're from a pampered background. That aside, claims like this show a lack of perspective and the slightest overconfidence can cut everyone down.