6 ms·
It's a great story but I can't think of it as an example of general financial illiteracy. Corvette lt1 is $70k which was $40k in 1993. It would be $780k today
by kjksf 3y ago
It's a great story but I can't think of it as an example of general financial illiteracy.
Corvette lt1 is $70k which was $40k in 1993.
It would be $780k today if invested in S&P 500. A nice retirement safety net.
It would be $6 million today if invested in Microsoft stock. That's fuck you money.
So kids, if you're young and have unexpected windfall, invest it at least in S&P 500 index.
But I'm not surprised most people don't do that. I didn't at that age.
- sakopov 3y agoEh, not everything needs to be stashed away into stock market. Should also live your life a little. Plus, I'm sure Dave did well at Microsoft.
- willcipriano 3y agoI don't think this advice will be as valuable in a world that is dedollarizing as rapidly as this one.
- pavlov 3y agoYeah, nobody wants dollars anymore, they’re doomed. If you still have any laying around, you should wire them to me and I’ll dispose of that junk for free.
- willcipriano 3y agoCome back here in a few years, you'll find my prediction accurate. The position of the US is largely due to its ability to print money in the modern era and that era is ending. When company performance is largely determined by central bank interest rates you don't have a real economy.
- hluska 3y agoYou really don’t understand economics but define ‘few years’ and I’ll take the bet. I’d define few as “less than five”. Of course, this is the internet and rational people don’t talk like this.
- kQq9oHeAz6wLLS 3y agoI think the common definition of "few" is three, so I feel you're being more than generous by using five.
- sneak 3y ago$6 million isn’t remotely fuck you money where “fuck you money” is defined (as originally) as the ability to say “fuck you” to anyone anywhere at any time. Try mouthing off to a city inspector or a customs cop because you have $6M. They’ll fuck you right back like any other five or six figure pleb. Fuck you money starts somewhere in the hundreds of millions or perhaps low single digit billions.
- bombcar 3y agoFuck you money, colloquially, is the ability to say “take this job and shove it” - not the ability to raise a personal army and conquer a small city state.
- arghwhat 3y agoWell, saying "fuck you" to billionaire drug lords won't do you much good even then. I think it's fair to settle for 99.99% "fuck you".
- Macha 3y agoDave almost certainly has "fuck you money" from the stock he got in his employment at Microsoft. Not everyone's employers are going to explode in value like Microsoft either
- lozenge 3y agoHe would already have been heavily invested in MS. Dude has a 40-core desktop machine for funsies. And you should see his smart lighting rig...
- blibble 3y agohave you seen the guy's house? I don't think another $6 million would mean much to him
- post_break 3y agoI could die tomorrow. A sports car today is worth more than money in the bank to some people.
- kQq9oHeAz6wLLS 3y agoNo family to think of, eh?
- post_break 3y agoSure, assuming I don't die in the sports car, they could sell it for something, I'd be dead so nothing to think of.
- hluska 3y agoNot only is this way beyond the topic. But you don’t know who Dave Plummer is, do you?
- andai 3y agoFor context, he would have made 3x more if he'd put it in Apple stock ;)
- cvwright 3y agoA friend’s dad worked at IBM in the 80s and 90s. They told the story of his “million dollar car”, a Nissan Z that he sold Microsoft stock to buy in the early 90s. Not quite as impressive as this $6M Corvette, but still a fun story.
- dctoedt 3y agoA couple of years ago, a young family friend told me he'd had Bitcoin back when it was going for like nothing — he sold it to buy an iPhone or something like that. He was phlegmatic about the riches he'd have had if he'd hung onto the BC.