this post was submitted on 10 Jan 2024
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[–] Aurix@lemmy.world 152 points 10 months ago (2 children)

Bruh, if you had invested your school lunch money instead of literally eating it and thus draining it down the toilet, you would have been a millionaire by now. Subscribe for more of my finance tips for just $20 a month.

[–] BigBananaDealer@lemm.ee 35 points 10 months ago (1 children)

i was so fucking dumb at 8 years old. instead of buying a house for renting for passive income i bought a 5 dollar guitar hero rock the 80s game on ps2

[–] BossDj@lemm.ee 7 points 10 months ago (2 children)

Wait, what did you do with the small million dollar loan from your parents?

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[–] WeeSheep@lemmy.world 9 points 10 months ago

You had lunch money? I had enough to cover 1 small milk carton a week. I had hunger and no investments.

[–] originalucifer@moist.catsweat.com 87 points 10 months ago (25 children)
[–] IchNichtenLichten@lemmy.world 77 points 10 months ago (2 children)

If you mean a small tax per share when purchased then that would be a great idea. Make high frequency trading, that contributes zero to society, unprofitable. It wouldn't hurt household investors as the tax would be small but it would hurt the assholes who manipulate prices through trading back and forth.

[–] lolcatnip@reddthat.com 27 points 10 months ago* (last edited 10 months ago) (3 children)

High frequency trading is fully automated insider trading done in broad daylight, but nothing gets done about it because most people don't understand what it is. It shouldn't be taxed; it should be illegal.

[–] Asafum@feddit.nl 5 points 10 months ago* (last edited 10 months ago) (1 children)

I wish I remembered the name of it but there was a really interesting documentary/video about how crazy the rapid trading got, to the point that companies were trying to install systems as close as physically possible to the physical location of the NASDAQ so their requests would have less "travel" time and show up before anyone else.

Absolute insanity...

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[–] IchNichtenLichten@lemmy.world 5 points 10 months ago

It's a long and convoluted route from that to their 401ks not bring as plump as they could be. Indirect robbery of thousands is more palatable than being mugged for a few dollars.

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[–] tsonfeir@lemm.ee 6 points 10 months ago

Thats a great idea.

[–] Boozilla@lemmy.world 30 points 10 months ago (1 children)

Hard agree. Make it impossible to dodge with loopholes for the wealthy. Eliminate capital gains and losses Taxing every trade is the only fair way to do it. And people don't need shares of stock to live, so it's not a burden on the poor.

[–] SnotFlickerman@lemmy.blahaj.zone 24 points 10 months ago (1 children)

Don't worry, they'll raise a panic alarm about how everyone and their brothers retirement pensions are invested in the market, and so "you'll hurt the poor" will resound, ignoring that a lot of those poor never had a choice to not have their pensions gambled on the fucking market.

[–] HappycamperNZ@lemmy.world 6 points 10 months ago (1 children)

I mean, it does have the potential and God forbid the risks aren't communicated.

Low risk retirement plans however should be fine

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[–] Cowbee@lemmy.ml 7 points 10 months ago (2 children)

Abolishing the stock market in general would be nice, or at least moving towards that direction gradually. The wealthy don't typically get their money from great trading, but parking their money and letting it grow.

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[–] the_q@lemmy.world 40 points 10 months ago

Well of course they do. That's the whole point of the legal scam of investing. If it benefits regular people it wouldn't exist.

[–] SoupBrick@yiffit.net 38 points 10 months ago (1 children)

Don't worry, it'll trickle down.... Annny day now.

[–] CosmoNova@lemmy.world 6 points 10 months ago (1 children)

I can already feel it trickle on me! No wait, that‘s asbestos.

[–] Bakkoda@sh.itjust.works 3 points 10 months ago

It's ok though because they sprayed it down with urine first.

[–] badbytes@lemmy.world 28 points 10 months ago (1 children)

And you thought Monopoly was just a game!

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[–] ipkpjersi@lemmy.ml 22 points 10 months ago

Billionaires shouldn't exist.

[–] alienanimals@lemmy.world 17 points 10 months ago (1 children)

The "Eat the rich" crowd continues to do absolutely nothing.

[–] CmdData@lemmy.world 9 points 10 months ago (2 children)

Unfortunately cannibalism is still unwelcome in society 😔

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[–] Illegal_Prime@dmv.social 12 points 10 months ago (1 children)

One thing the article doesn’t make super clear to me is if that figure includes investment funds and whatnot, and to what degree. It sounds like it might but elaborated very little beyond a vague statistic.

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[–] fosforus@sopuli.xyz 12 points 10 months ago* (last edited 10 months ago) (3 children)

Historical data would be great. How was that figure in each previous decade? Isn't it true that at the peaks this tends to happen, and when we get a stock market downturn, the rich get poor faster then anyone else?

[–] riskable@programming.dev 11 points 10 months ago (2 children)

Even when the stock market crashes the rich don't get poor. They can seemingly lose ungodly amounts of money exceptionally quickly but even after all that they'll still be rich because being rich is a comparison: If everyone on a mountain falls down the ones at the top will still be there.

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[–] iknowitwheniseeit@lemmynsfw.com 6 points 10 months ago

Click on the link. Literally the first thing in the article is a graph over time.

tl;dr it was about 80% in 1990, and is now 92.5%. Or alternately, the bottom 90% of the population owned 20% of stock market wealth in 1990, and now they own 7.5%, so around one third as much as a generation ago.

[–] ShepherdPie@midwest.social 2 points 10 months ago (1 children)

Only if you consider "getting poor" going from a $200B net worth to $175B net worth.

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[–] pensivepangolin@lemmy.world 11 points 10 months ago

No no you guys all don’t understand that this is a good thing because… (let me check my notes…) ….uh…hm…derrr…communism.

[–] Wrench@lemmy.world 11 points 10 months ago (3 children)

Seems weird to make this assertion, and fail to provide what the total holdings cutoff is to be in the top 10%.

[–] aaaantoine@lemmy.world 7 points 10 months ago (1 children)

Right. Is it 10 figures? 7 figures?

... 5 figures?

[–] Wrench@lemmy.world 4 points 10 months ago (1 children)

Almost like it's clickbait designed for echo chambers like eattherich.

Don't get me wrong, fuck the rich. But bold claims like this need to show their methodology. Hiding it is sus.

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[–] Maggoty@lemmy.world 4 points 10 months ago (2 children)

According to Wikipedia it's an annual income of 154k as of 2019.

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[–] sleepdrifter@startrek.website 10 points 10 months ago

My wife and I constantly lament how we were born a few decades too late. For everything

[–] M0oP0o@mander.xyz 9 points 10 months ago (2 children)

No shit. If someone does not have money they don't need then they can not buy stocks or any investment.

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[–] arc@lemm.ee 8 points 10 months ago

Cause and effect

[–] echo@lemmings.world 7 points 10 months ago

Is this really a new thing? Haven't the rich always been the stock-holders?

[–] Illuminostro@lemmy.world 6 points 10 months ago (1 children)

Tax stock over 100,000 shares 1% per current price, per stock, per quarter.

[–] captain_aggravated@sh.itjust.works 7 points 10 months ago

Guillotine anyone who tries to buy a yacht or private jet.

[–] blady_blah@lemmy.world 4 points 10 months ago

I don't think it's good to have such wealth inequality, but I do this general investment into the stock market should be encouraged.

401ks are so much better than pensions as a retirement vehicle. Better return on investment and more financial separation from the company I work for. I never worry about someone raiding the pension fund or a company going bankrupt, and I've received much better return on investments than the numbers you hear from pension funds! That's not even considering 401k matching......

[–] HerbalGamer@sh.itjust.works 3 points 10 months ago
[–] EdibleFriend@lemmy.world 3 points 10 months ago

Gasoline is relatively cheap.

Just saying...

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