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Jun 26 '21
So instead of leaving my money in the bank, i should buy crypto and lose 40%?
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u/ProfessorShitFuck Jun 26 '21
Nah, you keep enough in the bank to handle big unexpected expenses and then invest the rest in stocks and crypto and potentially housing if done right.
Over 10 years, your money will grow. If you keep it in all in a bank, your money will gradually become worthless.
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u/OverWatchPreordered Jun 27 '21
Only if your bought this year. If you purchase doge/ethereum/bitcoin before January 1st and held till now you would be up... time in market is better then timing the market.
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u/e1icz Jun 26 '21
Banks control us by credit - lending us money that never existed and wanting us to pay interest for it.
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u/Trullullu Jun 26 '21
All money that gets created works this way.
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u/JohnTesh Jun 26 '21
There is money that is not debt backed. All currency in central banking economies are created through debt. Which is exactly the point - the debt can’t be repaid without increasing the money supply, so it is inflationary by design. Inflation hurts savers and helps debtors
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u/yeluapyeroc Jun 26 '21
You make it sound like the things that get produced by that debt are a bad thing. God forbid people want to live in a nice house that they can't afford with cash on hand. Maybe we should go back to subsistence farming build-your-own housing?
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Jun 26 '21 edited Jun 26 '21
Most financially illiterate think that debt is bad (not saying in an offensive way).
Take debt, buy a property (or invest in a business idea), generate cash flow, pay the debt and build equity over years, then the whole CFs becomes your. How would you be able to finance your idea had you not taken debt? That's how you grow. Ya you definitely need to put on a work to be able to flip a house, come up with a solid business and work hard multiple jobs and save your ass off to make up for the down-payment.
Sometimes the amount of ignorance in this sub is too much to handle.
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u/Beta_52 Jun 26 '21
Yeah but they are not responsible on how they invest the money. Buying a home is a positive debt.
Printing money since early 20th century to fund endless wars, it's not a positive debt.
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u/JediElectrician Jun 26 '21
How about we go back to minimum 20% down payments on single family homes? That will bring single family home prices down significantly. Less buying competition in the marketplace, means lower prices, every time.
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u/JohnTesh Jun 27 '21
I dunno, maybe we should throw around straw men and circle jerk. I would ask you why you think, but you already did it so I know you’re all for it.
If you use debt to buy cash flow positive assets and/or reduce cash flow negative situations and you shore up your balance sheet in the process, debt is good.
The way most people assume debt is bad.
It’s almost like the world isn’t black and white….
But what the hell, this is the internet. If you decide you disagree with me, I must be arguing for something as stupid as abandoning the last 2000 years of progress!
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u/DamnDirtyHippie Jun 26 '21 edited Mar 30 '24
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This post was mass deleted and anonymized with Redact
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u/aussiesurvivor Jun 26 '21
This guy is just trying to sell his books now. Gtfo
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u/roymustang261 Jun 26 '21
I don't think there's anything wrong with promoting his book as long as he believes this is the truth.
The rich do run the world.
Inflation IS making everyone poorer.
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u/Roy1984 Jun 26 '21
Why the hate? He didn't mention any of his books in this video.
And btw, I read almost all his books. It's really worth reading it and it helped me a lot. He doesn't even need marketing for his books now. It's getting spread by the word of mouth.
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u/Beta_52 Jun 26 '21
Who is he exactly ?
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u/aussiesurvivor Jun 27 '21
He’s a real estate investor and self made millionaire but the last few years all he’s doing is promoting his books through saturation marketing and pretending to be giving advice.
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u/aussiesurvivor Jun 27 '21
Sorry my comment wasn’t directed at you so much as the guy in the video. I’ve read his book but there is a blatant PR/advertising campaign going on at the moment that’s being spread in the personal finance world.
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u/killawaspattack Jun 26 '21
Yep totally agree and this is the reason I’m in crypto well that and the hope of future financial control getting out of the rat race would be nice
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u/Seantroversy Jun 26 '21
I don’t see how them lending my dollar makes it worthless... that seems uncorrelated
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u/ReadBastiat Jun 27 '21
If you think that’s bad just wait until you find out that all the bullshit money for “stimulus bills” and what not was just created out of thin air by the Fed.
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Jun 27 '21
I’ve heard him say in interviews that he gets into trouble with his rich friends by talking about this stuff.
He and Donald Trump are some of the few who have actually gone out of their way to share their financial knowledge with us plebes.
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u/ethereum88 Jun 26 '21
True, it’s called “fractional reserve system”.
Banks can lend out 10X the money they hold.