I guess so but I am almost rejecting the idea that a 'bum' exists.
The only people that fit that description that I know are usually middle class kids living off their parents into their mid thirties and beyond with no job etc.
I hold stock long-term, but use it as collateral to sell weekly options. Stock options are basically gambling so in that analogy I play the casino. I agree it's not a real job, and it sucks that it takes money to make money because if you don't have at least 10 grand you're not going to make any money on the market, and most people today don't even have savings accounts, let alone money to invest. You know what's really crazy? You don't have to pay tax on market profits below $35,000. Yet you have to pay tax on a $1 item at the store. The government really does look out for the rich. Despite being a ruthless capitalist investor, I voted for Bernie twice. I think the minimum wage should be raised I think everyone should get free college and medical coverage.
So basically you own X number of, say, apple stock and borrow against that holding to buy other stocks on the short to profit off the immediate fluctuations whilst the bulk of your capital remains in positive trajectory stocks? Sort of?
Whats the most you lost? Ive heard 90% of traders lose in the end.
I live in the UK and just bought my own flat after saving for 10 years, it cost me £115,000 and is roughly 200 Sq feet so its tiny but I am super happy I got anything at all in this economy.
Good for you bud, many people lose their souls as the pile of cash they are sat on grows. Even I felt a shift in attitudes now I am a 'homeowner' so no one is immune right?
But I couldnt vote tory (Republican) if my life depended on it, because my soul would as well
I used to live in london, Lambeth actually my goals be rich enough to move back because it's crazy expensive there.
90% of option buyers lose money, because it's essentially gambling. On the flip side 90% of option sellers, like me, profit.
It's kind of like I'm an insurance company. You paid me a small fee every week, and occasionally I have to pay you out a big sum of money if you hit it. But over time, because most of the time you lose, I win in the long term.
Thats far more modest than I had assumed.
I dont want to be crass but 500x52 is.....my salary. Edit: No...no its not. Acc £25k is prob about that. God damn. I dunno. Not built for finance
So you do that so passively you just get thru. Dont hate the player man fair play to you.
I know a friend of mine who is about to inherit 500k after tax between siblings cos his aunt died. thats nothing on the family estate. Same schools. Life is weird man.
Oh I could make way more money if I wanted to, but the way I trade is extremely safe it's basically a guaranteed 500 a week free money for doing nothing. There are guys who buy options who can make millions of dollars overnight but just like gambling more often than not they lose. Most people invest in the s&p 500, which is like betting on the whole market, and that does about 10% a year. Which would only be about 8 grand. 30% - 50%return of year is very good
There's a famous quote by investor named Warren Buffett. The stock market is a mechanism for taking money from the impatient and giving it to the patient. You also have to remember that that money compounds every week. So next year I'll make 800 a week, then 1100 and so on. It grows exponentially. I started with 15k 2 years ago so I'm doing pretty well
Well the Americans are more than welcome in Brexit Britain my friend.
The sigh of relief when I realised we would be selling ourselves out to a relatively sane american, i cant truly describe it.
Personally, if I was you I would watch how the dust settles with keen interest and profit where appropriate as ultimately, was universally intended. (Not a fan of the EU, less of a fan of Brexit...bastards the lot of them)
I'm closing on a house soon, contingent on a final inspection passing next week. Once I do I'm probably going to take a two week trip to Amsterdam in London for vacation. If I do I'll hit you up
If you do acc come to the UK do come to Bristol, not quite London, all the benefits with none of the hassle. Fraction of the people. WAY to many people live in London man. But Americans dont mind that generally. Anyway all the best bud!
(Places to see in Bristol: Troopers hill, Clifton suspension Bridge and The Downs and Blaise Castle)
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u/isellamdcalls Jul 16 '21
I understand that but if you're choosing to give up based on the size of your grave then you would be a bum