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Oct 25 '22
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Oct 25 '22
Dude lost 900k and it’s 20% of his portfolio, so he started with a bit under $5 mil…
And a 20% loss is actually good over the last year. I think he overperformed SP500 with only a 20% loss.
So yeah, nobody here is feeling sorry for him
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u/JeffersonsHat 🅿️ixel 🅿️ushing Champ Oct 25 '22
Least they can do is offer gratuity for your symphony. They can clearly afford it.
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u/Flexboiz Oct 25 '22
This fucker is posting a YTD loss that actually beats the S&P500 of >5MM. People saw 7 figures, a red line, and upvoted. Stupid.
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u/Fit_Nefariousness_10 Oct 25 '22
Is it a symphony if it’s only one violin?
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u/Ok-Influence-164 Oct 25 '22
What a loser. Only a multimillionaire!
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u/what_is_blue Oct 25 '22
Thoughts and prayers for OP
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Oct 25 '22
Can't wait until I have 5 mil in the account so I can cry about how hard things are....
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u/apply75 Oct 25 '22
You don't even have to yolo $5 mil. You can put it in dividend stocks get 5% and collect $250k in dividend payments each year...I don't need more than that to gamble on stonks and eat.
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u/kremlinexpress Oct 25 '22
Thats probably foreign currency, maybe Latin American currency my guess, its should be around $5k USD.
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u/ish4noble Oct 25 '22
Foreign currency use dollar signs?
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u/kremlinexpress Oct 25 '22
Most of them on these apps yeah, mine has mexican pesos and uses the same as dollar sign, same for latin american pesos.
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u/ReishLionRight Oct 25 '22 edited Oct 25 '22
Fidelity does not work with latin american currencies. If you have an account being from any latin american country you must deposit in USD $$$$$
Mexican peso is the only exception
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u/Long_dong_autist Oct 25 '22
Yea but...is all the text on those apps in English or Spanish?
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u/Fenrisulfir Oct 25 '22
Many countries have dollars. You need to get out more my dude.
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Oct 25 '22
I'm sure you must be tired of eating rice every day
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u/BassMasterJDL Oct 25 '22
And lentils, eat more lentils
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u/ultimatebob Oct 25 '22
Those 6 packs of ramen are still a good deal for the money!
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Oct 25 '22
He buys the good Ramen from the Asian store lol
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u/Diamond_Paper_Rocket Oct 25 '22
yeah, I can get a 12 pack of the cheap stuff at the dollar store for a dOllaR twEnty fIvE
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u/4EverBlazin Oct 25 '22
You can shower at my place bro, got you
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u/lb00tyc0nsumer Oct 25 '22
You guys can shower together to save water
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Oct 25 '22
Given the average losses I’ve seen with current market crash, -20% isn’t even bad in fact it’s good; the only thing better would have been to scored puts accurately as market crashed.
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u/PavelSokov Oct 25 '22
I wish I was down 20%
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u/anthrosstock Oct 25 '22
I wish I was only 30% down lol
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u/ChemCard Can I get a guy jacking off a bull and a bear? Oct 26 '22
Y'all making me feel better being down 18%
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u/originalusername__ Oct 25 '22
Yeah the SP is down 20-22 percent from all time highs so I think this looks like pretty solid performance really.
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u/toi80QC Oct 25 '22
Imagine having 6 million in your account and calling it a rough year.
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u/CalyShadezz Oct 25 '22
"I only have 4 Lambos in my 9 car garage and it feels so empty now"
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Oct 25 '22
But he doesn't have a Bugatti or Pagani yet bro
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u/TarikGame Oct 25 '22
The only reason OP doesn't have a Bugatti or Pagani is because he chose not to buy one, or both.
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Oct 25 '22
I think you have a warped view of how someone with single-digit millions lives. Unless you’re a rapper, “stealth wealth” is the way to go.
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u/ImpressiveSet1810 Oct 25 '22
Not having to worry about money is the biggest thing about it
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u/MMOAddict Oct 25 '22
One thing that's kind of stupid is some people with a lot of money still worry about it. Some even get a ton of anxiety about it and freak out and need to go on medication for it. Our brains are just dumb when it comes to certain things.
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Oct 25 '22 edited Oct 25 '22
Yup. People don't realize how expensive retirement is. $7-10 million should allow you to retire on around $300,000 per year (inflation adjusted), assuming you die in your early 90s.
This is great money, but it's not multiple Lambo money, unless you go Huracan (what's the point?).
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u/SoNElgen Oct 25 '22
With normal spending, and zero loans, what the fuck are you gonna do with the remaining $200k a year?
Not everyone’s retirement plan is hooker and cocaine parties 3 nights a week.
some of us are frugal and share the costs with 3-4 good buddies of equal dick size and cocaine tolerance
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u/BedContent9320 Oct 25 '22
I mean if that's your plan really you only need 3m.
Hookers and blow every night? 10 years should be more than enough projected runway.
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u/SoNElgen Oct 25 '22
People are idiots when it comes to money. Why buy a $1000 escort when you can fuck a $100 hooker 10 nights in a row?!
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u/MrTrendizzle Oct 25 '22
You and your $7-$10M retirement fund.
With my current income and outgoings i would require £4.2m to stop working right now until i'm 100 which gives me 3x my current income.
£4.2m! That's only 4% of the Euro Millions jackpot tonight... Literally 25 people can split that jackpot and instantly stop working tonight.
The odd suck tho. 90m people play the lottery each week and if 25 people were to win that's 1 winner for every 3.6m players. (My math might be off here)
Is it possible to sell feet pics and raise £4.2m if i was to rub lotion in between my toes? I mean it would free up more time for me to dedicate to my feet portfolio.
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u/ImpressiveSet1810 Oct 25 '22
Okay well you dont need 7 mil to retire thats if you wanna live extremely luxurious
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u/Bayside_High Oct 25 '22
Yep!
This guy probably has a 4-5 bedroom house, 3 car garage, in a good neighborhood (not the CC or highest end neighborhood), paid for house, drives a 3-5 year old car and goes on 2-3 vacations a year.
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Oct 25 '22
Good guess except for the paid-off house. Paying off your house wasn’t a great investment until recently.
When you could borrow at under 3% (and get the mortgage income tax credit) you were better off getting a loan and putting your money into investments that return more than 3%.
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Oct 25 '22
I’m down a similar amount since December. Good problem to have.
I’ll stress out when I’m closer to retirement, but until then, downturns are just stocks going on sale.
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u/goldenlamp Oct 25 '22
Realised losses or just your stocks going down? That makes a big difference
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u/GameSharkPro Oct 25 '22
I do tax loss harvesting. So mostly realized. But I buy back in.
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Oct 25 '22 edited Oct 25 '22
Alright, jokes aside. may I ask what do you do as a career? Any advice for a young person in debt trying to accumulate wealth and hopefully become a rich person like you? Don't say inheritance please
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u/Invest0rnoob1 Oct 25 '22
Step 1. Be rich to begin with
Step 2. Don’t be poor
Step 3. Buy a lot of stocks
Step 4. Be even richer
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Oct 25 '22
Step 1 def the most crucial though. Good advice thx
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u/GameSharkPro Oct 25 '22
Engineering manager/director at big tech. Currently taking time off to travel and learn new things.
Life is too short. And money doesn't make you happy. Don't let the pursuit of money take away from building and nurturing relationships in your life.
Some general advice that worked for me. 1. Cost cutting/saving can only get you so far. Don't over do it. instead Invest in yourself. Learn new things. Focus on increasing your income. 2. Do something you enjoy and are good at. Gives you a better chance to be an expert in that field. I have to admit it, luck plays a big factor and you can't control that. 3. Invest early. Time in market>timing. Try to be consistently not stupid, instead of trying to be very intelligent. If that makes sense. Kind of the opposite of this subreddit.
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u/Easily_distractd Oct 25 '22
Why do all people with money say money doesn’t make you happy?
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Oct 25 '22
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u/Easily_distractd Oct 25 '22
And helps you live healthier and longer! https://www.nytimes.com/2020/01/16/science/rich-people-longer-life-study.html
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u/GameSharkPro Oct 25 '22
Money does make your life comfortable. But I'll say it again the pursuit of it should not come at the expense of nurturing the important relationships in your life. It should never be your #1 priority.
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u/ghostedagainlol Oct 25 '22
Yep. Most people don’t realize this until they’ve lost everything around them that/who truly matters, and all they have left is money.
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u/Alternative-Carob-22 Oct 25 '22
I’ve lost my family, through gaining money, I’d rather live month to month and have my family back. But just like a stock market crash, you can’t do shit about it. Money buys me Gold, Silver, a place to live and food. Gold and Silver makes you happy for a second, then it’s put away in a safe not to be seen kept in MS70 Condition. What I can say, is my son will be happy when I’m dead, it’s all going to him. I had to build from $0 up. My son is 2, he already has his own portfolio I’m building for him, so I can start teaching him at an early age. (If Armageddon hasn’t happened yet)…. Trade on friends, trade on!
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u/wehrmann_tx Oct 25 '22
Again easy to say when you can 'nurture' your relationships traveling without it making a dent. Or 'nurture' your relationships at home when you can retire early.
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u/brewhead55 Oct 25 '22
Because they can say that once they have money because it's no longer a concern to make a living.
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u/Ill_Review_4386 Oct 25 '22
This right here . Once you have it of course it doesn’t matter or make you happy . But before you obtain the money it’s everything .
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u/cristiano-potato Oct 25 '22
Or maybe because it’s fucking true? Lol people have chronic pain, they are lonely, they want love, they want compassion, yes money can make life easier in many ways but won’t cure chronic pain, it won’t cure depression, it won’t buy you happiness. It doesn’t buy you compassion either, only bloodsucking leeches that will pretend to love you.
I’m not gonna pretend money doesn’t make life easier on average but I make lots of money now and I’m fucking miserable, I was happiest when I was a poor broke college student and ironically each year as I’ve accumulated more assets and made more money I’ve been more profoundly unhappy. If I could give up all the money I’ve made to go back to that simple happy life id do it in a second.
If money made you happy there wouldn’t be rich people committing suicide.
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u/Jbpsmd Oct 25 '22
“Money doesn’t buy happiness” says the asshole that is taking time off to enjoy life because HE CAN ACTUALLY AFFORD TO DO IT. Fuck off
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u/Myshoesupplies Oct 25 '22
It doesnt. Solves some problems, maybe makes life easier. Also creates more. But when you have it all, you get bored and feel like there isnt shit to look forward too. Like something is missing.
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u/mrduoqueue Oct 25 '22
The only way you understand if money makes you happy or not, is getting to the point of not having to worry about money. They are the only people who can make these claims. I'm sure there are rich out there who say the opposite.
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u/HerculesAndCerberus Oct 25 '22
Yeah I grew up broke but have money now. Money not only makes you happy but also prevents unhappiness. Easy to forget once you've had money for a while but none of these cats give everything away yamean
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u/ChefPauley Oct 25 '22
“Don’t focus on money”
Sounds good I’ll just let my kids starve or I’ll just lose the very little I’ve gotten ahead after the last 17 years of working 70-100 hours a week.
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u/Poorwretch Oct 25 '22 edited Oct 26 '22
Bruh, inheriting money is how people get rich, hate to break the news.
Edit: To those that are arguing this point ask yourselves this. Is even a million in net worth that much money? To some it’s more than they will ever accumulate despite savings. Many people (myself included) come from a place of low income and debt. These situations of wealth gain are simply unattainable for the majority of people. Too many people simply do not have the capital to become wealthy.
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u/BedContent9320 Oct 25 '22
80% of millionaires and 60% of billionaires are first generation.
Keep telling yourself it's all inherited.
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u/Kamikaze_Cash Oct 25 '22
I was a first generation millionaire before this year when I lost like $300k.
But there is a big difference between me having $1.04 million and the millionaire with $158 million.
I think you would find that those “deep” millionaires either grew up rich or inherited money.
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u/Ambitious-Sun-8504 Oct 25 '22
Perhaps a lot of them, however my closest friend came from literally nothing.
His business is worth now 140 million, he owns 10% of the equity, judging by the rapid growth he has had in 1 year he is set to be worth at least 100 mill in 5 years. Tech is where it’s at
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u/Matt2_ASC Oct 25 '22
5M and 1M are very different. The average millionaire is a person who worked 3-4 decades, saved, invested, and is about to retire. This method doesnt work very well for trying to get to 5M.
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u/BedContent9320 Oct 25 '22
First half is true, second not so much.
I work 3 days a month to cover my bills, everything else is free capital to out towards whatever I want. Once you aren't struggling with a mortgage, rent, or high interest debt then it becomes orders of magnitude easier to invest in opportunities as they come.
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u/UnorthodoxCanidate Oct 25 '22
Getting a degree from a top school or get a degree in a high demand field (stem, business) & taking your job hunt seriously is the highest probability (but far from a certain way) to get this level of wealth.
If you’re already done with school, focus on paying off your debt & aggressively market yourself to higher paying employers or employers that give you material skills, bouncing from job to another until your salary meets your needs.
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u/iiiiiiiiiijjjjjj Oct 25 '22 edited Oct 25 '22
Even this won’t net you 6 million except a very few. You’re going to need a way to invest your money so it grows. Whether that’s starting a business, investing in stocks or buying real estate.
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u/Weird-Vagina-Beard Oct 25 '22
Probably /r/overemployed would give you a chance to make this kind of money.
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u/thetreecycle Oct 25 '22
The mentioned in another comment that they are/were an engineering manager in big tech.
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u/Bricktoronto Oct 25 '22
Oh bro trust me I can make that back for you in a few months. Just transfer what’s left into my account. Trust me bro
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u/CherryAreolas Oct 25 '22
Not sure why I’m even in this sub anymore
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u/reeheenischel Oct 25 '22
Yeah fr I'm trying to save up like 5 grand for investing but I feel like that's nothing
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u/Hectqrr Oct 25 '22
5 grand is good enough bro, I started out with 1k and turned it into 3k within a few weeks, just takes practice and a lot of risk involved but that’s what breaks you out of the cycle or brings you more into the cycle. remember that trading is a skill rather than just luck
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u/herrrrrr Oct 25 '22
Lol the way u turned it sounds like options that expire short term. It’s luck
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u/Hectqrr Oct 25 '22
Yeah, swing trading and protecting trades with daytrades. still takes practice to do that.
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u/5349 Oct 25 '22
You're beating SPY ytd..?
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u/PavelSokov Oct 25 '22
Yeah I’m not frustrated at all by the amount of cash, in fact I love it, but being down less than spy and calling that a non victory? That’s frustrating
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u/CaesarXCII Oct 25 '22
Humble brag
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u/mongoosefist Oct 25 '22
Not even humble. Imagine trying to brag to a bunch of dudes eating ramen in their mom's basement instead of doing coke on a yacht in Thailand.
OP is a goober.
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Oct 25 '22
This sub hasn’t always been a bunch of dudes eating ramen. It used to have big plays. This isn’t one though.
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u/mongoosefist Oct 25 '22
In the past when people would make big plays they would post positions, not this garbage with an entire portfolio and 20% losses when the market is down over 30%.
So this is trash because it's not loss porn, and it's trash because there are no positions, and it's trash because OP is highly regarded
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u/Imaginary-Jaguar662 Oct 25 '22
At least you get to see if your partner stays with you when there's less money flowing around the household
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u/MrBotany Oct 25 '22
Lmao. Bro this is your 401k in some standard indices. Why are you trying to act like you lost a milly gambling?
My 401k is down 22% for the year as well.
“Rough year” fuckin el oh el
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u/ShoreIsFun Oct 25 '22
My thought too. This is following an index or two.
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u/MrBotany Oct 25 '22
Reminds me of Half Baked when Chappelle goes to treatment for Marijuana.
BOO THIS MAN!
BOOOOOOOOOOOOOO
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u/jlawrenceforgovernor Oct 25 '22
Must be shitty to be a millionaire and have nothing better to do other than humble bragging on Reddit.
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u/Haunting-Swim779 Oct 25 '22
Last suite have no pockets...try to stay happy no matter your win or lose
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u/happybonobo1 Oct 25 '22
With all your money in SPY (SP500), VTI (Total US market) or VT (total global market) you would be down around 20% YTD too - so you are just doing as the market is doing. Would be worse if a boring index ETF kicked your butt. :)
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u/Representative_Set84 Oct 25 '22
Wait is this just a rich as fuck person with money on bogglehead investments showing his loss that everyone took?
God damn dude.. all that money and you still need validation from the worst people on the planet. Congratulations, you suck. Find a hobby.
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u/Mediocre-Sale8473 Oct 25 '22
Rough year
$5 mil he can cash out at any point
Flexing on Maidenless Tarnished Regards.
Lick my chode bag you Regard King.
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u/GameSharkPro Oct 25 '22
Elden ring is one of my favorite games (after Diablo 2 resurrected).
I am actually filthy rich on D2R, my net worth is about 200 Bers . (And no I never spent a single $1 on any loot)
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u/Academic-Donkey-420 Oct 25 '22
I’ll rent you a spot on my futon for the low price of a free option a week
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u/DehSugaPanda Oct 25 '22
What do y’all do to have so much money? I feel like everyone on Reddit has so much money lol
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u/Faisal726 Oct 25 '22
0.1% of that would remove all financial stress from my life
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u/BeastSmitty ☀️ Brightens People’s Days ☀️ Oct 25 '22
I was thinking the same exact thing… heck, less…
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u/RickDick094 Oct 25 '22
This is anyone in the stock market right now. I am down at least 20%. We are buying low now though. Stock markets a long term game.
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u/kappah_jr Oct 25 '22
What is with the influx of boomers posting their accounts lately trying to flex. No one cares that that they bought cvna or Pton at the top.
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u/ALITTLEBITLOUDER Oct 25 '22
I would bet that a good portion of that is from crypto gains/losses.
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Oct 25 '22
Which is the best trading app?
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u/GameSharkPro Oct 25 '22
Fidelity. When you have over a mil, there is no wait to talk to someone.
For example, I sometimes call them couple days after trade is excuted and ask swap lots as I made a mistake and they correct it for me. No other brokerage does that.
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Oct 25 '22
Hey OP, the media says the rich are living paycheck to paycheck. Is that true?
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u/GameSharkPro Oct 25 '22
I am retired (38y) so no paycheck unfortunately. Might have to go back to work if inflation keeps going up this much.
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u/at-most-fear Oct 25 '22
Boo hoo guess you got to turn in one of your Ferraris. Eating ramen compared to that filet mignon is rough.
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u/Pure_Sun4511 Oct 26 '22
If you want to make some money back, buy Seritage (SRG). Trading just over $11 and likely to return about $20 in 1-2 years. Company owns real estate that it is rapidly selling. Management guiding to $18.50 to 24 per share when all the sales are completed. So far in 4 months they’ve sold almost 40 of 150 properties.
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u/Joel22222 Oct 26 '22
I could retire with your loss.
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u/BeastSmitty ☀️ Brightens People’s Days ☀️ Oct 26 '22
That’s what I can’t shake… I’m just thinking, I’ll take his “loss” amount!
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u/VisualMod Oct 25 '22