Lets be honest here, how many of yous have over $1000 in your bank account?

[TheNinja]

Nah i lost it all. This year I lost it all cause I was trading just 1 or 2 mini futures contract on oil or the S&P but I was holding when they both had record crash days.That did me in.

Yikes......maybe diversify instead of trying to hit the lottery with 1 shot? I got sucked into the penny stock game a while back. Luckily only put a portion of my investments in....but man what a crooked game THAT realm is. Playing with big money on futures and shorting and all that stuff......recipe for disaster. You are playing with pennies in waters filled with sharks with laser beams on their heads and giant pockets of cash. You have no chance.

and I'm no expert. I sold a bunch of my Apple at like $260 thinking it wasn't heading down in March. It has since split 4-1 in August and is at like $126 now - I could have been up like $30k and still holding a bunch of stock - I'm gonna go cry now if you don't mind.

 

[TheNinja]

WTF Bruh, why you got to do me dirty like that? You know I am reading this?

Sorry bro. I don't dislike you......just throwing some truth mortars and blowing off hands! ~ ----- And I wasn't talking just about you. It's a major problem, espeically with the 35 and under group in the US. Spending WAY beyond their means just b/c they've been raised to believe they "deserve" it or raised to believe they should have the easy life and all the comforts their parents have without having to work for it.

 

[TheOneAboveAll3]

Yikes......maybe diversify instead of trying to hit the lottery with 1 shot? I got sucked into the penny stock game a while back. Luckily only put a portion of my investments in....but man what a crooked game THAT realm is. Playing with big money on futures and shorting and all that stuff......recipe for disaster. You are playing with pennies in waters filled with sharks with laser beams on their heads and giant pockets of cash. You have no chance.

I am not sure if youre following but I didnt want big with futures. I only had 2 or 3 mini contracts BUT since they both had major crash days, that made me lose a ton of my account. On the day oil went down from $41 to $23 I lost about 15K on that day. When the S&P lost about 400 points on 2 days I lost about 8K. It was just an awful year for me.

 

[ralphc1]

<$4k per week...that’s some poverty doctors.

It’s understandable. Getting a high paying job doesn’t impart good sense about finances. People want to buy the biggest house and best car they can afford, and when an emergency comes up, they don’t have any reserves put away. I work with a doctor who has to be in his 60s who works 3 jobs and has nothing saved. He told me he never put anything into the retirement plan because he didn’t see the point. It’s crazy.

I worked where they had a 401K matching plan up to $3,000 and there were people who wouldn't put any money into their 401K.

 

[TheOneAboveAll3]

Sorry bro. I don't dislike you......just throwing some truth mortars and blowing off hands! ~ ----- And I wasn't talking just about you. It's a major problem, espeically with the 35 and under group in the US. Spending WAY beyond their means just b/c they've been raised to believe they "deserve" it or raised to believe they should have the easy life and all the comforts their parents have without having to work for it.

Spending has never been a problem with me. Being stingy is how I was able to save about 45K to buy my home and rent out the other rooms. My only problem was thinking I trade with the criminal big boys of wall street.

 

[TheNinja]

I am not sure if youre following but I didnt want big with futures. I only had 2 or 3 mini contracts BUT since they both had major crash days, that made me lose a ton of my account. On the day oil went down from $41 to $23 I lost about 15K on that day. When the S&P lost about 400 points on 2 days I lost about 8K. It was just an awful year for me.

Oh man...I misunderstood. That's rough!! Sorry to hear the bad luck. - Everyone always says to just ride out the tough times but that's a bunch of crap too. I know eventually it comes back up but I don't want to wait 10 years just to break even!

 

[Mangar]

If you have less than $1000 in your bank and you're not a teenager, you need to take some steps to improve your income level. After that remember to invest a portion of your income into productive assets. If you don't invest you will be poor forever.

 

[TheOneAboveAll3]

Oh man...I misunderstood. That's rough!! Sorry to hear the bad luck. - Everyone always says to just ride out the tough times but that's a bunch of crap too. I know eventually it comes back up but I don't want to wait 10 years just to break even!

The thing is is that oil went from $41 to $-6 in the month that was about to expire and the current month it was on it was about $4 I believe. Those who longed oil there got screwed royally. and like you said it eventually comes back up cause I have seen oil back to over $44 so it sucks.

 

[TheNinja]

Spending has never been a problem with me. Being stingy is how I was able to save about 45K to buy my home and rent out the other rooms. My only problem was thinking I trade with the criminal big boys of wall street.

Hey, at least you own a home and have rent income!! That's a great position to be in no matter how the job looks or the market turns. You have something of actual value with land and a home. I try not to even think about the wall street people b/c I think it is absolutely beyond corrupt. Those white collar criminals are every bit as bad......no actually way worse....than blue collar crime who steal to support their family. The wall street criminals ruin 1000s of people lives so they can earn enough to buy another fancy car.

 

[TheOneAboveAll3]

Hey, at least you own a home and have rent income!! That's a great position to be in no matter how the job looks or the market turns. You have something of actual value with land and a home. I try not to even think about the wall street people b/c I think it is absolutely beyond corrupt. Those white collar criminals are every bit as bad......no actually way worse....than blue collar crime who steal to support their family. The wall street criminals ruin 1000s of people lives so they can earn enough to buy another fancy car.

LOL, I sold the home so I could trade again last year, really dumb . I only owned the home for about 2 years. I dont own nothing right now. Hopefully I can buy another home in a few years, I loved owning my own house and would like to do it again.

 

[IloveTHIS]

Damm, guess I'm doing WAY better than most relatively than I thought

I had 80k cash by 22. Wasted most of it... but still enough to covered for over a year with no job. Still feel poor tho

 

[Bathwater]

For reference TS, my 10 year old has around $3,500 in his bank account. He made it all himself selling
Pokemon cards online.


Side note:
I knew I'd see that sweet senior citizen in here bragging again about all the stuff he now owns because
of another senior citizen's death, SMFH.

After all, it had been a little more that an hour since he had mentioned it...

Imagine how pathetic you'd have to be if as a senior citizen your claim to riches comes from the death
of a relative within the last six months. As a self made man I'd rather be flat broke, like TS claims to be
than to be a braggart like that guy.

Lol who are you referencing?

 

[TheNinja]

I worked where they had a 401K matching plan up to $3,000 and there were people who wouldn't put any money into their 401K.

I saw the same thing!!! I worked at a company where the company matched 100% up to 4% of your salary and then 50% for another 4% of your salary. If you didn't put 4% into 401k you are a complete and total moron. you are getting an instant 100% return on the first 4%!! People always reasoned they needed the money now. My response was that even if you take the money out and take the penalty for early withdrawal, you are still coming out ahead!

Here's what I always wondered. Let's say I make $100k and put 4% into 401k. Then the company matches another 4%. So I essentially put in $8k. Now I turn around and take the money out and pay the 10% early withdrawal fees plus my normal tax rate on it. Say tax rate of 18%.

Would I have essentially turned my $4k into $5760 ($8k minus 10% penalty of $800 and 18% tax of $1440) even after penalties and taxes?

 

[IloveTHIS]

For reference TS, my 10 year old has around $3,500 in his bank account. He made it all himself selling
Pokemon cards online.


Side note:
I knew I'd see that sweet senior citizen in here bragging again about all the stuff he now owns because
of another senior citizen's death, SMFH.

After all, it had been a little more that an hour since he had mentioned it...

Imagine how pathetic you'd have to be if as a senior citizen your claim to riches comes from the death
of a relative within the last six months. As a self made man I'd rather be flat broke, like TS claims to be
than to be a braggart like that guy.

To be fair....

you probably bought the kids the pokemon cards for him. when they were worth less than they are now.
and your kid has no rent due every month, no taxes, no food expense, gas, internet, cellphone, no kids to feed, no college courses to pay for, etc.

its great your kid is learning to hustle early but lets not act like he got it out the mud and if he can do it, its that easy for every single person.

 

[wufabufa]

Shitty, but don't think that making more money will automatically fix that. I work with guys making 120k+ a year that live paycheck to paycheck.

We all just got 'laid off' for 3 weeks over the Holidays. There are 3 shifts (A, B & C), the guys on C shift were supposed to work until the 23rd, but they decided to shut it down on the 18th instead. Guys on C shift were bitching, moaning and complaining about not having enough money to make it through until we go back to work here in January. Seriously? 120k a year, and you can't budget for (what amounts to) an extra 2 weeks off?

Lol, reminds me of the guys I met who are out there in the gas and oil fields or coal mines. If you can turn a wrench you can make pretty good money and quickly too......but those guys all live fast and spend that shit fast. Eating out every night, $100 bar tab every night, running wild in the casinos every weekend, hookers, blow, you name it. And all of the legal trouble that comes with that fun lifestyle catches up to them too. Mostly fines from spending a night in the drunk tank but that shit adds up quick if you're getting public intoxication charges once or twice a month.

They bust their ass and break their bodies and by the time they hit their late 30's they've got nothing to show for it.

 

[aerius]

I am not sure if youre following but I didnt want big with futures. I only had 2 or 3 mini contracts BUT since they both had major crash days, that made me lose a ton of my account. On the day oil went down from $41 to $23 I lost about 15K on that day. When the S&P lost about 400 points on 2 days I lost about 8K. It was just an awful year for me.

I'll take "what is leverage for $200, Alex" and "what is value at risk for $200".
This is why you're broke, you have no clue how the capital markets work and you have dogshit risk management.
But feel free to blame it on everyone other yourself, the sharks will be happy to take the rest of your money. Again.

 

[I Am Legion]

I make the kind of money, and have the kind of money in the bank where I could be living way larger than I do. But I grew up middle clas and that’s how I’m comfortable being. I am not cheap, but I have no need to impress others. My house is clean and nice....not huge or ostentatious. My friends have nicer houses and cars and no money in the bank. Not my style. I spend my money on vacations, trips, my kids. But never more than I can. This world is too concerned with the MTV cribs rapper lifestyle.look at me look at me, it’s disgusting. Like a crow collecting shiny things. If you don’t have money in the bank, look for better jobs, work a second job, and stop buying shit.

 

[Brandon Wilson]

Lol, reminds me of the guys I met who are out there in the gas and oil fields or coal mines. If you can turn a wrench you can make pretty good money and quickly too......but those guys all live fast and spend that shit fast. Eating out every night, $100 bar tab every night, running wild in the casinos every weekend, hookers, blow, you name it. And all of the legal trouble that comes with that fun lifestyle catches up to them too. Mostly fines from spending a night in the drunk tank but that shit adds up quick if you're getting public intoxication charges once or twice a month.

They bust their ass and break their bodies and by the time they hit their late 30's they've got nothing to show for it.

Yep. I'm in industrial construction. Building a 12 bliion dollar hydroelectric dam. Same breed of guys.

I'd like to think if I was young, I wouldn't be that stupid with my money, but who knows? When I was that young I didn't have two pennies to rub together for the most part.

Thing that gets me is the older guys in the same position.........

 

[wufabufa]

Yep. I'm in industrial construction. Building a 12 bliion dollar hydroelectric dam. Same breed of guys.

I'd like to think if I was young, I wouldn't be that stupid with my money, but who knows? When I was that young I didn't have two pennies to rub together for the most part.

Thing that gets me is the older guys in the same position.........

I read your thread about renting your 1st home to some people that don't pay their rent on time. Could you imagine renting to some of the guys we're talking about? I think I'd be sick to my stomach 24/7 knowing that those fuckers pull down six figures and somehow run out of money at the end of every month.

 

[jojoRed]

I have .35 cents to my name and 555k in debt, please send help. Im poor and I cant get out of it.....