I feel so poor.

[dave_the_nerd]

You wanna feel poor, hang out with people who make more than double what you do.

You wanna feel rich, hang out with people who make less than half what you do.

That's not a metaphor or a statement about some kind of spiritual transcendence. Just basic human psychology.

 

[shortylickens]

Seems kinda silly to have 300k sitting in a plain old checking account.

way back in the day I invested about 5 grand in a supposedly conservative mutual fund.
It went down to almost nothing.
More than a few major corporations have fucked over their shareholders during my lifetime. Enron pops to mind.
the housing market crash of 2008 ruined millions of people.
Government savings bonds are shit and take decades to grow even slightly.
Private bonds really arent any safer than stocks.

Exactly what the fuck do you think he should have done with his 300 grand?

 

[skull]

Exactly what the fuck do you think he should have done with his 300 grand?

I would use half to purchase an apartment complex and the other half would get diversified in vanguard index funds/bonds us and international.

 

[Exterous]

way back in the day I invested about 5 grand in a supposedly conservative mutual fund.
It went down to almost nothing.
More than a few major corporations have fucked over their shareholders during my lifetime. Enron pops to mind.
the housing market crash of 2008 ruined millions of people.
Government savings bonds are shit and take decades to grow even slightly.
Private bonds really arent any safer than stocks.

Exactly what the fuck do you think he should have done with his 300 grand?

The stock market generally does quite well over decent periods of time. Put $300k in the market in Jan of 2000 and you'd have ~$1.1M today even with the .com bubble and 2008 crash. If you invested it all in Jan of 2007 you'd have $453,000 today

 

[Svnla]

Exactly what the fuck do you think he should have done with his 300 grand?

The answer depends greatly on the age of the owner and his/her risk tolerance.

If that person was me, I would:

Put $25K in about 4 different reward checking accounts to earn about 4 to 5% return = $100K => FDIC insured, can't afford to lose $.

Put $100K in a cheap S+P500 index fund.

$50K in a cheap international stock index bond.

$50K in a cheap US bond index fund.

 

[madoka]

You wanna feel poor, hang out with people who make more than double what you do.

You wanna feel rich, hang out with people who make less than half what you do.

That's not a metaphor or a statement about some kind of spiritual transcendence. Just basic human psychology.

Pretty much this.

If I told some of the people I work with that I make $120K/month, then they'd think that was cute.

If I said that here, it would be bragging.

It's all relative.

 

[Sonikku]

You wanna feel poor, hang out with people who make more than double what you do.

You wanna feel rich, hang out with people who make less than half what you do.

That's not a metaphor or a statement about some kind of spiritual transcendence. Just basic human psychology.

But I'm too poor to move to North Korea.

 

[Red Squirrel]

That is pretty crazy, though it could be credit too, like maybe he took out a huge loan and is waiting for a cheque to clear for a huge expense. Either way that is a crazy amount of money to have in the bank. I think the most I've had was maybe like 35k. That was after a few years of saving up to buy my house. Downpayment, appliances, furniture etc. I don't think I've ever seen my bank go higher than like 4k since. I've had the oddball really nice pay cheque that hits 3k though.

 

[TheVrolok]

way back in the day I invested about 5 grand in a supposedly conservative mutual fund.
It went down to almost nothing.
More than a few major corporations have fucked over their shareholders during my lifetime. Enron pops to mind.
the housing market crash of 2008 ruined millions of people.
Government savings bonds are shit and take decades to grow even slightly.
Private bonds really arent any safer than stocks.

Exactly what the fuck do you think he should have done with his 300 grand?

There are tons of nearly liquid investments that are "safe" and would beat interest and probably at least have a minimal return. Hell, an online savings account would return just over 1%.
Sounds like you're mad about something.

 

[shortylickens]

There are tons of nearly liquid investments that are "safe" and would beat interest and probably at least have a minimal return. Hell, an online savings account would return just over 1%.
Sounds like you're mad about something.

I am.
I'm mad about all the bullshit I've been hearing my entire life. I'm mad that theres so many liars giving away "financial" advice when I have not yet actually met anyone who really made money by simply investing in the normal bullshit.
Everyone I have met or heard about with lots of money didnt get it from a fucking online savings account at just over 1 fucking percent.
They got it from working the system and buying & selling intelligently at the exact right time. They actually watched their portfolio every day and made smart decisions. I still have not seen (in the real world) a place you can just dump your money and reliably make more money, at least not one that beats inflation.

 

[TheVrolok]

I am.
I'm mad about all the bullshit I've been hearing my entire life. I'm mad that theres so many liars giving away "financial" advice when I have not yet actually met anyone who really made money by simply investing in the normal bullshit.
Everyone I have met or heard about with lots of money didnt get it from a fucking online savings account at just over 1 fucking percent.
They got it from working the system and buying & selling intelligently at the exact right time. They actually watched their portfolio every day and made smart decisions. I still have not seen (in the real world) a place you can just dump your money and reliably make more money, at least not one that beats inflation.

I'm really not sure what to say here aside from it sounds like you have gotten bad advice historically. Also, Jack Bogle would vehemently disagree with you. You can absolutely let money sit and it will grow.

 

[Red Squirrel]

Yeah there is no such thing as a magical investment that does not require work. The only investment that will really pay off is one that actually produces extra money. Like a business. Or the risky ones like stocks.

I've gotten into stocks a bit myself, but I don't really plan to break bank with it, I put a bit of money into it now and then but would not trust myself with my life savings.

Now days what sucks is that costs of living are going up at such a fast rate that no investment will even come close to keeping up. I have about 20k saved up in RRSPs so far, that is barely enough to last a year let alone retire on. I presume by the time I retire all my bills will be like 5x what they are now. Everything keeps going up and the little extra I get from interest is not going to make up for that.

That said, mutual funds are probably a half decent place for investments as they are rather safe and will grow more than a standard savings account. But yeah don't expect to break bank on any investments like that. If it was that easy everyone would retire, take out a 100k loan and invest it.

 

[eng2d2]

Investing is a lot of work. Nothing is free. Even jacks strategy is a lot of work because when greed sets in you want to get more. It really is an endless cycle.

Yeah there is no such thing as a magical investment that does not require work. The only investment that will really pay off is one that actually produces extra money. Like a business. Or the risky ones like stocks.

I've gotten into stocks a bit myself, but I don't really plan to break bank with it, I put a bit of money into it now and then but would not trust myself with my life savings.

Now days what sucks is that costs of living are going up at such a fast rate that no investment will even come close to keeping up. I have about 20k saved up in RRSPs so far, that is barely enough to last a year let alone retire on. I presume by the time I retire all my bills will be like 5x what they are now. Everything keeps going up and the little extra I get from interest is not going to make up for that.

That said, mutual funds are probably a half decent place for investments as they are rather safe and will grow more than a standard savings account. But yeah don't expect to break bank on any investments like that. If it was that easy everyone would retire, take out a 100k loan and invest it.

 

[bradly1101]

You ever go to your banks ATM for a quick withdraw? And, before you put your card into the slot you might notice a receipt hanging out from a previous customer who forget to take it? Well out of curiosity i looked at the receipt.

The balance was a little over $300,000. It wasn't a million, but it's still 6 figures just sitting in his/her checking account. When many people only have a few thousand if they are lucky, anything in the 6 digits is pretty impressive.

When you compare yourself to others, expect bad feelings including feeling better than.

 

[snoopy7548]

Exactly what the fuck do you think he should have done with his 300 grand?

I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities...

 

[Red Squirrel]

If I had that kind of money lying around I'd definitely invest it in something that can make me more money, like a business of sorts. Maybe apartment rental units. If you get good tenants it's fairly easy money. But if you get bad tenants...

 

[madoka]

Putting $300,000 in a checking account getting 0.1% is dumb.

Nah, putting $300K in checking account is just lazy.

Carrying $190K in cash in a duffle bag around the Bronx? Now that's dumb.

https://www.yahoo.com/news/man-robbed-nearly-200k-bronx-142901823.html

 

[13Gigatons]

300K account is for paying bills....think about his mortgage and other monthly bills.

 

[renz20003]

Exactly what the fuck do you think he should have done with his 300 grand?

Spend it on whores and blow!