I don’t know about rich, but my household would be much more well off had my biological mother not been a mentally unstable gold-digging asshole.
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One parent had a growing business when I was super young, they brought home well into the 6 figures. However two things happened 1: the internet started getting bigger so that started to hurt their business and 2: the 2008 housing crash happened and for a business that worked with banks on mortgages (I was too young to fully understand what the business did) it was fatal. Then we were dirt poor! The family never really recovered but after many years we did manage to get on our feet, then a parent died and shit went down hill again lmao.
I could’ve grown up a rich kid, instead I grew up with a family oats pot for meals. Though I’m probably a healthier grounded human for it.
There has to be more to the story than that. Your parents probably didn’t disclose to you the other hardships they faced, whether they were self induced or not
Oh there definitely was as far as why the business went down, I just clipped it. But it caused one side of my family to be permanently removed from our lives as well. Though the increased stressors of the crash also aided in that whole deal
2: the 2008 housing crash happened
My dad’s 50 year-old roofing business never fully recovered either, which is partly why I hate our government and how it works for the wealthy.
He now drives for DoorDash, at age 80, using my car. The alternative is starvation.
Well, isn’t it exciting? We may just witness a second crash! /S
But for real, it’s getting really bad again, it doesn’t seem sustainable and I honestly expected something to crack by now, but it hasn’t. The longer it gets delayed the worse it’s gonna be
There will be, no doubt.
The thing with crypto is to just add small amounts over time, so when those spikes happen you can take advantage. It’s pointless to try and time it.
I was talking about the housing climate, but crypto is fairly volitle too so I wouldn’t be surprised
Ah, yeah. Thanks for clarifying.
I bought 100 shares of Gamestop when it was $4 in November 2020 and sold at around $10
My great uncle was a nice dude fucked up from war. It made he introverted and he turned to trucking and the road to make ends meet. It was basically all he ended up doing. He never married or had kids, and stacked up all this cash. Before he died, he had put 1 million in cash in a suitcase, put it in the trunk of a car, and gave it to my grandparents. They couldn’t get the trunk open, didn’t investigate, sold the car.
So how does everyone know about the money?
What money?
The million in cash inside the suitcase of the car with the locked trunk
Wooooosh
Yep. :(
I was big into crypto at the very beginning. Lost a hard drive that now has about $8 million on it somewhere.
In 2009 I had 13k AMD shares at an average cost basis of $2.12.
I sold them in 2011 for ~$8/share.
Those shares are worth around $1.5M today.
I was ready to drop $2,000 on AMD stock when it was $3 a share. Someone talked me out of it.
While it wouldn’t have made me “rich”, I’d be much better off than I am now.
Buying a bunch of AMD at 19 was my best trade. I haven’t sold.
You shouldn’t regret not gambling $2000 just because you saw it would’ve worked out.
… you should regret not gambling $200, “because fuck it.” If you’re really worried about any greedy investment, just lower the stakes.
Had the ability to buy in on Google right after they went public - passed on it
Had the ability to buy in on Apple in the mid 1990s -passed
Had the ability to buy bitcoin at $5 a coin, could have put in $5k at the time -passed
Had the ability to buy in on Amazon shortly after they went public -passed
Ebay -passed
Starting to see a trend?
Congrats! You passed all your tests with flying colors.
I shall wear this badge with honor
inscription on badge “I’m a Moron”
Quickly what was the last investment opportunity you were presented with?
Rivian
Nvidia about a year and a half ago
Can we subscribe to your opportunities, so we can invest?
Just $29.99 /month for my ideas. Please note I’m not an adviser just a guy putting his thoughts out there.
Damn lmk when the next one comes up
Let me know next time you decide to pass on a stock.
Will do
you had the opportunity to buy the winning lottery numbers last week and you BLEW IT
I mined one Bitcoin back in college with my home computer. Now, I did sell it for a lot of money and I’m not complaining, don’t misunderstand, but hoo boy. If I mined more? Goodness.
It took like a week or more to get. I was living in a bonus room with basically no air conditioning at the time, just an okay at best window unit. This was during the summer. My room got miserable lmao. And I couldn’t use my computer for anything, especially not gaming. So when I finally got my payout and went to see how much it was worth it felt stupid to keep going. It was worth like 10 bucks at the time. Pretty much nowhere took them either. I think one of the few things you could buy was alpaca wool socks or something.
As an aside, I think the only thing I ever directly bought with them was a Windows 10 key from r/MicrosoftSoftwareSwap that stopped working. I believe because the user sold it again to someone else. I think I got that for $20 which was a better bargain but long term that would’ve been like $200 at least because of how much more Bitcoin is worth. The insane volatility of it is stressful and I’m happy to not have any crypto “investments” today.
Before bitcoin even slightly took off, i was on a website to buy something and they accepted bitcoin. I had to look up what bitcoin was, and thought fuck it, i’ll buy like 15 bitcoin an buy the thing for 5 and have 10 more bitcoin if i ever need more. But it was way more “complicated” that i anticipated, and i was high as fuck, and suddenly though that i might being scammed or something, because like i said, i saw the name bitcoin maybe twice until then. I’m not too sad, because i’m pretty sure even if i bought it, i would’ve lost it anyway, forgot the password, or never bothered to figure out how to cash out.
Be glad you’re not that guy that had hundreds on a hard drive and has to do the analysis on whether trying to dig it up from a landfill would be profitable.
James Howells. Quite a sad story. For those unaware, I’ll give you the short version:
In 2013, Howells mined close to 8,000 BTC and saved his private keys (which is like a password to get access to your BTC) to his laptop’s hard drive. Months later he absent-mindedly throws it in the trash. Next morning he realizes what he’s done and tries going to the local garbage dump to search for it. He grew obsessed with finding the hard drive. It got to the point where his wife left him and took the kids with her. To this day he’s still trying to get his local government to give him permission to dig through the city’s garbage dump.
Semi-rant
His plan to retrieve his lost crypto was doomed from the start. When the garbage truck came to pick up his garbage, it had its own trash compactor inside, which would have crushed the hard drive to bits, meaning the hard drive most likely died before it even got to the landfill. And even if the HDD wasn’t destroyed, the data on it would have likely been corrupted after sitting in garbage for 10+ years. And even if they managed to recover the data, if he tried to sell any of his BTC it would crash the market. He should have just cut his losses from the beginning and spent more time with his wife and kids. Now, this fool’s errand to retrieve the (likely-dead) hard drive will be his legacy.
It’s very easy to say that when you didn’t throw something out that would’ve been worth about half a billion dollars today. I hope he finds peace.
Back in 1988 I had a school project with a few people, one of whom came from a wealthy family. The project was regarding the stock market, and each team was given a certain amount of imaginary money to invest, to see who would win out at the end of the semester. My friend with the wealthy family came back with a recommendation from his father, of course, and we won the contest easily.
The recommendation? Put all our funds into Berkshire Hathaway.
I had the golden goose egg right in front of me and never invested a dime.
I had a similar school project around the same era. My wealthy grandfather suggested I invest in Phillip Morris. You should have seen the look on my teachers face when I bought the fake stock!. I actually ended up getting extremely into it and sold all of those “evil” fake stocks for an early tech company. I was quite certain it would do well, and I was right and I ended up winning the project by a wide margin. I tried to get my parent to let me use most of my savings account to buy real stock but they dismissed the idea because I was just a kid. It would have paid for my college education entirely if they had let me (they certainly didn’t help).
My finger was hovering over the “buy” button for $10000 worth of Bitcoin when one Bitcoin cost $50.
I sold about $200 in Bitcoin I mined back in the early days, like 2009 and 10. Missed out on over $80 million.
My parents are fairly rich but stingy and boomers. I recently stood up for my principles and my kids and I give myself 1:6 odds they’ll cut me from the will as the last surviving child.
Not super rich, but we’d be doing substantially better financially if this went differently.
The year: 2020. I was playing with the stock market and decided to buy 10,000 shares of the cheapest stock, just because it was funny to say I had 10k shares in anything. It cost about $800.
A couple of months later, lo and behold, my $800 was worth about $5000! “Holy shit,” I said, “I made money on penny stocks!” I promptly sold all of it.
Several months later, I check on it again. The company has announced new technology and its share price has skyrocketed, from a few cents per stock to $25. I could have made $250k, but instead made $5k.
My condolences, that must sting.
Out of curiosity, what was the name of the company?
Rezolute. They’re a biopharma company.
well shit !
Were you already wealthy or just a gambler? For me the idea of throwing $800 on a random share just because it was the cheapest is unfathomable
Just a one off gamble aided by a cocktail of ADHD impulsiveness, COVID anxiety, and the stress of living in a 5th wheel with three cats, a dog, and my wife. We did some weird shit.
We were living with family and we had no rent/mortgage for a few months. We live in a high cost of living area, so not having that payment means having an extra $2k+ per month. I miss that part but not much else.
This is the lesson I learned watching Bitcoin: cash out half.
