Thread Rating:

AxelWolf
AxelWolf
Joined: Oct 10, 2012
  • Threads: 152
  • Posts: 20137
May 16th, 2022 at 2:01:27 AM permalink
Quote: TDVegas

Quote: MDawg

Been traveling a lot this year not much stock trading. Long terms down like everyone else’s!

What's interesting is that I was talking to a dealer, older dealer seriously I'd say had to be over seventy years old and somehow the topic of "quitting while ahead" came up. Dealer was saying that YES have to do that at the tables, but then added that was a stock trader and had lost three million in the last month. Now, I didn't know casino dealers had that kind of money, let alone to lose, but at this dealer's age, who knows.
link to original post


A dealer…$3 million to lose. Drug dealer?

I might categorize that comment as “inflated”.

Most dealers I hear from would drop their badges at the front door IF they had $3 million…not just $3 million to lose.
link to original post

In the 90's my father was up about 3 million in the stock market and he was still working as a dealer, eventually, he retired, but after the bubble burst, and losing a significant amount back, he decided to go back to work. He used some of the profits to buy 3 houses so all's well that ends well.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
lilredrooster
lilredrooster
Joined: May 8, 2015
  • Threads: 198
  • Posts: 4555
May 16th, 2022 at 2:34:23 AM permalink
_______________



quite an interesting report (linked) re money and millionaires - to me anyway

per the link there are 20.27 million millionaires presently in the U.S. - although this report was written before most of the recent downturn

since there are about 330 million people in the U.S. and since about 22% are children that indicates quite a high % of adults are millionaires - about 6.5%


a million bucks just isn't what it used to be


.
https://spendmenot.com/blog/what-percentage-of-americans-are-millionaires/#:~:text=The%20total%20number%20of%20millionaires,of%20US%20millionaires%20are%20white.


.
"𝘣𝘦𝘭𝘪𝘦𝘷𝘦 𝘩𝘢𝘭𝘧 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘴𝘦𝘦 𝘢𝘯𝘥 𝘯𝘰𝘯𝘦 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘩𝘦𝘢𝘳"______Edgar Allan Poe
DRich
DRich
Joined: Jul 6, 2012
  • Threads: 80
  • Posts: 8541
May 16th, 2022 at 4:53:04 AM permalink
Quote: lilredrooster




a million bucks just isn't what it used to be



No it is not. If a young family had a million dollars and a couple of kids they would still struggle to buy a house ($375k) and send two kids to good colleges which would be around $500k.
Order from chaos
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 215
  • Posts: 13251
May 16th, 2022 at 7:15:15 AM permalink
Quote: DRich

Quote: lilredrooster




a million bucks just isn't what it used to be



No it is not. If a young family had a million dollars and a couple of kids they would still struggle to buy a house ($375k) and send two kids to good colleges which would be around $500k.
link to original post



Except the house would be paid over thirty years, and the college would be financed and paid at least partly with financial support.

If you gave a thousand families a million dollars each, half of them would be broke in a few years. It's not how much money you have, it's how you use it.
For most people, by the time you have a million dollars in cash or assets, you've already learned how to spend money. For a lottery winner or pro draft pick, they are usually clueless and have a system of family and friends that are equally clueless.
Anyone who says they can't get by with a million dollars is a fool or a liar.
The difference between fiction and reality is that fiction is supposed to make sense.
DRich
DRich
Joined: Jul 6, 2012
  • Threads: 80
  • Posts: 8541
May 16th, 2022 at 9:11:55 AM permalink
Quote: billryan

Quote: DRich

Quote: lilredrooster




a million bucks just isn't what it used to be



No it is not. If a young family had a million dollars and a couple of kids they would still struggle to buy a house ($375k) and send two kids to good colleges which would be around $500k.
link to original post



Except the house would be paid over thirty years, and the college would be financed and paid at least partly with financial support.



I would depend if the family had any other income. If there was no further income I doubt most mortgage companies will give a mortgage. If they are bring in a $100k per year between the two adults they should be fine.
Order from chaos
Wizard
Administrator
Wizard
Joined: Oct 14, 2009
  • Threads: 1419
  • Posts: 24211
May 16th, 2022 at 9:17:35 AM permalink
In the matter of Mdawg vs. TDvegas I sentence TD to seven days for backpedaling out of a bet and making personal insults.

There is forum precedent for punishment for welching on a bet or retracting a challenge. This is because I feel strongly that what is more important than smart gambling is honest gambling.

Had the issue been non-payment of a confirmed bet, the punishment would probably be a nuke. Had the situation been backing out of a confirmed bet, before the outcome was known, a month would have probably been the sentence. In this case, the bet was never well-cemented, so I'm going easy on the time.

TD should have known at the time of making the challenge that Mdawg can't disprove he doesn't have access to secret accounts. Furthermore, the accusations of Mdawg being a trust fund baby are personal insults.
It's not whether you win or lose; it's whether or not you had a good bet.
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 215
  • Posts: 13251
May 16th, 2022 at 9:26:34 AM permalink
I'd call this ruling a joke, except jokes are supposed to be funny. Then again, I think this whole mdawg nonsense is a running bad joke in the first place.
The difference between fiction and reality is that fiction is supposed to make sense.
Ace2
Ace2
Joined: Oct 2, 2017
  • Threads: 25
  • Posts: 1580
May 16th, 2022 at 9:52:29 AM permalink
Quote: billryan


If you gave a thousand families a million dollars each, half of them would be broke in a few years.

Many of them swindled by a fast talking "financial advisor".
It’s all about making that GTA
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 215
  • Posts: 13251
May 16th, 2022 at 9:59:09 AM permalink
Quote: Ace2

Quote: billryan


If you gave a thousand families a million dollars each, half of them would be broke in a few years.

Many of them swindled by a fast talking "financial advisor".
link to original post



That very well could be. I don't deny there are scumbags in the industry. It's a shame you can't admit there might be some good ones there as well.
The difference between fiction and reality is that fiction is supposed to make sense.
Ace2
Ace2
Joined: Oct 2, 2017
  • Threads: 25
  • Posts: 1580
May 16th, 2022 at 10:15:53 AM permalink
I am not against paying for professional advice. Not at all.

Maybe you are a billionaire with various offshore accounts, shell companies, trusts and a very complex tax structure...in that case you definitely need advice, tax preparers, etc.

But the other 99% don't need a financial advisor. And they'll get better returns without one...even a "good honest" one
It’s all about making that GTA

  • Jump to: