Mdawgs Investments

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.
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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.
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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.

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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


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


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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.

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.
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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.

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.
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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.

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.

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.

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".

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".
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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.

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