/biz/ - Business & Finance

>>13716100
Literally me yesterday when I overheard this 50 year old lady saying “maybe if I win the lottery I won’t have to work”

>>13716572
Literally everyone I work with plans on lottery lmao

>coworkers are in their 30's and just starting to learn about investing and they ask me for advice
>don't have the heart to compoundinterestpill them and tell them it's already over and they will never retire

>>13716599
>>13716572
NPCs are pathetic

>>13716100
>co-workers investing in weed stocks

>>13716572
>>13716599
>people who buy lottery tickets

some random boomer woman asked me if i liked investing in the break room and i said yeah i guess

then she asked me about weed stocks
I had to explain to her the difference between state governments and the federal government..

>co workers put money in their 401k and say you're crazy to not
>then talk about movies and video games

>>13716643
Stay salty

>>13716100
I try to get them to invest but no one gives a fuck. They all say it's too hard I tell them to just buy S&P 500 stocks and hodl and throw a hundred dollars in Bitcoin in case it moons. No one has taken my advice yet. If you ever read 1984 it basicly explains why this is, most people are proles and only care about their family, beer, lottery, pornography, tobacco and what they are going to eat tonight. Most people are operating at an unconscious level and bringing up something like stocks is too complex for them.

>>13716644
on another topic, I used to work with a boomer woman and she didn't know the difference between native americans and indians. she said they're the same thing and got super pissed off when I explained to her why native americans were called indians

>>13716100
>whine about bankers and the system
>invest in nothing but gold/silver/lead
>do you realize how much this was worth in the 1800's?
>shits fucked anyways, at least there's a world after this

>>13716572
Crypto is the lottery for zoomers

>>13716100
I work at brokerage firm. We sell stocks to institutional investors.

I wouldn't dare mention crypto at work

>tfw have to hide your power level when people start talking about crypto

>>13716827
why not? You wouldn't disclose you hold crypto?

>>13716662
>work with a bunch of boomers
>coworkers talking about 401k
>get asked how much I contribute
>say none
>big mistake
>constantly am lectured about how investing in a 401k is important so I can retire early
>constantly overhear them talking about new cars, boats, campers, and vacations they spend their money on
>started lying and say I contribute now just to avoid hearing about how I am "going to be sorry" for not getting in young

>>13716972
Just tell them you buy stocks wtf it's the same fucking thing except you have control over your money

>>13716100
I'm in my early 20s. I was at a party a few weeks ago where some guy was bragging about how he had $30k in investments and how good he was at trading. I thought about revealing my power level but I didn't.

>zoomers itt shitting on 401k while unironically investing in crypto

>>13716904
Most people in finance think it's a ponzi. Also, some financial institutions literally forbid their employees from holding crypto.

>>13717087

Most alts are ponzi spin offs

>>13716972
>turning down the match
even if you're 100% in on crypto, that's dumb

>>13717087
>forbid their employees from holding crypto
Yeah I wanted to be a financial advisor until I realized you have to sign away your right to trade as you please. I would never work in finance for that reason. To each their own I guess

>>13717073

I'm glad I'm not the only one who noticed this. The conventional wisdom on /biz is:

>Your 401k is a scam
>My shitcoins will moon any day now

>>13716100
Institutional investors spent several months accumulating. The pump and dump is going to be massive.

>Conversation about investing
>Coworker comes over, asks how to install robinhood
>Says it's because he wants to buy shares of SpaceX
>Because they will have a big launch soon and he wants to get in before then
>Had to see the disappointment on his face when I told him SpaceX isn't publicly traded

>>13716666
stay salty for what, not buying lottery tickets?

lmao stay poor, imagine all the shitcoins you could have bought with those tickets instead

>>13716572
thats the saddest part about the boomers, almost every one i know is addicted to playing the fucking lottery. they know the odds are so against them that it would be impossible for them to win but they play it anyways. i cant wait til they fucking die off

>>13716599
its a conversational trope anon

>>13716666
have you ever won?
most people who finally win that one big 1000 dollar scratch ticked already spent 1100 on tickets...

>>13716662
>>13716972
>tax advantaged accounts are bad
why are you retards so stupid? You are leaving money on the table. My work matches my 401k contributions 1 to 1 up to 5% and i get to pick what mutual funds my money goes into

if you have a shitty 401k or no match, then open up a ROTH IRA retards

>>13717791

>401k match
>Immediate, 100% return on investment for the money your employer matches
>Have to pay 20% penalty if you take it out before you're 59 1/2
>There are people with advanced degrees who think this is a bad deal

Not everyone is good at math.

>>13717996
its a 10% penalty (ontop of the taxes you need to pay on it)

but I agree, people who think its a bad idea are out of their minds. Who thinks immediately doubling the money they put in is a bad deal

>>13717996
Mine recently rolled over from a 401k to an IRA because I left my last job.

The advisors for the 401k were bringing in 15% every 3 months on my ass. I contributed almost nothing and they transformed it into something. Im waiting on my disbursement from my IRA into my savings account.

I was going to get a warranty on my vehicle with the money. These fuckers sold me an insurance auction car like it was new, and my Lemon Law Attorney is drooling over it. I hate to make gains by a lawsuit though.......feels dirty but I guess sometimes you gotta be a jew

>>13716100
Fuck I hate when this happens.
>Hey [anon], what do you think about this whole Bitcoin thing? Do you have any?
Fuck off I don't want to talk about this with them.

>>13718049
I just generally hate talking with people about things I am passionate about, I guess, because I always end up either going over the top and looking weird or being really irritated afterwards.

>>13718049
>>13718064
Nobody I know holds any significant interest in my hobbies. Even the few people that have a slight interest in my hobbies have barely even scratched the surface level in them. Everyone is more interested in bingewatching game of thrones for the 12th time rather than doing something interesting. Sometimes given the state of things I don't really blame them

>>13717087
>>13717197
Ameriprise doesn't. They forbid it as a solicited investment but employees can play with crypto no problem.

>>13717325

You do know that most 401k's offered by companies only allow you to invest in shitty mutual funds. Even with the employer match, you're still better off putting the money in your own personal brokerage account and investing, because your returns will far outpace the employer match.

>>13716100
There's a new guy at my workplace, started last monday, and he saw me reading the finance section of a newspaper on our lunch breaks
>"Oh anon, you invest? wow but you're really young!"
so y'know he asks me what i got and all that, how i got into investing. realized like, 20 minutes into the conversation i hadn't asked him anything at all about his investments
>"Um... well, i used to have this mutual fund at my last job but I don't have any investments right now."
I don't know his powerlevel, but if im just going off by averages, he's like 50 years old with no investments bros. I gotta help him somehow. Should I start encouraging him to invest again? He's kinda a boomer but fuck, he seems p chill

>>13718825
>reading the finance section of a newspaper
>reading the newspaper

this is how i know the story didnt happen

>>13717791
Tax advantaged accounts are for people who are can't generate far superior returns in a simple personal brokerage account using basic trading principles.

> Muh 401k

>>13716572
>>13716599
>>13717607
It's not your job to educate these people, but financial literacy isn't really something that's standardized or taught to the lower class. By not helping them understand stocks, bonds, and equities are the way to go, you're a part of the reason why they're as ignorant as they are.

>>13718847

>>13716100
>Pay cash for a cheap car 5 years ago.
>Still have the car. Maintenance it properly, etc. Never had a single problem with it.
>Boomer mom tells me I should think about getting a new car.
>Tell her my car is fine and I don't have the money to do that. Ask her how I'm supposed to do that.
>She suggests that I lease a car.
>blankstare.jpg
>mfw she suggests I sell a perfectly good car with no debt to go into debt for a new car.
Boomers. Not even once.

>>13718847
Our workplace orders newspapers to read, mostly because it's almost all old engineer boomers who like that stuff.

I should mention too, i caught the new guy browsing /mlp/. He doesn't know I caught him but i definitely saw the pony catalogue.

>Haha using this vending machine is like investing in the stock market
>good way to lose all of your money! Hahaha

I hate normies.

>>13718904
my boomer mother is financially illiterate too
so now i have to take care of her financially
lol boomers

>>13718807
>>13718858
Okay I hope I'm getting trolled but I genuinely know people in real life that believe this. They have a lot of their networth in personal investment accounts and nothing in a retirement account.

In what world does 10k pretax + 10k employee match in the s&p500 NOT outpace just 10k posttax in the s&p500??


You literally start with 100% gain with the 401k match even if you get jewed with a slightly higher expense ratio

>>13717073
>he doesn't have both

never gonna make it. For what it's worth, I've made like 250k off crypto and a comparatively meaningless amount in equities

New money = new dipshits to dump shitcoins on

>>13717073
Shitcoins are a gamble but even an index fund is guaranteed to outperform ANY 401k.

>>13718928
Don't you love how the irresponsible Boomers think their kids are gonna take care of them on a 50k a year income? Kek

>>13718825
>Should I start encouraging him to invest again?
Yes. But be cool about it. Don't shove it down his throat. If he wants to retire he needs to start saving a lot, like 70% of his paycheck.

>>13718932
>10k employer match
Are you from the past?

>>13718989
Thanks divanon. One issue though, we're both getting paid $8/hr. We're both bottom of the barrel compared to everyone else in the building. I'm actually like, $30/hr with my stocks im just there to help pad stuff. I have no idea where he's standing, and there's no way he can contribute that much...

it's kinda sad actually seeing a man over twice my age in such a shit job.

>>13717073
this lmao

>>13719008
I was just using big round numbers (which was stupid)

But that same example with 5k (which is reasonable) still holds.

>>13717325
401k is a fucking scam. You are under shitloads of rules and restrictions on what you can't and can't do. You'd have to be a retarded fucking boomer to actually contribute to it. When you withdraw from a normal brokerage account you don't get raped by the government. It doesn't even make sense having an age requirement on there. Then you have ultra shitty things for people who like shitty investments such as gold. Paper gold is accepted for 401k but you can't buy gold gold with it. If that doesn't prove it's a scam I don't know what would convince you other than a 3 SD increase in IQ.
In crypto they say not your keys not your money. Well 401k doesn't let you access the funds. Not your money not your money. You are literally better off keeping your funds on mtgox than in a 401k. Or at the least there is no real difference between the two. Not your money and you can't access it either way? Sure thing, sign me the fuck up. How about a high fee actively managed target date fund? ooooooh yeah bby

>>13719009
>8 bucks an hour
>at that age

Rip. Hed have to put in 60+ hour weeks while finding side jobs or going back to school while pinching every penny to get a handle on it, and hed probably still be close to 70 before retiring.

Hes pretty fucked unless he becomes some kind of options gambling god.

>>13719009
Unfortunately not everyone can be saved.
But saving a little for a rainy day is still better than saving nothing at all.

>>13716617
shut the fuck up boomer
BTC does a 10x every 4 years LOL

>>13719094
the tax incentive is more important that all of that.

>>13717996
scam

>>13719129
>>13719139
I hope he has something, anything. I don't know how long ago he had that mutual fund but jesus christ I hope he has it at least in a savings account somewhere. Maybe he is fine too, and just hiding his own powerlevel, idk. But the statistical probability isn't favorable of that actually being reality. I'll see if i can ask him if he's thinking of investing and get a better feel for his situation.

Dear god though, i hope my future kids
>tfw no gf
don't end up like him, as nice as he is.

401k? Can't cash out. Go try it. You can't cash out

>>13717678
I notice a lot of the older, retired Boomers are now spending a lot of their time gambling in casinos these days. My god, I can't think of a more soulless existence. Imagine your soul being so dead that in your Golden years, you choose not to follow the passions you once had, but instead waste away the last 20-30 years of your life in a fucking casino. And it's always the same line:
>Retard Boomer: "Hey guess what?!?! I won a $5000 jackpot at the casino last night!"
>Me: Alright. How much did you spend to win that jackpot? Did you dollar cost average?"
>Retard Boomer: seeting.jpeg

>>13717073
>crypto
>investing
more like free money

>>13719218
Yea i see this a lot with casinos and lotteries. Everytime I go to the grocery store, there's always a line of 2 or 3 older persons at the lotto vending machine. And I mean, you can just tell they're not doing so hot.

>>13718904
My little brother keeps telling me I should get a different car because he's somehow embarrassed in what I drive. It's a Prius I get it, but this car is fucking great. I pay $30/mo on gas, it's never broken down, it comes with stealth mode and is comfy af.

I hope he snaps out of this mentality some day, I try to help him but he just doesn't get it. He's only 16 though so here's hoping

>>13719163
If you crypto right you get the tax advantage too but it's actually your money. Literally no advantage whatsoever using fake boomer accounts.

>>13719336
Priuses are a bitch car. Get a used American truck or SUV... manual.

>>13719366
Why would I do that? Everytime I see shitposts like these I am reminded of co-workers bitching about how much they spend on gas. So give me a good reason why I should

>>13717996
>>401k match
>>Immediate, 100% return on investment for the money your employer matches
>>Have to pay 20% penalty if you take it out before you're 59 1/2
>>There are people with advanced degrees who think this is a bad deal
>Not everyone is good at math.
I have tried to find an answer to this before and i couldnt.
There is no downside to just taking the match for however many years and withdrawing early right?
The penalty doesnt out pace the free cash right?
What am i missing here?

>>13719695
Maybe it's a regional thing. Everywhere I've worked only matches 50%. I think it's just the low paying jobs that match 100%.

>>13719695
the employer match is technically not free money, they just pay you less money for your salary. if you have an employer that doesn't match, generally your salary is higher.

penalty is more like 33% for early withdrawal

more efficient to be proactive with your money and use it to generate passive income streams that return more every year

>>13718904
She wants you to attract females and make her kids, she doesn't care about your finances.

I'm from UK so don't really understand what a 401k is. Here however boomers didn't save enough for retirement so starting a few years ago the government now forces employers to opt every employee into a pension scheme within 3 months of starting.

You then have to expressly opt out after already having your wages garnished within 30 days and then get opted back in every 3 years anyway. They are DESPERATE to keep the pension ponzi going.

All they do is lock your wages away to pump already overvalued boomer stocks and real estate. You then can't access funds until you are 60+ years old. Fuck that - pensions will not even be a thing by the time anyone here under 30 retires.

>>13719438
I'm more of a 3k Civic kind of guy but a Prius is fine too. They were only a meme in the late 00s because all the pretentious liberal faggots were buying them. Now its just another economical car

>>13718966
Not when your employer matches your contributions for a free 2x

>>13717073
dad get off the chan pls

>>13716662
Shoutout to my 401k early adopters out there

Nowadays I only say crypto is a pyramid whenever the discussion arises and just fud amap

>>13717073
lmao, i’ve already cashed out 8x my initial investment and got tons of crypto left. kys boomer.

ah i love this thread
my dad is the best example of "how to not invest" he plays lotto every week for around 50$...he talks to me like he has found some system to win the jackpot and look at the numbers from the last winners to find out if some numbers are winning more than others...
he bought bitcoin because of me in 2017 at 1'000$, sold at the bounce from 10'000 to 5'000$ because "muh its going to zero!!", rebought with his profit at 19'000$ "its going to 100'000$" sold at 3'200$ depressed "its going to zero"
than he bought gold for around 50'000$...everyday i got text messages "hey im already up 300$, its better than this bitcoin scam"
a few weeks later he sold everything with a loss of around 500$ "ah it makes me to nervous"
just yesterday he called me "hey they talked in the news about bitcorn, its going up, you still in bitcorn?"
WHY IS MY DAD SUCH A BRAINLET IDIOT

>>13720157
based

>>13720367
my parents sold a rental for 100k 9 years ago that is now worth almost 900k

they sold so they'd have the cash to pay for renovations that they never ended up doing

>>13720367
jesus fuck, npc investors are real

>>13720367
Lmao. I hope you got your mum's IQ.

>>13720404
wow that sucks
they are fucking around with OUR money
i can feel you fren

>>13720414
to be fair, the price only skyrocketed because the area has been re-zoned for 5 story apartment blocks and they would have had no way of knowing
feels bad though because they probably don't have much to retire on, except for a farm they dont plan to sell

they've also had a history of shithouse shares which could have been easily beaten by SPY or an aus equivalent

>>13720440
do they know you are in crypto fren?

>>13720440
Aren't unnecessary renovations one of the worst investments you can make?

>>13717607
Nothing wrong with the lottery, senpai.

>>13716695
Some natives prefer to be called Indians, because it's a testament to the white man's stupidity.
Same way people use the phrase "indian giving," it's not a slur against natives, as much as it's an enshrinement of the atrocities the US govt committed against them.
the more you know.

>>13720367
sounds like one of us

>>13720571
I just call them Mexicans. Riles em up pretty good

>>13720414
Grow up children ffs, No one on this board has ever made a financial mistake! Fuck of its their money, they worked for it!
I hope you Zoomer cunts get nothing!

>>13720571
How is that a testament to the white man's stupidity? It's more like a testament to not caring. When you're killing ants, do you care what species they are?

>>13719854
Old people can starve on the streets for all I care. It is their own fault for not planning for the future. Taxes and forced pension payments are theft.

>>13720649
they thought they had landed in India...

>>13720591
This. Everyones money is their own. Children are not entitled to their parent money. Poor are not entitled to the rich peoples money.

>>13719854
>pensions will not even be a thing by the time anyone here under 30 retires.
if you're right, boo hoo i missed out on an extra £20 in my pay packet every month. which i'd probably spend on beer or something anyway.

if you're wrong, i'm the one not eating Aldi catfood fron the tin every other day when i'm 70

sooooo,

cryptocurrency has absolutely melted peoples' brains lol

>>13717073
Lmao
Boom boom

>>13716100
>Anon! Yo i wuz wunderin, You seem pretty smart dawg whhy dont u give us dat investment advice??

>>13719218
what if gambling is their passion?

>>13720451
i'm only here for /smg/

>>13720496
nah, that would have to be kids lel

>>13716627
>weed stocks
lmao never gonna make it

Typical NPC wageslave convo:

>"Hey anon do you pay into a pension?"
>"No I don't actually, I use the extra take home to invest myself"
>"What? That is abit risky don't you think?"
>"Well, how much do you expect to get from your pension when you retire?
>"I DUNNO LOL! not enough"
>"When are you planning on retiring?"
>"Not sure, probably work till I am dead LOL!!"

>>13721492
>>13721015

>>13720367
Nice Australian comma Brainletson. Seriously reading that pissed me off. Its $1,200 not $1'200. The fuck?

>>13721492
like, why don't you just pay the bare minimum into your pension to get your employer's match, then roleplay as a titan of industry in your own time, investing in dog acupuncture companies (dead cert m8!!!!) with a s&s isa or a sipp

>>13720649
There is the point my sweet child, there is no need to kill ants that are not harming you.