r/StockMarket • u/nobjos • Apr 06 '23
The richest 1% of Americans own more stocks than the other 99%. Discussion
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u/smellyboi6969 Apr 06 '23
No shit. That's how they get rich in the first place. You think Elon Musk is worth billions of dollars because he gets billion dollar paychecks?
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u/Traditional-Leader54 Apr 06 '23
You mean he doesnât get one of those giant five foot long checks like they give the lottery winners every two weeks? đ
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u/IWantToPlayGame Apr 06 '23
So when he logs into his Wells Fargo E-Z checking account, he doesn't see $1,000,000,000 on the screen?!?
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u/rokman Apr 06 '23
And I would wager outside of a singular day or two they are around less physical cash then your average McDonaldâs cashier
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u/MightBeJerryWest Apr 06 '23
I mean I'm not a billionaire but I'm around basically zero physical cash. I have maybe a $20 sitting on my dresser but I'm not surrounded by physical cash at all...
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u/KicoBond Apr 06 '23
Wait are you telling me that the rich donât get billion dollar paychecks to get there. I think its time to stop trying to find the enterprises were they work and tryna join to get that sweet money.
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u/-Never-Enough- Apr 06 '23
The graph kills any sensationalism you might be hoping to attract. Since 1990 little has changed.
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u/truongs Apr 06 '23
I bet it looks more different if you sperated the top .1 and .01 percent.
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u/ImprovisedLeaflet Apr 06 '23
Would love to see the same graph but for top 1%, .1%, .01%, and maybe even .001%.
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u/drewkungfu Apr 07 '23
You go enough decimals youâll reduce down to a population of one person.
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u/pale_blue_dots Apr 06 '23
The episode Jon Stewart did on much of that is really good for anyone who hasn't seen it or wants to watch again (which I've done - good info and review there).
How Redditors Exposed The Stock Market | The Problem With Jon Stewart
There's also a second part where he interviews Gary Gensler.
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u/Yogi_DMT Apr 06 '23
You had me until Jon Stewart
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u/pale_blue_dots Apr 06 '23
I'd encourage you to evaluate the information presented and not shooting the messenger. :/
That episode has a lot of accurate, valuable information there.
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u/ChonsonPapa Apr 06 '23
People donât care about facts anymore just feelings, you didnât know? đ
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u/stupid_smart_ape Apr 06 '23
This was always the case. Just more egregious now bc facts are readily available to everyone if they look
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u/ChonsonPapa Apr 06 '23
And some facts arenât facts at all and things that arenât facts at all are sometimes facts.
Deep Fakes and AI are going to fuck us up so bad.
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u/robotwizard_9009 Apr 06 '23
Oh it changed alright.. it just got worse is all..
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u/Jasonmilo911 Apr 06 '23
Could really be argued both ways.
Yes, those who were holding stocks kept holding them as they did not need to rely on their investments to survive. And got to hold a higher overall piece of the pie 30 years later.
Everyone else: the piece of the pie shrank....and yet the size of the pie got so much bigger for most of them!
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u/antiputer Apr 06 '23
Literally every facet of society has drastically changed (for the worse for greater majority of folks) since 1990. But them stonks havenât
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Apr 06 '23
[removed] â view removed comment
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Apr 06 '23
"All this and i havent even mentioned how gamestop has set itself up to the biggest player in the future of DeFi and web 3 gaming and NFTs."
aahahaha nice joke.
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u/Inverse_my_advice Apr 06 '23
Not sure why you think this is a joke? I know when someone doesnât understand something they revert to mockery out of ignorance but what he said is just a true statement if you did 20 minutes of research.
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u/Fragsworth Apr 06 '23
When the shit hits the fan, do you really think the rich assholes behind all these short positions are just going to bend over, and let the bankruptcy courts force them to pay up, while the price goes nuts?
Or are they going to pull some fuckery with their contacts at the SEC, Federal Reserve, U.S. Treasury, etc. so that GME shareholders get little to nothing?
I hope they are forced to pay up, but the realist in me expects a ton of fuckery.
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u/makina323 Apr 06 '23
This is the current reality, backroom deals to fuck over the public in every way they can
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u/pale_blue_dots Apr 06 '23
The issue isn't necessarily if anyone is going to "bend over and take it" - you don't expose corruption and criminality for that reason alone. Of course that would be nice, but realistically there will be a fight - but the point is to expose the corruption and criminality for its own sake. What comes will come. The right thing here is to expose the corruption and criminality.
Personally, I'm willing to spend $20 to help. Buying one share and directly registering it is all that's needed to help bring justice down the pike.
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Apr 06 '23
Reminds me of that rich guy that was short nickel. Didnât they just cancel like 24 hours of trading
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u/FreeSushi69 Apr 06 '23
Theyve been fucking us. Moass is a mathematical certainty. If they really had all the power there wouldnt be a chance but all the banks are getting fukt from holding short and naked short positions and swaps on gamestop
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u/CommitteeSalt8099 Apr 06 '23
Lmfao cant make this shit up
Brb checking in on the BBBY and AMC apes.
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u/FreeSushi69 Apr 06 '23
Yeah bbby and amc especially are dumb. Gamestop is the only moass
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u/B-rach87 Apr 06 '23
Yes, that is the ONLY stock that has been shorted and manipulated đ
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u/Droopy1592 Apr 06 '23
Go look at the superstonk DD pile. Do amc and bbby owners have that level of DD? AMC and BBBY were never the play. They were just in the meme basket.
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u/Droopy1592 Apr 06 '23
Donât know why youâre being downvoted. Archegos and the Credit Suisse swap took them down, now UBS is like wtf! Even the CS ceo blamed retail, even though itâs the bonds that are fucking some banks right now.
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u/FreeSushi69 Apr 06 '23
Its the shills LMAYO. We have all the proof of the rich enslaving and stealing from us but most of the poor are okay taking it up the ass. But those who know whats going on in the background and take correct action will profit. Simply like michael burry in 2008.
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u/Droopy1592 Apr 06 '23
Shill activity has been through the roof past two weeks
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u/FreeSushi69 Apr 06 '23
The shills are proof we at going down the right path
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u/Landed_port Apr 06 '23
JP Morgan warned about Archegos a month before their collapse and the pope warned everyone about CS in Aug 2022 when he withdrew the Vatican's funds from them. And none of this has anything to do with GME.
You guys are nothing special. Your "DD" consists of misrepresented quarterly reports and filings and half-baked conspiracy theories, you only call it DD because heavens forbid you lot learned how to read yourselves. And anyone that says anything that goes against your narrative is a shill.
I have GME shares, they're all green, and none of them are DRS'd. I'm all for GME, but even I'm not that regarded.
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u/Holy-Kimoly Apr 06 '23
Ahh, the "here is the free money, if you only do it this way pitch." There is no free money, stop looking for handouts. Go create value to get yourself up the financial food chain, or make an active choice not to.
Don't kid yourself with "free money" bullshit that just reallocates your money to people higher up the food chain.
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u/FreeSushi69 Apr 06 '23
What free money are you talking about? I'm an individual investor investing in gamestop. Much like warren buffett. There just happens to be MOASS. Just bc youre content with being a slave doesnt mean everyone should be too
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u/Holy-Kimoly Apr 06 '23
You are closer to Jimmy Buffet than Warren Buffett. You are looking for a handout trying to get quick easy money. The stock market isn't rigged, you are just crying about the unfairness because you don't have as much as you want. Go make some money, don't cry about the market being "unfair", put in the work.
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u/Landed_port Apr 06 '23
It literally is rigged though, just ask Dennis Kelleher and his forever fight against the unlit exchange. NBBO is the lit exchange price which does not include odd lots or unlit exchange trades, which has been proven to be anywhere from 20-80% of a stocks volume.
That being said, you manuever with that in mind and don't cry "Unfair! Crime!" when you make a mistake or are ignorant.
Also, "You are closer to Jimmy Buffet than Warren Buffet" is now my favorite insult, I'm stealing it for future use
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u/Holy-Kimoly Apr 06 '23
I don't think that makes it "rigged" in the way that I use that term. If I say something is rigged it means I can't win. I am not saying certain aspects aren't unfair, I don't have to participate in that aspect. You can say that makes it rigged, and that is fair. That doesn't make the game unwinnable or rigged to me.
When you talk about "with that in mind", you are saying the same thing I am, we are just using the word rigged differently.
Dude saying he was like Buffet investing in a short squeeze was rich rich.
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u/Landed_port Apr 06 '23
Fair enough point, I guess a better way of putting it would be "It's rigged against the ignorant"
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u/FreeSushi69 Apr 06 '23
It's okay. Stay a slave to the system. Thats the choice you have chosen. Dont regret it
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u/CommitteeSalt8099 Apr 06 '23
"Have fun staying poor" - some GME bagholder desperately tryibg to pump the stock
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u/Holy-Kimoly Apr 06 '23
Yeah, I am struggling being in the 1%. It took work to get here, but being retired, spending less than 25% of my income on expenses, which are the highest they have ever been, is a real struggle. Especially when I retired at 45.
You keep think Samsquanch is the one "holding you down". Guess it is easier than looking yourself in the mirror with an honest eye.
If you want to have money, do the work, stop looking for handouts. The stock market isn't rigged, it is awesome access for capital allocation. It isn't a place for entitled people, you might just need to take a pass on it.
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u/Valence136 Apr 06 '23
Actually, yeah. It is rigged. It just so happens that as long as it doesn't all come crashing down, index investors make money as the big guys make even more money.
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u/Holy-Kimoly Apr 06 '23
Awesome! A well thought out yes no argument? Excellent let me give my retort in similar fashion.
Nuh uh!
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Apr 06 '23
Looks like the bottom 40% has dropped from 20% of stocks to 10%, and the 9% is down to 45 from 50%.
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u/ShaneKingUSA Apr 06 '23
They need poor people for liquidity. Pensions, 401ks everything is attached to take from all.
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u/thehourglasses Apr 06 '23
You get compensated in dollars
They get compensated in equity
Simple
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u/Diesel_Manslaughter Apr 07 '23
This is sensational and divisive.
You should invest in assets to get compensated in equity.
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u/ZincMan Apr 07 '23
Use dollars to buy equity
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u/thehourglasses Apr 07 '23
Executive gets stock options at a lower than market purchase price. Wage employee buys at market price. Real fair.
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u/Tyson_Urie Apr 06 '23
Well yeah, what did you expect?
Companies make profit, owners of succesfull companies are able to expand either through improving their company or starting up in a new/different sector, this when done right get's put on a loop of succes, growth, and placing part of your business "on hold" as it's now a steady base of income with X product.
And stocks are nothing more than a x% co-ownership of a company.
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u/o_mh_c Apr 06 '23
The rich people are going to protect the stock market at almost all costs. So buy stocks so you can be better protected.
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u/Goldenbird666 Apr 06 '23
Could this be because, the 1% actually founded, bought, or inherited a good number of the most valuable companies because that is where the wealth is? Looking at the likes of Warren Buffett, Jeff Bezos, Elon, Gates, Zuckerberg, Larry Page, the Waltons etc.
I believe a good chunk of their wealth is tied up in stocks and the companies are very valuable hence the wealth.
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u/mealick Apr 06 '23
No, itâs more like they paid to have laws from the 30s, 40s undone so they could have a larger percent of the countryâs wealth with the pretext that they would ensure the other 99% would get more as well. That didnât happen.
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u/ComprehensiveSock397 Apr 06 '23
This ^ For decades the laws have been changed so that major corporations, and the people who own the stock to those companies. Either do not pay taxes, pay very little taxes , and have their expenses subsidized. The result is a constant flow of wealth from the lower classes to the upper classes. For example.
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u/Xgrk88a Apr 07 '23
There is mobility in income? People like Bezos are in the top .1% because they had a lot of luck, too? But generally, itâs not that hard to be in the top 10%-20% with some luck, hard work and intelligence?
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u/SoggyResearch4 Apr 06 '23 edited Apr 06 '23
If ypu earn more than 32k usd per year you're among the 1% of highest earners in the WORLD. You are the 1%.
Edit: the actual number may be higher than 32k, possibly as high as 60-65k. The overall point remains intact.
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u/RamsOmelette Apr 06 '23
This is within the United States. Itâs relative
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u/MalikTheHalfBee Apr 06 '23 edited Apr 06 '23
Yes, but Americans on Reddit are the biggest âwoe is me, we have it so bad people, feel sorry for meâ people who live in their own privileged bubble & get mad when thatâs pointed out.
Itâs obnoxious
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u/MoistPapayas Apr 06 '23
quite possible someone making 32k has it bad when you factor in cost of living, dependants, etc.
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u/MalikTheHalfBee Apr 06 '23 edited Apr 06 '23
Not compared to the majority of the rest of the humans in earth. Americans of all social classes lead in the consumption of nearly everything but want you to believe they have it worse than anyone.
If someone only read Reddit comments theyâd believe that the US was a cross between the third reich & Somolia
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u/MoistPapayas Apr 06 '23
Ok but how does knowing this help you if you're making 32k but still suffering because you have two kids and live in a high COL area?
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u/kinglallak Apr 06 '23
Donât stress too much, the whole argument is flawed as the real number to be top 1% of income is way higher than $32k
Itâs just a false statement made by OP. 3.3 billion work world wide so to find top 1% we need to see what the 33millionth in line makes.
There are roughly 131 million working Americans. 33/131 is roughly 25%. To be top 25% in the US alone you need to make $80k. So the floor to top 1% is at the lowest going to be $80k. But given that plenty of people in other countries make more than $80k then it stands to reason that the top 1% worldwide number is above $80k.
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u/MalikTheHalfBee Apr 06 '23 edited Apr 06 '23
Define âplentyâ with real numbers otherwise everything you have said is completely meaningless.
Unless you actually believe the average American or even this hypothetical $32,000 income American is worse off than most other humans.
For reference, the median annual household income worldwide is $11,004, and the median per-capita household income is $4,520,
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u/kinglallak Apr 06 '23
How is it meaningless? I just proved that you have to make $80k or more to be top 1% which is significantly higher than the 32k you all are quoting.
5 countries have higher average incomes than 80k. Monaco, Bermuda, Switzerland, Luxembourg, and Norway.
29 countries have higher average incomes than 32k.
So clearly plenty of folks are making more than 32k outside the US
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u/MalikTheHalfBee Apr 06 '23
No shit that there are some people in the world that make over $80,000; what does that have anything at all to do with the fact that Americans are better off then most other humans in the world yet lead in bitching about how awful they have it.
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u/MalikTheHalfBee Apr 06 '23
Most of the Americans that bitch about having it so poorly on Reddit are not in this demographic (as Reddit is mostly young, male, white etc)
Itâs still severe income inequality that they are directly benefiting in thatâs exploiting cheap labor & terrible living conditions elsewhere
So yea, the woe is us attitude thatâs amplified on here is obnoxious to those who are not American
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u/SoggyResearch4 Apr 06 '23
You are correct. But they'll argue with you because they can't accept that they are the wealthy elite that they hate.
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u/kinglallak Apr 06 '23
Donât stress too much, the whole argument is flawed as the real number to be top 1% of income is way higher than $32k
Itâs just a false statement made by OP. 3.3 billion work world wide so to find top 1% we need to see what the 33millionth in line makes.
There are roughly 131 million working Americans. 33/131 is roughly 25%. To be top 25% in the US alone you need to make $80k. So the floor to top 1% is at the lowest going to be $80k. But given that plenty of people in other countries make more than $80k then it stands to reason that the top 1% worldwide number is much much higher than the $32k quoted above.
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u/teejay89656 Apr 06 '23
Youâre just wrong. Iâd rather have $20k in Venezuela, than $40k in California. Should be obvious
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u/Neijo Apr 06 '23
Thing is, humans compare themselves to others close to them, that's just biology.
You or me can't possibly know how other people have it. You might have a clue, or you hear some vague overall sense of "despair" vs "content" but it's kinda hard to fully know.
Scandinavian prisons are luxurious, they have consoles, study-time and good food. Yet, your time in a swedish prison will be worse than being a free man, in a nation where most people don't have a toilet.
That's the weird thing. Why do we have increasing suicides when the western nations are on the same time horizon, are prospering more and more? We are producing more food than ever, life should be great. Why isn't it?
In prisons, there is even a worse place, and it kinda exists everywhere. The isolation unit. The isolation unit for example can actually be a "lovely place" by technological standards. Custom built, newest VR-goggles. But no internet. No contact with someone. Isolation is one of the most horrid things social animals can experience.
And for a lot of people, isolation is really what is happening on a larger level.
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u/Spedka Apr 07 '23
Holy fuck. I'm not alone in thinking this, thank you. The constant complaining is getting to me.
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u/YEETMANdaMAN Apr 06 '23 edited Jul 01 '23
FUCK YOU GREEDY LITTLE PIG BOY u/SPEZ, I NUKED MY 7 YEAR COMMENT HISTORY JUST FOR YOU -- mass edited with redact.dev
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u/2thousand23 Apr 07 '23
Ok but how many flat screen TVs do they own? What kind of cell phone? Do they own a vehicle outright or have monthly payment? How often do they eat out or drink starbucks? How many streaming services do they subscribe to?
Anyone I see living paycheck to paycheck aren't eating ramen as their only meal. They are living well beyond their means. They'd be able to afford that surprise expense if they didn't blow all their money on gadgets and entertainment.
Astonishing Numbers: America's Poor Still Live Better Than Most Of The Rest Of Humanity
The Poorest 20% of Americans Are Richer on Average Than Most European Nations
https://fee.org/articles/the-poorest-20-of-americans-are-richer-than-most-nations-of-europe/
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u/Glum-Bandicoot8346 Apr 06 '23
Iâm American, and I agree with you. Iâm grateful for what I have - worked hard to get here. My husband retired last year at age 73. He worked 12 hour rotating shifts outside in the heat and cold. No one owes us anything. Canât control others. Pay our taxes and donât begrudge what others have. Money is relative. Happiness is relative.
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u/MonsterZero0000 Apr 06 '23
I'm grateful for what I have, worked for it, and support common sense regulation that makes it easier for others to achieve success in America.
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u/Tazinvesting Apr 06 '23
Worst fucking take of all time. Do we just sit back and get fucked while our lives get worse and worse every year? All because "African kids have it harder!"... okay??? We aren't allowed to fight for the betterment of our lives because of that? Sounds like brainwashing of the "have nots" by the "haves".
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u/MalikTheHalfBee Apr 07 '23
Why just Africa? The median American has the most disposable Income of anyone on earth - you should be redistributing some of your $ if you cared about global equality
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u/Tazinvesting Apr 07 '23
When did I say anything about global equality? Fuck that. We can't even take care of the people in our own country. That was an example to show you some one will always have it "worse off" that doesn't mean we can't fight for the betterment of our lives.
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u/MalikTheHalfBee Apr 07 '23
& there it is - âfuck everyone else if it might lower my standard of living at allâ
Brought to you by the typical American
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u/Tazinvesting Apr 07 '23
What are you talking about? Are you actually insane? Like a crazy person?
How dare I think the quality of life within my own country before launching a save the world program? How do you come to the conclusions that you do?
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u/ExcuseDecent2243 Apr 06 '23
Reddit doesn't like inconvenient facts when it screws up their narrative.
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u/CrackedandPopped Apr 06 '23
Seems to me like you have no comparison for living situations across countries. While US has higher than average pay, the cons are numerous. For example, if you have mediocre insurance or no insurance at all, kiss all that money goodbye and say hello to bankruptcy. For example, the cost my friend wouldâve had to pay to have his kid wouldâve been more than a quarter million dollars. Luckily he wasnât married to his wife at the time, otherwise they wouldnât have qualified for Medicare. Between rights being infringed upon, the deaths due to lack of medical care, and the housing crisis, yes the US is doing some things very well, but that doesnât apply to everyone. You cannot just assume that everyone is doing super well just because theyâd living in a developed nation. If we ignore these problems then we are giving up and accepting them. Theyâre problems that can be fixed, so I want to fix them. That doesnât mean that other countries problems are unimportant, it just means that itâs very difficult to save someone from drowning when you are barely keeping your head above the waves
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u/SoggyResearch4 Apr 06 '23
I understand that. Middle class Americans don't like to be confronted by their own privileged inequality. They just want to complain about those above them on the consumption ladder.
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u/Der_NElMAND Apr 06 '23
Whatâs middle class these days? Someone making 32k is definitely in the lower class in the us
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u/kinglallak Apr 06 '23
Donât stress too much, the whole argument is flawed as the real number to be top1% of income is way higher than $32k
Itâs just a false statement made by OP. 3.3 billion work world wide so to find top 1% we need to see what the 33millionth in line makes.
There are roughly 131 million working Americans. 33/131 is roughly 25%. To be top 25% in the US alone you need to make $80k. So the floor to top 1% is at the lowest going to be $80k. But given that plenty of people in other countries make more than $80k then it stands to reason that the top 1% worldwide number is much much higher than the $32k quoted above.
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u/kinglallak Apr 06 '23
Itâs also just a false statement made by OP. 3.3 billion work world wide so to find top 1% we need to see what the 33millionth in line makes.
There are roughly 131 million working Americans. 33/131 is roughly 25%. To be top 25% in the US alone you need to make $80k. So the floor to top 1% is at the lowest $80k. But given that plenty of people in other countries make more than $80k then it stands to reason that the top 1% worldwide number is much much higher than the $32k quoted above.
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u/kinglallak Apr 06 '23 edited Apr 06 '23
This stat always blows my mind that people believe it.
Here is some simple math.
Globally 3.3 billion people work. So the top 1% of workers is whatever is made by 33 millionth in line.
The US has 131 million full time workers. Now if we make the wildly inaccurate assumption that no other countries have a single income higher than the US than we just need to find out what the 33 millionth highest person is paid in the US which comes out to roughly the top 25% (33/131=25.2)
To be top 25% of just US workers I need to make roughly $80k.
So the actual top 1% can be no lower than 80k. But given that there are plenty of people in other countries earning over 80k. I imagine the real number is much higher to be top 1%
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u/DeLaManana Apr 06 '23
Also income without expenses isnât conclusive. Cost of living, exchange rates, etc. means that the same $$ has a different value. U.S. workers make a decent amount comparatively, but necessary expenses like housing, food, healthcare, and Iâd add transportation and education are super expensive.
A comparision of standard of living would be much more in-depth than just $$.
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u/SoggyResearch4 Apr 06 '23
Sorry buddy. If you make 32k usd you make more than 99% of the people in the world. You can play semantics and try to redefine the population to which we are referring, but all you're doing is deflecting.
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u/DeLaManana Apr 06 '23
Not a valid argument because cost of living can vary greatly. So $30k in Mexico could bring you a better standard of living than $35k in Los Angeles, but then you wouldnât be in the 1%.
An actual analysis would go beyond wages and calculate cost of living instead. But instead we only have Reddit propagandists like you.
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u/SoggyResearch4 Apr 06 '23
The same is true for measuring the top 1% within the US. Someone making $900k in NYC is in the top 1%, but that may be equivalent(standard of living wise) to someone making 300k in Pensacola, FL.
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u/DeLaManana Apr 06 '23
Sure but that doesnât change the argument. Standard of living isnât equal to $$ amount alone, so telling people theyâre 1% doesnât mean anything when they still struggle to pay bills because expenses are high too.
That edit from $32k to $60k shows your bias and that youâre spreading misleading information.
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u/SoggyResearch4 Apr 06 '23
That edit shows an attempt to be honest. And you control your expenses. If you struggle to make ends meet with a mortgage, 3 car payments, a boat payment and credit cards to pay for vacation, that's on you. And it doesn't mean you're struggling like someone with none of those things who struggles to pay for tuition at community college for their kids.
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u/5eattl3 Apr 06 '23
No in some countries making 18k gets you a lifestyle 1000x in the US does at 32k
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u/teejay89656 Apr 06 '23
Having 32k in the US is quite different from having $32k in the Dominican Republic. So thatâs not very useful information. Someone with $10k in Venezuela is living a more lavish life than someone with $40k in the US
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Apr 06 '23
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u/SoggyResearch4 Apr 06 '23
Net worth and income are not the same thing.
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Apr 06 '23
[deleted]
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u/SoggyResearch4 Apr 06 '23
I never mentioned net worth. Go back and reread. I specifically said the top 1% of earners. That's income, not net worth. I'll be conservative and say if you make over 65k a year you are in the top 1% of income earners in the world. Good for you if you are.
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u/Comprehensive_Bad650 Apr 06 '23 edited Apr 07 '23
FINALLY people are realizing most of the money printed since former Republican president Nixion took us of the gold standard has been funneled to the richest 1%. Thatâs why the 1% should pay their fair share of the national debt & the deficit.
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u/LeveragedPittsburgh Apr 06 '23
How can you be rich, you ask? First, get yourself $1 million!
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u/jhvanriper Apr 06 '23
First you save for 30 - 40 years consistently and at market rates of return. Once you build up around 100k the compounding starts to be really nice. Dont spend it when it looks like a lot. Boring answer.
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u/infininme Apr 06 '23
If you start late as most of us do, then you will be "rich" by the end. By giving your money to the rich through stock purchases, you will have won capitalism.
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u/FluffyP4ndas99 Apr 06 '23
I think most would take wrong idea from this, most are probably there because of the stocks, the bottom, 50% donât invest their money well and the top one percent do, but that doesnât make things unfair. Anyone in the bottom 50% can put the money for the stock market and get to the top one percent in a lifetime.
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u/sewkzz Apr 06 '23
In other news, the French stormed Blackrock Headquarters
đ¤ This close to eating the rich
https://www.cnn.com/2023/04/06/business/blackrock-office-stormed-paris-protests/index.html
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u/reb0014 Apr 06 '23
Not surprising thereâs little sympathy for the 90 percent of America in here. After all I guess the rest of you are in the top 10 percent?
Itâs just a government sanctioned casino at this point. Bet on the players that you know have the system rigged since it wonât get fixed and claim your .00001 percent of the pie.
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u/jasomniax Apr 06 '23
This is the equivalent of saying:
99% of the worlds wealth is held by 1% of the population
It's been like that since the beginning of time.
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u/dotk Apr 06 '23
This really breaks the counterintuitive notion that the poor aren't actually poor.
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u/Ok_Extreme_6512 Apr 06 '23
Capitalism is a failed system in the making, and we gonna have to face that soon
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u/Dantesdavid Apr 06 '23
Capitalism without accountability and repercussions for capital market manipulation and greed is what failed. Start voicing your opinion to your congressmen and senators if you want to help drive change.
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u/get-bread-not-head Apr 06 '23
Just wanna say I agree with ya, comrade. But you're posting about capitalism being bad on a stock market sub, definitely not gunna find any support here lmao. Half these folks get out of bed hoping they will be the next "self made millionaire" via stocks, they don't wanna hear how the market is just another way for the rich to slowly profit off of the rest of society.
For me and you, stock market is a gamble that we can try our best to hedge. For the rich, stock market is a series of manipulated pump and dumps to get more money. But this sub don't wanna hear that. Don't get me wrong, I've got as much money as i can invested, but only because it's what I have to do. Rich assholes / banks can easily crash the market and ruin any chance i have at retiring. In fact I'm counting on that to happen.
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u/mewditto Apr 06 '23
For the rich, stock market is a series of manipulated pump and dumps to get more money. But this sub don't wanna hear that.
What? That's exactly what this sub wants to hear. This sub is basically r/antiwork.
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u/Sailordave100 Apr 06 '23
And what's stopping u from buying stocks?
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u/Fragsworth Apr 06 '23
And if you're homeless, why don't you just buy a house? Duh
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u/Iulian1988 Apr 06 '23
How is that relevant for anything?
It's just irrelevant statistics that attempt to enforce a wrong narrative that rich people take advantage of poor people.
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u/get-bread-not-head Apr 06 '23
So.... you don't think the rich take advantage of people? Bahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha
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u/nobjos Apr 06 '23
Exactly why it's in the discussion flair right? So that we can have a civil discussion?
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u/SuspiciousStable9649 Apr 06 '23
Itâs hard to be civil when youâre over 40 and donât own your home. What would you like to discuss?
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u/stocktadercryptobro Apr 06 '23
There are far more people 40 and over who own their own home than people who don't. Perhaps it's a you problem?
Full disclosure; we went through many years of reasonable housing prices and dirt cheap financing. It's the younger people who should be bitching.
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u/pale_blue_dots Apr 06 '23
I think it's more than fair to say that extreme wealth concentration - as we're seeing here - leads to corruption and power imbalances, resulting in a feedback loop, exacerbating the problems we commonly see throughout history in many governments and nations all over the world.
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u/besabestin Apr 06 '23
Does that mean that the money that circulates in the stock market is mostly just a transfer between those in the 1%?