Escaping the permanent underclass

[Anonymous]

Anonymous wrote:

Anonymous wrote:We never thought building wealth depended on our salaries, DH and I, so we invested in high tech stocks. We've made millions, which we plan to entrust to our kids, so they can continue to invest in emerging technologies. As for jobs, we're not entirely sure what's ahead. Our kids' interest are mainly research or analysis-oriented, one in military security and the other in biomedical research... are these jobs going to go away? I don't think so.

Ok? You speculated and it paid off.

How exactly did you make millions off a presumably modest salary? Leverage? What if it went sideways, would you be homeless — or did you have family who could bail you out? For some of us speculative investments aren’t viable because of a company goes Enron, we could end up in dire straights. And don’t pretend you had any real acumen here.

I do know quite a bit about the industries I invested in, PP, but I do not deny that luck also played a part. Your jealousy is showing here, there is no need to be aggressive.

We invested many years ago, small sums. It led to 25M+. The market did that well. And yes, it takes a certain risk-taking mentality. Not more dangerous than getting into your car and braving the highway every day, but I notice that posters on DCUM are hyper-cautious about investing.

[Anonymous]

Anonymous wrote:We never thought building wealth depended on our salaries, DH and I, so we invested in high tech stocks. We've made millions, which we plan to entrust to our kids, so they can continue to invest in emerging technologies. As for jobs, we're not entirely sure what's ahead. Our kids' interest are mainly research or analysis-oriented, one in military security and the other in biomedical research... are these jobs going to go away? I don't think so.

in other words, rent-seekers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We never thought building wealth depended on our salaries, DH and I, so we invested in high tech stocks. We've made millions, which we plan to entrust to our kids, so they can continue to invest in emerging technologies. As for jobs, we're not entirely sure what's ahead. Our kids' interest are mainly research or analysis-oriented, one in military security and the other in biomedical research... are these jobs going to go away? I don't think so.

Ok? You speculated and it paid off.

How exactly did you make millions off a presumably modest salary? Leverage? What if it went sideways, would you be homeless — or did you have family who could bail you out? For some of us speculative investments aren’t viable because of a company goes Enron, we could end up in dire straights. And don’t pretend you had any real acumen here.

I do know quite a bit about the industries I invested in, PP, but I do not deny that luck also played a part. Your jealousy is showing here, there is no need to be aggressive.

We invested many years ago, small sums. It led to 25M+. The market did that well. And yes, it takes a certain risk-taking mentality. Not more dangerous than getting into your car and braving the highway every day, but I notice that posters on DCUM are hyper-cautious about investing.

So you bought like Amazon and Apple in 2000. That is a unique outcome and not repeatable but younger people who were first trying to find a home.

Not jealous per se, but annoyed at your attitude that everyone should just invest rather than earn a living, but that takes free capital and a pretty rare opportunity like apple or Amazon.

And Amazon as a business does terrible; it’s only because of AWS that it’s profitable. Like wise, Apple pre iPhone was a big gamble (they made magic players and colorful iMacs!).

Am I safe in guessing you bought your house before 2002?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We never thought building wealth depended on our salaries, DH and I, so we invested in high tech stocks. We've made millions, which we plan to entrust to our kids, so they can continue to invest in emerging technologies. As for jobs, we're not entirely sure what's ahead. Our kids' interest are mainly research or analysis-oriented, one in military security and the other in biomedical research... are these jobs going to go away? I don't think so.

Ok? You speculated and it paid off.

How exactly did you make millions off a presumably modest salary? Leverage? What if it went sideways, would you be homeless — or did you have family who could bail you out? For some of us speculative investments aren’t viable because of a company goes Enron, we could end up in dire straights. And don’t pretend you had any real acumen here.

I do know quite a bit about the industries I invested in, PP, but I do not deny that luck also played a part. Your jealousy is showing here, there is no need to be aggressive.

We invested many years ago, small sums. It led to 25M+. The market did that well. And yes, it takes a certain risk-taking mentality. Not more dangerous than getting into your car and braving the highway every day, but I notice that posters on DCUM are hyper-cautious about investing.

So you bought like Amazon and Apple in 2000. That is a unique outcome and not repeatable but younger people who were first trying to find a home.

Not jealous per se, but annoyed at your attitude that everyone should just invest rather than earn a living, but that takes free capital and a pretty rare opportunity like apple or Amazon.

And Amazon as a business does terrible; it’s only because of AWS that it’s profitable. Like wise, Apple pre iPhone was a big gamble (they made magic players and colorful iMacs!).

Am I safe in guessing you bought your house before 2002?

PP you replied to. I am not telling anyone what to do. You read that into my post all by yourself. We bought a teardown in 2010 that we renovated. That decision had to do with deciding to stay put in one location and choosing schools for our school-aged kids. We used to live extremely frugal lives, PP. That was a choice, so we could invest more. I know that the American middle class, and DCUM in particular, does not know how to live frugally.

My BILs decided to invest in real estate. From middle class salaries, they bought several properties over the years and became landlords (not in this area). They do not feel comfortable in the stock market and decided real estate was more their style. It has worked reasonably well for them financially, but I see that they need to put in a lot of effort (selecting and dealing with renters, home maintenance, etc).

[Anonymous]

Anonymous wrote:

Anonymous wrote:We never thought building wealth depended on our salaries, DH and I, so we invested in high tech stocks. We've made millions, which we plan to entrust to our kids, so they can continue to invest in emerging technologies. As for jobs, we're not entirely sure what's ahead. Our kids' interest are mainly research or analysis-oriented, one in military security and the other in biomedical research... are these jobs going to go away? I don't think so.

in other words, rent-seekers.

You are doomed to remain the underclass.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We never thought building wealth depended on our salaries, DH and I, so we invested in high tech stocks. We've made millions, which we plan to entrust to our kids, so they can continue to invest in emerging technologies. As for jobs, we're not entirely sure what's ahead. Our kids' interest are mainly research or analysis-oriented, one in military security and the other in biomedical research... are these jobs going to go away? I don't think so.

Ok? You speculated and it paid off.

How exactly did you make millions off a presumably modest salary? Leverage? What if it went sideways, would you be homeless — or did you have family who could bail you out? For some of us speculative investments aren’t viable because of a company goes Enron, we could end up in dire straights. And don’t pretend you had any real acumen here.

DP. When the stock market collapsed in 2020, I jumped on the travel stocks that bottomed out. If the world ended, money would be worthless anyway. Otherwise, nothing is going to cure American wanderlust.

[Anonymous]

Anyone can do it OP. Read Michelle Single Gary's finance column in the Washington Post. Most people aren't willing to do what it takes. You pretty much have to do without, take public transit, eat modestly avoid cable, takeout, student loans, live with several roommates, and work multiple jobs.

[Anonymous]

^"Singletary".

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We never thought building wealth depended on our salaries, DH and I, so we invested in high tech stocks. We've made millions, which we plan to entrust to our kids, so they can continue to invest in emerging technologies. As for jobs, we're not entirely sure what's ahead. Our kids' interest are mainly research or analysis-oriented, one in military security and the other in biomedical research... are these jobs going to go away? I don't think so.

in other words, rent-seekers.

You are doomed to remain the underclass.

And you are assuming there will never be repercussions and the party will never end.

[Anonymous]

I’m hoarding money for my kids. We have inherited from multiple sources, which has given us a pretty big chunk of cash. We are cautiously investing it and will not touch the principal. I have no idea what the job market will bring for my kids in 20 years, but they will have enough money that they can live well regardless.

[Anonymous]

Already out of it. I always knew I was getting the heck out. I could do it again, but much faster this time.
My grandparents and parents would have been rich if they had been born in US. The way they worked and never spent, is unreal. They couldn't buy assets.

[Anonymous]

Anonymous wrote:Anyone can do it OP. Read Michelle Single Gary's finance column in the Washington Post. Most people aren't willing to do what it takes. You pretty much have to do without, take public transit, eat modestly avoid cable, takeout, student loans, live with several roommates, and work multiple jobs.

This. Which is what my parents did, paid for my college education, and what I still had to do after college in order to try to build wealth and own a house.

Its much harder now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We never thought building wealth depended on our salaries, DH and I, so we invested in high tech stocks. We've made millions, which we plan to entrust to our kids, so they can continue to invest in emerging technologies. As for jobs, we're not entirely sure what's ahead. Our kids' interest are mainly research or analysis-oriented, one in military security and the other in biomedical research... are these jobs going to go away? I don't think so.

in other words, rent-seekers.

You are doomed to remain the underclass.

And you are assuming there will never be repercussions and the party will never end.

The actions described above are not generally considered rent seeking. The stock market is a way to invest in a business to fund that business. Unless those businesses are running toll bridges, that's not rent seeking.

[Anonymous]

Anonymous wrote:I’m hoarding money for my kids. We have inherited from multiple sources, which has given us a pretty big chunk of cash. We are cautiously investing it and will not touch the principal. I have no idea what the job market will bring for my kids in 20 years, but they will have enough money that they can live well regardless.

Which by definition means you aren't in the underclass already.

[Anonymous]

It takes money to make money; all apps posting about “investing” and “renovating” and “hoarding” are not underclass. Underclass people pay penalties for being underclass, and therefore cannot find a way out. Throw in some classism, racism, gatekeeping, voicelessness, and general antipathy toward the poors, and there’s your recipe for no escape.