The S&P 500 reached an all-time high of 2,977.86

[alessandro2121]

@al1998 Say you are 70 and have a grandson. You gift him $1M but only if he gives it to his own grandson when he reaches age 70, and that grandson cannot spend it until he himself reaches age 70. It’d be worth a cool $13B. Compound interest is fucking powerful. If you let it go one more generation it’d be worth $1.5T (assuming 7% interest)

 

[ojima]

@al1998 Warren Buffett’s children had no idea that he was rich when they were young and he stills owns and lives in the exact same Joe Blow house that his children grew up in today. His wealth has never defined him and if you don’t let your wealth define you and your children then it will not. Money does not make a man or teach him how to raise his children, nor does money change the man in any way. The man changes the man and only if he so chooses.

 

[resjudicata]

@al1998 My wife's mother always said with regard to wealth, "the first generation builds it, the second lives with it and the third squanders it." So by that logic, your children will live with the wealth you pass on to them but their kids will finish it off. Hopefully your great grandchildren will start the cycle again.

 

[resjudicata]

Not my family. The second generation screwed us. My grandfather made millions from a rock quarry and aggregate supply business he built over his adult lifetime. When grandpa died, my loser uncle who never worked a day in his life, somehow convinced my grandmother to remove everyone but him from the family will. Later on when grandma got older, he became her power of attorney and embezzled all of the money and blew it on sketchy trades in the stock market. Now he's broke (as far as we know).

It doesn't bother me though. I've always valued the struggle. I'd rather earn it than have it given to me. Makes me appreciate it that much more.

 

[hohidey]

@woot Buy low, sell high.

 

[planelane]

@hohidey

Buy high, sell higher.

FTFY

 

[hunter16rolltide]

@planelane This is my motto. The chart has to be top right.

 

[hohidey]

@planelane Risky but if it works for you man

 

[userdelta]

@woot /s?

 

[johnnywong]

@ayearingratitude BRB buying Bear etfs now. The higher the market goes the better idea those are right!?!???........

 

[standup4jesus]

@johnnywong What are some good Bear ETF's?

 

[bf1]

@standup4jesus SPXU if you want really Bear. -3x S&P

 

[bunkworld]

@johnnywong Reminds me of when oil when crashing from ~$120 to ~$40 and the whole way down this sub was cheering to buy a now dead triple leveraged oil ETF.

 

[johnnywong]

@bunkworld Yeah, I'd never touch those, but a straight inverse etf may not be too bad. I believe SH is one.

 

[bunkworld]

@johnnywong If you're that bearish, something like EDV or TLT might be better? Especially for a multi-month or -year holding period.

 

[resjudicata]

@ayearingratitude otm leap puts looking awful cheap. vix

 

[johnnywong]

@resjudicata That's what I'd be buying now. If for no other reason than to hedge on the cheap!!

 

[seadog4109]

@resjudicata Time to load up on SQQQ

 

[resjudicata]

@seadog4109 no

 

[seadog4109]

@resjudicata Time to load up on TQQQ