Financial Education

pawz · March 2021

TTTTT

Doog_de_Jour · March 2021

Part of me rolls my eyes at this, as hearing financial advice from tech billionaires is like getting makeup tips from a supermodel via a YouTube tutorial (spoiler, you WON’T get beautiful, defined cheekbones like Gisele Bündchen...I don’t care how much contouring product you use).

But it is an excellent point (hence my upvote). We *should* be teaching things like entrepreneurial skills, investing, risk taking, and business acumen to everyone early and often. Being responsible and saving for retirement is great, but fuck, life is also short and you gotta bet big to win big.

1to392831weretaken · March 2021

How to drop out of high school and get (moderately) rich:

Borrow about a quarter of a million dollars in any way possible, crazy high interest if need be, family, whatever.
Buy a used 10 yard dump truck, equipment trailer, a 220 excavator, and a 10K mini.
Business license, bond, insurance.
Spend the next three years scraping by and paying off debt and equipment.
Spend the next five years taking a comfortable salary and expanding and upgrading equipment.
Spend the next as long as you want stacking money.

There's a guy who contracts at my plant who's finally selling off his business and retiring, much to his dismay. In his late 70s, you'd still see him out there on a mini with a breaker, breaking up concrete for foundation pours with a massive smile on his face. Workaholic, loved what he did, built up a company from nothing that employs hundreds of people. Got so fucking rich that he owns a tank, a MIG fighter jet, and a submarine, but still comes out to work to break up a slab when he gets the chance.

The tools described above are quick and easy to learn, can do an amazing amount of work fast, are ALWAYS in demand, and are prohibitively expensive such that there will always be scarcity due to risk aversion. One large and one small excavator can easily make you a millionaire in a decade if you hustle.

Kaepsknee · March 2021

1to392831weretaken said:
How to drop out of high school and get (moderately) rich:

Borrow about a quarter of a million dollars in any way possible, crazy high interest if need be, family, whatever.
Buy a used 10 yard dump truck, equipment trailer, a 220 excavator, and a 10K mini.
Business license, bond, insurance.
Spend the next three years scraping by and paying off debt and equipment.
Spend the next five years taking a comfortable salary and expanding and upgrading equipment.
Spend the next as long as you want stacking money.
There's a guy who contracts at my plant who's finally selling off his business and retiring, much to his dismay. In his late 70s, you'd still see him out there on a mini with a breaker, breaking up concrete for foundation pours with a massive smile on his face. Workaholic, loved what he did, built up a company from nothing that employs hundreds of people. Got so fucking rich that he owns a tank, a MIG fighter jet, and a submarine, but still comes out to work to break up a slab when he gets the chance.

The tools described above are quick and easy to learn, can do an amazing amount of work fast, are ALWAYS in demand, and are prohibitively expensive such that there will always be scarcity due to risk aversion. One large and one small excavator can easily make you a millionaire in a decade if you hustle.

A good friend of mine and his young sons have just embarked upon this very adventure. They are already up to their asses in alligators as related to the amount of work available to them. He was and actually still is a Mason, due to great health insurance and his Sons are running the gear. But thinks by next Summer He will be able to afford his own insurance and procure more gear for him to be in it full time. And then build from there.

DawgOfTheAges · March 2021

So I do think everyone should know how to work with their hands... as a young guy fresh out of college in a super bad economy I had the fun of being a machinist lifting 6 tons a day while making missal launching tubes.. while in school I had landed a remodeling job so had some construction and carpentry skills as well.

Saying that I also think that it is a crime that high school / junior high kids do not get an automatic year of macro and micro economics instead of some of the garbage that does get taught like the history of Washington state etc...

Throw in accounting and business management to prepare people to run their own family business or trade and you would be building a more savvy and self reliant culture with a higher level of employment and better GDP

We are turning out a nation of economic neophytes which has serious consequences in the daily lives of our citizens... and our congressional leaders are routinely passing legislation with predictably idiotic consequences and no pushback because they have zero background in economic theory and practice, and the general public doesn’t call their shit because they are poorly educated in the same regard

HoustonHusky · March 2021

Doog_de_Jour said:
Part of me rolls my eyes at this, as hearing financial advice from tech billionaires is like getting makeup tips from a supermodel via a YouTube tutorial (spoiler, you WON’T get beautiful, defined cheekbones like Gisele Bündchen...I don’t care how much contouring product you use).

But it is an excellent point (hence my upvote). We *should* be teaching things like entrepreneurial skills, investing, risk taking, and business acumen to everyone early and often. Being responsible and saving for retirement is great, but fuck, life is also short and you gotta bet big to win big.

Agree with most of this...problem is we are teaching everyone to gamble in investing to get rich and none of the other stuff. It’s insane.

My best friend is a VP at a multi billion dollar company that makes shite who’s seriously considering quitting his job to go into “Private Equity” with a bunch of his former BSchool friends. Funny story, but he almost quit is job way back when he first started working to go work for Enron. Like weeks within it blowing up. He’s my personal parable of the current insanity taking place. Although this time I think the Central Banks will keep him on the right side for a good amount of time...

GreenRiverGatorz · March 2021

Doog_de_Jour said:
Part of me rolls my eyes at this, as hearing financial advice from tech billionaires is like getting makeup tips from a supermodel via a YouTube tutorial (spoiler, you WON’T get beautiful, defined cheekbones like Gisele Bündchen...I don’t care how much contouring product you use).

But it is an excellent point (hence my upvote). We *should* be teaching things like entrepreneurial skills, investing, risk taking, and business acumen to everyone early and often. Being responsible and saving for retirement is great, but fuck, life is also short and you gotta bet big to win big.

Presenting it as a false choice is the crux of this meme's stupidity. Abundance is always the answer.

TurdBomber · March 2021

HoustonHusky said:

Doog_de_Jour said:
Part of me rolls my eyes at this, as hearing financial advice from tech billionaires is like getting makeup tips from a supermodel via a YouTube tutorial (spoiler, you WON’T get beautiful, defined cheekbones like Gisele Bündchen...I don’t care how much contouring product you use).

But it is an excellent point (hence my upvote). We *should* be teaching things like entrepreneurial skills, investing, risk taking, and business acumen to everyone early and often. Being responsible and saving for retirement is great, but fuck, life is also short and you gotta bet big to win big.
Agree with most of this...problem is we are teaching everyone to gamble in investing to get rich and none of the other stuff. It’s insane.

My best friend is a VP at a multi billion dollar company that makes shite who’s seriously considering quitting his job to go into “Private Equity” with a bunch of his former BSchool friends. Funny story, but he almost quit is job way back when he first started working to go work for Enron. Like weeks within it blowing up. He’s my personal parable of the current insanity taking place. Although this time I think the Central Banks will keep him on the right side for a good amount of time...

Buy non-depreciable assets and enjoy the ride. Play the market with what you can afford to risk.

Personally, I find financial advice from the 1980s has worked out better than most of what I've heard more recently.

There's a reason Buffet makes money without being sexy.

Diligence and patience.

Doog_de_Jour · March 2021

HoustonHusky said:

Doog_de_Jour said:
Part of me rolls my eyes at this, as hearing financial advice from tech billionaires is like getting makeup tips from a supermodel via a YouTube tutorial (spoiler, you WON’T get beautiful, defined cheekbones like Gisele Bündchen...I don’t care how much contouring product you use).

But it is an excellent point (hence my upvote). We *should* be teaching things like entrepreneurial skills, investing, risk taking, and business acumen to everyone early and often. Being responsible and saving for retirement is great, but fuck, life is also short and you gotta bet big to win big.
Agree with most of this...problem is we are teaching everyone to gamble in investing to get rich and none of the other stuff. It’s insane.

My best friend is a VP at a multi billion dollar company that makes shite who’s seriously considering quitting his job to go into “Private Equity” with a bunch of his former BSchool friends. Funny story, but he almost quit is job way back when he first started working to go work for Enron. Like weeks within it blowing up. He’s my personal parable of the current insanity taking place. Although this time I think the Central Banks will keep him on the right side for a good amount of time...

That’s where the “business acumen” comes in (hopefully) and dovetailed with some sound personal finance literacy and quality career coaching (sadly which are in short supply).

GreenRiverGatorz said:

Doog_de_Jour said:
Part of me rolls my eyes at this, as hearing financial advice from tech billionaires is like getting makeup tips from a supermodel via a YouTube tutorial (spoiler, you WON’T get beautiful, defined cheekbones like Gisele Bündchen...I don’t care how much contouring product you use).

But it is an excellent point (hence my upvote). We *should* be teaching things like entrepreneurial skills, investing, risk taking, and business acumen to everyone early and often. Being responsible and saving for retirement is great, but fuck, life is also short and you gotta bet big to win big.
Presenting it as a false choice is the crux of this meme's stupidity. Abundance is always the answer.

Yes. Always abundance. You *can* and should do both. It’s not an either or situation...I just think Musk was highlighting the fact that we all have the ability to be more than worker bees that are content to run down the game clock of our lives if we are given the know how and opportunity to do so.

FireCohen · March 2021

TurdBomber said:

HoustonHusky said:

Doog_de_Jour said:
Part of me rolls my eyes at this, as hearing financial advice from tech billionaires is like getting makeup tips from a supermodel via a YouTube tutorial (spoiler, you WON’T get beautiful, defined cheekbones like Gisele Bündchen...I don’t care how much contouring product you use).

But it is an excellent point (hence my upvote). We *should* be teaching things like entrepreneurial skills, investing, risk taking, and business acumen to everyone early and often. Being responsible and saving for retirement is great, but fuck, life is also short and you gotta bet big to win big.
Agree with most of this...problem is we are teaching everyone to gamble in investing to get rich and none of the other stuff. It’s insane.

My best friend is a VP at a multi billion dollar company that makes shite who’s seriously considering quitting his job to go into “Private Equity” with a bunch of his former BSchool friends. Funny story, but he almost quit is job way back when he first started working to go work for Enron. Like weeks within it blowing up. He’s my personal parable of the current insanity taking place. Although this time I think the Central Banks will keep him on the right side for a good amount of time...
Buy non-depreciable assets and enjoy the ride. Play the market with what you can afford to risk.

Personally, I find financial advice from the 1980s has worked out better than most of what I've heard more recently.

There's a reason Buffet makes money without being sexy.

Diligence and patience.

That is one thing we millennials lack for sure as a generation and we soft as fuck.

HFNY · March 2021

Do they teach shop in high school anymore anywhere? Become an electrician or plumber and start you own company after 5-10 years working for someone else. Probably could stop being in the field (if you want) at 45-50.

As for real assets, so much is about interest rates. Nothing will put downward pressure on stocks, bond holdings, and real estate like the 10 year yield continuing to climb. The Fed could be in a very tricky place come May.

Financial Education

Comments