How to get rich

[Chadders]

very good

 

[bebotalk]

There is more to life than money. 

[Chadders]

@bebotalk Big time. Have you watched it?

[jimwell]

I agree with his statements except "I was an extremely successful professional trader.". 

Almost all "professional" traders lose money. Trading looks easy, but it's actually very difficult. What's easy about it is losing money. 

[Chadders]

@jimwell As traders go he made himself a hell of a lot of money. He’s just a working class guy that just happened to win a competition that parachuted him in to trading. He discovered that it’s basically just rich kids that have family connects and go to the best universities that get into it  

He was primarily successful because he made trading decisions based on the premise that economic inequality will get worse. He’s been betting on that for awhile and made a lot of money on it. He understood the economy better than his colleagues because he was very mathematically savvy, but also because he wasn’t in the fantasy bubble of the rich in terms of the workings of the economy and the impact on inequality 

He has an autobiography about it. I like his style because he is telling people how it actually is in the real world of economics and why the system is ultimately pitted against you. 

You are up against the rich and their rich kids who buy up all the assets and have all the key connects with the best private education and lifestyle 

This guy deserves a blog post Leo! Kinda related to your post about Scott Galloway and looking after your kids as a very wealthy person vs collectively considering children as a whole because the rich can just get their kids to outcompete yours@Leo Gura

Edited May 21, 2024 by Chadders

[Chadders]

Just as an FYI he posts videos like how to make money or passive income because he is trying to attract the hordes of people on the internet looking to get rich. He’s trying to cut through by saying look the game is rigged, the rich have all the assets etc and the only way is to take back the assets from the rich and distribute back into society. 

Points to a bigger concern that we have been sold the idea that if you work hard you will make it but when you like at the data points this is not the case

Do we continue to pursue the dream of being wealthy or do we accept that the game is rigged and try to change things politically rather than get stuck in the rat race 

Obvs not that you can’t still make it and become wealthy but it is becoming more out of reach for the average person. Meritocracy only works marginally but very very few actually make significant jumps up the wealth ladder unless you have rich parents and the right connects

 

Edited May 21, 2024 by Chadders