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HOT TOPIC Working class people ask a millionaire questions

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Sebastya

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View: https://www.youtube.com/watch?v=7HWYR9MbrXA&t


Interesting to see the approach and mindset of the average person when in contact with a successful person, along with their choice of questions.
 

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MoreVolume

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2 min in and I’m already annoyed
2 of them tried to frame their questions in a way that would paint him as greedy or evil

“do you think it’s ethical to make all that money?”
“If you made this amount of money is it safe to say that people loss money?” (I paraphrased their questions)

whats with people who try to demonize others for simply having more money?
It’s hilarious how people become humanitarians whenever a “rich person” comes around. It’s all a coping mechanism to feel better about the fact that they will never live their dreams
“He has more money than me....but at least I have morals!”. Lol man gtfoh
 

Sebastya

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2 min in and I’m already annoyed
2 of them tried to frame their questions in a way that would paint him as greedy or evil

“do you think it’s ethical to make all that money?”
“If you made this amount of money is it safe to say that people loss money?” (I paraphrased their questions)

whats with people who try to demonize others for simply having more money?
It’s hilarious how people become humanitarians whenever a “rich person” comes around. It’s all a coping mechanism to feel better about the fact that they will never live their dreams
“He has more money than me....but at least I have morals!”. Lol man gtfoh

I think it's to do with the rise of socialism among the youth these days. Sad.
 

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peasants
 

TonyStark

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lol! If you made 2 million dollars that means 20 people lost $100,000. What a load of shit. It isn't a zero sum game.
It’s crazy how people think that way.
Obviously if he made those 2 million, the people out there are getting there value’s worth to some degree.
 

EvanOkanagan

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lol! If you made 2 million dollars that means 20 people lost $100,000. What a load of shit. It isn't a zero sum game.

Sometimes at the gym and think to myself:

"These f*cking guys with all the muscles. Maybe if they weren't bogarting all the muscle mass I'd be jacked!"
 

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DrScream

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Sometimes at the gym and think to myself:

"These F*cking guys with all the muscles. Maybe if they weren't bogarting all the muscle mass I'd be jacked!"
*Slow Clap* x 1000

Loved this comment lmao.

Video was great. The people didn't come off as demonizing him after the first 2 questions. I think they realized he's human just like them. Some of them even took pity on him because he's learned a very cruel lesson on money. The fact that it's so lonely at the top. That's why we walk by millionaires every single day who don't flaunt their wealth.
 

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lol! If you made 2 million dollars that means 20 people lost $100,000. What a load of shit. It isn't a zero sum game.

When you buy X stock because you believe it will go up.
Someone is selling the same X stock because they believe its going to go down.

It is a zero-sum game.
 

DrScream

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When you buy X stock because you believe it will go up.
Someone is selling the same X stock because they believe its going to go down.

It is a zero-sum game.
Your name fits so well with his comment haha
 

Kung Fu Steve

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I totally agree with you guys... AND it's very difficult to influence someone if we're judging them.

I personally believe this "eat the rich" mentality that seems to be getting more and more prevalent every day is incredibly toxic, but it comes from ignorance.

If someone truly believes that someone else is cheating, or the game is rigged, or they're a thief -- of course they are going to feel upset.

"here's a bad guy in front of me"

It's up to us to educate people. It sure as hell isn't easy, and it's only going to get harder especially with these characters in the media that constantly have a spotlight on them while they're trying to manipulate people to their cause... whether it's for votes or views...

But that's my 2 cents :rofl:
 

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I was about to comment, and saw that @Kung Fu Steve beat be to the point.

I don't think the people asking these questions are low IQ or low class at all. I think that whatever intelligence they have is being filtered through a set of false beliefs, and that's the real tragedy.

Yes, it's annoying when someone assumes your wealth came at someone else's expense, or that rich people are rich because they didn't "give back to society." But it's momentarily annoying.

For these people, a false belief is preventing them from doing more, producing more, and upgrading their lives. I'm sure some of them might be too lazy or whatever. But even a very smart, motivated person will get it all wrong if they think wealth is equivalent to theft. What else can they do?

I liked this video because it gave two separate groups the chance to engage in dialog. I think it's harder to condemn people if you can start to understand them, regardless of whether they are rich, poor, have weird political ideologies, etc.

People like the regular folks on the left side of the screen are surprised if you tell them you care about poverty and other people's quality of life. And that's an opportunity to explain that trade, free markets, business, and investments are the path to reducing poverty and giving people a better life. If we can start to unwind other people's mindsets and give them another way of evaluating wealth and opportunities, perhaps we can help cure some of the more toxic ideologies.
 

Kak

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I think the millionaire himself needs a set of balls... I want to be on this stupid show.

"Society is competitive" is not the right response to that question.
 

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I think the millionaire himself needs a set of balls... I want to be on this stupid show.

"Society is competitive" is not the right response to that question.

I had a better answer too. But he's young and has only just stumbled into "millionaire" status. Making a few million day trading doesn't make him an expert on money, that's for sure.
 

lewj24

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When you buy X stock because you believe it will go up.
Someone is selling the same X stock because they believe its going to go down.

It is a zero-sum game.

How is trading stock a zero-sum game? Yes if you buy and sell the price goes up or down. But you are trading a company that makes money. Companies pay dividends and create value. Would that still be considered zero-sum?

Bitcoin is zero-sum because it doesn't make any money. Whatever amount of money is brought in is the only amount that can be taken out.

Am I mistaken? Or is it just considered zero-sum because he's day trading?
 

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lewj24

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"I've made millions day trading, buy my course and I'll teach you how."
 

Kung Fu Steve

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I had a better answer too. But he's young and has only just stumbled into "millionaire" status. Making a few million day trading doesn't make him an expert on money, that's for sure.

Now you beat ME to it.

Understanding markets and teaching economics is a completely different skillset.

I wished he would've pulled out The Richest Man in Babylon where the kid in the story says something similar to "zero sum game" and the guy says "you're an idiot, if you build a palace on a piece of land, is it not worth every bit of material that was used to build it? Is it not worth more because of the labor and care that went into bringing those materials together? Is the land beneath it not more valuable because it is there? Is the land adjacent to it not nore valuable because it is there? Wealth grows in mysterious and exponential ways!"

I'm paraphrasing because it's been a while since I've read it... but proves the point.


"I've made millions day trading, buy my course and I'll teach you how."

I was so against this for so many years. MJ really influenced me here. And especially when I met Robert Kiyosaki and he was a complete a**hole...

But the older I get and the more incredibly successful people I meet, the more I realize they are desperate to give back. When you have all the money and you realize that's not the thing that makes you happy -- you start to understand the only things that DO make humans happy is growth and CONTRIBUTION.

So here's all these people trying to give back and we berate them because we label them as gurus...

(don't get me wrong, I'm *not* referring to the assholes who sell courses to teach you how to sells courses or people who have only ever made money selling people how to make money stuff... I'm talking about genuine people who just want to teach what they've learned)

... and here's a kid that might not be going about it the perfect way but he looks like he's trying. He's even said "if you're not committed to being the top 10% of day traders, you need to do something else"

I don't know. Seems like a good kid to me.
 

ChrisV

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When you buy X stock because you believe it will go up.
Someone is selling the same X stock because they believe its going to go down.

It is a zero-sum game.
Yea... in all fairness they are talking about stocks, which is more zero sum than other things

But at the same time aren't you investing in a business? So if the business you invested in makes money and creates value couldn't it actually increase the size of the entire pie? Is it truly zero sum?

Edit: I don't think it's zero sum, it just appears that way short term.

This is the DOW since 1900 (note the numbers on the y-axis are logarithmic scale. so the increase is actually 10x what it looks like)

31864
 

Rabby

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I wished he would've pulled out The Richest Man in Babylon where the kid in the story says something similar to "zero sum game" and the guy says "you're an idiot, if you build a palace on a piece of land, is it not worth every bit of material that was used to build it? Is it not worth more because of the labor and care that went into bringing those materials together? Is the land beneath it not more valuable because it is there? Is the land adjacent to it not nore valuable because it is there? Wealth grows in mysterious and exponential ways!"

Yes! That's one of the best parts of the book. Cures people of zero sum thinking and gets them thinking about production and exchange :)
 

ChrisV

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I wished he would've pulled out The Richest Man in Babylon where the kid in the story says something similar to "zero sum game" and the guy says "you're an idiot, if you build a palace on a piece of land, is it not worth every bit of material that was used to build it? Is it not worth more because of the labor and care that went into bringing those materials together? Is the land beneath it not more valuable because it is there? Is the land adjacent to it not nore valuable because it is there? Wealth grows in mysterious and exponential ways!"
This is perhaps the best analogy I've heard on this. I'm always looking for concise and quick ways to explain things to the economically illiterate, and I'm definitely adding this to the toolkit. I have that book on my Amazon list, but I've never read it yet.
 

Rabby

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Yea... in all fairness they are talking about stocks, which is more zero sum than other things

But at the same time aren't you investing in a business? So if the business you invested in makes money and creates value couldn't it actually increase the size of the entire pie? Is it truly zero sum?

Edit: I don't think it's zero sum, it just appears that way short term.

This is the DOW since 1900 (note the numbers on the y-axis are logarithmic scale. so the increase is actually 10x what it looks like)

View attachment 31864

Plus you can issue more shares of stock, or buy them back. Same with money, basically ... supply expands and contracts as needed. He's really trading two not-zero-sum things.

Meanwhile, because people like him and normal investors and institutional investors are participating in a lively market for the stock, the company can easily measure its own value, the interest in its stock, and the volume of investors. Because of that, they can issue bonds or take out debt financing to grow, or potentially issue more stock if they need to raise another round of public money.

And even though all those shares still exist, and the money is still around (unless there's deflation), the company keeps producing goods and services, which can increase the value of its stock. And investors or traders can create contracts out of thin air, practically, by trading options.

There's so much going on in a market like this, that calling it zero sum is like calling the expanding universe zero sum :playful:
 

ChrisV

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There's so much going on in a market like this, that calling it zero sum is like calling the expanding universe zero sum :playful:
Yea, I think it appears that way in the short term, but you have to remember that at the end of the day you're loaning a company money with the belief they can create more value than they could without that money. It's like any other form of investing.
 

lewj24

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I was so against this for so many years. MJ really influenced me here. And especially when I met Robert Kiyosaki and he was a complete a**hole...

But the older I get and the more incredibly successful people I meet, the more I realize they are desperate to give back. When you have all the money and you realize that's not the thing that makes you happy -- you start to understand the only things that DO make humans happy is growth and CONTRIBUTION.

So here's all these people trying to give back and we berate them because we label them as gurus...

(don't get me wrong, I'm *not* referring to the assholes who sell courses to teach you how to sells courses or people who have only ever made money selling people how to make money stuff... I'm talking about genuine people who just want to teach what they've learned)

... and here's a kid that might not be going about it the perfect way but he looks like he's trying. He's even said "if you're not committed to being the top 10% of day traders, you need to do something else"

I don't know. Seems like a good kid to me.

I completely agree with you. I just said that because he's only 25 and didn't start trading until he was 20. He also got into day trading during an amazing bull market (don't confuse brains with a bull market). And his answer to why he sells courses wasn't as good as yours. I haven't looked into if this guy is legit or not. But it seems highly suspicious.
 

Kak

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How is trading stock a zero-sum game? Yes if you buy and sell the price goes up or down. But you are trading a company that makes money. Companies pay dividends and create value. Would that still be considered zero-sum?

Bitcoin is zero-sum because it doesn't make any money. Whatever amount of money is brought in is the only amount that can be taken out.

Am I mistaken? Or is it just considered zero-sum because he's day trading?

It is definitely not a zero sum game. The money associated with your stock purchases isn't out there floating around... It is with the seller, until they buy something else. The very nature of the stock market is actually kind of amazing. It is the closest thing to "perfect competition" in this world. Every high volume stock becomes a commodity.

There is something called a "bid" and an "ask." On a high volume, liquid stock popular with day trading, there are ample of both with very little difference in those figures. A bid is what a pending order is currently, in that exact moment, willing to pay. An ask is what a pending sell order, in that exact moment is willing to sell for. When a bid exceeds an ask, the stock changes hands at a price both were willing to accept. This happens over and over again, constantly.

For me to sell stock for a profit doesn't mean someone else lost profit. It means someone else was in the market for stock at the price I was selling for. It means their investment strategy led them in a different direction than me. They still very well might make money on it. Both parties wanted the transaction more than they wanted their previous situation. So both "profited" in an emotional sense.

Of course there are winners and losers in the stock market... But blaming the winners for the losers is absurd of these commies.

Buyer thinks stock is worth more than they bought it for. Seller thinks stock is worth less than they are selling for. It is a SLIM game because of this. But it isn't zero sum. To beat the market, you need to go against the grain and be right.
 
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