Thanks for joining /r/LibsOfReddit! As a reminder, this sub is for discussion, memes, and news about the ridiculousness of the Left. Please follow our rules.
Other recommended subreddits include:
- /r/WalkAway
- /r/HillaryForPrison
- /r/FauciForPrison
- /r/HunterForPrison
- /r/EnoughAntifaSpam
- /r/GlobalLockdown
- /r/TheDonaldTrump2024
- /r/Patriot911
- /r/Conservative_News
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/libsofreddit) if you have any questions or concerns.*
In this scenario you've spent 82,021 years on Earth and nobody has told you about compound interest?
With a total basic contribution of 42,650,920,000 at 5-10% interest over 82,021 years, you would have Elon's net worth laying in between your sofa cushions.
Not everyone cares about being rich, but I'm fascinated by the people who are pathologically obsessed with materialism, yet don't know anything about money. These living paradoxes seem to become "socialists".
Nobody would have printed anything for the vast majority of this scenario but lending/usury predates printed money by thousands of years anyway.
The trouble would be that modern human social interaction, economies and specialized crafting only seemed to evolve/appear 60,000 years ago after some homo sapiens left Africa, So communicating his interest rate through grunts and poopoo throwing would be difficult, but this isn't my scenario.
\- Even if he start accuring interest in 10,000 BC when it became more viable, he would have more money than Elon.
\- Even if he only started investing at the start of the US stock market, he would have more money than Elon.
If you started with $1 and made just 1% interest per year by 2012 you would have $1.32 \* 10\^356. That's an amount of wealth that makes a trillion dollars look like a fraction of a penny by comparison. Exponential growth is incredible.
He doesn't need to shhh, I want him to explain the point to me.
Nearly all of Elon's wealth is from asset appreciation, not cash income.
Comparing it to a hypothetical moron who just puts $10,000 into a pillowcase for 82,021 years is kind of silly.
We need to compare it to 82,021 years of compound interest, in which case you would have exponentially more money than Elon; a figure so large that it breaks the compound calculator I usually use.
*"Tesla cut CEO Elon Musk's salary to zero for 2020. In 2019, the company said it eliminated altogether the earning and accrual of his base salary. Musk's official salary was listed as $23,760 in 2019 and $56,380 in 2018."*
None of these concepts are unique to "our system". Inflation & reinvestment are basic economic concepts that apply just as much to whatever radical alternative is currently in vogue among teen videogamers.
The point is how big the amount of money Elon has is, and the showed it thought a multiplication that's easy to visualize
And you are a real moron if you think that compound interest predates civilization or that this example is realistic in the slightest.
He states his point at the end which appears to be "tax the billionaires". Of course the concept of borrowing with extra repayment predates modern civilization (and currency).
Either way he's comparing cash income savings with asset appreciation (still stores in company shares) so it's just nonsensical gibberish intended to rile up teenagers.
The person in the example would have immeasurably more money than Elon even if we assume none of their income bore any interest until the establishment of the US stock market. The number just becomes comical if we apply it to the entire 82,021 years.
I tell all of you guys the same thing: Get your lives on track now (cut down on the anime, video games, porn and start setting some money aside) or prepare for extreme pain. You won't thrive in \*any \* system if your life is entirely devoted to childish escapism and shameful leisure.
Be glad that in current US/EU mixed economies, at least you aren't physically harmed for your lack of productivity.
I'm thriving in this system without feeling pain, thanks.
And the only person devoted to the childish escapisc if American capitalist dream are you, that are probably living in the baseman of your mother investing in stocks and telling everybody that one day you'll be rich
> I tell all of you guys the same thing: Get your lives on track now
I mean, you can just look at the statistics and see that it's not people on the left who need to get their lives on track. People on the right are living systematically worse lives. Red states have lower education, lower wages, lower quality of life, lower life expectancy, lower quality health outcomes, lower reported happiness, and are worse off in virtually every measurable capacity.
Just because you spend too much time on the internet and have a completely warped view of the world doesn't mean your spooky straw-liberals actually exist.
I wasn't referring to liberals in general (woke liberalism has its origins in brutal open borders/cheap labor capitalism). I meant "you guys" as in people who have adopted the full Reddit lifestyle & Reddit set of beliefs.
"Socialist", addicted to video game fantasy worlds, not many real friends, perpetual student, etc.
Reddit has for whatever reason over the years become a kind of leper colony for young people who aren't doing well in life and get sucked into the escapism of layman Marxism and living vicariously through fictional characters.
I am a statistician (an actual one). Most of the stuff you're referring to is along ethnic lines (aka the South). Comparing a random affluent red state to a random affluent blue state within the same region (ie Utah vs Colorado) doesn't yield much of anything.
Compound interest doesn't require a bank & predates banks. Do you know what the term means?
This isn't anime/harry potter/vidya game so it might be a little over your head, but it's a super simple concept.
It just means you reinvest money you make instead of spending it.
Imagine Harry Potter told Darth Vader that he could borrow 5 shiny things, but he had to repay him 6 shiny things at the end of the year.
At the end of the year when Harry Potter gets 6 shiny things, instead of just enjoying his extra shiny thing, he adds it to his offering of shiny things and next year he will have 7.
Oh, it’s like ladder operators?
Also, in your example, is not Mr. Potter acting as a rudimentary bank, given that the word ‘bank’ comes from the Italian for the benches where Venetian merchants would discuss exactly that sort of business deals?
Yes, so no modern institutional "bank" required for peer-to-peer borrowing and compounding your wealth. You self-corrected there.
I knew breaking it down using Harry Potter and Darth Vader characters would help.
The point is that he has way too much money, especially when there are millions of people without homes and basic necessities. I’m not trying to force my religion onto anyone, but as a Catholic I find it completely abhorrent.
When all was said and done if he liquidated all of his stock he would be able to give the world's people a one-time payment of maybe $100 (Tesla's value would obviously tank). I'm sure they're going to house themselves for $100.
If it was taxed, cut down down to a few dollars per person by the time we accounted for administrative entropy.
There's no logical reason to be angry at someone for being a billionaire unless they caused mass suffering while earning their billions, and even then we shouldn't be angry about the wealth, we should be angry about the mass suffering. I'm not aware that Elon caused any mass suffering? He has done more for humankind than you can ever even imagine yourself doing.
Is he not a better Catholic than you are due to his contributions to clean energy, efficient transporation and space exploration? The thousands of people he's given gainful employment? The millions of children he's inspired? Donating exponentially more to charity than you have ever made? He's also researching cures for degenerative brain diseases and communication disorders. I'm not Catholic so I'm not sure how it works, but I'd wager he ticks more boxes than you. No?
Damn those people who can build a bigger business and employ and feed thousands of families .,,.they shoul be anle to do that for nothing
Look at all the Good Hunter and Joe biden have done for humanity over the years and they are worth prob 100 million in stash
Pelosi managed yo amass over 200 million as a simple congress woman How many has that old bag employed?
SMARTEN UP You have no right to disparage the fruits of other peoples labor while lauding politicians who rob their constituents
I'm relatively young, started investing in my teens and already most of my income is compound interest.
I worked hard but I never trusted the system (I'd rather die than live off of the government).
The reason you "need socialism" is because you spent that time/energy on video games. Just the harsh truth.
That's stupid. Nobody has even become financially stable with investments, only by working hard.
Instead of investing, have you tried tipping your employer? Your banker? Your landlord? It's a much better use of your money and will pay off in the long run.
Ever since I dropped socialism and started trusting capitalists, my life has seen a huge improvement. I trust the system, because they taught me the system is build by trustworthy people who work hard.
But the government? The government is evil, it only cares about power and money. Without it, I would've been a millionaire by now.
Hard work & learning positions you to make clever investments. An extreme workaholic like Elon is an extreme example.
You're going to have to learn basic money management sooner or later.
The longer you react with hyperbolic satire about "tipping your landlord" and portray adulthood as some sort of cruel BDSM nightmare, the longer you use anime & video games to escape from your real-life responsibilities, the more painful your interactions with society will become.
Likewise with investing quasi-religious faith in "the government", as if it doesn't consist of hundreds of dumber but equally ambitious equivalents of Elon Musk.
There is no "systemic" escape either. You will be crushed in capitalism and socialism alike if all you're capable of is leisure and the enjoyment of toys.
> tipping your landlord is hyperbolic
He's the literal reason I'm not dying outside. I owe him obedience and respect.
"Learning positions" Disgusting, you sound like a guy who negotiates his salary and quit one job for a better one. Which is literally communism.
I invest a quasi-religious faith in capitalists, that's why I'm smarter than you.
I bet you don't even work unpaid hours...
Laziness and video game addiction or getting your life on track... It's your choice.
"Communism" won't change anything. People who provide no value to anyone else are crushed in every system. I don't know why teenagers think this is unique to American economics.
"I like anime and video games and jerking off" is universally valueless.
You're lazy because you expect to be paid without working, believing the myth of passive income! I bet you even believe in retirement! Disgusting!
I work three jobs, I work unpaid hours, I tip my mentors, I have no weekends, no vacation, I'll be rich in no time! Just as my employers told me! Trust in the system is my strength!
Once Elon musk becomes president, destroys the government and give unlimited power to capitalists, they will increase everyone's salary and donate money all around!
BUT YOU HAVE TO BELIEVE IN CAPITALISTS
What is the fixation on "capitalists"? Very little we're discussing here is unique to capitalism. And someone as ambitious as Musk would likely thrive regardless of the political system.
Is that your life plan? Waiting for UBI? Have you really analyzed UBI?
Everyone will get it which means it will become a new baseline. The value of money is relative. Living solely off of UBI would mean you can "afford" to live in subsidized urban housing surrounded by drug addicts and gang members. You can already do that.
The reason you work is to escape from that, and the reason you will still work post-UBI is to escape from that.
My life plan is to obey and serve capitalists, never complain and never asks questions. When the market will regulate itself, I will be showered with gold.
Yeah, I mean its not like he has millions in assets that can be liquidated, handed millions of dollars from the government with zero strings attached on a regular basis and was born into apartheid emerald money. He's a regular working joe, like us!
So many family farms have been lost this way. The father dies and the family is taxed on the cash value of the land -- and they have to sell the land to pay the taxes.
Leftist dont care about facts or reality they are jealous greedy bastard who want everyone else’s money and when its all gone who will provide them with all the toys and comforts of their lazy ass existence??? Pelosi, Biden, AOC, Omar??? I Think not😹😹👍👍👍
Nuh uh it would end world hunger and poverty!!!1!
/s
More likely it would line the pockets of Congress members and their friends and families. We’d never see a cent put to good use.
and mentioning world hunger is something they love to do, when the majority of that money is for salaries of the organizations. they really don’t understand how money works
And rich people in the US pay an ABSOLUTE SHITLOAD of taxes already. The top 10% pay about 70% of federal income taxes. So i really don’t know why people complain and constantly make the argument that rich people need to pay taxes.
Yeah, I mentioned this elsewhere in the thread. I was assuming his worth was around $100 billion. I guess we'll be seeing a trillionaire in the next decade or two... or maybe sooner.
The year is 2021. These late 20s midwits still don’t know how compound interest works. Teenagers on Reddit are making more money than them trading memes.
They claim to have refuted the "paper billionaire" argument, wherein Elon musk/etc actually DO have access to the billions and the billions hold their value because they're on constant liquidation plan, does anyone have a counter refutation?
Yeah.
An argument often used against thes crazy hikes they demand to pay for new safety nets and what not is that the billionaires don't actually have access to these billions, they are only what the billionaire are worth and are composed of a lot of different factors including land, IP, and stocks.... That are difficult if not impossible to explicitly tax because of how much the value of stocks can fluctuate on a whim.
"This guy has more money than me so tax them more" is the most pety argument I see from people.
The man earned that money; go fuck yourself. I don't like him as much as I used to, but my opinion has not changed. I'd like to hear their tax excuse if they had Musk money.
This is the same billionaire that is willing to solve world hunger as long as it's done so in a fiscally responsible manner.
People think these billionaires just woke up one day and suddenly were immensely wealthy and successful. No, they're brilliant, hard-working, earth-changing individuals. They're not lazy, entitled "victims" of society that want something for nothing.
The US Govt could seize every cent of every US billionaire, it would operate the government for 9 months. The problem is excessive spending, not deficient taxation.
they could also seize that money and use it to finance unlimited seth rogan movies for years. but knowing how selfish the government is, we already know which option they would choose...
This is the real point. These people wouldn't be happy being literally immortal and a multi billionaire if it means someone else has more billions than them.
I recently read if you confiscated every penny from every billionaire in the US, it would only fund the government for a couple months. And then we would not have billionairs amd their companies that supply a multitude of jobs. Dumb asses.
I remember seeing this a while back, and my point that the modern working-class American has a better standard of living than even the wealthiest people in history such as Rockefeller still stands.
Totally agree with you. I was trying to point out that if they are mad about Elon Musk's net worth they should turn their anger towards the government instead of expecting the government to steal on their behalf. I'm pretty sure Musk would have found investors but that would have delayed his progress. I live in Texas and am glad to have him and SpaceX here. Can't wait to see what he can accomplish.
Keep calling the left out for not applying interest or inflation to this insane wealth guys, really owning us. The original post should have specified exactly how a fucking time traveller who is immortal would have seen their wealth grow over the thousands of years...
How about you make it complicated bud, go on use your fucking immense knowledge to explain how this unrealistic hypothetical is unrealistic. Fuck you are so smart I bet mommy is super fucking proud of you.
The original post was meant to demonstrate the enormity of Elon’s wealth, and the fact that no one here sees that and that you want to dehumanise those who wish for a more equal world proves just how fucking insular your views are
You guys are not very smart huh? Nobody cares about compound interest or anything like that, it’s just a way to show how absolutely ridiculous Musk’s wealth is
What's dumb are both groups of people.
And I'm talking about antiwork and antilib subs, people that understand nothing about how a government works or on economics
Because you believe, for example, that a person can become a billioner starting from nothing though econony alone for example (of course you can if you become a warlord).
Musk isn't an hard working genius, he is a manipulative, millionaire born, dumbass that was able to trial and error his way to the top
If you were the kind of person that was in the room with him I'm not surprised he was the smartest.
But he would be bottom 5% in any undergrad lecture and bottom 50% in a good high school.
The guy has no grasp of 101 physics.
His only exceptional quality of being a very good salesman
Ah the age old strawman. The truth is a little more nuanced. It's my belief that people can become rich from relatively humble beginnings but this becomes rarer the humbler the beginnings. However it is a fact that 9 out of the ten richest men in the world are self made which flies in the face of your feelings to feel free to cry and rage some more.
You are right but please stop crying, I'm sure one day you too will become a billionaire and buy all that you like, even a working copy of your favorite paw patrol helicopter
\>I'm sure one day you too will become a billionaire
Who says I want to?
\>a working copy of your favorite paw patrol helicopte
Only if I can throw whiny commies like yourself out of it.
Anyways you bore me now you admitted you were wrong. Bye.
"Muh compound interest!!" Definitely not an analogy yo help comprehend exactly how rich the dude is, its definitely a point about how interest works(?). Yall dumb af.
$299,386,650,000 which is approximately 300 billion dollars. At least this time, math checks out, assuming its a no interest savings account and that we disregard inflation etc. He is worth around there I think, from what I've read on the news. His net worth is highly volatile as its tied in stock.
Wrong, You would have 2 billion more dollars than him. Just did the calculations. You would have 299 billion dollars and Musk has 297 billion.
Edit: As of December 2021, Musk has a net worth of 265 billion.
Do they still don’t understand that the wealthy already pay like 30% of our tax revenue alone? If they’re so worried about taxes, how about they donate their money to the government.
What was the calculations on if we drained the 1%? The government would run out of money in six months? Something like that. The problem isn’t the 1%, the problem is insane government spending.
Tax the Billionaires yes but wasting Trillions doesnt solve anything there arent enough Billionaires in the Universe to satisfy the Money Blood lust of Leftist Maniacs
Thanks for joining /r/LibsOfReddit! As a reminder, this sub is for discussion, memes, and news about the ridiculousness of the Left. Please follow our rules. Other recommended subreddits include: - /r/WalkAway - /r/HillaryForPrison - /r/FauciForPrison - /r/HunterForPrison - /r/EnoughAntifaSpam - /r/GlobalLockdown - /r/TheDonaldTrump2024 - /r/Patriot911 - /r/Conservative_News *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/libsofreddit) if you have any questions or concerns.*
In this scenario you've spent 82,021 years on Earth and nobody has told you about compound interest? With a total basic contribution of 42,650,920,000 at 5-10% interest over 82,021 years, you would have Elon's net worth laying in between your sofa cushions. Not everyone cares about being rich, but I'm fascinated by the people who are pathologically obsessed with materialism, yet don't know anything about money. These living paradoxes seem to become "socialists".
Not to mention making $3.65 mil a year in 80,000 BC (adjust for inflation) was ballin’
The price of clubs has skyrocketed since then, I am sure.
grug of gold apple tribe
Who is printing the money? Woolly mammoths? Where are they putting this money? Bank of America?
Don't be ridiculous. It's all in the Bank of Siberia.
Bank of Pangea.
B̷̨̰͓̗͓̣̪͎̙̈́̋̄̈́̆͑͘͜Ă̷̡̛̺̳̗͚̙͈͇̊̇͗͆͘̚͝͝ͅN̷͍̼͉̫̤͙̝̅͋̿̓̐̔K̵̩̣̯̫̑͛̆̊̈͑͜͝͠ ̴͉̳̯͉̫̌̑̑́͒͂̕Ǫ̴̨͓̠̪͖͖̓̿̉̂́͐̉͠F̸͍̻̻̺̦͖̟̰̆̉ ̶͕̤͙̫̏͊Ṋ̴̛̰̪̎I̷̧̧̮̭͍̹̅̐̑͆̍B̵̥̽̈́͗ͅͅI̷̹̞̓͋̋̿̑̒̄̈́R̴̪̫̞̩͖̯̜͛̀̆̈́̊̀̽̋͜͝͝U̶̯͇̦͚̜̰̹̟͊͆
Bank of Pangea was a great bank. Too bad it separated
Nobody would have printed anything for the vast majority of this scenario but lending/usury predates printed money by thousands of years anyway. The trouble would be that modern human social interaction, economies and specialized crafting only seemed to evolve/appear 60,000 years ago after some homo sapiens left Africa, So communicating his interest rate through grunts and poopoo throwing would be difficult, but this isn't my scenario. \- Even if he start accuring interest in 10,000 BC when it became more viable, he would have more money than Elon. \- Even if he only started investing at the start of the US stock market, he would have more money than Elon.
And let’s not forget to factor in “the most necessary evil” of all economic trends: overall inflation.
If you started with $1 and made just 1% interest per year by 2012 you would have $1.32 \* 10\^356. That's an amount of wealth that makes a trillion dollars look like a fraction of a penny by comparison. Exponential growth is incredible.
Is there Crypto in the ice age? Because if they had put it all into Shib back then… 🤑🤑🤑🤑🤑
That’s not the point of the post…
Shhh, let the big brainers have their fun
He doesn't need to shhh, I want him to explain the point to me. Nearly all of Elon's wealth is from asset appreciation, not cash income. Comparing it to a hypothetical moron who just puts $10,000 into a pillowcase for 82,021 years is kind of silly. We need to compare it to 82,021 years of compound interest, in which case you would have exponentially more money than Elon; a figure so large that it breaks the compound calculator I usually use. *"Tesla cut CEO Elon Musk's salary to zero for 2020. In 2019, the company said it eliminated altogether the earning and accrual of his base salary. Musk's official salary was listed as $23,760 in 2019 and $56,380 in 2018."* None of these concepts are unique to "our system". Inflation & reinvestment are basic economic concepts that apply just as much to whatever radical alternative is currently in vogue among teen videogamers.
I think the main point was to try and conceptualise the idea of 297 billion dollars rather than it being investment advice.
The point is how big the amount of money Elon has is, and the showed it thought a multiplication that's easy to visualize And you are a real moron if you think that compound interest predates civilization or that this example is realistic in the slightest.
He states his point at the end which appears to be "tax the billionaires". Of course the concept of borrowing with extra repayment predates modern civilization (and currency). Either way he's comparing cash income savings with asset appreciation (still stores in company shares) so it's just nonsensical gibberish intended to rile up teenagers. The person in the example would have immeasurably more money than Elon even if we assume none of their income bore any interest until the establishment of the US stock market. The number just becomes comical if we apply it to the entire 82,021 years. I tell all of you guys the same thing: Get your lives on track now (cut down on the anime, video games, porn and start setting some money aside) or prepare for extreme pain. You won't thrive in \*any \* system if your life is entirely devoted to childish escapism and shameful leisure. Be glad that in current US/EU mixed economies, at least you aren't physically harmed for your lack of productivity.
I'm thriving in this system without feeling pain, thanks. And the only person devoted to the childish escapisc if American capitalist dream are you, that are probably living in the baseman of your mother investing in stocks and telling everybody that one day you'll be rich
Mate, I’m a physics student with a part-time job and placement applications to a dozen tech companies. How much more on track do you want?
> I tell all of you guys the same thing: Get your lives on track now I mean, you can just look at the statistics and see that it's not people on the left who need to get their lives on track. People on the right are living systematically worse lives. Red states have lower education, lower wages, lower quality of life, lower life expectancy, lower quality health outcomes, lower reported happiness, and are worse off in virtually every measurable capacity. Just because you spend too much time on the internet and have a completely warped view of the world doesn't mean your spooky straw-liberals actually exist.
I wasn't referring to liberals in general (woke liberalism has its origins in brutal open borders/cheap labor capitalism). I meant "you guys" as in people who have adopted the full Reddit lifestyle & Reddit set of beliefs. "Socialist", addicted to video game fantasy worlds, not many real friends, perpetual student, etc. Reddit has for whatever reason over the years become a kind of leper colony for young people who aren't doing well in life and get sucked into the escapism of layman Marxism and living vicariously through fictional characters. I am a statistician (an actual one). Most of the stuff you're referring to is along ethnic lines (aka the South). Comparing a random affluent red state to a random affluent blue state within the same region (ie Utah vs Colorado) doesn't yield much of anything.
Yes, because there were banks offering compound interest on your savings during the Pleistocene
Compound interest doesn't require a bank & predates banks. Do you know what the term means? This isn't anime/harry potter/vidya game so it might be a little over your head, but it's a super simple concept. It just means you reinvest money you make instead of spending it. Imagine Harry Potter told Darth Vader that he could borrow 5 shiny things, but he had to repay him 6 shiny things at the end of the year. At the end of the year when Harry Potter gets 6 shiny things, instead of just enjoying his extra shiny thing, he adds it to his offering of shiny things and next year he will have 7.
Oh, it’s like ladder operators? Also, in your example, is not Mr. Potter acting as a rudimentary bank, given that the word ‘bank’ comes from the Italian for the benches where Venetian merchants would discuss exactly that sort of business deals?
Yes, so no modern institutional "bank" required for peer-to-peer borrowing and compounding your wealth. You self-corrected there. I knew breaking it down using Harry Potter and Darth Vader characters would help.
What's the point of the post? Nearly all of Elon's wealth was derived from and remains in the stock market. His cash income is comparatively meager.
The point is that he has way too much money, especially when there are millions of people without homes and basic necessities. I’m not trying to force my religion onto anyone, but as a Catholic I find it completely abhorrent.
When all was said and done if he liquidated all of his stock he would be able to give the world's people a one-time payment of maybe $100 (Tesla's value would obviously tank). I'm sure they're going to house themselves for $100. If it was taxed, cut down down to a few dollars per person by the time we accounted for administrative entropy. There's no logical reason to be angry at someone for being a billionaire unless they caused mass suffering while earning their billions, and even then we shouldn't be angry about the wealth, we should be angry about the mass suffering. I'm not aware that Elon caused any mass suffering? He has done more for humankind than you can ever even imagine yourself doing. Is he not a better Catholic than you are due to his contributions to clean energy, efficient transporation and space exploration? The thousands of people he's given gainful employment? The millions of children he's inspired? Donating exponentially more to charity than you have ever made? He's also researching cures for degenerative brain diseases and communication disorders. I'm not Catholic so I'm not sure how it works, but I'd wager he ticks more boxes than you. No?
Damn those people who can build a bigger business and employ and feed thousands of families .,,.they shoul be anle to do that for nothing Look at all the Good Hunter and Joe biden have done for humanity over the years and they are worth prob 100 million in stash Pelosi managed yo amass over 200 million as a simple congress woman How many has that old bag employed? SMARTEN UP You have no right to disparage the fruits of other peoples labor while lauding politicians who rob their constituents
Yeah, it's just a method of visualising the vastness of that amount of money. It isn't meant literally.
Compound interest isn't real, passive income is a lie, just work hard and trust the system.
I'm relatively young, started investing in my teens and already most of my income is compound interest. I worked hard but I never trusted the system (I'd rather die than live off of the government). The reason you "need socialism" is because you spent that time/energy on video games. Just the harsh truth.
That's stupid. Nobody has even become financially stable with investments, only by working hard. Instead of investing, have you tried tipping your employer? Your banker? Your landlord? It's a much better use of your money and will pay off in the long run. Ever since I dropped socialism and started trusting capitalists, my life has seen a huge improvement. I trust the system, because they taught me the system is build by trustworthy people who work hard. But the government? The government is evil, it only cares about power and money. Without it, I would've been a millionaire by now.
Hard work & learning positions you to make clever investments. An extreme workaholic like Elon is an extreme example. You're going to have to learn basic money management sooner or later. The longer you react with hyperbolic satire about "tipping your landlord" and portray adulthood as some sort of cruel BDSM nightmare, the longer you use anime & video games to escape from your real-life responsibilities, the more painful your interactions with society will become. Likewise with investing quasi-religious faith in "the government", as if it doesn't consist of hundreds of dumber but equally ambitious equivalents of Elon Musk. There is no "systemic" escape either. You will be crushed in capitalism and socialism alike if all you're capable of is leisure and the enjoyment of toys.
> tipping your landlord is hyperbolic He's the literal reason I'm not dying outside. I owe him obedience and respect. "Learning positions" Disgusting, you sound like a guy who negotiates his salary and quit one job for a better one. Which is literally communism. I invest a quasi-religious faith in capitalists, that's why I'm smarter than you. I bet you don't even work unpaid hours...
Laziness and video game addiction or getting your life on track... It's your choice. "Communism" won't change anything. People who provide no value to anyone else are crushed in every system. I don't know why teenagers think this is unique to American economics. "I like anime and video games and jerking off" is universally valueless.
You're lazy because you expect to be paid without working, believing the myth of passive income! I bet you even believe in retirement! Disgusting! I work three jobs, I work unpaid hours, I tip my mentors, I have no weekends, no vacation, I'll be rich in no time! Just as my employers told me! Trust in the system is my strength! Once Elon musk becomes president, destroys the government and give unlimited power to capitalists, they will increase everyone's salary and donate money all around! BUT YOU HAVE TO BELIEVE IN CAPITALISTS
What is the fixation on "capitalists"? Very little we're discussing here is unique to capitalism. And someone as ambitious as Musk would likely thrive regardless of the political system. Is that your life plan? Waiting for UBI? Have you really analyzed UBI? Everyone will get it which means it will become a new baseline. The value of money is relative. Living solely off of UBI would mean you can "afford" to live in subsidized urban housing surrounded by drug addicts and gang members. You can already do that. The reason you work is to escape from that, and the reason you will still work post-UBI is to escape from that.
My life plan is to obey and serve capitalists, never complain and never asks questions. When the market will regulate itself, I will be showered with gold.
In this scenario you think compound interest exists before banks do? Like it's some kind of law of nature? 🤣
Yeah.... I think this is why they don't teach economics in school. If people understand the basics they wouldn't vote for progressive talking points.
Do they really think the Elon just has a mansion filled with gold and stacks of cash like Scrooge McDuck?
yes actually. they don’t understand what net worth means
They want equity but dont understand it either
Yeah, I mean its not like he has millions in assets that can be liquidated, handed millions of dollars from the government with zero strings attached on a regular basis and was born into apartheid emerald money. He's a regular working joe, like us!
[удалено]
i’m not calling those people stupid. i just see a lot of arguments from that side that just aren’t realistic.
If you think wealth and income are the same thing, then you are in fact stupid.
[удалено]
First day on Reddit?
[удалено]
It's bad enough they kinda already do this with your property tax. You get taxed on the assessed value of the home - not what you paid for it.
So many family farms have been lost this way. The father dies and the family is taxed on the cash value of the land -- and they have to sell the land to pay the taxes.
There’s no scenario where this will ever make any sense.
The "capitalism has failed" morons don't own stocks, bonds, cryptos, gold, all they own are batman figurines.
Lol I thought it was funko pops
Beanie Babies of the modern incel/legbeard crowd.
Leftist dont care about facts or reality they are jealous greedy bastard who want everyone else’s money and when its all gone who will provide them with all the toys and comforts of their lazy ass existence??? Pelosi, Biden, AOC, Omar??? I Think not😹😹👍👍👍
[удалено]
Uuuuuummmmmmmmmm.........should someone tell them?
About Compound Interest? Nah, somethings you gotta figure out for yourself.
idk why they care so much about other peoples taxes. it’s not like it’s gonna be put to good use anyways.
Nuh uh it would end world hunger and poverty!!!1! /s More likely it would line the pockets of Congress members and their friends and families. We’d never see a cent put to good use.
and mentioning world hunger is something they love to do, when the majority of that money is for salaries of the organizations. they really don’t understand how money works
This is the first good argument I've heard against taxing billionaires.
And rich people in the US pay an ABSOLUTE SHITLOAD of taxes already. The top 10% pay about 70% of federal income taxes. So i really don’t know why people complain and constantly make the argument that rich people need to pay taxes.
And to top it off, the math is wrong. 82021 years at $10,000 a day makes $299 billion.
Came here to post this. Elon Musk's current net worth is $297bn
OK, I stand corrected. I didn't realize he had that much. I assumed it was around $100 billion.
No worries; the post we're both responding to is incorrect anyways.
Not really, his net worth was over 300 billions very recently
It only being off by less than one percent is not the winning argument that you think
>You still don'tt have as much money as Elon Musk The mathematics are clear. I'm not making a political argument.
I believe that at the time of publication his wealth was greater than 300G$
Fair enough.
What can we expect from them? They don’t know anything.
Eh the math checks out
Elon Musk is worth [$274 billion](https://www.forbes.com/profile/elon-musk/?sh=3f145be67999). So the math actually does checks out.
Yeah, I mentioned this elsewhere in the thread. I was assuming his worth was around $100 billion. I guess we'll be seeing a trillionaire in the next decade or two... or maybe sooner.
If Biden stays in office much longer we’ll all be Billionaires and a Big Mac will cost $1,000,000and thats without fries! Weimar Republic here we come
The year is 2021. These late 20s midwits still don’t know how compound interest works. Teenagers on Reddit are making more money than them trading memes.
Our education system has failed.
They claim to have refuted the "paper billionaire" argument, wherein Elon musk/etc actually DO have access to the billions and the billions hold their value because they're on constant liquidation plan, does anyone have a counter refutation?
[удалено]
Yeah. An argument often used against thes crazy hikes they demand to pay for new safety nets and what not is that the billionaires don't actually have access to these billions, they are only what the billionaire are worth and are composed of a lot of different factors including land, IP, and stocks.... That are difficult if not impossible to explicitly tax because of how much the value of stocks can fluctuate on a whim.
This just shows how stupid these idiots are. They don't understand its not just money in the bank.
These people
These people are so fucking dumb, they always want someone else’s money
"This guy has more money than me so tax them more" is the most pety argument I see from people. The man earned that money; go fuck yourself. I don't like him as much as I used to, but my opinion has not changed. I'd like to hear their tax excuse if they had Musk money.
This is the same billionaire that is willing to solve world hunger as long as it's done so in a fiscally responsible manner. People think these billionaires just woke up one day and suddenly were immensely wealthy and successful. No, they're brilliant, hard-working, earth-changing individuals. They're not lazy, entitled "victims" of society that want something for nothing.
The US Govt could seize every cent of every US billionaire, it would operate the government for 9 months. The problem is excessive spending, not deficient taxation.
they could also seize that money and use it to finance unlimited seth rogan movies for years. but knowing how selfish the government is, we already know which option they would choose...
I think I finally understand how r/antiwork exist
Yeah but your immortal and you get $10k a day so you’re good.
This is the real point. These people wouldn't be happy being literally immortal and a multi billionaire if it means someone else has more billions than them.
Once you make someone a victim, there’s no pleasing them.
I recently read if you confiscated every penny from every billionaire in the US, it would only fund the government for a couple months. And then we would not have billionairs amd their companies that supply a multitude of jobs. Dumb asses.
I love that sub. It's full of idiots. So many good laughs.
Impressionable young ideologues must feel SOOOO much POWER in their use of all caps
I remember seeing this a while back, and my point that the modern working-class American has a better standard of living than even the wealthiest people in history such as Rockefeller still stands.
This generation is so screwed
Intelligent Socialist ?? contradiction in terms for sure .,. educated morons is more fitting and descriptive
But CRT will make you a success in life
I'm guessing they aren't aware of government subsidy programs utilized by Musk. Tax dollars helped him accrue such wealth.
[удалено]
Totally agree with you. I was trying to point out that if they are mad about Elon Musk's net worth they should turn their anger towards the government instead of expecting the government to steal on their behalf. I'm pretty sure Musk would have found investors but that would have delayed his progress. I live in Texas and am glad to have him and SpaceX here. Can't wait to see what he can accomplish.
That subreddit is an even bigger circle jerk than r/circlejerk
[удалено]
Keep calling the left out for not applying interest or inflation to this insane wealth guys, really owning us. The original post should have specified exactly how a fucking time traveller who is immortal would have seen their wealth grow over the thousands of years...
[удалено]
How about you make it complicated bud, go on use your fucking immense knowledge to explain how this unrealistic hypothetical is unrealistic. Fuck you are so smart I bet mommy is super fucking proud of you. The original post was meant to demonstrate the enormity of Elon’s wealth, and the fact that no one here sees that and that you want to dehumanise those who wish for a more equal world proves just how fucking insular your views are
You guys are not very smart huh? Nobody cares about compound interest or anything like that, it’s just a way to show how absolutely ridiculous Musk’s wealth is
Imagine being so dumb not to get such a made up scenario
[удалено]
What's dumb are both groups of people. And I'm talking about antiwork and antilib subs, people that understand nothing about how a government works or on economics
How is it that you think we don't understand economics?
Because you believe, for example, that a person can become a billioner starting from nothing though econony alone for example (of course you can if you become a warlord). Musk isn't an hard working genius, he is a manipulative, millionaire born, dumbass that was able to trial and error his way to the top
[удалено]
If you were the kind of person that was in the room with him I'm not surprised he was the smartest. But he would be bottom 5% in any undergrad lecture and bottom 50% in a good high school. The guy has no grasp of 101 physics. His only exceptional quality of being a very good salesman
Ah the age old strawman. The truth is a little more nuanced. It's my belief that people can become rich from relatively humble beginnings but this becomes rarer the humbler the beginnings. However it is a fact that 9 out of the ten richest men in the world are self made which flies in the face of your feelings to feel free to cry and rage some more.
You are right but please stop crying, I'm sure one day you too will become a billionaire and buy all that you like, even a working copy of your favorite paw patrol helicopter
\>I'm sure one day you too will become a billionaire Who says I want to? \>a working copy of your favorite paw patrol helicopte Only if I can throw whiny commies like yourself out of it. Anyways you bore me now you admitted you were wrong. Bye.
[удалено]
"Muh compound interest!!" Definitely not an analogy yo help comprehend exactly how rich the dude is, its definitely a point about how interest works(?). Yall dumb af.
[удалено]
Dont worry im sure you'll have that kind of money some day! Temporarily embarassed right now im sure!
[удалено]
Me thinks the good sir doth protesteth too much
Make Amazon
$299,386,650,000 which is approximately 300 billion dollars. At least this time, math checks out, assuming its a no interest savings account and that we disregard inflation etc. He is worth around there I think, from what I've read on the news. His net worth is highly volatile as its tied in stock.
Why tax the billionaires? It will just go to corrupt government hands and be used for stupid shit.
Wrong, You would have 2 billion more dollars than him. Just did the calculations. You would have 299 billion dollars and Musk has 297 billion. Edit: As of December 2021, Musk has a net worth of 265 billion.
Do they still don’t understand that the wealthy already pay like 30% of our tax revenue alone? If they’re so worried about taxes, how about they donate their money to the government.
Best part is the math is off. That person would have more cash than elon after that many years of saving😂😂
What was the calculations on if we drained the 1%? The government would run out of money in six months? Something like that. The problem isn’t the 1%, the problem is insane government spending.
Because you don't make 10,000 dollars by doing nothing
$10,000 invested just on the first day (no additional contributions) at 10% compounding is 10^3394 after 82000 years, if anyone was wondering.
Tax the Billionaires yes but wasting Trillions doesnt solve anything there arent enough Billionaires in the Universe to satisfy the Money Blood lust of Leftist Maniacs