• BradleyUffner@lemmy.world
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      2 hours ago

      It’s like those educational explanations of compound interest I remember from childhood that tried to encourage you to save money. They would always start with 1 dollar and a savings account with 20% interest, and end up retiring as a millionaire.

      • AwkwardLookMonkeyPuppet@lemmy.world
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        1 hour ago

        I remember getting really frustrated as a young man when I decided to take that advice, and wasted hours looking for these mythical 18% return accounts.

        • [email protected]
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          2 hours ago

          Three million is the joke, 8% is the hint that it’s a joke. It’s the same sort of satire that Lemmy frequently reposts. “I became wealthy with hard work, determination, and a small loan of a million dollars.”

        • rockSlayer@lemmy.world
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          3 hours ago

          Well, both of us are socialists (I can’t comment on the other person). We think about money in such a different way that any money joke about investment is going to lose it’s humor. I don’t understand it as a joke either, but I definitely understood the financial advice. He selected some large, relatively uncontroversial companies that will pay you part of the quarterly profits based on the number of stocks you own. Tbh I’d avoid the day trading and choose high dividend ETFs instead. $100k is still very out of reach for most people, but it’s a reasonable investing portfolio.

          • Asafum@feddit.nl
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            2 hours ago

            I get conflicting information about high dividend ETFs. Some people swear by them, others say they’re terrible or at least should be avoided. I’m too ignorant to know why either way :/

            • rockSlayer@lemmy.world
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              53 minutes ago

              By the nature of ETFs, you’re definitely going to make less income because your money gets put into an investment pool and returns are proportional. However it makes you less tied to the stock market, which is increasingly tied to a person’s ability to retire