iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,351 Blog Posts

Everyone I Know is a Millionaire

It’s a wonderful thing living in a post-modernist society that has figured out a way to skip over economic cycles and just boom all the time. Good habits, such as dropping $10-15k per annum into your retirement plans, has created an ocean of wealth the world has never seen before. The money we invest simply grows and grows and grows — creating millionaires out of blue collared workers and 8 figure mavens out of those wearing white ones.

All of my friends, from cops to electricians to engineers to doctors, are millionaires. They come over to my house and show me their account statements, worrying about how they might survive in retirement from a mere $2 million. Naturally, this isn’t fuck you money and they can’t buy a really nice yacht with that minimum type of fortune, but it’s certainly atypical from a historical point of view and I don’t think people understand how lucky they are to be born into this timeline.

If you’re starting out fresh and trying to make money in stocks — subordinate your trading account to your long term account and you’ll be fine. Worst thing you can possibly do is pretending you’re special with psychic abilities and attempt to trade your way into a yacht. While possible, it’s not probable. Keep a balanced portfolio of boring stocks and see it grow over the next 30 years and you too can be a millionaire complaining about a $2 million fortune to some future version of Le Fly.

Until then, toil on and enjoy the pageantry of the market — the ups and downs — the clowns and the frowns — the evergreen struggle for dominance in a world where the winners have already been selected and everyone else is merely trying to glean some of the crumbs.

If you enjoy the content at iBankCoin, please follow us on Twitter

9 comments

  1. gsofield

    I’m here for the crumbs.

    • 2
    • 0
    • 0 Deem this to be "Fake News"
  2. acehood

    My crumbs!

    • 1
    • 0
    • 0 Deem this to be "Fake News"
  3. halfbloodpope

    Good post.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. heckler

    You don’t know any electricians

    • 1
    • 0
    • 0 Deem this to be "Fake News"
  5. awanka

    Such rarefied company comes at a cost, Mr. Fly. I’ve had to cut ties with pigs who can’t afford to wallow in premium mud.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. tmmdn0

    Futures just opened.
    uh oh.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. numbersgame

    Fly, do any of the cops, electricians, engineers, and doctors undersatnd how 30-40 years of falling interest rates afffected their portfolios? Do you?

    For the ones that do, do thet expect 30-40 more years or falling rates? What about demographics? Look at the Nikkei for hints.

    Millenials understand that boomers screwed them, but they are so much more worse off than they realize. Even IF they could get the same jobs and benefits at the same educational costs as the Boomers, what they manage to save won’t go as far.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • numbersgame

      TL;DR:
      “Keep a balanced portfolio of boring stocks and see it grow over the next 30 years and you too can be a millionaire”
      -> not going to happen

      • 0
      • 0
      • 0 Deem this to be "Fake News"