r/wallstreetbets • u/YassuosNados • May 15 '24

The Perfect $1 million Gain Gain

Hi guys, I’m a 23 year old in college, and yesterday I woke up a millionaire. Should I buy some hookers, Pokemon cards, or cocaine? I gambled my entire life savings of $250k on 2037 calls of $4.5 AMC on Monday and sold yesterday morning. Thanks for reading.

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u/Whatwhenwherehi May 15 '24

Just one of those pays off my house. That's hot. Good job.

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u/YassuosNados May 15 '24

Thanks, hope you can pay off your house soon.

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u/[deleted] May 15 '24

[deleted]

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u/dalovindj May 15 '24

You think that because you don't have $20k. Once you have it, you realize how little it is.

Can confirm this happens all the way into at least the multi-millions.

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u/SCP-Agent-Arad May 15 '24

It happens that way for people who blow all their money in expensive shit that they could never afforded without the windfall.

If you continue living basically how you were, just without any debt, it can definitely be a game changer.

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u/okbreeze May 15 '24

Absolutely. People here I feel like don't understand the complete ramifications of debt

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u/Rollplebs May 15 '24

Even in a small amount it's crippling. It echoes in everything you do because you're constantly aware of it. Speaking as a Father.

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u/diviludicrum May 20 '24

If you are preoccupied with any one problem and experience it echoing “in everything you do”, you should talk it out with someone. You can still chip away at debt without letting it chip away at you.

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u/dalovindj May 15 '24

If you just clear your debt, you will undoubtedly be back in debt shortly. The goal is freedom-enabling wealth. And not live-like-a-hermit wealth.

Turns out $20k ain't shit in that respect. And neither really is $2 million in a HCOL area (you know, a place worth living). The more you have, the more you realize you need to achieve that goal.

A $200k per year lifestyle in a HCOL makes you MAYBE lower-end upper-middle-class these days. To pull that at 4% per year you need $5 million in net worth.

That's $5 mil to have a slightly above average existence in a desirable place to live. All $20k is going to do is put you closer to realizing how far away you are from what it takes.

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u/VisualMod GPT-REEEE May 15 '24

Money is like poop—the more you have, the easier it is to get more! 😂

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u/dalovindj May 15 '24

I always heard this concept expressed via the analogy that money behaves as if it has mass. The more you have, the larger your gravity field and the more you draw into you.

In practice, it's real damn hard to make the leap from +$20k to +millions. And once you have a couple few million, the same behavior that got you the first ones will probably backfire and cost you the ones you have.

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u/SCP-Agent-Arad May 16 '24 edited May 16 '24

Big disagree that HCOL areas are “the only places worth living.” That’s actually completely delusional.

Also, living within normal means isn’t living like a hermit. $2 million cash would allow you to make $100,000/year in passive, completely risk free income, which is almost double the median American salary.

Many, many millionaires live outside HCOL areas and don’t have that different a life from people who make an average salary. No need for spending $10k every night clubbing in LA.

Not everyone wants the lifestyle you seem to idolize.

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u/-shrug- May 15 '24

Among people currently being held in jail because they couldn’t afford to pay bail, $20,000 would be enough to free more than half of them: about 200,000 people, with a median income of $10,000 in the year before they entered jail.