753
So clever
(lemmy.world)
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this post was submitted on 10 Dec 2024
753 points (98.3% liked)
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I get the joke, I get why it's difficult to save money too, but you should understand compound interest and how it works before you get buried in debt that you can't pay off and have to push retirement savings back by decades. You should understand why our society has run away winners and then everyone else. A big part of that is understanding compound interest.
I understand compound interest and how it works. If I invest money now, the interest I earn compounds on my accumulated interest on top of the initial investment. It's not a very difficult or esoteric concept.
What now? Do I get a pony?
That depends, did you buy ¼ of a pony 20 years ago?
When incomes are stagnant and interest is variable and inflation drives expenses upward, this is theoretically good advice but practically useless.
What do you tell the kid who can't afford college without taking out a 7-10% APY loan? Is risk you're taking on a degree worth the benefit of joining the professional class? Impossible to say under current conditions.
What do you tell the young adult choosing between renting an overpriced apartment or taking out a six-figure loan to buy an old home in a bad part of town? Is the 6% mortgage rate going to get better or worse in another ten years? Is the local job market going to improve or collapse?
What do you tell the middle aged man faced with an insurance company rejecting his claim on a critical pharmaceutical? Do you go out of pocket and cut into your savings? Or do you try and make it without the meds and hope you don't destroy your chances at a comfortable retirement?
All the math teaches you is that risks exist. They keep you clear of a few truly awful choices, but they don't do anything to guarantee your success. There is no correct play in a game that is stacked against you.
doesn't matter if I understand that when rent has going up $100/year for the last 4 years and now consumes 99% of my income leaving me deciding between rent, food, and electricity. none of that matters when i have negative money to invest with and no debt.
It matters to the extent that there is a whole class of people who don't have to worry about that stuff that think you're not paying enough taxes and could use less of YOUR social security when retirement comes.
the fuck can i do about those people and their actions in today's world? other than shooting them.
Throw up your hands and give up I guess.
I'm not saying i shouldn't understand compound interest. I do understand it. I'm just saying it hasn't helped me.
like what are you even implying i should be doing that I'm not?
clearly understanding compound interest, or smth
And when you understand it, what are you going to do, put some of your money which you have into it?
I really really don’t think its going to make that much difference on the few thousand bucks you realistically have!
If you want to invest long term, put it into google/apple… stock! In fact open.ai is trying to convert to for profit, their stock is also going to go wild!
If you want to invest long term don’t take investing advice from people online who can barely form cogent sentences.
If you don’t understand my sentences, then maybe you should learn english 😁
If I want to …. read your sentence, maybe, I’ll throw out all grammar and sentence structure. Maybe pretend I’ve done meth? Too!
You would need to know grammar and syntax if you want to do without it, wouldn’t you? How would you do that?