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    Stupid Investment Advice

    Saving in your 20s is dumb.

    They want us to save because it provides us with a safety net, but that’s exactly why we shouldn’t. Their need for us to have a safety net is just a giant metaphor for the difference between our parent’s generation and ours. … We’re not trying to live with safety nets; we’re trying to live on the edge.

    #2
    Stupid Investment Advice

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      #3
      Stupid Investment Advice

      2) Buy all the house you can afford.

      3) 'Invest' in a good car.

      4) Borrow to top up your 401K/RRSP

      5) Buy actively managed mutual funds

      6) ...etc

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        #4
        Stupid Investment Advice

        And this is why #slatepitch exists.

        Edit: never mind, the Slate article is actually bashing the quoted attitude. Good for you, Slate!

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          #5
          Stupid Investment Advice

          Yeah, I couldn't bear to link to the gobsmackingly idiotic original.

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            #6
            Stupid Investment Advice

            The "idiotic advice to millennials" is a rather rich vein at the moment.

            Here's Matt Levine eviscerating another charlatan.

            His company, Vest, is funded by Y Combinator and is designed to appeal to millennials who don't trust the stock market and want to put their trust instead in authentic handcrafted derivatives. "Vest presents this type of option contract as a counterpoint to investment strategies like diversification," I suppose because diversification is not at all bae.

            Look I mean this is silly on many levels but let me focus on one: There are economies of scale in options manufacture. Making artisanal stock options in your Brooklyn loft co-working space is expensive. If you buy structured notes from a big investment bank -- and, if you're a millennial, you probably don't! Which is fine! I don't either! -- then they are building those options for you in a clean modern options factory. They have trading desks that deal in large sizes and that can manufacture options inexpensively. Bloomberg wrote about Vest last month, saying that it is "taking aim at perceived weaknesses of structured notes, from the credit risk of the issuer, to high fees and illiquidity," and those weaknesses are real, but I mean, really, listed options on single stocks?

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              #7
              Stupid Investment Advice

              Ha, I thought of that piece when I saw the thread title. See also his one on the local crowdfunding platform that has decided to turn itself into a municipal bond broker.

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                #8
                Stupid Investment Advice

                They are creating disruption, GY. #FinanceHacks.

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                  #9
                  Stupid Investment Advice

                  The original is actually stock full of great bits.

                  People who are saving in their 20s are people who don’t set their sights high. They’ve already dropped out of the game and settled for the minor leagues.
                  .

                  That's WOM batting 0.001 in the single A league.

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                    #10
                    Stupid Investment Advice

                    Lauren Martin is a Senior Lifestyle Writer at Elite Daily. After graduating from PSU, she moved to NYC to write fart jokes at Smosh Magazine. Making her way to ED, she now writes riveting commentary on nude pics, condoms and first dates.
                    You know, I'm not convinced she has IFA credentials.

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                      #11
                      Stupid Investment Advice

                      When you live your life by numbers, you strip yourself of poetry
                      There once was a man from Scarborough
                      Who advocated saving and investing
                      But you can't tell people shit
                      So here he must sit
                      Not worrying that he'll retire eating cat food.

                      She's right, you know.

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                        #12
                        Stupid Investment Advice

                        Any intelligent investment advice for people in their early 30s who through a combination of factors including thinking it would be fun to move to South America to be a freelance football journalist, have some money saved up but but would feel more comfortable with more?

                        'Look for freelance work in a different field' and 'maybe think about moving back to Europe in the next decade so you can at least attempt to get a proper job which actually pays money' are options that have crossed this person's mind.

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                          #13
                          Stupid Investment Advice

                          This hypothetical South America person will have 'squandered' his twenties in a much better fashion - creating deeper experiences and life-long memories - than the young fashionista who squanders hers on taxis, overpriced artisanal mojitos and Coach bags.

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                            #14
                            Stupid Investment Advice

                            The original is actually stock full of great bits.
                            It's pretty much exactly what I would expect from something called Elite Daily.

                            I bet they have a dating site.

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                              #15
                              Stupid Investment Advice

                              'Stupid investment advice' is something Homer Simpson would say isn't it?

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                                #16
                                Stupid Investment Advice

                                ursus arctos wrote:
                                The original is actually stock full of great bits.
                                It's pretty much exactly what I would expect from something called Elite Daily.

                                I bet they have a dating site.
                                They're enormous for Gen Y/Millennials. And they have a Canadian digital media partner....

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                                  #17
                                  Stupid Investment Advice

                                  NickSTFU wrote: 'Stupid investment advice' is something Homer Simpson would say isn't it?
                                  "Buy low, sell high, that's my motto. I may quit my job at the power plant and become a full-time stock market guy."

                                  &

                                  "I've been watching pumpkin futures. They've been going up the whole month of October and I got a feeling they're going to peak right ... "

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                                    #18
                                    Stupid Investment Advice

                                    They're enormous for Gen Y/Millennials. And they have a Canadian digital media partner....
                                    I literally had no idea.

                                    So much for that lot funding our retirement.

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                                      #19
                                      Stupid Investment Advice

                                      Sam, you might want to add "hope for a change in government".

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                                        #20
                                        Stupid Investment Advice

                                        A toe-curling profile of Elite.

                                        http://www.theawl.com/2013/07/rich-kids-of-the-internet-inside-the-astounding-troll-hole-that-is-elite-daily

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                                          #21
                                          Stupid Investment Advice

                                          Ah, so it's where the Fashion Meets Finance/Models with Bottles crowd hangs out

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                                            #22
                                            Stupid Investment Advice

                                            $200 a month isn’t going to make the dent that a $60,000 pay raise will after spending all those nights out networking
                                            I'd gladly set aside $200 a month if it meant never having to network.

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                                              #23
                                              Stupid Investment Advice

                                              ursus arctos wrote:
                                              So much for that lot funding our retirement.
                                              Interestingly, that "no safety net" is moving back in with you.

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                                                #24
                                                Stupid Investment Advice

                                                Why do I suspect ursus minor's already had that talk.

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                                                  #25
                                                  Stupid Investment Advice

                                                  Interestingly, that "no safety net" is moving back in with you.
                                                  The advantages of living in a Manhattan co-op.

                                                  Why do I suspect ursus minor's already had that talk.
                                                  He cannot wait to get out. Was just telling us last night that he really doesn't care what we do in terms of decorating any more since he will only be returning to visit now and then come next fall.

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