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New Poll - Stock Market

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10:17 pm, Feb 6 2021
Posts: 9916


This week is another poll created by myself. It's inspired by everything going on with r/wallstreetbets and GME. If you don't know what I'm talking about, go read the news.

You can submit poll ideas here
http://www.mangaupdates.com/showtopic.php?tid=3903

Question: How often do you use video conferencing software (e.g., Zoom)?
Choices:
Multiple times a day - votes: 602 (19.6%)
Once a day - votes: 169 (5.5%)
Few times a week - votes: 518 (16.9%)
Once a week - votes: 164 (5.3%)
Few times a month - votes: 206 (6.7%)
Less than once a month - votes: 546 (17.8%)
Never used before - votes: 869 (28.3%)
There were 3074 total votes.
The poll ended: February 6th 2021

I'm surprised that over 1/4th of you have never used any sort of video conference software before.

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11:26 pm, Feb 6 2021
Posts: 127


1-10k

I also have that much invested in cryptocurrencies, just invested in my first IPO this week. Most of my stock investments are just the required retirement fund at my company.

Personally, I think investing is the smart thing to do if you have some disposal income. Started investing when I got my first parttime job. (Save some money on the side then buy a mutual fund.) That parttime job was a $11/hr and most of that money went to food & alcohol so....

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Scan Master
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2:38 am, Feb 7 2021
Posts: 90


None.

It kind of rubs me the wrong way. Like, it's basically gambling but with corporations... I see it as a dishonest way to make money.
Investors can get rich by sitting on their fat asses just clicking a button, and they're essentially scraping that money off the backs of lots of hard-working people.

Honestly, I think the world would be better off without it.

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Post #788640
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4:55 am, Feb 7 2021
Posts: 158


I imagine the results of this poll will mirror the userbase age distribution.

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Post #788641 - Reply to (#788637) by vigorousjammer
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5:55 am, Feb 7 2021
Posts: 1012


Quote from vigorousjammer
It kind of rubs me the wrong way. Like, it's basically gambling but with corporations... I see it as a dishonest way to make money.

It is gambling, but it is not a casino, which is how a lot of people treat it and where a lot of misconceptions lay. The way the stock market is suppose to work (From what I know) is that you invest in a company by buying their stock because you believe that the company has potential. As now being a shareholder, you also receive the added benefit of having some sway in how the company is managed, such as having a say in the board of directors. And, eventually, after a several years pass by, and you consider the stock to be worth enough or don't want to continue any involvement with the company, you then sell your shares (Typically aiming to earn profit from your initial investment).

The larger problems then follows from two situations. The first is one is infamous in the U.S. and has caused majority of the major market crashes in the past; where you have idiots who are emotional, impatient, and see the stock market as a "get rich quick" scheme and proceed to invest their life savings into the market. And, being the emotional impatient idiots they are, they buy high, invest money they don't have or cannot afford, invest in the same thing everyone else is investing in, severely overvalue something in the market, and then are completely "shock and surprised" and destroy their life when the market corrects itself. If you want to look up earlier events of this, the most infamous example is John Law (Long story short, the guy who effectively caused the eventual French Revolution). Meanwhile, on the other end, you have the plutocrats who don't give one single damn about the populace, and will pull any underhanded method they can to make sure they retain all their money and lavish lifestyle regardless of who it harms. You saw this last week with the GameStock fiasco, you see this with companies investing everything in China, you saw this last year with the Corona-chan lockdowns, and the list just goes on from there.

Quote from vigorousjammer
Honestly, I think the world would be better off without it.

Just because people abuse a system, that should NOT be the reason, alone, to remove it. Reason being is those same people who abuse the system will go on to abusing something else, and all you really end up doing is depriving yourself of a useful tool that can be to your advantage. However, to then conclude to go in the opposite direction, and declare that regulating is better than removing it because then you can "control" the system when people abuse it, that causes it's own set of problems as well as history has proven that over-regulation kills innovation and progress. And, competition.

Personally I think the best solution to is educate yourself on the subject and learn to exploit it to your own advantage. As far as how to get informed, I found Paul Getty's How to be Rich a good introduction to what's out there.

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8:30 am, Feb 7 2021
Posts: 6219


None.

I want to, in fact I'm a big fan of stock market board games which takes up a sizeable portion of my collection.

But I always chicken out due to the risks.

Post #788644
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10:33 am, Feb 7 2021
Posts: 1790


None.

I was actually on my way to go into the whole financial sector and stocks but aborted the whole thing and went into IT instead due to morality reasons.

The game isn't fair by design and the super rich control the game by being able to change rules at a whim whenever their money is at stake. Just look at the current GameStop affair.
So us normal people are the ones who really can lose. That doesn't mean you can't win, but the leeches will always benefit more at the cost of other's lives and money.

In principle it's not a bad idea to invest into a company to stimulate growth. But if one of the most lucrative ways to create money is pressuring a company into ruin then yeah, it sucks.

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Post #788645 - Reply to (#788637) by vigorousjammer
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12:48 pm, Feb 7 2021
Posts: 549


Quote from vigorousjammer
None.

It kind of rubs me the wrong way. Like, it's basically gambling but with corporations... I see it as a dishonest way to make money.
Investors can get rich by sitting on their fat asses just clicking a button, and they're essentially scraping that money off the backs of lots of hard-working people.

Honestly, I think the world would be better off without it.


Completely agree!


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1:19 pm, Feb 7 2021
Posts: 2134


None

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Post #788650
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8:27 pm, Feb 7 2021
Posts: 4


£1k-10k
Interest rates are so low I thought it was pointless to leave my money sitting in a bank account. I know a lot of people think investing is risky. ETF are pretty safe and some state their risk level. I first started off by investing in funds before investing in single stocks. I personally don't think investing in the stock market is that risky if you've done your research.

I invest in cryptocurrencies which is risky but I've never had a problem with either and have been investing since 2017.

Post #788655
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2:15 am, Feb 8 2021
Posts: 40


Amount I've actively been participating in? None. The stuff that you need to do for retirement and stuff? Idk, however much I'm told should be done. But I'm assuming this question isn't asking about the "buy it and leave it" kind of stock market investment.

I want to know who the more than 2% of people with 1M+ in investment are. Why are you here. Don't you have better things to do than be here?

Post #788665 - Reply to (#788655) by Ceiye
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11:36 am, Feb 8 2021
Posts: 404


I heavily doubt there's actually that many with 1M+ money of their own money in investments. I assume it's an answer people pick for fun or because they feel troll-y, not because it's the truth.
Happens a lot with online questionnaires, so one need to take them with a grain of salt xD

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7:54 pm, Feb 8 2021
Posts: 298


I expected the "None" responses to be closer to 40~50%, not 73%....

Most of the users of this site nowadays are working adults. It's not like 15+ years ago (this site was founded in 2004!) when we were mostly teenagers. If you have a 401k, your money is invested in the stock market. It may be in index funds instead of individual companies, but those are indexes... of stocks.... Even if they're in a managed fund, it's still *your* money being used by an investment firm to trade stocks.

I feel like this is a very similar issue as the last poll. After I made my comment about how 36% of people was absurdly high--and how Google Hangouts and Discord and Skype all counted--the number dropped all the way to 28% from just the new votes. Which makes me think some of the first round of votes were mistaken.

Quote
I heavily doubt there's actually that many with 1M+ money of their own money in investments. I assume it's an answer people pick for fun or because they feel troll-y, not because it's the truth.
Happens a lot with online questionnaires, so one need to take them with a grain of salt xD


Now, people with 1M+ currently are either old or actually wealthy (50+ year old software engineers, doctors, lawyers, etc can have that much for sure without anything like generational wealth). But anyone who has been working a salaried job for even 5 years should be in the "$10k-$100k USD" bracket.

I've been a software engineer for 7 years now and answered $100k-$1M USD.

Quote
But I'm assuming this question isn't asking about the "buy it and leave it" kind of stock market investment.

I'm assuming the exact opposite, because... the question doesn't ask that.

If the question were "how much money do you regularly trade in the stock market", then your interpretation would be reasonable. But... like... it's not. Sounds like you do have money in the stock market, and just answered wrong.

Post #788670 - Reply to (#788641) by Transdude1996
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8:27 pm, Feb 8 2021
Posts: 90


Quote from Transdude1996
Personally I think the best solution to is educate yourself on the subject and learn to exploit it to your own advantage.

I get what you're saying, but I don't like that answer. Basically... just because that thing exists I have to learn how to exploit it or otherwise just be poor?
To me, that's almost like population control. It's almost like they're robbing me of my autonomy, using money as the main incentive, feeding into people's greed, saying "join us or die poor". It's almost as bad as pointing a gun in my face.

Quote from Transdude1996
Just because people abuse a system, that should NOT be the reason, alone, to remove it. Reason being is those same people who abuse the system will go on to abusing something else, and all you really end up doing is depriving yourself of a useful tool that can be to your advantage.

If it didn't exist, there would absolutely still be corrupt people, yes, but there wouldn't be anything promoting such greedy and exploitative practices. The stock market incentivizes such practices, and as a result I argue that it creates much greedier people than would otherwise exist.

Most people truly don't need a surplus of wealth, but I think because the stock market turns the whole thing into a game, it plays to people's competitive sides, and they don't care that they are denying other people money or a right to survive, they just care about their own numbers going up.



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Post #788672
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11:24 pm, Feb 8 2021
Posts: 531


Via the CPP yes, but otherwise no. It’s just one of those things where I keep meaning to do some research and invest properly and then I never do.

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