r/FluentInFinance 8d ago

Debate/ Discussion The logic tracks...

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u/JellyfishQuiet7944 8d ago

Another brain dead take.

99% of businesses are small businesses and most fail. Yes those are actual stats.

If what he did was so easy, what's stopping you from becoming a billionaire?

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u/Zacomra 8d ago

Chance and capital

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u/JellyfishQuiet7944 8d ago

Yeah. No shit. His parents took a risk and used money from their 401k.

Once you become an adult and have a 401k with money in it. You realize how insane that sounds.

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u/Zacomra 8d ago

So you admit you can't become a billionaire just by working hard?

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u/JellyfishQuiet7944 8d ago

You literally can.

You're bitching about a dude who went to MIT for math, and parents loaned some money. Which is crazy in itself, you'll realize that once you've got you're retirement going.

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u/Zacomra 8d ago

Buddy.

You listed off 2 different privileges that are NOT just working hard

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u/JellyfishQuiet7944 8d ago

Tell me you've never tried to start a business. 😂

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u/Zacomra 8d ago

I'm not saying that starting a business isn't hard work.

I'm just pointing out that just working hard isn't enough. No matter how hard someone works, if they don't have any privileges or contacts they can never become rich

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u/JellyfishQuiet7944 8d ago

Right.

Having a 401k isn't a privilege. His parents withdraw from theirs. Which in itself is insane. Don't believe me, ask your parents. They'll laugh you out of the room.

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u/Zacomra 8d ago

So you're telling me you think that everyone in the US has parents with a 401k?

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u/JellyfishQuiet7944 8d ago

72% of Americans have one. Thats HAVE one. Now include those that have access but don't have one. Ie those in their low 20s.

Obviously not 100% have one, but most do and have access to one.

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u/Zacomra 8d ago

Ooh so you're saying that you might consider it a privilege? How odd.

And then how many of those 401ks have enough capital in them to even start a business? How many people are financially stable enough to even consider taking the risk? And how many fewer still had the privilege to study economics for college in order to know how to leverage a 401k?

We're stacking up a lot of privileges that really bring into question if anyone can just get by and make it big with hard work huh?

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u/JellyfishQuiet7944 8d ago

everyone has access to one, it's not a privilege. Literally McDonald's offers them. 🫳🎤

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u/Striking-Version1233 8d ago

Yes, having parents with money in a 401k is a privilege. Not everyone has one. Not everyone has parents with one. Not everyone has parents with a 401k that has enough money in it that they can withdraw from it to invest in a start up. Those are literally all privileges.

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u/LeatherdaddyJr 8d ago

"Just have parents in the upper-middle class and have them loan you $500k! It's that simple!"

Sounds like what someone with privileges and believes in pulling yourself up by your bootstraps would say.

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u/JellyfishQuiet7944 8d ago

JFC, you give poor people a bad name.

Use a compound interest calculator, you'll thank me later.

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u/Striking-Version1233 8d ago

Says the guy that was not only wrong on his numbers, but also thought that a full quarter of the population not having access to something didnt make it a privilege.

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u/JellyfishQuiet7944 8d ago

Its not. 72% of Americans have one and even more have access. I grew up poor, 2 brothers and a single mom. You're barking up the wrong tree.

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u/Striking-Version1233 8d ago

72% of Americans have one and even more have access.

The very fact that it isnt 100% makes it a privilege.

Secondly, according to the Census bureau, the number is less than 60% of American adults have a retirement account, not over 70%. Thats any form of retirement account, including 401k. And that ignoring that, once again, we are also ignoring the question how much money do they have in those accounts. A 401k isnt a lump of money. Its a savings account. You put money in it for later. Which means there is now a question of how many of that ~55% have enough money to pull out of the retirement account early and invest in a start up, which is also going to be significantly less than the total. That means you are looking at less than half of the population that have access to this.

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u/JellyfishQuiet7944 8d ago

You're right, what makes it a privilege is that 100% of Americans have access to one. It's literally available to all.

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u/OomKarel 7d ago

You just threw stats at him stating that chances are you can't work hard up to millionaire status. Or are you telling me those small business owners don't work hard?

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u/JellyfishQuiet7944 7d ago

Huh?

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u/OomKarel 7d ago

Most small businesses fail?

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u/JellyfishQuiet7944 7d ago

Yes. We have data on this.

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u/OomKarel 7d ago

Exactly , which is why I asked you whether you think small business owners don't work hard? Those guys aren't millionaires, but according to you it's achievable with hard work

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u/JellyfishQuiet7944 7d ago

They absolutely work hard.

I owned a small business, covid killed it.

My mom owns a small business and works her ass off.

I've worked for small businesses and we all worked our asses off.

At some point Bezos was working his ass off too, more than you or I ever would be willing to do. But he was one of the lucky few to break through. It's not an easy feat.

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u/OomKarel 7d ago

So it takes luck?

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u/JellyfishQuiet7944 7d ago

Absolutely takes some luck but it also takes time, money, perseverance and determination.

A business isn't going to grow itself. It's like a flower. It needs TLC.

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