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This is the purpose of trust funds--so your kid doesn't blow their inheritance and waste all that money you accumulated so you could pass it on to them and make their lives better.
@stevee8318 I'm 24 and I'm not this retarded, but I'm sure plenty are lmao. If my parents left me half of a million dollar house I'd be diamond hands on that shit. Every retard knows realestate only goes up
@@stevee8318 This is the problem with a lot of home inheritances - usually the parents are not financially savvy either. It's likely that his parents just happened to move to one of the nicer areas of California (or somewhere similar) at a time when housing was cheap. It increased in value without any effort or understanding on their part. Then they passed on this ignorance to their children. This child just happened to be particularly inclined towards risk-taking.
This guy could have bought a dividend stock and gotten like $30k/yr income... tax free if it was qualified. Imagine having that much money annually, FOR FREE, at age 18.
He still had a loan to service. The repayments on that would have eaten up a large chunk of his dividends. Dude shouldn't have tried to play the stock market with borrowed money, end of story.
I went from no money to half a mil from trading in a little over a year. I was throwing around 50 Gs here and there and really not thinking much about it. Now it’s gone. Weird to think back to a time of having that much capital.
once i started seeing 6 figure i got scared and was still moving hundreds or thousands at a time. I never got to the millions because of that but ended up keeping a lot of the 2020-2021 gains@@zachnunya8749
@@zachnunya8749same, i went from $2,500 to $550,000~ in crypto over 3 years, lost every penny in less than 2 months. It’s unreal how much a thousand dollars would mean to me now compared to last year.
“All he needed was for his contrarian bearish position to hold sway against the onslaught of overzealous bulls who aimed to bury him next to his disappointed parents”. Yo Kamikaze you are absolutely hilarious
@@archangelz558i mean it‘s a fucking kid that lost 600k in inheritance, he‘s at the bottom anyways, no need to joke about his dead parents which is incredibly sad too. Most people here probably did a bad trade and felt like shit afterwards so i really don‘t understand how everybody is so happy for his loss and calls him stupid. Guess that‘s what actual stupid people do..
The saddest part is that if he just sold the house with his brother, took that $600k and invested it into the broad market, he likely would have 6-7 million at 50 years old and be able to retire earlier than the vast majority of people. And thats without doing ANYTHING else
@@Hypnotically_Caucasian If you keep it in stocks, maybe since it rises on average a little over 10% each year (specifically the S&P 500). So if inflation is equal to or less than 10%, it should keep the same. Gold is also pretty good.
When did this 10% figure come into being. Equity has been and still is 6-7% depending on your 100 year sample. Inflation averages 4-5% going back all of recorded history, and uncollateralized loans average 10% across all of recorded history. We’ve been doing finance a long time and have a lot of data to look at. 10% is gotten from cherry picking a sample in the 2008-2022 data and calling it an average.
The kid had a massive inheritance because he lost his parents before he was even 18. It doesn't sound like there was even a single adult in his life looking out for him or offering him guidance. Now he's going to spend the rest of his life living with his mistakes. I dunno, I just find that deeply sad.
@@spjr99Legally yes. But biologically, full development doesn't occur till 25. I don't understand the details, you'll have to look into it if you care. I'm not sure wether any age based laws should be changed, but it's worth pointing out.
@@sp123schools like to teach you that if you want and try it hard enough you too can become very rich. In reality trying to beat the market is a horrible financial decision for 99% of people, but the truth is too harsh to be spoken.
this is absolutely brutal. Brilliant story telling, but man I feel sorry for the guy. Just at 18 years of age he destroyed most of his future... man...
What a ridiculous story. I like how the kid thinks the markets rigged, but has ZERO understanding that risk and reward are tightly correlated. He wanted to gamble and got what all gamblers get, a bill.
@@richhornie7000 rigging the market means changing the value of things ,Nancy pelosi just invests little drops(in comparaison to the whole thing)having insider information
Some people just don't know what a good thing is till its long lost. 600K at 5% yield literally is enough to support a family of 3 in many areas outside the city's.
Shit he could have just built on the massive realestate portfolio he inherited. That house had 0 mortgage until he fucked it. Him and his brother probably could have rented it out for at least 4-5k a month and then use that money to buy more apartments, no need to mortgage the property or risk gambling his money, just instant free cash flow
The 20 year treasury bond is at 4.55% right now and that is state and local tax free income. So $27,300 state and local tax free for doing nothing is a pretty good starting spot in life.
@@user-sf9gs2pg1b Pretty much. I got a $34k insurance payout when I turned 18 for getting hit by a car when I was 11. Guess where all that money went...
and a serious blast of "investing" propaganda. its terrible, really. for me its obvious because i grevv up vvithout internet, but kids these days dont knovv better...@@user-sf9gs2pg1b
That was so depressing, I was just relieved he didn't jump off a bridge at the end. With $600k at such a young age, he could have retired at 48 with $2.2 million just by purchasing a zero risk 30 year T bill.
@@Vercusgames It makes sense. If you had $600k at age 18, are you investing it wisely? Think about it, you're bombarded all day with content about making money, being rich, lavish lifestyles, and kids are insanely easy to manipulate. Perhaps instead of shitting on the kid, we should be looking at the bank that gave that Mickey Mouse loan to an 18 year old, the parents that didn't structure their wealth in a trust, and the online brokerage that gave insane margin leverage to an 18 year old with zero options knowledge... every adult in this kid's life failed him. That's not to say he has zero responsibility, but everyone acting like they'd do completely differently and invest in fucking treasury bills?? lmao cmon, nobody at 18 is doing that. They're going to use the money to fund their lifestyle in one unwise way or another
The idea that an 18yo can take out a $600k line of credit with no income to make monthly payments is beyond me. He's got nothing left to lose, I'd take the banks to court.
Yea of course you can blame these young guys blowing fortunes but at a certain point people have to acknowledge the systematic/malicious nature of banks being allowed to be so impossible with money. On WSB alone there’s been like 10 examples of kids fucking up their lives and/or committing suicide because of Robinhood gold loans. I guess we didn’t learn from 2008, nothings ever gonna change :/
This is why I’m 25 and a LONG TERM INVESTOR. I was 21 similar to this dude, except my family is poor. I saved up 50k by working my ass off in my jobs before 21. I lost it all trying to be a day trader. It’s very unforgiving if you don’t know when to humble yourself. I remember making 12k off some AMD calls that summer and I was high off the rocker. I thought Clorox calls were the move because it was the beginning of COVID with all that money and I got annihilated. The other thing that completely ass fucked me was trying to play the VIX.
I traded using technicals, and even, still to this day, believe that news always catches up to the technicals, that what the math and graphs say, predicts future news. It's tricky, but I seem to just know. So, why is it tricky? Well, channels can be broken. Some of my best moves are made when it's about to break. No, I'm not selling a course or anything. I'm just saying what I've learned. But yeah, if you can't tune out what ever single person is saying, including even banks and corpos, then you should stick to investing. I retired from that high-stress stuff and just swing trade and invest now. Slow and steady.
Imagine having that much money at 18yo. I mean just put $500k in an s&p 500 and go live your life, check in the account 5-10 years later. Dude was so creative when it comes to gambling lol.
How's he gonna pay the bank back? Dude didn't inherit the money, he leveraged his house. Long holds on a safe stock are a great idea but using 100K as a reserve to pay the bank back over time while you let the 500K sit still isn't the best idea. Never borrow money to gamble.
@@ashishpatel350actually, you CAN give and take sense. Just look at public school. You used to be able to learn the bare necessities. Now you’re not even taught science or math. Somebody obviously said “stop teaching sense”.
Were you never 18 years old? I never play the snowflake but i kinda understand him.. guess most 18 yos take risks trying to achieve something. Pretty sad that in his case he didn‘t just gamble aways a few hundred $ in a casino or blew a few k on options but his whole inheritance. Pretty sad case if you ask me, losing your parents and that much money. If he had a few years of actual experience with stocks and options and was like 25 yo im sure he would just have put that money into dividend stocks and play it slow and steady. I‘d agree with you if he actually were 25 yo but he was a fucking kid man.
@@RealitaetsverweigererDerAmpel But he had been looking at this for years now... and yet didn't understand anything. That means limited mental capacity, so the original post is valid. Bet he loses more money on crypto or some other get rich quick scam.
@@RealitaetsverweigererDerAmpel I understood enough that when I was 18 I only used my father's connections to get me a job because they were hard to get at 18 in 2010. I worked maintenance. At 28 I played the stock market game during covid, and solely invested in stocks that I knew would bounce back, like airlines. At 31 I'm proud to say I know the limits of my financial literacy. Made a nice bundle betting on airlines.
@@RealitaetsverweigererDerAmpel When i was 18 i immediately started putting money into index funds. Being "Young and dumb" is the shittiest excuse imaginable.
I genuinely love the level of effort and editting you put into your vids, makes them not only bangers but infinitely rewatchable - fantastic as always MM
Man with all that money I could've started a trucking company. How hard I've worked over the past ten years just to save up for a used tractor & trailer. This kid had enough to buy three brand new semi trucks and trailers, and start a phenomenal trucking company. If only I had a chance like that.
@@KalebRankin it is human nature for women to complain and deceive, for example the whole culture of makeup, is a culture of deceiving and lying about your appearance. All women also have multiple personalities.
I just wanna know where literally any other adults were in his life while all this was going down. Obviously the kid brought all this on himself, but if I was 18, and was handed all that money all at once, I can't pretend I wouldn't have done some stupid stuff with it. It's too bad nobody was around to help him out. A little adult guidance at this critical moment in his life, probably still grieving the loss of his parents so young, might've completely altered the trajectory of his life for the better.
Normally people that don’t see any prospects in their lives do this. They don’t don’t any good job or education so they think “investing” will be how to make it
With sudden wealth and high egos who can stop a person in such situation？More likely to hear “You oppose because you're jealous！！！” It's doomed from the beginning.
“!Buenos Días, Fuck Boi!” That was so funny. Love your videos. Your story telling is great. Wish you would do more of these and the top WSB’s videos. Thanks for all the work you put into the videos though 👍
Before I watched this video I thought covered calls were literally impossible to f*ck up. But Jimmy managed to do it. And for that, good sir, you have earned my sub.
The second I heard 33% returns I immediately cringed. There is a *reason* people don't normally make that kind of returns. It's possible but it requires an incredible risk tolerance and 9 times out of 10 it's going to blow up in your face. I don't even invest and even I know this much.
As a Christian, I approve of your metaphor. And, I am impressed by the accurate representation of the Prodigal son. As an investor, I am highly entertained by your videos. You officially have a new sub. 🎉
The part where he said I'm not worried i think i can make that money quick just comes to show he didn't learn anything most people don't make 600,000$ in their lifetime he was granted an opportunity only to waste it.
These stories make me want to scream in horror and laugh until I cry. I pray these poor people get the help they need and no one unalives themselves. What terrible tragedy. Stay safe everyone
Every now and then I see ppl saying that they make a lot of money on the internet and it makes me frustrated, cuz I work 13h/day and I am not even close to what they have, but then I see a video like this and it remainds me of how 99% ppl just dont make it there
As someone who lost significant amout of money I can relate to the young blood. Young traders, never put money that is not yours in a brokerage account. Be ready to lose it at any moment. Never put money that can alter your lifestyle, just money you can do without.
And just do good old buy and hold, without risky options or margin. In a lot of cases you can ride out drops. He just went straight into more complex strategies (relatively speaking) without the experience or emotional maturity to not panic.
Also worth noting that the bible speaks out against the concept of secured loans and interest on loans but society is too secular to take note of that . I hope this young man is able to achieve some financial freedom in the future
Don't know how it works in the US but you could just sell the 50% stake in the house. Problem with that is that that's way harder to make money on so I doubt a bank would take that as security.
Wow, that's quite a rollercoaster story. Destroying an inheritance that represents a lifetime of effort is a tough pill to swallow. It's intriguing to witness how life's hardships can lead someone to seek solace in spirituality. At least there's a somewhat happy ending to this story.
I lost about 9 lakh rupees or around 10K dollars of my parents money in options during the pandemic 2021. I was actually unemployed from 2019 to 2021, decided to get a job and pay back that money to my parents. Since this new job paid annually almost the same amount of money I lost I was able save more than enough in 2 years, but my parents didn't want the money. 9 L rupees is a good salary by indian standards and I got this because of my previous work exp and mainly extremely good luck. Don't why, but I wanted to say this out loud as I hid this fact from all of my friends and relatives due to shame.
I've seen 8 year old more responsible with their money, it's how your raise your kids, my grandfather was an orphan at 9 years old, he took care of his young sisters by himself at such a young age, worked as a carpenter for boats and goes at 3 am in the morning to fish and by 7 am he's at the fish market selling the day's gains then works as a carpenter, he was the father to his sisters, build a two story house, had 7 kids and a lot of grandkids including me.... He started at 9 years old ffs....
@@rohankishibe8259 yep. Kids these days don’t understand the value of money. Back in a day you hold them bills, and you could feel the blood, sweat and tears to get it. You valued it more.
Honestly, a bankruptcy would do that kid good, he's only going to be 25-26 when out of bankruptcy, will have 7-8 years of work experience and will learn the value of a dollar. Remember that through hard work comes profit but mere talk leads to poverty. Proverbs 14:23
If he changes to become a good person from his experience then it was good for him besides there are many people at fault when it comes to the banks, Robinhood, Wallstreetbets making this seem exciting. He was responsible for doing evil things true but living in a time where loan money is easy and temptations are everywhere makes it super easy to fall. I would agree he needs to help his parents and brother however he can but from what I understand all he did was squander his inheritance and they kept the house. The fact that he can never get a credit card, student loan or any type of credit for two presidential administrations and can only get money by backbreaking labor seems like a punishment to me.@@calmexit6483
Fr. I had 20k saved up when I was 18. I spent 8.5 months just trying to learn how to read a balance sheet and some technical analysis. Traded with 10k in 3 separate stocks and made 4k in 4 months. But I was super scared. And I knew it was a fluke that I made money. When It's your own money you're more diligent plus investing/trading isn't for everyone.
The best thing bout this story is that his parents were no longer around to witness the sheer stupidity of their son wasting half of what they spent their life accruing. What an idiot. Wonder what his brother things? I assume he must have been made aware after the bank took their share. These stories are always kind of funny, kind of sad.
The brother may not be aware since his share is unaffected and the kid can still live in the house. The bank owns the kid's share but that doesn't mean the kid can't be a tenant or reside there, just not own.
I'm surprised you gave a legitimate view on Christianity. You're one of the few. Tasteful and hilarious. Good game. I have to keep watching your vids for humbleness and remembering that I'm not "the exception". Gambling is gambling. The house tends to win.
When I was 18, I would consider 600k already being rich... no need to gamble. Maybe a fancy car and some holidays and save/invest the rest. I feel bad for this kid, it'll be 20 years before he realizes just how much money 600k is. However, it's his own fault.
When you think you know everything, thats when you know you're a clueless buffoon whos in for a world of hurt. I remember when I learned quite a bit about theta and order flow. I was like "Oh cool. This makes it a heck of a lot easier and I'm more likely to be profitable.. Yeah I'm gonna stop touching options forever now." That level of understanding felt surreal at the time. I felt like I became so wise and mature overnight lol.
This is why I just do market/limit order... We may not be the richest traders on Wall Street, but when dumb things happen or the market gods seem to hate everyone - we (usually) live to fight another day.
I think WSB kids may have forgotten that the entire reason the GameStop and AMC investments got famous in the first place was because they stuck it in the gut of people who were shorting against the common guy.
Did you find this video disturbing at a deep, spiritual level? Come break the pace with a relaxing walk in the woods with Mikey Millions ua-cam.com/video/9RBCN9OL0zA/v-deo.html
I don't know if Christ said anything like this, but I'm pretty sure he did. My source - God
Your editing is gold. Any tips to beginners on youtube?
I find the video spiritual at a disturbingly deep level.
Well, holding naked 6% of portfolio in calls over this weekend is now gonna make my weekend more memorable! Thanks for the vid buddy! 💀☠️
U are not just mocking him but his parents, tell them the truth it's rigged, if his parents were alive they wouldn't let him put $10,000 in the market
This is the purpose of trust funds--so your kid doesn't blow their inheritance and waste all that money you accumulated so you could pass it on to them and make their lives better.
This is also why choosing an intelligent, prudent father is *so key* for those genes to be passed on
100%, if you have that kind of assets and kids younger than like 25 you need a will that establishes a trust for them in the event of your death
@stevee8318 I'm 24 and I'm not this retarded, but I'm sure plenty are lmao. If my parents left me half of a million dollar house I'd be diamond hands on that shit. Every retard knows realestate only goes up
@@stevee8318 This is the problem with a lot of home inheritances - usually the parents are not financially savvy either. It's likely that his parents just happened to move to one of the nicer areas of California (or somewhere similar) at a time when housing was cheap. It increased in value without any effort or understanding on their part.
Then they passed on this ignorance to their children. This child just happened to be particularly inclined towards risk-taking.
Yeah he shouldn't be able to touch that money until 30. It should've been compounding
This guy could have bought a dividend stock and gotten like $30k/yr income... tax free if it was qualified. Imagine having that much money annually, FOR FREE, at age 18.
Delusional, triumphalist thought of becoming a multimillionaire before 20 through trading: "I'm gonna stop you right there"
Imagine having no parents at 18. He paid a great price for it, and didn't even get rewarded in the end.
He still had a loan to service. The repayments on that would have eaten up a large chunk of his dividends. Dude shouldn't have tried to play the stock market with borrowed money, end of story.
or you know kept the house and let that value increase
@@stonecoldsteve9615oh he was rewarded... He just blew it in greed
Natural Selection of the finance world. This guy wins his Darwin Award..
I mean, dude also had no guidance considering his parents died
@@puellabella3580No, he had guidance. Serves him right for taking it from WSB.
@@puellabella3580Doesn't matter.
He should have paused and realized he knew fucking nothing.
@@calmexit6483What sucks is if you don't even know you don't know
@@IOverlord Big true.
Younger people should be slow to make big decisions in my opinion.
The way people just throw around hundreds of thousands of dollars like its nothing will never not blow my mind.
I went from no money to half a mil from trading in a little over a year. I was throwing around 50 Gs here and there and really not thinking much about it.
Now it’s gone.
Weird to think back to a time of having that much capital.
@@zachnunya8749damn you need to be on one of these videos
once i started seeing 6 figure i got scared and was still moving hundreds or thousands at a time. I never got to the millions because of that but ended up keeping a lot of the 2020-2021 gains@@zachnunya8749
@@zachnunya8749were the hookers and blow good at least?
@@zachnunya8749same, i went from $2,500 to $550,000~ in crypto over 3 years, lost every penny in less than 2 months. It’s unreal how much a thousand dollars would mean to me now compared to last year.
Jim's first prayer: 'God, could you lend me $600,000? You know I'm good for it bro'
Don't be like that.
@@ThonneThisseDeadeLif Yep that's probably what God said.
“All he needed was for his contrarian bearish position to hold sway against the onslaught of overzealous bulls who aimed to bury him next to his disappointed parents”. Yo Kamikaze you are absolutely hilarious
that was a wild analogy 😂
This was when I lost it😂😂😂
Yeah I thought it was a little too much 😅
@@archangelz558same
@@archangelz558i mean it‘s a fucking kid that lost 600k in inheritance, he‘s at the bottom anyways, no need to joke about his dead parents which is incredibly sad too. Most people here probably did a bad trade and felt like shit afterwards so i really don‘t understand how everybody is so happy for his loss and calls him stupid. Guess that‘s what actual stupid people do..
The saddest part is that if he just sold the house with his brother, took that $600k and invested it into the broad market, he likely would have 6-7 million at 50 years old and be able to retire earlier than the vast majority of people. And thats without doing ANYTHING else
Even if they didn't want to do that. They could have sold the 1.2 million house and bought a 600k together and have half that amount each.
40 years from now, will a million dollars be even worth that much with inflation?
@@Hypnotically_Caucasian I said 6-7 million. Honestly $1mil isn't even that much these days. You couldn't retire on that alone
@@Hypnotically_Caucasian
If you keep it in stocks, maybe since it rises on average a little over 10% each year (specifically the S&P 500). So if inflation is equal to or less than 10%, it should keep the same. Gold is also pretty good.
When did this 10% figure come into being. Equity has been and still is 6-7% depending on your 100 year sample. Inflation averages 4-5% going back all of recorded history, and uncollateralized loans average 10% across all of recorded history.
We’ve been doing finance a long time and have a lot of data to look at. 10% is gotten from cherry picking a sample in the 2008-2022 data and calling it an average.
so the kid had a massive inheritance already but somehow wanted more lol. Now he can actually earn it like his parents did.
The kid had a massive inheritance because he lost his parents before he was even 18. It doesn't sound like there was even a single adult in his life looking out for him or offering him guidance. Now he's going to spend the rest of his life living with his mistakes. I dunno, I just find that deeply sad.
@@KingUnKaged it's sad but when i was 18 if somebody handed me 600k i wasnt going to take it to the casino. he did this. he is an adult.
@@spjr99Legally yes.
But biologically, full development doesn't occur till 25.
I don't understand the details, you'll have to look into it if you care.
I'm not sure wether any age based laws should be changed, but it's worth pointing out.
Of his parents were rich he probably went to private schools so he should have the education to go to a good school and get a high paying job
@@sp123schools like to teach you that if you want and try it hard enough you too can become very rich. In reality trying to beat the market is a horrible financial decision for 99% of people, but the truth is too harsh to be spoken.
this is absolutely brutal. Brilliant story telling, but man I feel sorry for the guy. Just at 18 years of age he destroyed most of his future... man...
I feel worse for his brother
oh no, he doesn't have generational wealth to fall back on and has to suffer like the rest of us. 🤣
I’d argue he going to suffer a lot more at his point in time I’d probably just move to third world country and say fuck all that hahaha
But he saved his soul!
"knives, politics, and masturbation"
Ain't much of a difference between this 18 year old and many 40 year olds eh
Been studying the market since 6 but can’t even get the apple ticker correct 💀
Mistakes happen "when the bullets are flying" that's why paper trading is important
This is a great ad for trusts not available till you are 35 lol
After this, I am also inspired to set up a trust. Even though they cost thousands to establish.
In the olden days you could set one up fairly cheaply. Those days are gone
What a ridiculous story. I like how the kid thinks the markets rigged, but has ZERO understanding that risk and reward are tightly correlated. He wanted to gamble and got what all gamblers get, a bill.
It kinda is. Just ask Nancy Pelosi and her constantly outstripping market return portfolio 😂
@@richhornie7000 rigging the market means changing the value of things ,Nancy pelosi just invests little drops(in comparaison to the whole thing)having insider information
And the thing when he thought that he owed 1.2 mil,what a moron
The premise of it is rigged no matter how much was put in.
That APPL DD is the some of the most regarded analysis I’ve ever seen.
bro never stop these trade videos. Theyre my absolute favorite's.
They are my new favourite category of videos
I remember this guy! I can't believe how deep this story went.
Same the comments were wild
After getting the $600k dude could've just stuck with his initial covered call strategy on SCHD and made like $30k a year.
Some people just don't know what a good thing is till its long lost. 600K at 5% yield literally is enough to support a family of 3 in many areas outside the city's.
Yeah you could buy about 8000 SCHD for $600k then sell 80 covered calls for about $2800 a month??
Ain’t life a kick in the pants?
Shit he could have just built on the massive realestate portfolio he inherited. That house had 0 mortgage until he fucked it. Him and his brother probably could have rented it out for at least 4-5k a month and then use that money to buy more apartments, no need to mortgage the property or risk gambling his money, just instant free cash flow
@@markhall2414 he owed interest on the 600k though
The 20 year treasury bond is at 4.55% right now and that is state and local tax free income. So $27,300 state and local tax free for doing nothing is a pretty good starting spot in life.
I've had to budget all my life to pay the bills. This sort of thing baffles me.
He’s 18 and his parents died. Probably not in the best place mentally, not to mention everyone is different in terms of development.
@@user-sf9gs2pg1b Pretty much. I got a $34k insurance payout when I turned 18 for getting hit by a car when I was 11. Guess where all that money went...
and a serious blast of "investing" propaganda. its terrible, really. for me its obvious because i grevv up vvithout internet, but kids these days dont knovv better...@@user-sf9gs2pg1b
same
Wagieeee
Leveraged to his own risk tolerance. I crack up when I hear that. Miss the chug.
Or Guh. I can’t remember lol.
@@frankmcconnel2730 guh but yeah lmao
That was so depressing, I was just relieved he didn't jump off a bridge at the end. With $600k at such a young age, he could have retired at 48 with $2.2 million just by purchasing a zero risk 30 year T bill.
2.2 million 30 years from now will be worth probably only half of what its worth today tho because of inflation.
30 years? Even Buffet says that’s ill advised at best.
@@Vercusgames It makes sense. If you had $600k at age 18, are you investing it wisely? Think about it, you're bombarded all day with content about making money, being rich, lavish lifestyles, and kids are insanely easy to manipulate. Perhaps instead of shitting on the kid, we should be looking at the bank that gave that Mickey Mouse loan to an 18 year old, the parents that didn't structure their wealth in a trust, and the online brokerage that gave insane margin leverage to an 18 year old with zero options knowledge... every adult in this kid's life failed him. That's not to say he has zero responsibility, but everyone acting like they'd do completely differently and invest in fucking treasury bills?? lmao cmon, nobody at 18 is doing that. They're going to use the money to fund their lifestyle in one unwise way or another
T bill? 30 years??? That's a lifetime and with inflation 2.2 million is nothing
He didn't have any money. The 600k was a loan that easily cost 60k a year.
The idea that an 18yo can take out a $600k line of credit with no income to make monthly payments is beyond me. He's got nothing left to lose, I'd take the banks to court.
Wow, that was a tough watch... it's absolutely ridiculous that RH grants high level options trading to people with zero trading experience
I couldn't believe the part where a bank loaned a teenager $600k to play the stock market. At best that was highly unethical.
Yea of course you can blame these young guys blowing fortunes but at a certain point people have to acknowledge the systematic/malicious nature of banks being allowed to be so impossible with money. On WSB alone there’s been like 10 examples of kids fucking up their lives and/or committing suicide because of Robinhood gold loans. I guess we didn’t learn from 2008, nothings ever gonna change :/
I have had 3+ years of options experience since I started trading options 3 years ago, according to my Robinhood acct
It's funny cuz all you have to do is tap on Yes I know options and they open all the options lol
Well, there’s nothing so easily separated as an idiot and his money. If it wasn’t this, he would’ve lost it all on some other scam.
This is why I’m 25 and a LONG TERM INVESTOR. I was 21 similar to this dude, except my family is poor. I saved up 50k by working my ass off in my jobs before 21. I lost it all trying to be a day trader. It’s very unforgiving if you don’t know when to humble yourself. I remember making 12k off some AMD calls that summer and I was high off the rocker. I thought Clorox calls were the move because it was the beginning of COVID with all that money and I got annihilated. The other thing that completely ass fucked me was trying to play the VIX.
i’ve had a similar experience
Interesting, the Clorox call sounded logical. Did you find out why there was a sell off, maybe because Covid killed the market in general?
I traded using technicals, and even, still to this day, believe that news always catches up to the technicals, that what the math and graphs say, predicts future news.
It's tricky, but I seem to just know. So, why is it tricky? Well, channels can be broken. Some of my best moves are made when it's about to break. No, I'm not selling a course or anything. I'm just saying what I've learned.
But yeah, if you can't tune out what ever single person is saying, including even banks and corpos, then you should stick to investing. I retired from that high-stress stuff and just swing trade and invest now. Slow and steady.
Imagine having that much money at 18yo. I mean just put $500k in an s&p 500 and go live your life, check in the account 5-10 years later. Dude was so creative when it comes to gambling lol.
How's he gonna pay the bank back? Dude didn't inherit the money, he leveraged his house. Long holds on a safe stock are a great idea but using 100K as a reserve to pay the bank back over time while you let the 500K sit still isn't the best idea.
Never borrow money to gamble.
The lord giveth and the lord taketh ✝️
@@CollagenExpertpetty god smh 🤦
Can't give or take sense Jesus doesn't exist
Take away suffering give out some blessing 🙌
@@ashishpatel350actually, you CAN give and take sense. Just look at public school. You used to be able to learn the bare necessities. Now you’re not even taught science or math. Somebody obviously said “stop teaching sense”.
@@totallynotthebio-lizard7631 USA, USA, USA
Jim is so room temperature IQ and never ever should have been in this game to begin with I love it
Were you never 18 years old? I never play the snowflake but i kinda understand him.. guess most 18 yos take risks trying to achieve something. Pretty sad that in his case he didn‘t just gamble aways a few hundred $ in a casino or blew a few k on options but his whole inheritance. Pretty sad case if you ask me, losing your parents and that much money. If he had a few years of actual experience with stocks and options and was like 25 yo im sure he would just have put that money into dividend stocks and play it slow and steady. I‘d agree with you if he actually were 25 yo but he was a fucking kid man.
@@RealitaetsverweigererDerAmpel But he had been looking at this for years now... and yet didn't understand anything. That means limited mental capacity, so the original post is valid. Bet he loses more money on crypto or some other get rich quick scam.
@@RealitaetsverweigererDerAmpel I understood enough that when I was 18 I only used my father's connections to get me a job because they were hard to get at 18 in 2010. I worked maintenance. At 28 I played the stock market game during covid, and solely invested in stocks that I knew would bounce back, like airlines. At 31 I'm proud to say I know the limits of my financial literacy. Made a nice bundle betting on airlines.
@@RealitaetsverweigererDerAmpel When i was 18 i immediately started putting money into index funds. Being "Young and dumb" is the shittiest excuse imaginable.
@@RealitaetsverweigererDerAmpelNot every young person is an immature arrogant idiot.
I genuinely love the level of effort and editting you put into your vids, makes them not only bangers but infinitely rewatchable - fantastic as always MM
Man with all that money I could've started a trucking company. How hard I've worked over the past ten years just to save up for a used tractor & trailer. This kid had enough to buy three brand new semi trucks and trailers, and start a phenomenal trucking company. If only I had a chance like that.
So true, even if he didn’t want to start a business or get high returns, he could’ve been set for life work free had he just put the money in SPY
Right? It literally makes me cringe. I'd love to have the chance.
This is what happens when you do not sacrifice your entire life to earn that money.
Even sadder is that many middle to late aged people will make exactly this stupid of a gamble if they are overconfident enough and also ill-informed.
No it's what happens when you don't understand value of money
Most lifelong workers enter retirement with meager savings and barely subsist
@@SergyMilitaryRankingswhich comes from working hard for it as is alluded to in the main comment...
I got to watch this play out in real-time on WSB. It was like watching a plane crash; it was horrible but i couldnt stop watching
I just love how you figure out these people's downfalls just by browsing their Reddit history in chronological order.
This is one of the saddest stories I've heard today
I would hope! How many sad stories have you heard just today??
@@MKULTRA_Victim_ sixteen. Mainly because my girl won't stop complaining about fkn everything. I might kick her out.
It is a tale of battle
@@KalebRankin it is human nature for women to complain and deceive, for example the whole culture of makeup, is a culture of deceiving and lying about your appearance. All women also have multiple personalities.
this is his undoing. unfortunate but not sad, it was bound to happen when you have a high ego and no knowledge.
I just wanna know where literally any other adults were in his life while all this was going down. Obviously the kid brought all this on himself, but if I was 18, and was handed all that money all at once, I can't pretend I wouldn't have done some stupid stuff with it. It's too bad nobody was around to help him out. A little adult guidance at this critical moment in his life, probably still grieving the loss of his parents so young, might've completely altered the trajectory of his life for the better.
Normally people that don’t see any prospects in their lives do this. They don’t don’t any good job or education so they think “investing” will be how to make it
With sudden wealth and high egos who can stop a person in such situation？More likely to hear “You oppose because you're jealous！！！” It's doomed from the beginning.
Let's not forget Jimmy had been studying the charts since he was 6, he's chance of failure was almost 0.
“!Buenos Días, Fuck Boi!”
That was so funny. Love your videos. Your story telling is great. Wish you would do more of these and the top WSB’s videos. Thanks for all the work you put into the videos though 👍
The emphasis on ‘Fuck’ was excellent
12:42
Before I watched this video I thought covered calls were literally impossible to f*ck up. But Jimmy managed to do it. And for that, good sir, you have earned my sub.
The second I heard 33% returns I immediately cringed.
There is a *reason* people don't normally make that kind of returns. It's possible but it requires an incredible risk tolerance and 9 times out of 10 it's going to blow up in your face. I don't even invest and even I know this much.
This why you should be thankfull for what you have and ignore those"20 year old millionaire gurus"
Damn man 600k is more than enough to start your slumlord journey.
"He bought? Dump it." Fucking classic bogging.
Bogs mainly deal in Crypto
"Layin' pipe in 1st century trap queens" was just too powerful
Hew truly mastered the sell low buy high strategy, what a legend
When someone spends 12 years for a DD and then buys the wrong stock. It says everything
As a Christian, I approve of your metaphor. And, I am impressed by the accurate representation of the Prodigal son. As an investor, I am highly entertained by your videos. You officially have a new sub. 🎉
The part where he said I'm not worried i think i can make that money quick just comes to show he didn't learn anything most people don't make 600,000$ in their lifetime he was granted an opportunity only to waste it.
These stories make me want to scream in horror and laugh until I cry.
I pray these poor people get the help they need and no one unalives themselves.
What terrible tragedy.
Stay safe everyone
There is no way a bank should loan an 18 year old 600K, regardless of the collateral he had.
Man this channel is awesome! So brutal. Buried next to your disappointed parents.. That's the type of line few creators would have the balls to say
I lost 164 K in a month. I was begging God to help me to.. Salvation came with a zero balance. Can't be a degenerate, with zero money.
18 years is the age when you think you understand everything about the world, but in reality, you understand nothing.
Every now and then I see ppl saying that they make a lot of money on the internet and it makes me frustrated, cuz I work 13h/day and I am not even close to what they have, but then I see a video like this and it remainds me of how 99% ppl just dont make it there
Bro wakes up friday
"Dump et"
allegedly he lost 150k from shorting bitcoin in 2020
The plot thickens???
Traders have been humbled more that any other professions... always back test your theory. Another stories of easy come, easy go.
This is easily one of my favorite videos on the platform. Every second was hilarious but it was also a lesson about human psychology.
As someone who lost significant amout of money I can relate to the young blood. Young traders, never put money that is not yours in a brokerage account. Be ready to lose it at any moment. Never put money that can alter your lifestyle, just money you can do without.
And just do good old buy and hold, without risky options or margin. In a lot of cases you can ride out drops. He just went straight into more complex strategies (relatively speaking) without the experience or emotional maturity to not panic.
Young kid needed to know when to cut his losses to fight another day. Instead of going yolo.
at least his parents were dead and didn't have to witness
If his parents were alive to guide him, this wouldn't happen. He wouldnt even have half a house in the first place.
God works in mysterious ways. Glory glory.
''all he needs to do is be one of the top 0.00001 drop shippers and he'll be fine'' hahahahaha
Also worth noting that the bible speaks out against the concept of secured loans and interest on loans but society is too secular to take note of that . I hope this young man is able to achieve some financial freedom in the future
One of the best of this series. Thank you for your coverage.
Margin accounts are a bad idea for 99 percent of people
How can you get an equity line of credit without the brother signing off. You cant sell half a house if he defaults.
Don't know how it works in the US but you could just sell the 50% stake in the house. Problem with that is that that's way harder to make money on so I doubt a bank would take that as security.
I love the prodigal son story dearly. The love that God freely gives us is just unbelievable. Thank you Jesus, you are so good.
You’re right. It’s unbelievable because it doesn’t exist. You’re mentally ill.
Reminds me of the time I sold naked calls on SPX with my grandmas 100% margined account. Love you grandma
Peak wallstreetbets. Keep up the good work Kamikaze.
Man these vids are so hilarious and well done
Wow, that's quite a rollercoaster story. Destroying an inheritance that represents a lifetime of effort is a tough pill to swallow. It's intriguing to witness how life's hardships can lead someone to seek solace in spirituality.
At least there's a somewhat happy ending to this story.
Sounded like a straight downfall to me 🤷🏿♂️
Happy Ending?
The guy is coping so hard, he went from atheist Wallstreet rich kid to Christian monkmode.
I lost about 9 lakh rupees or around 10K dollars of my parents money in options during the pandemic 2021. I was actually unemployed from 2019 to 2021, decided to get a job and pay back that money to my parents. Since this new job paid annually almost the same amount of money I lost I was able save more than enough in 2 years, but my parents didn't want the money. 9 L rupees is a good salary by indian standards and I got this because of my previous work exp and mainly extremely good luck.
Don't why, but I wanted to say this out loud as I hid this fact from all of my friends and relatives due to shame.
Damn. that's rough. Well, at least your parents are fine with it, and you're employed
Covered Calls on 600k of SPY? Oh my god. I would do anything for this opportunity. He biffed it
He literally had the perfect setup with that amount of money and messed it up entirely.
My parents told me when they die they’re going to give everything to charity, so luckily I’ll never have to experience what Jimmy did.
This was very disturbing to watch
Outnumbered by a guy that inherited 800k from his passed nana and bought 700k Intel stocks just before the crash.
These videos are absolute gold. So well written.
16:15 I almost tripped over and fell into oncoming traffic laughing from this
Ironically that 620k would have been more than enough to buy dividend aristocrats and never work a day in his life
this is a tragedy. dude was way too young to have that much money :(
Why tragedy. It’s a zero sum game. His 600K bought K. Griffin another boat lol.
I've seen 8 year old more responsible with their money, it's how your raise your kids, my grandfather was an orphan at 9 years old, he took care of his young sisters by himself at such a young age, worked as a carpenter for boats and goes at 3 am in the morning to fish and by 7 am he's at the fish market selling the day's gains then works as a carpenter, he was the father to his sisters, build a two story house, had 7 kids and a lot of grandkids including me....
He started at 9 years old ffs....
@@rohankishibe8259 yep. Kids these days don’t understand the value of money. Back in a day you hold them bills, and you could feel the blood, sweat and tears to get it. You valued it more.
Genetics are underrated@@rohankishibe8259
It's more liquid wealth than the majority of humanity will ever hold at one time.
A true Regard
Honestly, a bankruptcy would do that kid good, he's only going to be 25-26 when out of bankruptcy, will have 7-8 years of work experience and will learn the value of a dollar. Remember that through hard work comes profit but mere talk leads to poverty. Proverbs 14:23
I couldn't disagree more.
He *has* to accept the circumstances now, and therefore will claim it was good for him.
If he changes to become a good person from his experience then it was good for him besides there are many people at fault when it comes to the banks, Robinhood, Wallstreetbets making this seem exciting. He was responsible for doing evil things true but living in a time where loan money is easy and temptations are everywhere makes it super easy to fall.
I would agree he needs to help his parents and brother however he can but from what I understand all he did was squander his inheritance and they kept the house. The fact that he can never get a credit card, student loan or any type of credit for two presidential administrations and can only get money by backbreaking labor seems like a punishment to me.@@calmexit6483
Fr. I had 20k saved up when I was 18. I spent 8.5 months just trying to learn how to read a balance sheet and some technical analysis. Traded with 10k in 3 separate stocks and made 4k in 4 months.
But I was super scared. And I knew it was a fluke that I made money.
When It's your own money you're more diligent plus investing/trading isn't for everyone.
Bogdanov sends his regards for completely ruining this kids future.
"Buenos dias fuckboi" 😂😂😂
YOU THOUGHT THIS WAS A GAME!!!!!
😈🔥🔥🔥🔥🔥🔥🔥🔥😈
This video raised my blood pressure
I gotta say this was an incredible video. The storytelling and editing was amazing I'm subbed lol
The best thing bout this story is that his parents were no longer around to witness the sheer stupidity of their son wasting half of what they spent their life accruing. What an idiot.
Wonder what his brother things? I assume he must have been made aware after the bank took their share.
These stories are always kind of funny, kind of sad.
The brother may not be aware since his share is unaffected and the kid can still live in the house. The bank owns the kid's share but that doesn't mean the kid can't be a tenant or reside there, just not own.
I'm surprised you gave a legitimate view on Christianity. You're one of the few. Tasteful and hilarious. Good game. I have to keep watching your vids for humbleness and remembering that I'm not "the exception". Gambling is gambling. The house tends to win.
When I was 18, I would consider 600k already being rich... no need to gamble. Maybe a fancy car and some holidays and save/invest the rest. I feel bad for this kid, it'll be 20 years before he realizes just how much money 600k is. However, it's his own fault.
Just take it in to an World ETF and ure fine the rest of ur live, and can probably retire in ur mid 40s.
Seems like the AAPL ticker was misspelled by some pleb on Wall Street originally and the APPL would make more sense.
When you think you know everything, thats when you know you're a clueless buffoon whos in for a world of hurt. I remember when I learned quite a bit about theta and order flow. I was like "Oh cool. This makes it a heck of a lot easier and I'm more likely to be profitable.. Yeah I'm gonna stop touching options forever now." That level of understanding felt surreal at the time. I felt like I became so wise and mature overnight lol.
Whats theta and order flow and why did that info turn you away from options?
This is why I just do market/limit order...
We may not be the richest traders on Wall Street, but when dumb things happen or the market gods seem to hate everyone - we (usually) live to fight another day.
The intro to this was perfection
On the bright side: that would be the CRAZIEST tax write-off ever.
I’m not saying he killed his parents but I’d look into it if I were a detective lmao
His dad left him with a house and cash and he lost it all.
My dad just left me.
😂😂😂 same, and I was just an embryo!
I think WSB kids may have forgotten that the entire reason the GameStop and AMC investments got famous in the first place was because they stuck it in the gut of people who were shorting against the common guy.
I got to watch this in real time on the subreddit and it was beautiful.
Lol "buenos dias fuckboy!!!!" He must of been wide awake that day.
This might've been the funniest video of my LIFFFFFEEEEEE!!!!!🤣🤣🤣😂😂
Honestly feel bad for him he dont got his parents or anyone to guide him.
I love how open you are that wallstreetsbets is just intense gambling
If you offer wall st free money they will take it