12 points

Oh no!

Anyway…

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31 points

19 years old. Life savings. πŸ™„

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28 points
*

i thought it was code for daddy’s money but apparently it was 400 bucks.

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13 points

Boomers keep telling me I should have put $20 in my savings account with every paycheck starting at age 18 and I’d be able to retire at 65. Dude was not going to be able to retire at 65 apparently.

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6 points

the fun part of it is that a combination of inflation and stagnating wages means $20 keeps getting smaller in terms of value but also keeps becoming a larger part of your disposable income.

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7 points
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He had $400 left in his account before the margin call. The trouble with options is that they can be very highly leveraged, meaning you’re trading on credit, and you can lose a lot of money really fast (and likewise, gain a lot of money really fast). Most brokerages don’t even let you trade on options until you can prove you have knowledge of how the market works. So the kid is probably smart, but like many smart 19 year olds, not smart enough.

This guy owes the brokerage $56k.

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5 points

400 bucks you don’t owe for rent is a lot when you’re 19.

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49 points

19 year old doesn’t have a lot of personal savings anyway not a big deal Time to start saving again. Β―_(ツ)_/Β―

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78 points

That person had 400$ and now owes 56k

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7 points

If I understand correctly, they can sell the shares they were forced to buy and get back most of the $56,000 they owe.

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2 points

P

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22 points

When you short a stock, you borrow a stock, then sell it, then you buy it back at a (ideally) lower price. Then, you have to give back the stock plus interest. This person can’t sell the stock because they have to give it back. It wasn’t theirs to begin with. They were just borrowing it.

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2 points

Well, not exactly, his brokerage bought 100 shares of SPY and charged him the price of that. He can just sell them.

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9 points

I’m pretty sure that can be cleared with a bankruptcy. Considering a 19 year old isn’t likely to have any non-exempt assets, they can go bankrupt with basically no penalty other than having a bankrupcy on their record for the next 7 years.

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41 points
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$400 left.Who knows how much he started with initially.

E: started with about $7k

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13 points

Where the hell is a teenager finding 7k? That takes some bootstraps pulling.

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16 points
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That’s what we call an ouchie.

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He’s in a better financial position than I was coming out of college. And it sounds like we both got a valuable education for our money.

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31 points

The problem with options trading is you can lose more money than you invest.

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4 points

They are betting that they can make more than they are investing, with the downside of losing more than they are investing.

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2 points

πŸ˜ƒπŸΏ

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24 points
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How can copper possibly go up in price, its a soft metal, low tensile strength, not resisyent to acids, tarnishes easily. Literally useless except for, I dont know, pots or whatever! Literally nothing else in the world uses copper!

  • This guy
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The Internet in Ancient Times

!ancientinternet@lemmy.world

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Welcome to the stone age… or the bronze age… or the iron age… heck, anything with an β€˜age’ is welcome, except our modern age or any ages to come.

This is about what the internet was like thousands of years ago back when it all started. Like when Darius the Great hired mercenaries via Craigslist or when Egypt invented emojis.

CODE OF LAWS

1 - Be civil. No name calling, no fighting, keep your flint hand axes inside your leather pouches at all times.

2 - Keep the AI stuff to a minimum. It gets annoying and old fashioned memes are more fun for everyone.

3 - None of this newfangled modern 21st century nonsense. We don’t even know what β€œ21st century” means.

4 - No porn/explicit content. The king is sensitive about these things.

5 - No lemmy.world TOS violations will be tolerated. So there.

6 - There is no rule law 6.

Laws of justice which Hammurabi, the wise king, established. A righteous law, and pious statute did he teach the land. Hammurabi, the protecting king am I. I have not withdrawn myself from the men, whom Bel gave to me, the rule over whom Marduk gave to me, I was not negligent, but I made them a peaceful abiding-place. I expounded all great difficulties, I made the light shine upon them. With the mighty weapons which Zamama and Ishtar entrusted to me, with the keen vision with which Ea endowed me, with the wisdom that Marduk gave me, I have uprooted the enemy above and below (in north and south), subdued the earth, brought prosperity to the land, guaranteed security to the inhabitants in their homes; a disturber was not permitted. The great gods have called me, I am the salvation-bearing shepherd, whose staff is straight, the good shadow that is spread over my city; on my breast I cherish the inhabitants of the land of Sumer and Akkad; in my shelter I have let them repose in peace; in my deep wisdom have I enclosed them. That the strong might not injure the weak, in order to protect the widows and orphans, I have in Babylon the city where Anu and Bel raise high their head, in E-Sagil, the Temple, whose foundations stand firm as heaven and earth, in order to bespeak justice in the land, to settle all disputes, and heal all injuries, set up these my precious words, written upon my memorial stone, before the image of me, as king of righteousness.

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