You Had $2.5 Million and You Did WHAT!?

[~bs]

There's a story about a daytrader going around right now:

TLDR version - he lost all but $250k of a $2.5 million inheritance daytrading in the stock market. Now he's spending his last $250k betting that apple will miss on the earnings call later today. The sad part is that the uncle, who he inherited the money from, never made a lot of money, but was a dedicated saver.

Instead of taking that $250k and applying it to debt, saving, etc, he decided to go all or nothing to try and make back the money he lost on one trade. Whether he makes money on this trade or not, this is exactly what NOT to do. He has like $150k in personal debt.

http://www.kapitalust.com/you-had-2-5-million-dollars-and-you-did-what/

https://www.reddit.com/r/wallstreetbets/comments/5qhzcy/well_this_is_it_going_allin_my_last_stand_my/

[Singuy]

Welp...he just lost that. Looks like Apple exceeded their expectations.

[~bs]

lol...

Apple EPS $3.36 vs the $3.21 street estimate. Future guidance matters too in what the stock price does. But looks like he's getting screwed. And his analysis and trade got other people to follow along as well.


[–]Ice275 1 point 8 hours ago


Good analysis, not likely going to get the tank you are expecting but have convinced me to sell $20k short for the earnings release. Best of luck to you!

[james.hendrickson]

Wow. He blew through $2.5 million.

[Singuy]

Yup, that's a lot of hookers and coke he missed out on...

[rennigade]

Yeah I read this article earlier. This guy is an idiot...and he just lost all his money.

[97guns]

When you don't save money yourself you have no concept of it and don't value it,

[rennigade]

The best part of the article was when the guy said he could take the $250k and pay off all his debt...but then he'd be left with almost no money, lol. This guy is a straight savage! Not a single #$*@ given.

[Singuy]

I like his definition of "nothing" when he said "I have nothing to lose" with 325k in the bank.

[StormRichards]

Cooking dinner so no time to click at the moment, but I am assuming he is single. If not, I suspect he will be divorced or dead soon enough.

If my DH did something like this, I would kill him.

[FLA]

Yup, that's a lot of hookers and coke he missed out on...

I am lmao

[msomnipotent]

I'm positive that my relatives would haunt me if I ever blew their money.

And that guy is just another reason why I'm putting so many strings attached to my money when I die that people will call me the puppetmaster from beyond the grave, if I ever get around to writing a will, that is. I'm already teaching my daughter that inheritances are not meant to be squandered, but you never know.

[~bs]

I'm positive that my relatives would haunt me if I ever blew their money.

And that guy is just another reason why I'm putting so many strings attached to my money when I die that people will call me the puppetmaster from beyond the grave, if I ever get around to writing a will, that is. I'm already teaching my daughter that inheritances are not meant to be squandered, but you never know.

I think in general, people treat money they didn't work for as "free". that's why people blow inheritances and lottery money. If someone worked hard all day digging ditches for $100, you better believe that they'd take care as to how they'll be spending it. Perhaps moreso than a gift of $10,000 that they'll promptly spend on "hookers and blow". So when people get a monetary gift, they should view it as - how long would it take me to work and save this much money?

2.5 mil is a lifetimes worth of dedicated saving for someone with a middle class income.

[disneysteve]

I think in general, people treat money they didn't work for as "free".

Definitely. It's human nature, really.

I've done it myself, quite honestly, at the casino. If I walk into the casino with $200, play for a while and get up to $400, and then hit a bad streak and lose it all, I will walk out and say I lost $200. But that's not true. I actually lost $400 because had I quit at that point, that's how much I would have had in my pocket. Just mentally, we tend to not count the money that wasn't ours to start with.

[Captain Save]

How old was he?