The rich people will just use this as a bargain opportunity to scoop up as much stocks as they can and over time get even richer than before. This crash is amazing news for them. The only people that suffer are average people and those who have college/life savings/pensions invested in the market.
I see so many posts of people celebrating billionaires “losing millions/billions” but its actually the opposite.
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Yup, gotta buy on the dips
The democraticization of the stock market has been a tremendous boom for the average person.
Unfortunately much of the advice that has been circulated has been high risk/high reward advice. Like going all-in YOLO style on the S&P 500 without any consideration for diversification.
I keep 10% bonds, 10% precious metals; once ridiculed for being too conservative, but even this set up is getting blasted compared to the more traditional 60/40 stocks/bond ratio.
Guess we’ll see how the average person fairs.
Can’t beat em, so join em. Buy investments in stocks, bonds, all other asset categories. Stop dining out. Stop traveling. Invest.
Warren Buffet quote – When everyone is selling, buy. When everyone is buying, sell
Who’s celebrating?