Latest / Black Box Theory Podcast / BBT #12 Snippet | Investing and Gambling Aren't the Same Thing
Transcript
- Malcolm: Like it's just a duh, invest or gamble. Like I think it's a lot of kind of important personal and financial factors that kind of go into making a decision like this. You feel me? So that's my take. Thomas: Yeah, I mean, that's facts. And I think, like you said, like people don't have the opportunity all the time. And I think it should be the baseline. I don't think investing and saving and all that should be a luxury, but we got to think like think back to college, bro. Like think about saving that on prize picks, fan duel, trying to flip some money so I could eat. You know what mean? Like it's when you when you are in a position where you don't have time. Malcolm: Mm-hmm. Yeah? Yeah? Thomas: to wait 30 years for the money, you need money now, you need money next week, next month, you don't have time to wait. So people who are saying, ⁓ invest, if you're choosing not to invest, you're choosing to die, it's your fault, blah, let's zoom in, right? Because I think you're too zoomed out. Let's zoom in a little bit. Let's bring it down to where people are. Everyone doesn't have the time. People say invest or die, which is true, but sometimes people don't. Malcolm: Mm-hmm. Thomas: It's die or die. You want to die? Go on. Malcolm: That's what I'm saying. I feel like this isn't one of those topics you can just make that simple because everyone is on the same position as you. think, like I said, you and I, both in very blessed positions even to be able to speak on this stuff for one and then also to have that option to invest. Everyone doesn't have that option to invest. That's not no fault of them. mean, people are just in different circumstances. And I think that a more... A more, ⁓ more considerable approach is just like, think before you just kind of like just plaster and just kind of like just shout like, hey, invest, invest, invest, invest. think it's just more important to kind of like understand what everyone's situation is. And I think, yes, a lot of times if you break down someone's finances and expenses and all that good stuff, you will find a lot of, I think, opportunities to invest. I say a lot of people do live paycheck to paycheck, like groceries, you have family, you have rent, you have bills, have utilities, you have car insurance, all that good stuff. Yes. I'm not saying... forsake those or forfeit those. I'm sure if you thoroughly go through people's expenses, you will find plenty of opportunities to kind of like, hey, you can dial a cost average here. You can drop a little bit in here. like, you I just think you just have to kind of like be more understanding that everyone is not in a position to just drop and deploy a ton of capital all at once. Because I mean, it's like, it's pretty, I also, I'm not going to say, like I said, I still don't agree with going to gambling over having a retirement account because I do still want to. you like I said, you can have all the money you want right now, but like said, when I'm old, I want to be able to have, you know, money freely to take care of any whatever medical expenses, whatever type of, you know, trips want to go on when I'm older, all that good stuff. Yes. But I will say, ⁓ generation thing bro. Like, if anybody that watches the news all you see is S &P going down this year. I'm sure people who were on the fence about investing are probably all the way off it now because market's been getting slaughtered this year. We did have a couple green days towards the latter half of last week but yeah. Hopefully ⁓ everyone's just little bit more understanding. Thomas: Watch. Watch all about the Benjamins or any movie where somebody got their hands on the lottery ticket. It sums it up right there. Everybody wants that moment. Even the rich people, the people who say invest, they have those moments. They act like they don't do risks and gambles. It's just different. They definitely do. Malcolm: Yeah. Yeah, and if we bein' real, people that do get rich off options and trading, it essentially is gambling. Obviously there's a bit more structure and you can really study price movements and you have a lot more data to support the decisions that you make, but at end of the day it's still a very, very educated guess that you're putting a lot of money on to multiply and make more. Hey man, do what's best for you. Do what's smart, smartest for you. But, you know, at least if you aren't, if you are all the way on the gambling side, I'd advise to at least look into a retirement account, what it can do. Maybe some of those money, that money that you put in on Jokic and Bron and KD. Maybe some of that can, you know what saying, go to the SMP, go to VU, go to QQQ, right?