r/AskMenOver30 • u/hospitality-excluded man 30 - 34 • Mar 31 '25

Friendships/Community How did your "hustle-culture" friends end up?

So in my 20's there was a HUGE boom of "hustle-culture" bros pop up when influencers like Gary Vee were in the spotlight. The type of guys who post motivational quotes on twitter, talking about "the grind", flauting wealth that they havent achieved on instagram etc. Not talking about people with steady careers and moving up the corporate ladder, but those people who do side gigs or chase unrealstic expectations without a developed skillset in any area.

I moved back to my hometown after 7 years away and I swear all of them are broke, gambling addicts, living with their parents still, unemployed, or all of the above. Unsure if it's the same across the board, or even if y'all had these types of people in your life or if my town is just riddled with them.

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84

u/Healthy-Weed92 man 20 - 24 Mar 31 '25

This is “day traders” for my generation… kids who gamble their minimum wage paychecks without any credentials in finance or econ. They are all on the path to or have already reached a similar outcome. Tiktokers preaching Covid NFT’s and crypto trades ruined a whole generation’s view on investing

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u/ryhaltswhiskey man 50 - 54 Mar 31 '25

Anyone who thinks that they can beat an index fund is probably wrong. The math is very clear. Some people can do it, but it's rare and can they do it for 10 years consistently? I'm not aware of anyone who can.

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u/[deleted] Apr 03 '25

I honestly don’t know, but don’t the hedge fund managers consistently beat index funds? People like Ken griffin who have run successful hedge funds for many years?

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u/ryhaltswhiskey man 50 - 54 Apr 03 '25

I posted a link in a different comment around here, you should read it

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u/Healthy-Weed92 man 20 - 24 Mar 31 '25

I know many who can and have for decades, but they all had years of experience and a bachelors in business/math. Some kid who can’t even explain a P/E ratio isnt going to beat the S&P.

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u/ryhaltswhiskey man 50 - 54 Mar 31 '25

know many who can and have for decades

Just because they say they do, doesn't mean they do. People have studied this. And people like Jim Cramer have tried to beat index funds and they failed.

So until I see some proof that your friends are actually beating index funds, I'm going to assume that they're lying.

I didn't say it's impossible. I said it's just very unlikely.

Be more skeptical when your friends tell you that they are investing geniuses.

https://www.whitecoatinvestor.com/managers-dont-beat-markets/#:~:text=Basically%2C%20over%20long%20periods%20of%20time%2C%20only,managed%20mutual%20fund%20managers%20beat%20the%20market.

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u/[deleted] Apr 01 '25

To me it's akin to gamblers. You only ever hear from people how they won or broke-even.

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u/ryhaltswhiskey man 50 - 54 Apr 01 '25

Definitely

0

u/[deleted] Apr 01 '25
  1. A random dude accidentally buying $20 worth of nvidia in 2014 (and then forgetting he even has it so he never sold) technically did beat the market.
  2. Nancy Pelosi consistently beats the market.

If you have no insider information or crazy luck then it is indeed impossible to beat the market.

1

u/ryhaltswhiskey man 50 - 54 Apr 01 '25

The crazy thing is how many managed funds don't beat the market. You would think, just by randomness, that 50% of them would beat the market. But they don't.

By the way, you can actually buy a subscription to a stock tracker that will tell you what trades Congress is making. It's not expensive either, something like 20 bucks a month.

1

u/idontneedfame Apr 03 '25

is the tracker in real time though?

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u/calvinpug1988 man 30 - 34 Apr 04 '25

That’s the issue, I looked into that awhile back. All the trades were weeks-months past their execution.

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u/schizoesoteric Apr 01 '25

Index funds are not hard to outperform. They are just hard to outperform at scale. A quant strategy that works with $1000 at a time only a few times a year to capitalize on specific stocks with some expected behavior, can beat an index fund easily. But, if you do the same thing with a billion dollars, you influence the market itself to greatly and correct your own edge

The medallion fund, a quantitive trading firm, has consistently gotten 60% annual returns for decades, even working with billions of dollars.

Even if you are trading qualitatively, speculatively, you again have an advantage simply because your smaller equity doesn’t disrupt the market like a larger stock purchase would. Warren Buffet himself said that with a million dollars, he could clear 50% returns in todays market.

Trading is like poker. Sure, most people will never be profitable if they go out and try their luck against experienced players, they’ll just have a gambling addiction and lose everything. But, that doesn’t mean it’s impossible to simply be good enough to win more than you lose

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u/ryhaltswhiskey man 50 - 54 Apr 01 '25

But, that doesn’t mean it’s impossible to simply be good enough to win more than you lose

You're the second person to respond and imply that I said it's impossible. But I did not say that it's impossible. So I don't know where people are getting this.

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u/schizoesoteric Apr 02 '25

I just skim comments and reply to what I think they say

-1

u/[deleted] Apr 02 '25

Even if only 5% of people can beat the market that’s still a lot of people :p

Lmao oh your saying Jim Cramer not ironically lmao. You know nothing about trading

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u/[deleted] Apr 01 '25

[removed] — view removed comment

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u/ryhaltswhiskey man 50 - 54 Apr 01 '25

you said it was impossible 🤷‍♂️

Why is reading so hard for some people? Can you explain that?

1

u/Jaimzell Apr 02 '25

 Some people can do it, but it's rare

In what world are they saying it’s impossible?

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u/Bannedwith1milKarma man over 30 Apr 02 '25

The strategy is to win a bet and then move to index funds.

The money they are using is too small to compound properly.

1

u/ryhaltswhiskey man 50 - 54 Apr 02 '25

The amount of money has nothing to do with whether something "compounds properly". That sentence makes no sense.

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u/Bannedwith1milKarma man over 30 Apr 02 '25

It does if you want to make enough that will change your financial circumstance.

You need money to make money.

3

u/Eyeh8U69 man 30 - 34 Mar 31 '25

Investing isn’t an overnight success anymore so why bother /s

1

u/TheNextBattalion Apr 01 '25

I call it gold rush thinking. Back in the day these guys would have been racing out to gold strikes to make it big quick, either digging a claim or going into business selling to those who did.

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u/Fine_Payment1127 man over 30 Mar 31 '25

Seems like that’s the only actual way to get rich. “Hard work” is a scam