• aname
    link
    fedilink
    493 months ago

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

      • @[email protected]
        link
        fedilink
        English
        41
        edit-2
        3 months ago

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

        E: started with about $7k

        • @trolololol
          link
          133 months ago

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

          • @[email protected]
            link
            fedilink
            193 months ago

            I don’t know how this one got $7,000 but I do know that some teenagers have jobs and it isn’t very hard to save money when your needs are taken care of due to living with your parents.

          • stinerman [Ohio]
            link
            fedilink
            73 months ago

            There are a lot of upper middle-class kids who start out adulthood with tens of thousands of dollars.

          • @Feathercrown
            link
            English
            5
            edit-2
            3 months ago

            You can make $7k by 19 relatively easily if you never spend money on stuff and your family is large and generous with the birthday cards

            • @Fosheze
              link
              English
              43 months ago

              If you’re working full time and still living with your parents then $7k is easy to save up.

      • @Fosheze
        link
        English
        93 months ago

        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.

      • atocci
        link
        73 months ago

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

        • The Dark Lord ☑️
          link
          fedilink
          223 months ago

          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.

          • @Raiderkev
            link
            163 months ago

            Yeah, but the big number (-$56k) is not from a short, it’s from a call getting assigned. He sold it naked (didn’t have shares to back it) it expired ITM, and he has to cover. The broker is going to give the shares to the call buyer, and OP is out maybe a couple hundred bucks whatever the difference between spy close price, and the strike he sold *100 shares depending on what SPY closed at that day. He’s not -$56 k on that trade.

      • JackbyDev
        link
        fedilink
        English
        23 months ago

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

    • atocci
      link
      313 months ago

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

      • Githyanki
        link
        fedilink
        43 months ago

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