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"What could a banana cost... $10?"
I cringed at the red pepper I bought today for two bucks. That'd be like $176,000 for a damn vegetable in Bezos terms.
2 dollar red pepper? You're paying way too much for peppers, who's your pepper guy?
Amazon owns Whole Foods, so now you know why he’s the richest man in the world.
I bought a damn yellow pepper today and it was $3.48!!! It wasn’t even organic. It was a superstore pepper that was likely already touched by 50 people.
I’m living in Edmonton, Alberta.
He’s no worm guy that’s for sure
He goes by Dr. Pepper.
Was it a nice pepper though?
Hope it was at a farmers market
"Go see a Star War"
There’s always money in the banana stand!
"You don't get out much do you mom?"
Bezos is one billionaire who's likely the most aware of how much an everyday item costs.
I love that quote because it's got two jokes in one. The price is too high for a banana. But at the same time, the lady was trying to use a low-ball amount and apparently is so rich she thinks $10 is a negligible amount.
I need to get a hold of him and sell him my $5 bill
I have a 1975 10$ only worth 10$ but it looks cool!
Not even worth my time
Damn you're good. I'll give you $50 for it
I'll give you $100 for that $50 bill
There’s a Simpsons episode where Mr. Burns loses a thousand dollar bill, and Bart finds it.
Nelson sees, and goes, “Whoa! A thousand-dollar bill. That must be worth, like, a million dollars!”
i mean to be fair 1000$ bills in the us are worth quite a bit more than 1000$ because they haven't been produced in ages
No US paper currency was dated 1975. The Series date only changes when the Treasurer, Secretary of the Treasury or overall design does, none of which happened in '75. The $10 went from 1974 to 1977 to 1977A*. Perhaps you have one of those or a 1985 or 1995.
You're right that it's probably not worth much if anything extra, particularly in average condition without a fancy serial number. For higher denominations it's harder to find something worth more than face.
* sometimes minor changes put a letter at the end rather than a whole new date.
I had that realization of extreme wealth years ago. I bought a cupcake for a fundraiser bake sale for a school to refurb their gym. I found out about a week later that Melinda Gates was loosely affiliated with the school and donated $1 million for them to just build a new gym. (The donation occurred after I bought the cupcake)
I did the math and realized that the $2 I spent on the cupcake was a larger percentage of my net worth than the $1 million was for Melinda Gates.
I’ve since struggled with the quandary, who was more generous her or me.
You because she likely earned that back in less time than it took to make the effort to make the donation.
If you're a Christian:
Jesus sat down opposite the place where the offerings were put and watched the crowd putting their money into the temple treasury. Many rich people threw in large amounts. But a poor widow came and put in two very small copper coins, worth only a few cents.
Calling his disciples to him, Jesus said, “Truly I tell you, this poor widow has put more into the treasury than all the others. They all gave out of their wealth; but she, out of her poverty, put in everything—all she had to live on.”
This is the correct response. It doesn't matter if you're Christian. The truth is the truth.
I really wish people would take a break from everything else in the Bible and try, just a little bit, to follow Jesus' example. That's really all there is to it.
Honestly I feel that was the point the New Testament was making. All the really BS things are in the Old. I'm perfectly happy ignoring them, and I'm far from religious.
BRB, flipping tables.
I can't speak for Melinda but I can quote Bill: "There's a phenomenal amount of charity from people with lower incomes, [giving] even a higher percentage of their wealth than rich people, so they're forgoing vacations or foregoing something nice. They're the ones that are truly charitable."
You put me in a quandary, Jack Donaghy. A quandary.
You were the one who got to enjoy the cupcake. You won.
I always pick up coins on the ground. I need as much money as possible.
I think the break even point of picking up a penny is somewhere around $70k annually. Until you make over that it still benefits you to pick it up vs. It costing you money to pick it up. I'll see if I can find a link.
Assuming that time spent is actually used to earn part of that $70k, and stopping to pick it how somehow diminishes your earnings.
I think it's more about how much your time is worth based on how much you get paid per hour
which is only a sensible way to look at it if the time used to pick up the penny could otherwise be used to earn money
Yeah exactly, I’m salaried. I’ll pick it up and it won’t cost me any time-money.
On the other hand I get paid by the hour, so I'm not in a hurry to get things done. I'll stop, pick up the penny, look at what year it was minted, put it in my pocket, then get back to work. If you're gonna pay me for my time I'm gonna have so much time.
Old age and guile always beats youth and strength.
Or if you value your free time.
I barely earn above minimum wage at work, but that minimum wage is a lot less appealing if it's my day off and someone asks me to cover a shift.
It's all about perspective and relative value.
Any 😤 time ⏰ can 💪 be 🐝 used 🤳 to ✌️ earn 🏃♂️ money 💸😩🙌
I can't 👅💦 understand 👅💦 your 👅💦 accent
do you have any opportunities for me, boss babe???
Also assuming the penny doesn’t give you e. coli
Ass pennys for everyone!
Yeah, I earn a fair amount of money at my job. I only work about 40 hours a week (and let's be real, I'm "working" for 10 or so of those hours). But I blow away the other 128 hours in the week doing fuck all. Stopping to pick up one penny earns me WAY more in those moments than jerking off and/or watching Netflix.
I see why you'd say that... but that's not the point of the exercise.
Think of doing your laundry on the weekend, or taking on a diy project to save a bit of cash. At a certain point, you start asking yourself if these things are worth your time. Comparing the savings to your earnings is a great way to prioritize, and spend the time on something more enjoyable.
You don't need to be theoretically earning money during your theoretical downtime, just using the time for enjoyment. This doesn't work if you are strapped for cash and don't have the luxury of saying no to earnings. But it does work if you have enough money coming in but aren't able to find enough hours in the day.
I disagree, because then I have to deal with having coins. To me it's more than bending over to pick up the penny, I hate having coins.
Yeah, its a minor annoyance but still an annoyance. Plus here in Canada we phased out the penny anyways.
It costing you money to pick it up
But it doesn't. That's why this old "fun fact" sucks.
Also, how much you earn doesn't change how much a penny is worth. A penny is always just about worthless and most people would gladly pay a penny to not have to bend over, pick-up a urine-drenched coin, put it in our pocket, and hold on to it until the next time it becomes useful in a transaction.
A penny is never worth picking up, what happens when you throw out your back over a damn penny? I'll tell you what, you won't be picking up any more pennies that's for sure.
Gross; those are ass pennies
Except the difference is a penny is not only a very small % of most people’s daily takings, but also too small an amount of money to buy ANYTHING.
While your hypothetical $880 is also a small % of Mr. Bezos’ daily earnings- it is enough money to buy a substantial amount of many things, from Lobster to Shoes. He could buy himself lunch, his girlfriend too, and, if he went to a fairly normal restaurant (not a $1000+ fancy Michelin Starred restaurant) he’d still have enough money left over to buy very decent pair of shoes or something.
We find a penny? You think back to the stories your parents told you about how you could buy a drop of toffee from the corner store for a penny, and then come to the realisation that you haven’t spent less than 50 cents in a single transaction since you were like, 12.
Exactly. Relative value scales logarithmically
it's not like the time he takes to pick it up actually prevents that $880 from being generated by his business though, so at the end of that time instead he has $880.01.
Same for you and me picking up a penny.
finding or losing $880 could make or break me and this guy would be wasting his time to pick up $880
He has that much money because he picks up every penny with a giant vacuum
Not this fallacy again. If Bezos decides not to pick up the $880, he doesn't become >$880 richer. The $880 exceeds the opportunity cost so a rational Bezos would pick up the money.
To be fair, it does point something useful out. In this example, bezos probably wouldn't really care if he found $880 laying on the ground. It wouldn't make any difference in his life at all. However, to the average American, $880 would be a significant increase in the day to day wealth of the person. That's what it's trying to illustrate. I make decent money, but just finding $880 on the ground would have a serious impact on my life in the short term. Bezos wouldn't give two shits about it. It'd probably be just be a funny story to tell his friends and family.
He has contractors with no benefits following him to pick up the 880 for him. Strict bathroom breaks too
Ha, jokes on him. I get free shipping on my purchases with my....Prime........subscription.
I always forget I have prime and end up buying extra stuff I dont neet, just to get free shipping.
That, my friend, is the primary purpose behind selling you that Prime membership.
the primary purpose is to get you to buy on amazon over competitors by locking you in to their ecosystem.
I have no clue on the math of prime and profits and if it's more of a gym membership thing where they hope you don't use it or if they do want you making more smaller purchases. I would imagine it's complicated and depends on what you're purchasing and how good those amazon predictive algorithms are at getting what you're going to buy in a close shipping center before you buy it.
even if the competitor have cheaper price, people will still say "we already have prime, why not just buy from amazon?"
Do you ever look at people making all this money and legitimately get mad you didnt think of something similar? Im working 40 hrs a week sweating lifting heavy ass shit all day to bring home like 400-500 a week and this fucker is literally having money gave to him so people can get free shipping.
E: ok guys i get it, it took more than just thinking if the idea. No fucking shit. Im talking about thinking of it, and going through with it the same way he did. I figured that was implied....
Amazon the store doesn't really make much money, the real gem is AWS, that's a money printing machine.
It blows my mind how many websites and services are hosted by them. I'm pretty sure Reddit is.
AWS probably have government contracts, too
Even german police is storing (or is planning to store?) their bodycam footage on AWS servers. They say it's the only host that offers the level of security they need (which is probably bullshit and they're just the cheapest and/or most convinient).
It was a bit of a scandal a few days ago, when it became public. A lot of people aren't really cool with storing that data "in the cloud" and with a US provider. They promised to only store it on servers in Germany, but the US has laws that force US companies to give access to US law enforcement, even if the data is stored outside of the US.
lmao yeah of course
but u gotta remember he not only thought of the idea, he put in the fucktons of effort to actually implement and execute it into the giant thing it is today. Many people could have tried to pull it off, but not many may have pulled it off well
Edit: I'm not justifying any of his exploitive practices or saying it was okay at all. I disagree with them. Just looking at all of it from purely an input-output perspective.
That’s why he is where he is, my friend.
The amount of money that goes through Amazon must be insane. Not only are they the most massive online ordering service for just about any fucking product under the sun, they've got an incredibly robust cloud computing infrastructure. Almost any major business that offers cloud-based services (Slack, for instance) is pretty much guaranteed to be using AWS. And that shit is not cheap either.
It's also insane that it started as just an Online bookstore
Amazon was always planned to be an “everything store.” Bezos chose books as his first product to launch the platform for a number of practical reasons. Primarily because books at the time were distributed by only two companies, customers don’t really care about seeing the physical product before purchase, and no physical store could compete with the diversity of stock of an online store.
Most of Amazon’s profit comes from AWS. There was a story on NPR a few weeks ago about how you couldn’t avoid Amazon without virtually disconnecting from all of society since so many companies and governments rely on AWS.
Jeff Bezos could literally crack an egg on my bedsheets and say mean things to my dog and I'd probably still use Amazon. Shopping before Amazon was a giant pain in the ass.
I’ve been trying so hard to distance myself from Amazon after hearing how they treat the warehouse workers. It’s just so damn convenient!
It’s not free you just already paid for it. Like food on a cruise.
You mean 44k for him and 44k for his ex
Cool. That makes me feel worthwhile.
Well on the other hand you don't have to hand over the gdp of paraguay to a woman who hates you.
I did the math on this and I think he's going to be okay.
that's the counterpoint? I'm not seeing a problem lol
His wealth =\= spending power since his wealth is wrapped up in equities
Nobody expects him to have all of his assets liquid, but if he's buying anything smaller than a country he could probably do that at the drop of a hat without taking any real losses.
Nobody expects him to have all of his assets liquid
Tell that to the people that think he actually has $120B in cash. There's more than you might think
So, this begs thebquestion, outside of cartel leaders and dictators, who is the richest person via liquid capital? A lot of the "richest" people in the world are like Bezos and Gates. Money tied up in stock and other things. But somewhere down that list someone has most of their wealth in a bank account.
Honestly probably Putin or someone high up like that, I heard Putin has an extremely large amount of gold stashed away.
This. In reality there is no way he's worth this much. The moment he tried to sell his marketshare it would plummet. Still rich as fuck tho, but good for him.
Couldn't doing that without the stock price plummeting, and the SEC probably wouldn't let him anyway.
its also incredibly easy for people that rich to get loans at rates so low, that they make more money investing and paying off a loan than they would buying something outright.
It's also easy if you don't have shit credit.
Just on a smaller scale.
Auto loans as an example.
I have good credit, but if I started taking out loans to invest in things I'd probably end up homeless.
Sure, but if you wanted a car, a car loan would mean you could make money investing instead of paying it off all at once.
Besides, risk is part of investing. I wouldn't recommend taking out loans specifically to invest it.
Yes but that has to do with your abilities and your reputation. Banks will gladly loan a credit worthy person money if they have collateral. Bezos equity holdings and even his name is basically collateral for the banks.
He would have to let the sec know in advance if he's selling off a large number of stocks
Not really true. Putting up a billion dollars worth of Amazon stock on the market all at once would definitely put a real downward pressure on Amazon's stock price.
Nobody expects him to have all of his assets liquid
Except that when the majority of reddit hears net worth they think money in the bank(as instanced by this post)
You have to type it =\\=
I have an auto complete setup in iOS so that ‘/ =‘ (with no space) outputs ‘≠’. I use it all the time, so very handy.
He's worth billions because his company Amazon is worth billions.
To this date I'm baffled at the number of people I've met who think the ultra-rich have their money sitting in some vault a la Scrooge McDuck.
Not even close since the wealth of nations is measured in productivity per year whereas Bezos' net worth is measured in productivity over lifetime, based on some really bad math(assuming he is equally productive every year, he isn't) if Bezos was a nation he would be the 162nd wealthiest nation, ahead of the Central African Republic and behind Bhutan.
How did this conversation not stop at "this man is worth more than a nation".
Jeff Bezo literally bought a news paper that was losing money and keep its afloat because he think its important. Imagine being so rich you could buy a company that isn't profitable, keep it afloat and not even care if it makes money because it costs you so little compared to what you earn.
Itt people think bezos wealth is just in his bank account
I think it is less than that. It’s phantom wealth caused by the fact that he owns so much Amazon stock and the stock price is so high. If he were to start selling his stock in large volume to liquidate his worth then the stock price would take a dive and his net worth would go soaring down.
That’s not to say he isn’t still obscenely cash wealthy. I suspect the amount he has in liquid and semi liquid growth making investments likely earns him more money than he spends in an average day. Once you hit a certain level of wealth your money makes you money faster than you can spend it.
well, he liquidates about a billion in assets every year to move to Blue Origin, so it's not like he never sees the realization of his equities.
Give me one bezos dollar and it would literally solve 99 of my 99 problems (Because of course a bitch ain't one why the hell else would I be on reddit)
That’s not how it works.
Which is why a massive reform on taxation of the ultra-rich and their corporations is long over due.
Amazon paid $0 in federal taxes for '18. One hell of a deal they've got going.
Edit: If you want a good laugh... go through the top level responses to my comment. It's pretty much the TLDR why the rich remain rich, while everyone else is left to fight for their left overs. It'd almost be comical if you didn't know it was the real world reality.
If I understand the law properly the reason they don't pay taxes on their profits for 2018 is because they weren't profitable for years. Essentially they don't need to pay taxes until they make more in profits then they took in losses. IIRC they won't pay taxes next year either but then after that they will.
Yea, the problem is that they can reinvest in themselves and pay no taxes. If I as a person want to invest my money, I have to pay taxes on it first. I know there's plenty that goes into it, but that's where my problem is.
401ks and IRAs both allow you to invest before paying taxes
Yea, those have limits of 24k~ a year? something in that ballpark.
If I as a person want to invest my money, I have to pay taxes on it first.
Yeah, but this isn't true.
You, as a person, can also buy real estate and use the depreciation to pay no taxes on the income.
I'm no tax expert but individuals can defer liability, but that it's different for them compared to companies. It's all a moot point though. It doesn't really make sense to have individual and corporate tax laws be the same. Companies investing in themselves is exactly what the government wants companies to do. You also can't do it forever IRRC. Amazon will start paying federal taxes in 2020.
If you own a business you dont. Business ownership is inherently risky so the government gives tax breaks incentives to encourage people to start businesses. Having a job at an already established business is less risky in the short term so you dont need the incentive of a tax break to have one.
It's funny because the guy you're responding edited his post and is basically saying business that lose money should pay taxes on losing money. I wonder if he thinks that people should pay taxes on the debt they owe each year.
New Jersey had to rework its entire state budget a couple years back because one rich guy moved out of state. You can hate the rich all you want, but the phrase “don’t put all your eggs in one basket” holds up pretty well in economics
Well, $2 now that he's divorcing
I know the guy is rich bit the fact is the majority of his wealth is amzn stock and he could not sell all of it for full value so his wealth is on paper. Therefore these stats are not accurate
I hate these figures like this. Wealth is not income. You can't just spend ownership of a multibillion dollar company any more than you spend ownership of a house. Comparing average income to Apex wealth gives a very impressive, but also very inflated, number.. but it's still probably impressive.
And yet his company is running at a degree that some of the workers piss in bottles to avoid punishment and get paid fuck all.
Except he cant spend $88k like I can spend $1 because my $1 isn't wrapped up in stock
Well, he probably could spend $88,000 like you can spend $1. He just couldn't spend $8,800,000 like you can spend $100. It's not that absurd to have $88,000 in liquid assets. :P
How is the fact that this article image reminds no one of Dr. Evil from Austin Powers? I was hoping it’d be in the top 10 comments at least...
Lol picturing Jeff trying to fit 88k in cash in his wallet