미국 주식 소유 및 투자에 대한 오해

### 주식 소유의 환상: 대부분의 미국인이 진정한 투자자가 아닌 이유
* 📈 미국 상장 주식의 총 가치는 **58조 달러를 넘어섰으며, 지난 10년 동안 3배 증가**하여 전 세계에서 두 번째로 큰 자산군이 되었습니다.
* 📊 이러한 성장에도 불구하고 전체 가구의 **61%만이 주식을 보유**하고 있으며, **상위 10%가 전체 주식의 93%**를 보유하는 등 부유층에 주식 소유가 집중되어 있는 것으로 나타났습니다.
* 💼 주식 소유의 증가는 **401K 계좌의 보급과 Robinhood와 같은 거래 플랫폼의 접근성** 덕분에 개인이 자신이 현명한 투자자라고 착각할 수 있기 때문입니다.
* 💳 많은 Robinhood 사용자는 **진정한 투자 전략보다는 부채 탕감에 동기를 부여**받으며, 상당수가 **신용 점수가 낮고 투자 자본이 제한**되어 있습니다.
* 🎲 신규 투자자들 사이에 도박 정신이 만연하여 많은 투자자들이 **주식에서 스포츠 베팅으로 자금을 돌리고** 있으며, 이는 투자 수익에 대한 현실적인 기대치가 부족하다는 것을 나타냅니다.
* 📉 연구에 따르면 자신을 투자자로 인식하는 사람들은 종종 잘못된 투자 선택을 하는 경우가 많으며, **여성이 남성보다 주식 수익률이 평균 1% 정도 낮은 이유는 거래 빈도가 낮기 때문**이라고 합니다.
* 🏦 투자자라는 오해는 **노동자 보호보다 기업의 이익을 우선시하는 정책**을 지지하고 **주주가 소유한 기업에 대한 소비자 충성도**를 높이는 결과를 초래할 수 있습니다.
* 📚 궁극적으로 투자는 재정적 성장을 위해 매우 중요하지만, **주식 소유의 진정한 본질과 관련된 위험**을 이해하는 것은 지속 가능한 부를 쌓는 데 필수적입니다.

투자자가 되었다는 착각은 종종 개인이 자신의 실제 재무 상태와 투자 효과에 대해 오해를 불러일으킵니다.

The collective value of all American publicly traded stocks is now over $58 trillion. That's more than a three times increase from just a decade ago, and American public stocks are now the second largest asset class in the world, behind only Chinese real estate. These amazing returns, coupled with new technology which makes getting into the market easier than ever before, has meant that more Americans than ever are stock owners, benefiting from this strong market. Investing is the best tool for average people to build up wealth, to fund some of the most important life goals like retirement, sending their kids to college, or leaving some money behind for their children. With more people than ever benefiting from the stock market, it means what is good for investors is good for everybody. The only problem is basically everything I have just said is complete [__]. You are not an investor, but it's really important that you think you are. So, as we talked about record for the S&P, record for the NASDAQ, it's a big list, some big, some big numbers.

in terms of the number of layoffs, it's always negative and not to make light of anything that people are going through because it's very hard. But often we see companies bounce back. Okay, so the rate of stock ownership is approaching all-time highs, but those highs are probably lower than you expect. According to a Gallup survey, just 61% of households own any stock at all, either directly or through a mutual trust. This data is roughly in line with the FED estimates, which suggest that we have now surpassed the previous peak of household stock ownership that was reached just before the market crash of 2008. More people owning more stocks is great, but the problem is that these record levels have only been hit for two reasons. The first reason is that most of these stocks are held in 401K accounts, which would become far more common as old-fashioned employee pension plans slowly go extinct. This is putting the market risk in retirement onto workers, but

overall, a diversified portfolio should be safer than an employee pension scheme, which have been completely evaporated in dozens of high-profile corporate bankruptcies in past decades. This is not really a sign of households owning more stocks, though, because in the past, employer pension schemes would invest their employees' pension accounts into the market to help fund the liability. So, the only thing that's really changed is what entity is holding on to the shares. The second reason that more people own shares now is because it's become easier, thanks to low-cost or zero-commission brokerages like Robinhood. Now, that isn't necessarily a good thing. Investing should be a part of a sound financial plan, but it will not make you rich by itself. According to Robinhood's most recent filing, its average funded account had less than $5,000 invested in total. Another report published by the finance firm Stilt found that almost 43% of Robinhood

users had FICO scores below 650. A survey conducted by The Wall Street Journal found that debt relief was one of the primary motivators for using the investing app. Now, I don't want to crush anybody's dreams here, but the chance of being able to generate investment returns greater than the interest payments on high-risk consumer credit is effectively zero in the long term. There are people who get lucky, but the vast majority of these investors would be much better taking the money they are putting into Robinhood and using it to pay down their high-interest debt. If you do happen to have a consistent strategy for generating returns above the interest rate of a low credit score car loan, then you don't have to worry about those anyway because Citadel or Jane Street would probably offer you a seven-figure signing bonus. Clearly, a lot of these users are not being realistic about generating consistent investment returns; they're gambling. It's probably no coincidence that the fall in active users for Robinhood lines up almost perfectly with the

rise in active users for sports gambling apps like DraftKings, FanDuel, and the various casino offerings. A report by Bloomberg found that these investors were taking their money out of stocks to top up their accounts on these platforms, and really, they have about the same chance of hitting a five-leg parlay as they do making money on a zero-data expiry out-of-the-money call option on orange juice futures. So, the number of people owning shares for the first time is misleading at best and outright dangerous at worst. But you are probably better than that, right? You might have a buy-and-hold portfolio that you make regular contributions to. You don't have any high-interest debt, and you might even watch low-energy boomers like Ben Felix or the Plan Bagel that give realistic guidance on how to invest your money. Surely, you are an investor, right? Wrong. Statistically speaking, the only difference between you, the average person watching this video, and someone blowing up their Robinhood account is at least those

guys have a little bit of self-awareness. So, it's time to learn how Money Works to find out why you are not an investor, but it's very important that you think you are. This week's video is brought to you by Brilliant. Brilliant is an Interactive Learning platform that helps you truly understand concepts by engaging with them directly. Whether it's math, programming, or data analysis, Brilliant offers thousands of lessons designed to make complex topics more enjoyable to learn. I've recently started using their daily learning challenges, and I love how quickly I've been able to sharpen my problem-solving skills in just a few minutes each day. It's a great way to keep your brain active without feeling overwhelmed. What's great about Brilliant is you can access it on your phone, tablet, or computer, so it's perfect for fitting learning into a busy schedule. Try everything Brilliant has to offer for free for 30 days by visiting brilliant.org/howmoneyworks, and if you like it, you'll also get 20% off an annual

premium subscription. This video was actually inspired by a comment on our video about Farmland becoming the target of major investment firms. I don't want to call that particular comment out, but they said something like, Even if investors do buy up all the Farmland, it doesn't matter because we are the investors through our pensions, retirement savings accounts, or direct Holdings. This line of thinking has been used to protect investors in the past with big bailouts because if markets are allowed to suffer, then people will lose their life savings. The reality is that stock ownership in America is incredibly concentrated in the hands of very wealthy people. According to a Fed survey of consumer finances, the top 10% of Americans own 93% of all stocks. So, everybody worth less than $1.6 million is really just fighting over the scraps. Even within the top 10%, stock ownership is still incredibly concentrated, with the top .1% increasing their Holdings faster than

any other group. These people are investors as a majority of their earnings power will be derived from dividends and capital appreciation from their shareholdings. The detail is that very few of them got there by investing alone. Most of the wealth in the very highest percentiles of wealth was made through a combination of investing and either running a successful business, having a career as an extremely well-paid executive, or just inheriting their investments. There is a similar misconception that millionaires get rich by building an average of seven different sources of income. Just like the idea of being an investor can make you rich, this is based on an element of truth. It's based on an IRS report that studied households between 1998 and 2002, and it found that high net worth respondents had reportable tax income from dividend income from stocks owned, earned income from paychecks, rents from rental real estate, royalties from selling rights to use something they've written or invented, capital gains from selling appreciated

asset assets profits from business they own and interest from savings CD bonds or other lending activities. The thing is at least four out of those required the household to have money invested in the first place so they didn't really get rich from having multiple sources of income. They had multiple sources of income because they were Rich so what this means is that for the vast majority of even the most diligent investors it's better for them to focus on increasing their earnings to buy more Investments than it is to focus on hyper optimizing their investments. In the best-case scenario if you have got yourself a good job made responsible financial decisions and are consistently putting money away into an Investment Portfolio not only are you in the top five% of people but you are still a worker that happens to have some Investments. Now there are actually three reasons why it's really important for you to think otherwise. The first reason is that people that think more about their Investments tend to make worse Investments. A study by UC Berkeley found

that stock portfolios held by female investors generated annual returns of 1% higher than their male peers on average. 1% might not sound like a lot, but compounded over a multi-decade investing horizon, and that small difference could easily double or triple a portfolio size. For single men and single women, the difference was even wider at 1.44%. What was the cause of these higher returns? Women just cared less about investing, so they didn't try to fine-tune their portfolio as much as men did. There is an entire industry of market makers and prop trading firms that can only make money when there is dumb money active in the market, so there was a multi-billion dollar industry that really needs you to trade your investments as much as possible so they can pick up a few cents every time you do. The second reason is that if people think they are investors, they are a lot more receptive to pro-investment policy either from their governments or their

companies bailouts loosen investment regulations. Lighter work protections and business subsidies overwhelmingly benefit investors, often at the expense of workers. Other questionable practices, like corporate investment into single-family homes, leveraged buyouts, anti-competitive practices, and market consolidation, are surprisingly hard to push back against because lobbyists immediately bring up the fact that restricting these practices would hurt people's retirement savings. If these businesses couldn't do what they do, if people think they are investors, it's a lot easier to get support for these policies. The third reason is that people who think they are investors are better consumers. A survey of 2070 respondents conducted by the market research firm ticker found that consumers were 80% more likely to purchase from a company that they own shares in. Apple shareholders were more likely to buy an iPhone. Amazon shareholders were more likely to be prime customers. And Tesla shareholders were much more likely to drive a Tesla. It's highly unlikely that

the investment returns from these companies will cover the purchases unless you made a significant investment when these businesses were much smaller than they are today. If you buy a few Tesla shares because you believe in the vision of electric self-driving cars and you also pick up a Model 3, then you are a consumer that just so happens to also own some shares, not an investor. Companies know about this trick, and some of them even offer special deals to shareholders in the business. The Carnival Cruise Line Corporation, for example, offers shareholders discounts on trips if they own at least 100 shares in the company, which amounts to about $1,800 as of the date of making this video. They don't offer these deals because they think a few retail investors will bolster their stock price; they do it because it's effectively a loyalty program that people tie up hundreds of dollars to join. Now, the most important piece of nuance amongst all of this is that investing is still incredibly important. Go watch my latest video on the millions of people who can't afford

to retire but are being forced to anyway. to find out why and as always if you want to get these videos a daily and read some harder-hitting articles that just wouldn't do well here on YouTube sign up to my completely free email newsletter to keep on learning how money works.

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미국 상장 주식의 총 가치는 수익률 호조와 시장 진입을 용이하게 하는 신기술에 힘입어 58조 달러 이상으로 급증했습니다.

이러한 증가에도 불구하고 전체 가구의 61%만이 주식을 보유하고 있으며, 주로 401K 계좌와 Robinhood와 같은 저비용 중개업체가 기록적인 소유 수준을 주도하고 있습니다.

더 많은 사람들이 주식을 소유하는 것은 유익하지만, 소유 주체가 고용주 연금 제도에서 개인으로 바뀌면서 은퇴 후 시장 위험의 분배에 대한 우려가 제기되고 있습니다.

부채 탕감을 위한 투자에 대한 오해

Robinhood와 같은 투자 앱의 많은 사용자는 FICO 점수가 650점 미만이며, 부채 탕감이 투자의 주요 동기가 됩니다.

고금리 부채 상환보다 더 높은 투자 수익을 지속적으로 창출할 가능성은 극히 낮기 때문에 이러한 투자자들은 도박에 빠지게 됩니다.

로빈후드에서 스포츠 도박 앱으로의 활성 사용자 이동은 유사한 위험을 감수하는 행동을 시사하며, 첫 투자자에 대한 오해와 잠재적 위험을 초래할 수 있습니다.

부의 집중과 그것이 투자에 미치는 영향

미국의 부는 매우 집중되어 있으며 상위 10%가 전체 주식의 93%를 소유하고 있습니다.

가장 부유한 개인은 투자, 성공적인 사업 운영, 상속을 통해 부를 축적하는 경우가 많습니다.

대부분의 사람들에게는 투자 포트폴리오를 과도하게 최적화하는 것보다 수익을 늘려 더 많은 투자를 하는 데 집중하는 것이 더 효과적입니다.

성별이 주식 포트폴리오 수익률에 미치는 영향

여성 투자자의 주식 포트폴리오는 남성 투자자보다 연간 수익률이 1% 더 높았으며, 미혼 남녀의 경우 그 차이는 1.

이러한 수익률 격차는 여성이 투자에 대한 관심이 적어 남성만큼 포트폴리오를 세밀하게 조정하지 않았기 때문인 것으로 분석되었습니다.

또한, 투자자로서의 신념은 친투자 정책에 대한 수용성을 높이고 개인이 주식을 소유한 기업의 주식을 구매할 가능성이 높아져 더 나은 소비자가 되었습니다.

기업의 투자 수익은 구매를 충당할 수 있지만, 진정한 투자자는 기업이 더 작을 때 투자한 사람들입니다.

카니발 크루즈 라인과 같은 일부 회사는 로열티 프로그램으로 주주에게 특별 혜택을 제공합니다.

이러한 미묘한 차이에도 불구하고 투자는 재정적 안정과 은퇴 계획을 위해 여전히 중요합니다.