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Rethinking 'Fuck You' money

tonywright.com

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Re: Rethinking 'Fuck You' money

#11

Post by vaksel »

troygoode wrote: post #4
vaksel wrote: post #3

I think after you get fuck you money, your goal should be to create a lifestyle business. Something that can more or less run on autopilot and generate money for you to live on. If you are a web guy, you can create some software product(or pay someone to build one for you). Then charge $50 a month...and you only need to make 6 sales a day(via adwords) to make $100K/yr. If you are not...you can buy a franchise...i.e.…

If you can make something that makes you $100k/yr why wait until you have already made your fuck you money?

because a lot of these niche $100K/yr products...hit the ceiling at 150-200K. So you have no security like you do when you have 5-6 million in the bank. Anything can happen...Google might slap your adwords account, someone might release a competing product etc.

And starting a lifestyle business with FU money, means that you can tough it out as it grows from 1 sale every other day, to 1-2-3-4-5-6 sales a day.

Re: Rethinking 'Fuck You' money

#12

Post by MisterWebz »

smalter wrote: post #7

what's the moral of this story? you most likely, even if you make a good amount of money, will not escape the anxiety associated with money. or, escaping the anxiety associated with money is not accomplished by making money. the idea of fuck you money is for kids. being able to say fuck you to anyone is more about what you've got on the inside than what you've got on the outside.

being able to say fuck you to anyone is more about what you've got on the inside than what you've got on the outside.

Sure, but the consequences will be different.

Re: Rethinking 'Fuck You' money

#13

Post by SamAtt »

vaksel wrote: post #3

I think after you get fuck you money, your goal should be to create a lifestyle business. Something that can more or less run on autopilot and generate money for you to live on. If you are a web guy, you can create some software product(or pay someone to build one for you). Then charge $50 a month...and you only need to make 6 sales a day(via adwords) to make $100K/yr. If you are not...you can buy a franchise...i.e.…

Just FYI: It's actually very hard to get a McDonalds Franchise these days. McDonalds controls where their restaurants can be built and how far they have to be from other restaurants. Plus McDonalds Corp. makes most of its money of real estate so the company has to be able to acquire land to sell to you. When there is land available in the U.S. there's usually a bidding war between existing franchisees making it hard for an individual to get a foot hold.

Plus you have to sign up for a 20 year term or face a steep termination fee (I heard it was in the arena of $100 Million).

I'm not sure it goes to your point I just thought it might give perspective on how even easy money isn't all that easy to get.

Re: Rethinking 'Fuck You' money

#14

Post by CapitalistCartr »

hrabago wrote: post #10

$5M is definitely not retirement money if you're only 30 years old. I figured at that age you'd need about $15M, and even at that you'd need to make sure you invest it properly to at least keep up with inflation. I've always thought that FYM and retirement money are two different concepts. If I had FYM, I can quit my job. I would still be looking for what's next, but I can take my time. (Usual disclaimers apply re: d…

I'd have no problem extracting 250,000 in annual income from 5 million, after it's been invested for a year. Whether or not that's enough t decide to go walkabout depends on the person.

Re: Rethinking 'Fuck You' money

#15

Post by SamAtt »

astine wrote: post #9
SamAtt wrote: post #5

His premise seems flawed to me. He says people should forget about F@#$ You Money because you can't depend on it to grow in this bad economy. That's reasonable. But then he suggests you aim for “f@#$ you influence and credibility” because it "allows you to charge $30k+ for a 1 hour speaking engagement". But I know people who used to make $10k per speaking engagement and they aren't getting much work lately. In my exp…

He's saying you should forgt about a few million and go for a few billion.

I don't think it is what he's saying. He specifically says "give up on F@#$ You Money." Not "Go for a billion dollars because a million isn't enough F@#$ You Money"

What he's saying is influence is a better strategy than money and I'm disagreeing with the truth of that statement.

Re: Rethinking 'Fuck You' money

#16

Post by myoung8 »

Slightly myopic given that we're still very much in a recession, but good points nonetheless.

I would have to disagree, though, because fame and influence fades. You still have to work hard to maintain it.

Re: Rethinking 'Fuck You' money

#17

Post by wallflower »

startuprules wrote: post #8

A very easy solution to this: Go live in a cheaper country. Go now, before the heavily debted countries lock down money transfers (In which case, buy gold/silver)

Off-topic but don't you think that the owners of that debt have a slightly vested interest in avoiding complete collapse/keeping the system going, even if it is barely functional to get some of their ongoing interest payments?

Or will the environment rapidly devolve to: http://ferfal.blogspot.com/

Re: Rethinking 'Fuck You' money

#18

Post by rortian »

startuprules wrote: post #8

A very easy solution to this: Go live in a cheaper country. Go now, before the heavily debted countries lock down money transfers (In which case, buy gold/silver)

How does crazy paranoid stuff get up-voted here? Very Sad.

Cheaper countries can be fun, but there's lots of downsides as well. If you are asocial, it could be your dream to live there. I'll always want a vacation there, but not to live there.

Re: Rethinking 'Fuck You' money

#19

Post by harscoat »

rortian wrote: post #18
startuprules wrote: post #8

A very easy solution to this: Go live in a cheaper country. Go now, before the heavily debted countries lock down money transfers (In which case, buy gold/silver)

How does crazy paranoid stuff get up-voted here? Very Sad. Cheaper countries can be fun, but there's lots of downsides as well. If you are asocial, it could be your dream to live there. I'll always want a vacation there, but not to live there.

Berlin is pretty social ;)

Re: Rethinking 'Fuck You' money

#20

Post by jmillerinc »

CapitalistCartr wrote: post #14
hrabago wrote: post #10

$5M is definitely not retirement money if you're only 30 years old. I figured at that age you'd need about $15M, and even at that you'd need to make sure you invest it properly to at least keep up with inflation. I've always thought that FYM and retirement money are two different concepts. If I had FYM, I can quit my job. I would still be looking for what's next, but I can take my time. (Usual disclaimers apply re: d…

I'd have no problem extracting 250,000 in annual income from 5 million, after it's been invested for a year. Whether or not that's enough t decide to go walkabout depends on the person.

What would your strategy be to get that 5%?
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