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Rethinking 'Fuck You' money

tonywright.com

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Re: Rethinking 'Fuck You' money

#21

Post by wallflower »

Repost but a quote from George Foreman about longshoremen. What is real wealth?:

Mr. Foreman, who stared down financial collapse as an adult despite a troubled, impoverished childhood, said he knew real wealth when he saw it. “If you’re confident, you’re wealthy,” he says. “I’ve seen guys who work on a ship channel and they get to a certain point and they’re confident. You can look in their faces, they’re longshoremen, and they have this confidence about them...I’ve seen a lot of guys with millions and they don’t have any confidence,” he says. “So they’re not wealthy.”

Re: Rethinking 'Fuck You' money

#22

Post by yewweitan »

Well, there must be some correlation between money and influence. If Paul Graham is right, then the guy who has $5M at 30 by virtue of a startup exit has created enough value to be compensated as such. Which of course, leads to influence.

FYM in it's old-world sense (retirement) is probably getting more obsolete anyway. As Tim Ferriss put it, "The goal isn't to work less. It is to live more."

Re: Rethinking 'Fuck You' money

#23

Post by anamax »

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.…

> And you as an owner don't need to do anything...just hire a good manager...and it'll more or less run on autopilot(from your perspective)

Actually, it won't.

Good managers are very expensive and they leave to make their own FU money. Okay managers require constant supervision.

Re: Rethinking 'Fuck You' money

#24

Post by rortian »

harscoat wrote: post #19
rortian wrote: post #18

Earlier quoted context omitted.

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 ;)

I concur. Not known for being super cheap I'd imagine though.

Re: Rethinking 'Fuck You' money

#25

Post by apphacker »

Super_Jambo wrote: post #6
troygoode wrote: post #2

The first 3/4 of this article is fucking terrifying .

If you are not fucking terrified at the moment you're not paying attention.

There's nothing to be terrified of. Just live your life and do your best. If you're going to live your entire life with fear about retirement or debt, then by the time you reach retirement age you'll have lived most of your life in fear. Which is worse? Working during retirement age or living the vast majority of your life in fear? If things get really really bad you can always put a hole in your head or jump off a bridge. So don't worry about it. Just work hard, enjoy your life, and be happy if you want to be.

Re: Rethinking 'Fuck You' money

#26

Post by [deleted] »

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…

[deleted]

Re: Rethinking 'Fuck You' money

#27

Post by adammichaelc »

jmillerinc wrote: post #20
CapitalistCartr wrote: post #14

Earlier quoted context omitted.

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%?

Tax free municipal bonds.

Re: Rethinking 'Fuck You' money

#28

Post by gcheong »

What about dividend paying stocks? Good companies are usually very reluctant to cut dividends even in bad times and with stock prices suppressed, this should lead to higher dividend yields. Probably not a total solution but should be looked at.

Re: Rethinking 'Fuck You' money

#30

Post by philwelch »

gcheong wrote: post #28

What about dividend paying stocks? Good companies are usually very reluctant to cut dividends even in bad times and with stock prices suppressed, this should lead to higher dividend yields. Probably not a total solution but should be looked at.

In theory, shouldn't all stocks be dividend paying? If your stock doesn't pay dividends, what makes it any different from baseball cards as an investment?
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