I Stop Celebrities from Blowing Their Money • Hacker News Board

Re: I Stop Celebrities from Blowing Their Money

#41

Post by 2muchcoffeeman » Fri, Jun 22, 2018, 7:42 AM UTC

wrich5011 wrote: post #23

FIVE PERCENT FEES? After inflation that basically brings your ROI from holding risky equities down to savings account rates. She gets paid better than the world’s most successful hedge funds to be a glorified baby sitter to grownups? I picked the wrong career.

Seems reasonable considering the amount of babysitting they do.

Managing assets and making sure certain bills get paid on time seems reasonable. But having to talk them out of impulse buys they may not be able to afford sounds terrible.

It’s like these stars are not fully functioning human beings.

Re: I Stop Celebrities from Blowing Their Money

#42

Post by Theodores » Fri, Jun 22, 2018, 7:45 AM UTC

Is Mick Jagger primarily a musician or a businessman?

Rock and roll has always been a business - 'the music business' - and usually those that succeed have an excellent business partner that looks after the books. You would be surprised at the property and stock portfolios of the truly successful 'musicians'. Even John Lennon was a 'businessman'. Although he did put peace and love first and foremost he made sure those Russians paid him in furs when he sang a few ditties there.

The same goes in the 'art business'. Is Damien Hirst an artist or a businessman, first and foremost? Again, an excellent business partner takes care of business for him whilst the army of interns/students/wannabees do the hard work of assembling the dead animals into 'art' (for the status-anxiety celebrities to buy).

So-called 'celebrities' have to be smart otherwise they end up with accountants skimming off '5%' of their earnings.

Re: I Stop Celebrities from Blowing Their Money

#43

Post by zeta0134 » Fri, Jun 22, 2018, 7:46 AM UTC

jgtrosh wrote: post #32

iamtew wrote: post #31

The cookie wall won't let me continue without agreeing to cookies. I can reject them in the Cookie Policy, but that too is protected behind the cookie wall. Obviously, this doesn't comply with the GDPR, and makes the site unreadable for some.

These wall designs are really surprising; I would expect bad designs to come from difficulty of implementing data collection management, not the wall UX. Just imagine you're a user seeing this, do you not feel antagonized?

Since the data collection management would traditionally be stored as a cookie... It's a bit of a chicken and egg problem. Without tracking, how do you track that consent was revoked?

The cookie law bugs me because it's feels like it's being applied in completely the wrong place. Isn't the browser perfectly capable of restricting third party cookies and presenting the necessary legal warnings?

Re: I Stop Celebrities from Blowing Their Money

#44

Post by smadge » Fri, Jun 22, 2018, 7:49 AM UTC

“One thing that’s surprisingly inexpensive for a lot of our clients is health insurance. The insurance policy for members of SAG-AFTRA is amazing. For the money, it is the best health insurance out there. It’s only about $400 per quarter for an individual, so you’re looking at about $1,200 or $1,500 a year for the best PPO coverage in the country. It travels with you everywhere, and you have access to emergency care facilities and 24/7 mental-health care. It’s great. I wish I could get it.”

For me, this is the most surprising quote from the article. It really shows how us Plebians are ground into dust by the healthcare industry.

Re: I Stop Celebrities from Blowing Their Money

#45

Post by caseysoftware » Fri, Jun 22, 2018, 8:07 AM UTC

charmides wrote: post #38

rurban wrote: post #16

Earlier quoted context omitted.

That does not work, because you are out of work then. Nobody will meet you or call you out of the blue.

That depends on your age and what you do for a living.

Since they're "actors, recording artists, producers, writers, and athletes" they're often in LA, NYC, and a handful of other places that are expensive to live. They usually have to be near their projects, sets, studio, or team for a significant part of the year.

We're not talking about remote software developers or launching a new startup here.

Re: I Stop Celebrities from Blowing Their Money

#46

Post by Fradow » Fri, Jun 22, 2018, 8:10 AM UTC

zeta0134 wrote: post #43

jgtrosh wrote: post #32

Earlier quoted context omitted.

These wall designs are really surprising; I would expect bad designs to come from difficulty of implementing data collection management, not the wall UX. Just imagine you're a user seeing this, do you not feel antagonized?

Since the data collection management would traditionally be stored as a cookie... It's a bit of a chicken and egg problem. Without tracking, how do you track that consent was revoked? The cookie law bugs me because it's feels like it's being applied in completely the wrong place. Isn't the browser perfectly capable of restricting third party cookies and presenting the necessary legal warnings?

The cookie law has exemptions for cookies that are there for technical reasons. For example, your locale, and which cookies you agreed to.

The browser cannot differentiate first party cookies that are technical or for tracking.

Re: I Stop Celebrities from Blowing Their Money

#47

Post by [deleted] » Fri, Jun 22, 2018, 8:10 AM UTC

elgenie wrote: post #34

The US does a terrible job of inculcating basic financial literacy in the populace. The only way that paying someone 5% of assets / income just to avoid ruination can be a sound investment is if the person is utterly clueless about how money in general, and compound interest in particular, works.

[deleted]

Re: I Stop Celebrities from Blowing Their Money

#48

Post by ainiriand » Fri, Jun 22, 2018, 8:12 AM UTC

Animats wrote: post #40

A lot of people who are making $300K a year in Silicon Valley are going to be in that situation around age 50.

That can be accurate, but keep in mind that the people ins Silicon Valley are there using the brain and therefore more aware of the financials of their lives. Artists and sportists on the other hand can be a bit more detached from how much they make. I am not saying that this happens in 100% of the cases but there is a correlation.

Re: I Stop Celebrities from Blowing Their Money

#49

Post by JumpCrisscross » Fri, Jun 22, 2018, 8:13 AM UTC

wrich5011 wrote: post #25

nixgeek wrote: post #8

Earlier quoted context omitted.

I presume it’s their income, or assets under management. Pretty sweet deal if so compared to the 2-and-20 a lot of investment managers make.

2 and 20 is what premier hedge funds make (many charge less nowadays). 1% is a standard financial advisor fee.

> 2 and 20 is what premier hedge funds make (many charge less nowadays). 1% is a standard financial advisor fee.

Hedge fund managers and financial advisors meet with their LPs/clients from time to time. They don’t “get all of [their] clients’ mail — bills, fan mail, business-related mail, everything” nor “oversee payments for their mortgages, phone, rent, utilities, and all the little things that keep their lives going and the lights on.”

Re: I Stop Celebrities from Blowing Their Money

#50

Post by ainiriand » Fri, Jun 22, 2018, 8:14 AM UTC

wrich5011 wrote: post #23

FIVE PERCENT FEES? After inflation that basically brings your ROI from holding risky equities down to savings account rates. She gets paid better than the world’s most successful hedge funds to be a glorified baby sitter to grownups? I picked the wrong career.

Well, you dont usually have the hedge fund manager at one phone call away.