281–290 of 358 posts
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Money is an insanely toxic mental, political, and social poison, for exactly these kinds of reasons. It's also a social reward function that privileges egotism and narcissism over empathy; exploitation, scamming, and rent-seeking over creativity, curiosity and invention; and short-term gain over long-term damage. Like the hardest of hard addictive drugs, it's an almost irresistible modifier of behaviour and attitude.
'Trying to do the right thing' is a quirky human heuristic that works well in the small but scales terribly. It is evidenced in things like the legal system where 'intent to commit a crime' is often a consideration in the sentencing in addition to the actual outcomes of a criminal act. With that in mind, it makes a lot of sense why money (and the economy generally) rubs people the wrong way. We have here a powerful s…
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That's against the rules, so please don't: https://news.ycombinator.com/newsguidelines.html Plenty of explanations about why: https://hn.algolia.com/?sort=byDate&dateRange=all&type=comme...
I'm afraid I do not see this part of the rule explained enough. Why is the identity important there? Wouldn't the content of the messages suffice? Often I do not even look at the name of the poster.
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> in the $10-30 million range you can live a comfortable life without having to worry about finances again This statement strikes me as very disconnected from the reality that the vast majority of people on this planet live in, and honestly, a little bit irritating. I'm well aware that many here on HN would be millionaires, but as somebody who grew up in poverty and is now a full-time uni student with no savings in t…
100k * 10% = 10k/year. 10% is about the best return you can count on (very optimistically) I don't know what country you live in, but 10k in the US, even for a single person, would put you far below the poverty line. No way you could afford that dental work after you pay rent on that. And let's not even talk about all of the other huge expenses that will come up later in your life. $10m * 3% = $300k/year That's a hig…
Give me $100k and I'll retire within the year. A few smart quick investments can really pan out. It can also fail, as we all should know.
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$10M is a pretty standard “set for life” goal based on a 3% annualized rate of return. It’s obscenely difficult to get there, but an entirely reasonable and well-defined goal for people who are willing to compete (and, with high likelihood, fail) in the market to get there. It’s up to you to decide if you’d like to pursue that path. There are plenty of paths to stability without setting that goal; you’ll just find yo…
So the standard point of view is that you can't stop worrying about money until you have passive income of roughly USD $300,000 per year? Why would you need five times the average annual gross household income to be comfortable? That sound like the symptom of a serious problem. Why not take your current annual spend, multiply it by 1.2 for a nice cushion, and then figure out what you need at 3% to gain that annual re…
A while back I noticed that my HN karma was rising at a rate that would put me on the leaderboard, so I decided to make an effort to submit content and post quality comments just to see if I could crack the top 100. After a few months I did it, and kept rising up to a high of 85 (today I'm #88). Then I realized I was spending way too much time on HN, and how easy it was to fall into this trap of thinking I was doing…
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There has never existed a "free market" in the libertarian ideal sense; markets are only able to exist under the system of a government.
This response sounds like "there has never been communism under real communism ideal sense", lel.
To me, it's similar to looking at a voting system like first past the post and identifying that the system tends towards two parties as a fundamental nature of the system. Underlying motives and strategies of individuals within the system will produce this effect.
I'm not commention on the validity of the "no real communism" statement here, just the comparison of it to the "no real free market"
The article said they interviewed people with at least $1 million net worth but $1 million net worth isn't really rich is it? In SF you might be able to afford a 1 bedroom studio apartment. I'm guessing the same is true in NYC, London, much of Los Angeles, Tokyo. Sure, with $1 million maybe you could retire in Cambodia but for most 1st world people $1 million is not enough be able to stop working for someone else and…
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>I'm confident $1million is not even close enough to be able to do that in most 1st world countries.
The average HOUSEHOLD income in the US is around 59k.
1 million is about 300k more than I need to retire today at 33 with a 3% safe withdrawal rate assuming I never work another day in my life and never marry. I only gross 34k a year.
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> If somebody were to give me a hundred thousand dollars to invest, I am quite certain I could live comfortably for the rest of my life This shows a pretty big disconnect. And is something no one in their 30s+ would say. The common rule of thumb is you can live off of an investment at 4% indefinitely(assuming 6% return and 2% inflation). This gives you $4,000 a year. Crappy insurance: $4,200 a year. Crappy 300 sq ft…
This seems like a hidden assumption. Why would you not work doing whatever it is you do as an avocation, or if you like, a hobby or dream job? If it's what you love and what fascinates you, why would that not lead to income across your whole life? Granted, it'd take years to get to the point where it's sustainable, but surely there is tangible value in this? I do not understand a mindset of 'My only purpose is to ama…