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Why Aren’t Rich People Happy With the Money They Have?

theatlantic.com

341–350 of 358 posts

Re: Why Aren’t Rich People Happy With the Money They Have?

#341

Earlier quoted context omitted.

> Seriously, read the thread again. This has nothing to do with comfort, it's about FU money. I was responding to the HN comment, not the Reddit thread. If you're talking about having "FU money" and I'm talking about being "comfortable" then I think we are talking about different things. > You're thinking that people who don't constantly have to worry about finances is what the poster is talking about, but that's wor…

I get that you're responding to the comment, but I still think you're wrong - I think OP is absolutely correct that around the $10MM mark (or higher), you actually stop worrying about your future. Maybe you're fortunate enough to be optimistic enough not to worry, but I'm in a similar position to yours: grew up as one of four kids in a household that never took in more than $30K/year. I never went hungry, but I felt…

"At least 7 figures" is $1m, not $10m. I think that's exactly the kind of difference the GP is referring to.

Re: Why Aren’t Rich People Happy With the Money They Have?

#342

> feeling wealthy is about comparison with others in your reference group I guess the solution is to not hang out with other rich people, don't move to a wealthy neighborhood, and just don't care about your social status. "Ignorance is bliss". I would be very happy if I had $200k in passive/investment income. That would be a SaaS company worth ~$1.5M, or ~$6M invested in index funds. If I ever get there, I hope I can…

In the UK it's been common advice to buy the worst house in the best neighbourhood. Perhaps it should be the other way round for your wellbeing.

Re: Why Aren’t Rich People Happy With the Money They Have?

#343
post #107

Earlier quoted context omitted.

Isn't that against the rules, if not then I should do it, I just realised I was shadow banned 4 days ago and posted like an idiot

You can also email us to get unbanned if you want to use the site as intended. We're happy to unban people who give us reason to believe that they'll follow the rules in the future. https://news.ycombinator.com/newsguidelines.html

How is one to email to get unbanned if one is not aware of the ban? That’s the whole POINT of the shadow ban that HN implemented. One little mistake (or two word post in OP’s case), and you’re shouting at the wall.

So with due respect, Kafkaesque suggestions to contact the mods don’t help. What would help is getting rid of juvenile practices that are arguably ineffective, i. e., shadow bans.

Re: Why Aren’t Rich People Happy With the Money They Have?

#344
post #17

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…

My accounting professor use to always say, "You get what you measure."

It didn't seem as so insightful then, but as I navigate this world, I get it.

Re: Why Aren’t Rich People Happy With the Money They Have?

#345
post #17

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…

My accounting professor use to always say, "You get what you measure." It didn't seem as so insightful then, but as I navigate this world, I get it.

Yes there's a similar quote I read somewhere which is now a part of my internal monologue: "You can't improve what you can't measure." So, I'm always trying to measure everything about my life and improving and optimizing things.

Re: Why Aren’t Rich People Happy With the Money They Have?

#346

I have had the sense that guilt plays a part in dissatisfaction with wealth, whether consciously or subconsciously. The way the economic system is set up, a person can only have money, wealth at the expense of others. I only have what I have because someone else has been deprived of it. Its difficult to enjoy something when at the back of ones mind, it is earned off the suffering (real or imagined) of others. I came…

You might really enjoy this essay. It changed my life. http://webcache.googleusercontent.com/search?q=cache:Ph7Enkr... I came to terms with ideas like this by changing careers to a profession which, at least abstractly, benefits humanity. I've taken upon myself a modern/global idea of "noblesse oblige". The fortunate have an obligation to use their vast resources in a way that benefits others. We are fortunate to liv…

Thanks for the link to the essay. It captures the struggle I alluded to in my comment rather well.

I find like my mind is resistant to actually going ahead and helping, the aforementioned excuses rear their head and the justifications come hard and fast and anything else seems like I am being an idealistic, wide eyed naive hippy.

On some level I can recognize the need the writer points to, and what is being said. I feel there is a flaw in my thinking and in how I am approaching the world and living my life. Then the selfishness (is there a better word for it?) stares right back at me. There is safety in its coldness. I recognize it. I know it. I hate it too, but I know it. It is familiar. Leaving its cold embrace is too scary.

I will be sharing the essay with like minded people when I can.

Re: Why Aren’t Rich People Happy With the Money They Have?

#347

Earlier quoted context omitted.

> 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…

> 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…

>...The common rule of thumb is you can live off of an investment at 4% indefinitely

Your general point is right, but the situation is even worse than you say since you are misinterpreting the 4% rule. It isn’t that you can live “ indefinitely” - it is that using historical returns, you could live about 30 years taking 4% (allowing for increases due to inflation) off an investment before it is zero. People seem to think that taking 4% means you won’t have to touch your capital - that isn’t the case.

>...What we now call the 4% rule comes out of research by financial planner William Bengen in the early 1990s. Essentially, Bengen tested a variety of withdrawal rates on several different allocations of stocks and bonds using inflation data and investment returns going back to 1926. After crunching the numbers, he concluded: "Assuming a minimum requirement of 30 years of portfolio longevity, a first-year withdrawal of 4%, followed by inflation-adjusted withdrawals in subsequent years, should be safe.”

https://money.cnn.com/2018/02/07/retirement/4-percent-rule/i...

Re: Why Aren’t Rich People Happy With the Money They Have?

#348
post #107

Earlier quoted context omitted.

You can also email us to get unbanned if you want to use the site as intended. We're happy to unban people who give us reason to believe that they'll follow the rules in the future. https://news.ycombinator.com/newsguidelines.html

How is one to email to get unbanned if one is not aware of the ban? That’s the whole POINT of the shadow ban that HN implemented. One little mistake (or two word post in OP’s case), and you’re shouting at the wall. So with due respect, Kafkaesque suggestions to contact the mods don’t help. What would help is getting rid of juvenile practices that are arguably ineffective, i. e., shadow bans.

We usually tell people that we've banned them. There are exceptions, mostly for spammers and serial trolls.

https://hn.algolia.com/?query=we%27ve%20banned&sort=byDate&d...

Re: Why Aren’t Rich People Happy With the Money They Have?

#349
post #262

Earlier quoted context omitted.

tampermonkey script to do just that (would be nicer if HN could pop the karma into a span with an id :-) ) // ==UserScript== // @name hide HN karma // @namespace http://tampermonkey.net/ // @version 0.1 // @description hide HN karma // @author You // @match https://news.ycombinator.com/* // @grant none // ==/UserScript== (function() { 'use strict'; if(document.getElementById('me') !== null){ //hide karma Array.from(d…

Thanks, I was looking into that earlier today but postponed it exactly because there was no element with an id, so I'd had to look up stuff to write it.

Actually, hide karma part can be done clearer with just:

        //hide karma  

        let karma = document.getElementById("me").nextSibling;  

        karma.textContent = " | "

Re: Why Aren’t Rich People Happy With the Money They Have?

#350
I think this helps explain a question I've had for a long time, from reading articles and from listening to second-hand stories from my CPA wife. The question is "Why don't rich people just pay their damn bills?" I mean they quibble and fight over $7000, which most can find in their couch cushions. It means that they get behind in their game. Never mind it's not a game to the contractors and drywall installers and plumbers they're screwing over.
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