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Golden Rules for Making Money (1880)

fourmilab.ch

41–50 of 206 posts

Re: Golden Rules for Making Money (1880)

#41

Earlier quoted context omitted.

Some millennials are in their mid 30's. Isn't it time to pick on a new generation?

Millenial here. Did this happen with other generations? Where the term was just used as a derogatory way to refer to young people?

It happened for Millennials and Baby Boomers.

But not so much for the Greats, the Silents, and Generation X. My theory is that the Greats, the Silents, and Gen X were all wartime generations. The Silents and Gen X were also relatively small generations, there really aren't that many of them. Add to that the fact that all of those generations had some level of dispossession coupled with an even more impressive level of productive wealth creation, and you can kind of see why no one really picked on them as much as what we see today. The Greats were, well, the Greatest Generation. 'Nuff said there. The Silents were a wartime generation, born in the depths of the depression, who never really whined about their lot and because there really weren't many of them, they were, person for person, likely the most productive generation in our history. Generation X was given the name because they were the black spot. They were the first generation that would grow up to have less than their parents. They kind of just ran with it, and despite having war after war to deal with, ushered in one of the most transformative eras of wealth creation in mankind's history.

All that said, actual leadership of the country seems to skip over those kinds of generations. (With the exception of the Greats.) Not many leaders from the Silents or Gen X, but a large number of well known leaders from the Baby Boomers and even the Millennials. From Mayor Pete to AOC, the Millennials seem to outshine Gen X as far as leaders are concerned, for better or worse. In the same way, the Baby Boomers outshone the Silents to the point where the Silents are almost forgotten to history. Generation X might have been forgotten were it not for their technological innovations and achievements.

Anyway, that's my theory. So Millennials shouldn't take all the ribbing too hard, because if history is any indication, in the end, you'll likely be the ones in charge. Again, for better or worse.

Re: Golden Rules for Making Money (1880)

#42
post #37

> Young men starting in life should avoid running into debt. There is scarcely anything that drags a person down like debt. It is a slavish position to get in... Well, that put student debt in perspective no ?

It is weird to see this mindset on a site that is basically founded on the idea that taking on debt can be valuable. What would the startup scene be like if everyone avoided debt at all costs?

Even though many startups use convertible notes... it's not real debt that will haunt you for years to come and compound. It's selling equity.

Re: Golden Rules for Making Money (1880)

#43
post #6
post #4

Earlier quoted context omitted.

Only people living in big cities think this isn’t still true. If you so desire, huge portions of land in the country “flyover” USA are yours to be had for very cheap. Of course it’s difficult to get internet there, so how will the millennials make it?

4G coverage is actually pretty good these days.

Can you rely on that as your only internet coverage though? Most of the "unlimited" plans start to degrade the service once you go over 20 GB/month. Of course, depending on what you are using it for it could work (such as ssh over vpn tunnel, which is low bandwidth usage, however OS updates can blow away your monthly data allowance in a short period).

Re: Golden Rules for Making Money (1880)

#44
post #38

Earlier quoted context omitted.

Also mortgages.

Are mortgages really debt though? Because even though you owe, you also own as much as you owe (except during a market downturn of course). Whereas debt for a depreciating asset (like a car, or most things that go on a credit card) are what I would consider "real" debt. In other words, keep your net debt low or non existent (when looking at a balance sheet).

If you owned a house in 2008, I assure you, you'd feel that your mortgage was real debt.

Or if you ever got laid off.

Or if you ever got injured or severely sick and found yourself with shocking hospital bills.

When life hits you with something like that, suddenly that monthly payment, and the risk of foreclosure, bankruptcy, and severely damaged credit, all looms large over your head like the Sword of Damocles.

Yes a mortgage is real debt.

Re: Golden Rules for Making Money (1880)

#45
post #37

> Young men starting in life should avoid running into debt. There is scarcely anything that drags a person down like debt. It is a slavish position to get in... Well, that put student debt in perspective no ?

It is weird to see this mindset on a site that is basically founded on the idea that taking on debt can be valuable. What would the startup scene be like if everyone avoided debt at all costs?

A company taking on debt and yourself as a person are wildly different things.

Re: Golden Rules for Making Money (1880)

#47
post #37

> Young men starting in life should avoid running into debt. There is scarcely anything that drags a person down like debt. It is a slavish position to get in... Well, that put student debt in perspective no ?

It is weird to see this mindset on a site that is basically founded on the idea that taking on debt can be valuable. What would the startup scene be like if everyone avoided debt at all costs?

Debt and investment are two very different things.

Re: Golden Rules for Making Money (1880)

#48
post #37

> Young men starting in life should avoid running into debt. There is scarcely anything that drags a person down like debt. It is a slavish position to get in... Well, that put student debt in perspective no ?

It is weird to see this mindset on a site that is basically founded on the idea that taking on debt can be valuable. What would the startup scene be like if everyone avoided debt at all costs?

Selling equity in a startup is very different from taking on debt, with debt your committing the business to a strategy, if it doesn't work the business will probably fold.

While this makes sense for capex intensive businesses. It's an irrational choice for a tech startup that may need to pivot, partner or be acquired. For those choices you need a source of capital with similar incentives as the founders.

Re: Golden Rules for Making Money (1880)

#50
Don't Blab >>> This chapter/paragraph goes against everything I believe in, the entire opensource community is based on sharing. I am an aspiring farmer with a tech addiction and if it wasn't for people sharing their successes through YouTube and a lesser extent farmers that write books, this "City Boy" wouldn't have survived my first year on the farm. I also agree Internet sucks in the country, but it's still better than encyclopedias!!
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