Live data from Hacker News

How to get rich without getting lucky (2018)

nav.al

31–40 of 193 posts

Re: How to get rich without getting lucky (2018)

#31

How to get rich. What a lame life goal, and a terrible starting point for anyone trying to do good in the world.

you are all but guaranteed NOT to be influential. since you don’t pursue money, you won’t receive it. your ideas, while they may be very good, will likely not scale because you won’t be able to finance their visibility

Re: How to get rich without getting lucky (2018)

#32

How to get rich. What a lame life goal, and a terrible starting point for anyone trying to do good in the world.

That’s debatable at best. Bill Gates has saved countless lives through the Bill & Melinda Gates Foundation, which wouldn’t exist if not for the money he made founding MSFT. A quick Google search would reveal many similar examples as well.

Re: How to get rich without getting lucky (2018)

#33

Earlier quoted context omitted.

I think you nailed it with the term "parody" of every piece of self-help advice out there. This post reads like a buzzfeed article "21 ways to get rich". Here's a thousand soundbytes that very aren't actionable or who knows if any of them are right.

Is there any such “how to get rich” advice that IS actionable? Literally all of it I’ve come across suffers from extreme selection bias, and does not account for (or give credit to) luck.

In theory it should be easy to explain, along with things like how to graduate from a top university, how to socialise in groups and how to date. But they aren't easy to explain because there's so many little things that people just infer along the way. While people are trying to follow cliches they forget things like atmosphere and a hundred other things.

Re: How to get rich without getting lucky (2018)

#34

I used to follow that guy religiously then I realized that he knew how to hack the "attention" system on social media. He is famous for what really is little fluffy sentences that would get retweeted and make him look like a wise man with the ultimate truth about everything. Now I see him as a huge hack. Almost a complete parody of Silicon Valley.

I think you nailed it with the term "parody" of every piece of self-help advice out there. This post reads like a buzzfeed article "21 ways to get rich". Here's a thousand soundbytes that very aren't actionable or who knows if any of them are right.

Except it's 37 ways, which is pretty overwhelming.

I sort of think the problem with self-help advice is you get satisfaction by reading about it, which is sort of a placebo for seeking the satisfaction of doing it.

That said, I kind of liked "6 Harsh Truths That Will Make You a Better Person"

Re: How to get rich without getting lucky (2018)

#35

>> But then of course Uncle Sam show up, and basically say, “Hey, you know what, you just made a lot money this year. Therefore, you’re rich. Therefore, you’re evil and you’ve got to hand it all over to us.” The government doesn't tax rich people because they're evil - they tax rich people to provide food, education, and security for society. Progressive taxes are useful because they help fight poverty and allow the…

> K-12 education is payed for by taxes Many wealthy families send their children to private schools. Even though some states have "school choice" programs that let the budgeted amount from taxes go to the schools, the families still pay the bulk of the price. We don't know the poster's history, but it's entirely possible he attended private schools his entire life and was blissfully unaware of how the rest of us were…

From the sound of it, he didn't grow up rich at all: "I was a latchkey kid. My mom was working multiple jobs and then she was going to school at night. We were raised by a single mother, my brother and I were, in New York City. We were in a part of New York City that isn’t very safe."

Re: How to get rich without getting lucky (2018)

#36
I listened to the Rogan podcast and was definitely confused by some of the arguments he makes e.g. he claimed the celebrities are the "most miserable people in the world" because they get a disproportionate amount of hate directed toward them due to their status as public figures (or something). I don't believe that for a minute.

I was also a bit surprised by the discussion around questioning the truth behind climate change. Yes, we should be scientific about validating hypothesis about anything, but to nod along as Rogan said "there's no evidence" was a bit shocking.

Re: How to get rich without getting lucky (2018)

#37
post #19

Earlier quoted context omitted.

I think you nailed it with the term "parody" of every piece of self-help advice out there. This post reads like a buzzfeed article "21 ways to get rich". Here's a thousand soundbytes that very aren't actionable or who knows if any of them are right.

David Foster Wallace said something about how when elite athletes try to say how they got there, it ends up sounding mostly like clichés, but that it's probably because most clichés became such because they hold some truth[1]. And yeah, they definitely look worse when listed off in bulk. You're probably best off picking a small handful that play to your strengths as a person and figuring out how to ruthlessly make ha…

(Disclaimer: I'm feeling cynical today.)

I assume that elite athletes aren't complete idiots, though. When an interviewer asks them how they got where they are, it's not great PR to say "luck" or "genetics" or "my parents forced me", even if that were the most accurate explanation.

"I worked really hard for it" is the story that people want to hear.

Which is more likely: that cliché statements get repeated because of how true they are, or because of how much people like hearing them? Fiction has always sold much better than nonfiction.

Re: How to get rich without getting lucky (2018)

#38

>> But then of course Uncle Sam show up, and basically say, “Hey, you know what, you just made a lot money this year. Therefore, you’re rich. Therefore, you’re evil and you’ve got to hand it all over to us.” The government doesn't tax rich people because they're evil - they tax rich people to provide food, education, and security for society. Progressive taxes are useful because they help fight poverty and allow the…

> inter-generational wealth mobility in the US is quite low, much lower than in most of Europe

I was surprised by this so I looked up a few sources. Not saying it's not true but we must be looking at different sources, here's a chart on "intergenerational earnings elasticity and with only a couple European countries (Italy and UK) slightly above the US:

https://en.wikipedia.org/wiki/Social_mobility#/media/File:Th...

Re: How to get rich without getting lucky (2018)

#39

Anyone one of his thousand claims could be an interesting article. For instance "equity is a better way to get rich than working". Is it, I bet the average googler accumulates more wealth than the average start-up founder. Or "how much start-up success is based off luck versus founder?"(from what I've read it's more luck, and if you include the birth luck such as intelligence, energy-levels, focus and health it would…

> I bet the average googler

The point is that the average person is not the average Googler.

His philosophies are intended for people who aren't lucky enough to be a Googler, or to inherit wealth, etc.

Re: How to get rich without getting lucky (2018)

#40
post #38

>> But then of course Uncle Sam show up, and basically say, “Hey, you know what, you just made a lot money this year. Therefore, you’re rich. Therefore, you’re evil and you’ve got to hand it all over to us.” The government doesn't tax rich people because they're evil - they tax rich people to provide food, education, and security for society. Progressive taxes are useful because they help fight poverty and allow the…

> inter-generational wealth mobility in the US is quite low, much lower than in most of Europe I was surprised by this so I looked up a few sources. Not saying it's not true but we must be looking at different sources, here's a chart on "intergenerational earnings elasticity and with only a couple European countries (Italy and UK) slightly above the US: https://en.wikipedia.org/wiki/Social_mobility#/media/File:Th...

You've read the figure incorrectly. Smaller values for Intergenerational Earnings Elasticity represent greater equality of opportunity[1] and correlate with less inequality.

[1] https://www.businessinsider.com/intergenerational-earnings-e...

Post reply on HN