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You don't really want a million dollars

ryanwaggoner.com

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Re: You don't really want a million dollars

#121

Post by berntb »

joe_the_user wrote: post #84
berntb wrote: post #74

Earlier quoted context omitted.

There are two levels. On the first level, you can retire, buy health insurance and not have any worries. A million would be enough. I would live on a diving boat cruising over coral reefs and code games between dives. (I'd also hire my gf to cook.) >>And that doesn't even touch the reasons people want to be rich - like private jets and angel investing and art collecting and space tourism, etc. On the second level, yo…

On the first level, you can retire, buy health insurance and not have any worries. A million would be enough. I would live on a diving boat cruising over coral reefs and code games between dives. (I'd also hire my gf to cook.) This also contradicts the claim that someone wanting a million dollars is wanting "an usual amount of money". With a million dollars you can either: A. Not work and live on pitance but in the l…

My attempted point was that my dreams are small. :-)

I'd still write code, but with better weather that allows some othet hobbies -- and no stress. Maybe I would hire a few people and start a business. Not a big difference, really.

To get real change in what I do, I'd need a bilion so I could emulate Musk. I doubt I'd be good at it.

Re: You don't really want a million dollars

#122

Post by 6ren »

When I make a list of the things I'd like to do, but aren't, money is never the main barrier. It's things like... well... courage, faith, trust.

I've actually had enough money at one point to retire (living on passive income), and it didn't make me happy at all. In fact, I stepped back from life a little, and it made me less happy. For me, in my present level of "spiritual wisdom" (for want of a better term), needing money seems to be a helpful motivation.

I also observe what so many people do who make a lot of money do: keep on doing whatever it was they were doing.

Re: You don't really want a million dollars

#123

Post by cookiecaper »

tptacek wrote: post #39
Alex3917 wrote: post #32

Earlier quoted context omitted.

The cost of raising a kid right now if you want them to have a typical upper middle class upbringing is somewhere between 800k - 1.6M (2007 dollars) from birth to age 17. The exact figure depends on whether you want to send them to private school, whether you are feeding them all organic food, and a couple other things. Even the most basic middle class (no after school sports, summer camp, etc.) upbringing costs $500…

It does not cost us anything resembling $66,000/yr (no, wait: 2 kids - $120k/year [?!]) to provide two school-age children with an absurdly privileged upbringing. I suspect college tuition is queering those numbers.

Why is college tuition even considered an expense that parents have to shoulder? If you're rich enough and you want to pay the tuition, then that's just great, but is it really so bad to imagine that someone hovering around 20 would work for something useful for themselves? Sure, it's nice to have rich parents who will pay your expenses so you can "focus on school" (heh), but it's by no means a requirement.

Re: You don't really want a million dollars

#124

Post by tptacek »

cookiecaper wrote: post #123
tptacek wrote: post #39

Earlier quoted context omitted.

It does not cost us anything resembling $66,000/yr (no, wait: 2 kids - $120k/year [?!]) to provide two school-age children with an absurdly privileged upbringing. I suspect college tuition is queering those numbers.

Why is college tuition even considered an expense that parents have to shoulder? If you're rich enough and you want to pay the tuition, then that's just great, but is it really so bad to imagine that someone hovering around 20 would work for something useful for themselves? Sure, it's nice to have rich parents who will pay your expenses so you can "focus on school" (heh), but it's by no means a requirement.

IT'S NOT. You're not supposed to pay into your kids college fund until you've fully funded your own retirement. There are college loans. There aren't retirement loans.

Re: You don't really want a million dollars

#126

Post by sreitshamer »

callmeed wrote: post #51
kenjackson wrote: post #22

I think Ryan misses the point for most people. I do want a "million" dollars for freedom, but it's not just to go to Thailand. In fact I don't really like traveling, but I'd pay a lot if you could teleport me instantly. I want the freedom to work on what I want to work on AND to buy what I want. I'm tired of saying, "I won't get that TV now, because in 12 months that TV is coming out". Or "lets wait 8 months for the…

While I don't subscribe to your outlook, I at least applaud you for being honest. When this topic comes up, most people veil their desire for material things or a more luxurious lifestyle as "freedom".

I'd like luxurious lifestyle (not showy, just high quality) and freedom, but I think they're mutually exclusive. I find it challenging to keep expensive lifestyle from chewing up too much money, which then limits my freedom.

Re: You don't really want a million dollars

#127

Post by didip »

ryanwaggoner wrote: post #18
simon_ wrote: post #13

I really disagree with this. Far from being more than anybody needs, a million dollars is actually not enough to secure a dignified existence in the US. Sure... a "trip to Thailand" doesn't require a million dollars, but what if you want: Not to face bankruptcy if a major health problem arises? Not to worry about the cost of college for your children? To own a small home in NYC or SF? To afford competent legal repres…

A million dollars is actually not enough to secure a dignified existence in the US. Nonsense: http://ryanwaggoner.com/2010/08/how-to-retire-at-30-on-1-mil... Not to face bankruptcy if a major health problem arises? Health insurance isn't that expensive unless you have a pre-existing condition [1]. I won't talk about the college and home ownership questions other than to say that families have figured out how to live…

"pre-existing condition" what does it mean? And how can old people avoid having pre-existing condition? Does that mean one has to be insured continuously to make sure no pre-existing condition arises in-between insurance gap?

I'm new in the States and I hear this term is mentioned a lot.

Re: You don't really want a million dollars

#128

Post by jimbokun »

Locke1689 wrote: post #54
ryanwaggoner wrote: post #18

Earlier quoted context omitted.

A million dollars is actually not enough to secure a dignified existence in the US. Nonsense: http://ryanwaggoner.com/2010/08/how-to-retire-at-30-on-1-mil... Not to face bankruptcy if a major health problem arises? Health insurance isn't that expensive unless you have a pre-existing condition [1]. I won't talk about the college and home ownership questions other than to say that families have figured out how to live…

I won't talk about the college and home ownership questions other than to say that families have figured out how to live happy, healthy lives on far, far less. Go to a good state school, get some scholarships, don't live in Manhattan. This is a poor answer. Just because other people are happy with something doesn't mean everyone is. What do you mean "don't live in Mahnattan"? I want to live in Manhattan. Who are you…

The real point is that, if you think you need a million dollars before you can live in Manhattan, then:

1) you will never live in Manhattan,

2) you will never have a million dollars.

In other words, if you do not have the ingenuity to solve the first, you certainly do not have ingenuity to solve the second.

Re: You don't really want a million dollars

#129

Post by klbarry »

kenjackson wrote: post #108
shock-value wrote: post #107

Earlier quoted context omitted.

>I haven't even really thought about it I hope that is the case, and I hope your posts aren't indicative of your mindset and worldview, because you come across as very whimsical and insecure--two qualities that I can assure you are not conducive to actually generating the kind of wealth you apparently desire.

I hope your posts aren't indicative of your mindset and worldview, because you come across as very whimsical and insecure Sorry, they are. Am I insecure? Of course, I need more money to buy some security!

You didn't come across to me as whimsical or insecure, just fyi.

Re: You don't really want a million dollars

#130

Post by jimbokun »

Alex3917 wrote: post #90
yummyfajitas wrote: post #79

Earlier quoted context omitted.

Very true. Government figures don't include the cost of vacations that parents take before the baby is born (I had to google just to figure out WTF a "babymoon" is). They also leave out the cost of booze to lower the mother-to-be's inhibitions and the cost of the backseat of the car where conception occurred! Alex, do you have any idea how the bottom 95% live?

"Alex, do you have any idea how the bottom 95% live?" Statistically or qualitatively? In all seriousness though, I have no aspirations of living the elite-NYC-preschool lifestyle. That being said, life is about tradeoffs and while some of the expenses might seem patently absurd, others seem like things that anyone might reasonably want for their children: to play sports, go to summer camp, to be able to get a chemist…

"to play sports"

Ever notice how many of the highest performing athletes in the world tend to come from exactly the kind of environments where parents don't have a lot of money to spend on things like sports?

So, maybe it's possible to play sports without spending a ton of money?

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