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Ask HN: If you're so smart how come you're not rich?

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Re: Ask HN: If you're so smart how come you're not rich?

#11

Post by robocat »

My tip: partner up with someone who wants money, and that you know has the skills to make it, and has the ethics to share profits with you. Steve Wozniak might be an example of someone who did that.

The smart people I know that are not rich because of one of two prime reasons:

1. They are not wealthy because they are not driven to make money. The scientist, the stereotypicial engineer, the altruist. The majority of self-made wealth I have seen is due to a real desire to make money, and work hard at it with little regard to other concerns like how enjoyable or prestigious the work is.

2. They are smart in particular areas, but really let themselves down in others. Maybe they can’t work well with others, maybe they intellectually can’t do sales, maybe they don’t keep motivation to work on a winning thing, maybe they gamble or drink, maybe they have psych issues.

Note that there are plenty of exceptions to the above (gain wealth despite the above, or lose it even with the above).

Finally plenty of smart people just don’t value money that highly - they are smart enough to have different goals in life. My guess is you want money for the social status but that you don’t actually care much about money - if so maybe accept that and choose your own path.

Re: Ask HN: If you're so smart how come you're not rich?

#12

Post by ptmcc »

Define rich?

By most metrics I am rich, just not private jet 0.1% rich.

I work at a big tech company and make >200k/yr. I have few financial worries.

At this point I’m not primarily motivated by more money. Sure I’ll take it, but at this point I’d sooner spend my time and energy on other more important things. Family, friends, hobbies, etc. The financial security to focus on those things makes me feel pretty rich.

Am I not smart for being satisfied working for someone else and rarely working more than 40hrs/wk?

Re: Ask HN: If you're so smart how come you're not rich?

#13

Post by _qulr »

The reason you're not rich is probably because you didn't single-mindedly pursue riches. Which is smart, because riches are not intellectually interesting. Some money is necessary for living, but the pursuit of wealth above all else is, frankly, dumb. Don't envy people who are addicted to money; it's a sickness.

Re: Ask HN: If you're so smart how come you're not rich?

#14

Post by federicosan »

ptmcc wrote: post #12

Define rich? By most metrics I am rich, just not private jet 0.1% rich. I work at a big tech company and make >200k/yr. I have few financial worries. At this point I’m not primarily motivated by more money. Sure I’ll take it, but at this point I’d sooner spend my time and energy on other more important things. Family, friends, hobbies, etc. The financial security to focus on those things makes me feel pretty rich. Am…

For me, rich is someone who does not need to work. Someone who can retire at any given moment.

Re: Ask HN: If you're so smart how come you're not rich?

#15

Post by ptmcc »

federicosan wrote: post #14
ptmcc wrote: post #12

Define rich? By most metrics I am rich, just not private jet 0.1% rich. I work at a big tech company and make >200k/yr. I have few financial worries. At this point I’m not primarily motivated by more money. Sure I’ll take it, but at this point I’d sooner spend my time and energy on other more important things. Family, friends, hobbies, etc. The financial security to focus on those things makes me feel pretty rich. Am…

For me, rich is someone who does not need to work. Someone who can retire at any given moment.

The irony being many people get to that position by being workaholics that can’t stop.

I could conceivably retire if I moved to a low cost area, but I enjoy my lifestyle so will keep at it a bit longer.

Re: Ask HN: If you're so smart how come you're not rich?

#17

Post by mfalcon »

federicosan wrote: post #14
ptmcc wrote: post #12

Define rich? By most metrics I am rich, just not private jet 0.1% rich. I work at a big tech company and make >200k/yr. I have few financial worries. At this point I’m not primarily motivated by more money. Sure I’ll take it, but at this point I’d sooner spend my time and energy on other more important things. Family, friends, hobbies, etc. The financial security to focus on those things makes me feel pretty rich. Am…

For me, rich is someone who does not need to work. Someone who can retire at any given moment.

When I was in my twenties, I used to think about getting enough money in order to retire young. Then I realized that I actually enjoy working and I don't see myself sitting on my ass doing nothing.

What I want is enough money to say no to work I don't really like, enough money for allowing me to choose what to do with more liberty.

Re: Ask HN: If you're so smart how come you're not rich?

#19

Post by rumanator »

ptmcc wrote: post #15
federicosan wrote: post #14

Earlier quoted context omitted.

For me, rich is someone who does not need to work. Someone who can retire at any given moment.

The irony being many people get to that position by being workaholics that can’t stop. I could conceivably retire if I moved to a low cost area, but I enjoy my lifestyle so will keep at it a bit longer.

> I could conceivably retire if I moved to a low cost area, but I enjoy my lifestyle so will keep at it a bit longer.

I am in a similar position but what keeps me from thinking about early retirement is not knowing what will be my financial needs in the future, and I'm concerned that I might not be fully aware of the role that luck played in getting a cushy life.

Re: Ask HN: If you're so smart how come you're not rich?

#20

Post by tluyben2 »

ptmcc wrote: post #15
federicosan wrote: post #14

Earlier quoted context omitted.

For me, rich is someone who does not need to work. Someone who can retire at any given moment.

The irony being many people get to that position by being workaholics that can’t stop. I could conceivably retire if I moved to a low cost area, but I enjoy my lifestyle so will keep at it a bit longer.

I guess key here is ‘can retire’. Personally I like working and cannot see myself retiring, ever, but I could’ve for quite a while already. I just have 100 ideas a day I want to build and have had that for well over 30 years now; why would I stop? Not to mention that almost everyone who I know who retired (rich or not) is bored and depressed...
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