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Why don't rich people do more awesome things?

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Re: Why don't rich people do more awesome things?

#21

Earlier quoted context omitted.

While I probably directly run the risk of sounding like a mega-douche, I truly believe that my startup buzzdata.com is going to make life better for millions of people. Is that allowed to count?

Did you start it with the intention of profiting? I think the OP is specifically looking for unprofitable-but-awesome ventures. For example, curing AIDS because you want people to not have AIDS is awesome, but curing AIDS because you want to sell AIDS medicine is not awesome.

Dude. If you cure AIDS, I DO NOT CARE why you did it.

God may care, you may care, and that's all very important. Seriously.

But me, I DO NOT CARE.

Re: Why don't rich people do more awesome things?

#24

Earlier quoted context omitted.

While I probably directly run the risk of sounding like a mega-douche, I truly believe that my startup buzzdata.com is going to make life better for millions of people. Is that allowed to count?

Did you start it with the intention of profiting? I think the OP is specifically looking for unprofitable-but-awesome ventures. For example, curing AIDS because you want people to not have AIDS is awesome, but curing AIDS because you want to sell AIDS medicine is not awesome.

I am the OP, and I'm not rich.

BuzzData is designed to be useful and profitable in equal quantities. It must succeed at making money in order to continue being useful to people.

If we work hard and stay focused on making something that people would be upset to lose, then I will become wealthy as a side-effect.

I plan to use my wealth to become an angel investor, which is something I can't do unless I change my current fiscal status.

Re: Why don't rich people do more awesome things?

#25
Well, most of the rich people I know donate to all kinds of actual charities, and they also, you know, create lots of JOBS - that's why they're rich. Creating lots of jobs is pretty awesome. They also often work quite hard at ensuring those jobs stay where they are.

The interweb forums all make the same mistake of lumping in "Rich people" into a single category.

Do Directors and C-level executives of large corporations make possibly immoral, evil decisions? Seems like it. They're often rich people, sometimes because of the company they are working on, sometimes that's only part of it. Or none of it.

Are there dynastic families full of rich people with some useless people who don't really contribute anything of value to humanity and just kind of hang out and party their entire lives until they die of a drug overdose or cancer with no real friends? Sure.

Money and wealth are not what the average person who considers themselves "not rich" think they are.

I'm not rich by these VC standards, but most of the people in my country of residence would consider me rich - compared to them, I am, in their view. Not in mine.

So - at christmas I go out and buy toys for 300 poor kids. None of that money goes to fund anyone's paycheck - I wrap the stuff up in paper, write some notes, and load it onto the truck. It goes to be distributed. Is that an awesome thing? It sure is for those kids and their families every christmas.

What you do with what you have for reasons other than the accumulation of wealth is up to each of us individually. And the most valuable thing many people have to offer? Time.

Re: Why don't rich people do more awesome things?

#26
Usually, when this sort of thing happens, it's because the rent was artificially low due to a long-term lease without appropriate escalations. In other words, the tenant is getting a hell of deal, and then a lease rolls over permitting the landlord to again charge market rent. Not sure if that's what happened here. If not, then it was likely something similar. Real estate is a remarkably transparent market.

When you look it that way, it seems a little less "awesome". Subsidizing a losing business isn't the sort of activity that makes one rich.

Re: Why don't rich people do more awesome things?

#27
Rich people do awesome things all the time. Most investment vehicles are essentially loans to businesses to help them grow. As long as the money is not in the mattress, it's probably doing something awesome for whatever business or person is indirectly borrowing it.

Re: Why don't rich people do more awesome things?

#28

Earlier quoted context omitted.

Did you start it with the intention of profiting? I think the OP is specifically looking for unprofitable-but-awesome ventures. For example, curing AIDS because you want people to not have AIDS is awesome, but curing AIDS because you want to sell AIDS medicine is not awesome.

Dude. If you cure AIDS, I DO NOT CARE why you did it. God may care, you may care, and that's all very important. Seriously. But me, I DO NOT CARE.

This. Intentions for good deeds should not count - those are private and for your own use only. What should matter is things that you say or do, not think.

Re: Why don't rich people do more awesome things?

#29
It is difficult to be rich and do more awesome things, at least of the type that requires a lot of cash. There's only two ways to grow your wealth- make a lot of money, or don't spend any money- and you need to practice both ways heavily to actually be rich.

Ergo, there are potentially plenty of people who do awesome things with lots of cash- but they are not rich anymore, so "rich people don't do awesome things".

Re: Why don't rich people do more awesome things?

#30
I can't afford to. If I could afford to, I would have quietly done it. But real estate in Palo Alto is very expensive, and most of YC's investments are still illiquid. (Not that I have 5-8% in any case. We assume we get diluted down to 2% by exit, and I am one of several partners in YC.)
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