Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

5 Things I learned from being rich and losing it all

johnreel.com

Post reply on HN
Print view View original

11–20 of 27 posts

Re: 5 Things I learned from being rich and losing it all

#11

Post by gruseom »

mattmaroon wrote: post #8

"It seems almost a right of passage with many Internet entrepreneurs to buy a really expensive car. Why? Why? Why? If I really wanted to spend that kind of cash on myself, I would get a full-time personal chef." Because a personal chef doesn't show how wealthy you are every time you go anywhere. It only has that effect among the people who know you have one, and anyone who knows you that well already knows. It's all…

I think this trend is on the way out (at least temporarily) though.

It seems to me that it's rooted in human nature and thus unlikely to go away.

Re: 5 Things I learned from being rich and losing it all

#12

Post by herdrick »

mattmaroon wrote: post #8

"It seems almost a right of passage with many Internet entrepreneurs to buy a really expensive car. Why? Why? Why? If I really wanted to spend that kind of cash on myself, I would get a full-time personal chef." Because a personal chef doesn't show how wealthy you are every time you go anywhere. It only has that effect among the people who know you have one, and anyone who knows you that well already knows. It's all…

An outstandingly well-designed and built car feels good.

Wait, I'm reminding you of this? Go out to your garage...

Re: 5 Things I learned from being rich and losing it all

#14

Post by mattmaroon »

gruseom wrote: post #11
mattmaroon wrote: post #8

"It seems almost a right of passage with many Internet entrepreneurs to buy a really expensive car. Why? Why? Why? If I really wanted to spend that kind of cash on myself, I would get a full-time personal chef." Because a personal chef doesn't show how wealthy you are every time you go anywhere. It only has that effect among the people who know you have one, and anyone who knows you that well already knows. It's all…

I think this trend is on the way out (at least temporarily) though. It seems to me that it's rooted in human nature and thus unlikely to go away.

It's being replaced by different spending patterns. It's a cycle, and I don't expect it to go away permanently by any means. But it's now sort of frowned upon by educated elites, whereas spending the same amount of money on an imported marble shower is en vogue.

Read Bobos In Paradise for a detail as to why.

Re: 5 Things I learned from being rich and losing it all

#15

Post by mattmaroon »

herdrick wrote: post #12
mattmaroon wrote: post #8

"It seems almost a right of passage with many Internet entrepreneurs to buy a really expensive car. Why? Why? Why? If I really wanted to spend that kind of cash on myself, I would get a full-time personal chef." Because a personal chef doesn't show how wealthy you are every time you go anywhere. It only has that effect among the people who know you have one, and anyone who knows you that well already knows. It's all…

An outstandingly well-designed and built car feels good. Wait, I'm reminding you of this? Go out to your garage...

Ha. My car is a $50k SUV. It's not exactly a chick magnet.

I'm guessing he's talking more about uber-expensive sports cars with 12 cyl engines.

But you're right, everyone should have a Japanese luxury car.

Re: 5 Things I learned from being rich and losing it all

#16

Post by staunch »

mattmaroon wrote: post #8

"It seems almost a right of passage with many Internet entrepreneurs to buy a really expensive car. Why? Why? Why? If I really wanted to spend that kind of cash on myself, I would get a full-time personal chef." Because a personal chef doesn't show how wealthy you are every time you go anywhere. It only has that effect among the people who know you have one, and anyone who knows you that well already knows. It's all…

> Because a personal chef doesn't show how wealthy you are every time you go anywhere.

I personally know a guy who consciously wanted to flaunt his (newfound) wealth. He bought a Ferrari. He was unhappy to find that he was always having to park it when he went out..leading to no one he was around really knowing he had it at all. He was thoroughly teased for being frustrated by this.

Re: 5 Things I learned from being rich and losing it all

#17

Post by timcederman »

What the? This was rambling nonsense.

Basic lesson for anyone: if you get money, and you're not used to having money, put it in a cash saving account for a while and get used to it. Afterwards learn about investments and slowly start putting your money to work for you. Use what you need to become financially independent (eg paying off old loans, buying a decent car), but don't squander it.

Then you're golden and once you're debt free you'll realise money isn't everything and you can enjoy being frugal and saving money towards your kids, charity, etc, and not stuff.

Re: 5 Things I learned from being rich and losing it all

#18

Post by neilk »

akd wrote: post #13
alex_c wrote: post #10

3. Money does buy you happiness. 4. Stuff does not buy you happiness. This is what I've always suspected. I'll post back here once I find out for myself ;)

Use the money to buy freedom, not stuff. That's the secret.

Responsible use of money can liberate you from some worries, but that's not the same thing as being happy.

Re: 5 Things I learned from being rich and losing it all

#20

Post by gaius »

neilk wrote: post #18
akd wrote: post #13

Earlier quoted context omitted.

Use the money to buy freedom, not stuff. That's the secret.

Responsible use of money can liberate you from some worries, but that's not the same thing as being happy.

Indeed the article says this

Money is a means to an end, not the end in of itself.

Post reply on HN