Earlier quoted context omitted.
We had a talk once from a man who had sold his company at around 23 years old for several million, a lot to a young man. He said he thought he would live the dream, travel the world, go and do whatever he wanted, waking up at 10am every day and having a cooked breakfast! Then he realised how boring and lonely it was. His friends were all at work while he was "free" and most people don't want to sit by themself at a b…
I know this statement is controversial but honestly: for some people, work gives life meaning. Whether for a salary, or stock or for free. But it should be revised to meaningful work. Not schlepping a mop at 7-11 to eke out next month's rent. Heck, I don't have that level of success, am very middle class in fact, but even I think it's so boring to just sit in a beach sipping drinks for the rest of my life. It means m…
Why Don't Rich People Just Stop Working?
111–120 of 152 posts
Re: Why Don't Rich People Just Stop Working?
#112"Many people with a large amount of money, perhaps a million or two, consider themselves middle class when clearly they could even retire and live off their passive income" If you have a million dollars, stop working, invest the money, you can safely draw about 35K per year for a long time. This is based on long term historic returns of the stock market. There are different definitions of middle class in the US. The…
A quick search shows average returns across the market sit around 8-11%. If we say 5% to be conservative, 1M returns $50'000 each year. That's not bad. That's a house in a quiet neighborhood with no worries about food, or debt. You're not living without a budget, but you could live without working.
Re: Why Don't Rich People Just Stop Working?
#113Earlier quoted context omitted.
Sounds to me like he left a lot of options on the table. There's a lot more out there than working in corporate or sitting alone at a bar in Tahiti. I'd love to be able to get creative and indulge hobbies as full-time work; it'd be nice to brew beer, or write a book, or take up woodworking, without having to worry about financing or making a profit from any of those activities.
Lots of down votes, but I totally agree. I have more hobbies than time. I would not be one of those people bored during retirement.
Re: Why Don't Rich People Just Stop Working?
#114Another suggestion not mentioned in the article...maybe the fact that they can afford to use their own free time for anything they want leads them to doing exactly that? Bill Gates leaving Microsoft to focus on the foundation? - AKA, he wants to focus on making the world a better place Elon used all that Paypal money and started SpaceX and Tesla? - Also, wants to focus on making the world a better place If I were Zuc…
Re: Why Don't Rich People Just Stop Working?
#115Earlier quoted context omitted.
backing which part?
>if the rich "work" it's to pretend that that isn't the arrangement; to maintain the illusion that they work for their money rather that owning the surplus value created by their workers.
seems to me i made a clear statement about how rich people are rich that is pretty hard to argue with, and it made you feel a way.
i have no evidence for that either, just a human being considering the motivations of another human being given a set of facts.
Re: Why Don't Rich People Just Stop Working?
#116Also, apparently if you stop working you die a lot earlier.
Re: Why Don't Rich People Just Stop Working?
#117Re: Why Don't Rich People Just Stop Working?
#118They do. The three faces in the picture at the top of the article are famous billionaire outliers. Plenty of modestly wealthy people (say net worth of >$5M) lead lives of complete leisure.
Re: Why Don't Rich People Just Stop Working?
#119Because it's not working that sucks. It's having to work that sucks.
This is actually a great point. I would guess that once the pressure is off, you can work more creatively and elaborately , taking the time to understand what is puzzling for you or above your level. Which in turn makes you more eager to work, and much more effective at it.
Re: Why Don't Rich People Just Stop Working?
#120Some people enjoy work. Some people want impact, not money. They may be driven by their worldview and being able to further it. Some people worry about getting stale if they dont do anything. Free time can get boring, one values free time more when they have less of it.