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“Fuck You” Money

youngmoney.co

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Re: “Fuck You” Money

#21

Post by inglor_cz »

jstream67 wrote: post #8

so this whole thing is based on a Nassim Taleb quote. I read his books and thought they were kind of interesting, but it always felt like he was just saying random absurd things that he didn't have to defend because it was his book. When I started reading his twitter account I realized this is true. He makes ridiculous statements like he is an authority on all possible things, and blocks and berates anyone who dares…

Taleb seems plenty smart to me, but his ego is even bigger than his smarts.

He is probably a lot more bearable in person and drunk. (Provided that you don't stay sober either.)

Re: “Fuck You” Money

#22

Post by jjice »

throw8383833jj wrote: post #16

And there's something else to consider as well: The more money you have, the more you have to loose. When you're worth 20 Mil. you've got to worry about where it's invested and hope it doesn't all go down the drain. you certainly can't leave it in cash otherwise, you'll lose 75% in just 14 years. the root of all evil is not money. the root of all evil, is requiring humans to have money to live. i aspire to require th…

> The more money you have, the more you have to loose. When you're worth 20 Mil. you've got to worry about where it's invested and hope it doesn't all go down the drain

True, but there are plenty of safe investment options if you're willing to have lower yields (CDs, bonds, the S&P, given time). Of course anything can fail, but that applies to everything and everyone.

> you certainly can't leave it in cash otherwise, you'll lose 75% in just 14 years.

I'm not familiar with this stat. How is this calculated? Inflation and expenses?

Re: “Fuck You” Money

#23

Post by gowld »

MichaelRazum wrote: post #17
Sohcahtoa82 wrote: post #4

To me, it sounds like the real problem is greed. $1B for some reason isn't enough for these people. Personally, I'm looking to pay off my house, pay off the car, and then save up ~$2M in cash (Could happen quickly if the options in the startup I work at pay off, which based on current growth is very likely), then throw that $2M into an index fund and retire. Maybe in retirement, I'll actually feel like I have the tim…

I don’t think it is greed. And I don’t think retirement early is a good idea. Especially seems kind of bad for society. I think the point is more. A lot of Money needs a lot of effort to manage it. Alone if you realize that optimizing taxes could have a huge impact, which kind of pushes people to choose tax friendly jurisdictions. I mean its like why should I pay billions of taxes if it is possible to avoid them. So…

Boomers refusing to retire is why Millenials can't earn money.

Retired people can contribute to their communities, in ways that return psycho-emotional rewards, supporting the real economy and themselves, and reducing waste from consumerist materialism.

Re: “Fuck You” Money

#24

Post by gowld »

commandlinefan wrote: post #15
Sohcahtoa82 wrote: post #4

To me, it sounds like the real problem is greed. $1B for some reason isn't enough for these people. Personally, I'm looking to pay off my house, pay off the car, and then save up ~$2M in cash (Could happen quickly if the options in the startup I work at pay off, which based on current growth is very likely), then throw that $2M into an index fund and retire. Maybe in retirement, I'll actually feel like I have the tim…

> $1B for some reason isn't enough for these people I feel the same way, but... when I was younger I always thought that if I could ever get to the point where I made half what I currently make, I'd be "set for life". Now I make twice that much and... it's still somehow not enough. So maybe you and I think a billion is plenty and maybe they thought that until they got to that point.

That's... the whole point. Step off the hedonic treadmill, and you'll be happy.

Re: “Fuck You” Money

#25

Post by mukwenhac »

toomuchtodo wrote: post #19
Sohcahtoa82 wrote: post #14

Earlier quoted context omitted.

> and a house will take 1-2m Remember, I'm operating under the assumption that the house is already paid off. Right now, I've got about $250K left in my mortgage. Property taxes aren't too bad, about $4K/year. That $2M is also assumed to be after taxes from selling my options, but I acknowledge that any gains from the index fund will be taxed. > But take a pro tip: health care costs add up. Yeah, this is likely the e…

Consider this: Rent out the house, move somewhere where you can continue to work remote and have universal healthcare or similar systems where your healthcare risk is limited. Quality western european countries will accept folks with as little as ~EUR25k/year in passive/rental/remote work income. Personally, healthcare costs keep me up at night regardless of NW. I've seen high net worth individuals get obliterated by…

Out of wanting to research more, which countries accept folks at that income level?

Re: “Fuck You” Money

#26

Post by gowld »

MK_Dev wrote: post #11

"the traits that made them so successful" - or perhaps the choices? Too much confusion between fame and wealth - the author tried to disambiguate, but I don't think they succeeded. "If you are "publicly rich" (think athletes, authors, movie stars, politicians, etc.), you no longer have a private life." - isn't this true for most public figures regardless of their wealth status?

I don't want to be rich and famous. I want to be rich and not famous.

Re: “Fuck You” Money

#27

Post by throwaway-blaze »

gowld wrote: post #20
throw8383833jj wrote: post #16

And there's something else to consider as well: The more money you have, the more you have to loose. When you're worth 20 Mil. you've got to worry about where it's invested and hope it doesn't all go down the drain. you certainly can't leave it in cash otherwise, you'll lose 75% in just 14 years. the root of all evil is not money. the root of all evil, is requiring humans to have money to live. i aspire to require th…

The traditional saying is " the love of money is the root of all evil" You don't need $20Mil to live. > lose 75% in just 14 years. What currency had 400% inflation in 14 years?

Venezuelan Bolivars have been worse than that. I think the Turkish Lira is too, and lately the Russian Ruble. We in the US are super lucky the world considers our currency the most favorable, although printing 80% of all dollars in existence over the last few years could impact that...

Re: “Fuck You” Money

#28

Post by throwaway-blaze »

Sohcahtoa82 wrote: post #14
jleyank wrote: post #5

Earlier quoted context omitted.

By the 4% rule, 2m in the retirement funds gets you 80k of income. Of which you have to pay taxes and fees and all those charges that accumulate. Most people who wish to do this add “going to a very low tax environment” to the discussion. But take a pro tip: health care costs add up. As a guesstimate for California…. If you get 5m, taxes will take a third of it, and a house will take 1-2m. Which leaves you +/- on the…

> and a house will take 1-2m Remember, I'm operating under the assumption that the house is already paid off. Right now, I've got about $250K left in my mortgage. Property taxes aren't too bad, about $4K/year. That $2M is also assumed to be after taxes from selling my options, but I acknowledge that any gains from the index fund will be taxed. > But take a pro tip: health care costs add up. Yeah, this is likely the e…

You can also "retire to startups", meaning go pick the most interesting company to work with and not worry about their ability to pay you or even their long-term viability. If the work interests you and the people will be good to work with, you don't need anything else.

I've done this and it is truly great.

Re: “Fuck You” Money

#29

Post by AnimalMuppet »

Sohcahtoa82 wrote: post #4

To me, it sounds like the real problem is greed. $1B for some reason isn't enough for these people. Personally, I'm looking to pay off my house, pay off the car, and then save up ~$2M in cash (Could happen quickly if the options in the startup I work at pay off, which based on current growth is very likely), then throw that $2M into an index fund and retire. Maybe in retirement, I'll actually feel like I have the tim…

> To me, it sounds like the real problem is greed.

The thing is, money can be exchanged for just about everything else. So in peoples' thinking, money stands for everything else, and everyone has a "something else" that they want enough money to get.

I think, though, that people want four broad categories of general things. They want security, they want identity, they want satisfaction, and they want rest. The last two you can have enough money to be set for life. Security you kind of can, but (I suspect) you always worry about a big enough black swan and whether you're diversified enough.

But if you're looking for identity, money will never be enough. You're always looking up at someone else who has more money, or a bigger yacht, or a more successful sports team. (Or so it seems to me, someone with nowhere near enough money to try to find my identity there.)

Re: “Fuck You” Money

#30

Post by jstream67 »

inglor_cz wrote: post #21
jstream67 wrote: post #8

so this whole thing is based on a Nassim Taleb quote. I read his books and thought they were kind of interesting, but it always felt like he was just saying random absurd things that he didn't have to defend because it was his book. When I started reading his twitter account I realized this is true. He makes ridiculous statements like he is an authority on all possible things, and blocks and berates anyone who dares…

Taleb seems plenty smart to me, but his ego is even bigger than his smarts. He is probably a lot more bearable in person and drunk. (Provided that you don't stay sober either.)

yeah I think that is a better way of phrasing it.

I suppose most people are better in person than they are on twitter - I should stop reading people's twitter accounts :D

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