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Be wary of imitating high-status people who can afford to countersignal

robkhenderson.substack.com

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Re: Be wary of imitating high-status people who can afford to countersignal

#81

Post by steveBK123 »

helen___keller wrote: post #70
steveBK123 wrote: post #47

"An example from Ogilvy Vice Chairman Rory Sutherland: If you’re a top executive, turning up to work on a bicycle is a high-status activity because it was a choice and not a necessity. But if you work at Pizza Hut, turning up on a bike means you can’t afford a car." This tidbit reminds me of a similar anecdote (that my experience aligns with) re: the modern upper class that wearing a $2k Rolex or driving a $70k BMW i…

> wearing a $2k Rolex or driving a $70k BMW is frowned upon. But instead they have eccentric "hobbies" requiring $10ks of of equipment, inclusive of "needing" $10k viking stove/range, and $10k subzero fridge/freezer in your kitchen because you are a "foodie" […] Isn’t this conflating status signal with lifestyle? The wealthy have always enjoyed expensive lifestyles and hobbies. In and of itself, expensive hobby equip…

Yes I think my point is that they simply signal differently by for example regaling you about how they spent $5000 on custom designed esoteric tiles from a local artisan for their shower.

Personally I don't think things that are 90% purchase/consumption (housing/renovations/appliances) are hobbies in the same way as photography/kitesurfing/gardening/cycling which may be expensive but have some sort of skill/learning/activity attached.

Re: Be wary of imitating high-status people who can afford to countersignal

#82

Post by none_to_remain »

NikolaNovak wrote: post #65
nibbleshifter wrote: post #59

Earlier quoted context omitted.

> even though you can't buy crypto with cash and crypto cannot be converted directly to cash I have bought and sold crypto primarily using cash for the last ten years, what are you talking about. Yes, many people use an exchange. Many do not.

Physical cash? How?

One simple option: Hand someone some cash, they send you some BTC

Re: Be wary of imitating high-status people who can afford to countersignal

#83

Post by [deleted] »

steveBK123 wrote: post #81
helen___keller wrote: post #70

Earlier quoted context omitted.

> wearing a $2k Rolex or driving a $70k BMW is frowned upon. But instead they have eccentric "hobbies" requiring $10ks of of equipment, inclusive of "needing" $10k viking stove/range, and $10k subzero fridge/freezer in your kitchen because you are a "foodie" […] Isn’t this conflating status signal with lifestyle? The wealthy have always enjoyed expensive lifestyles and hobbies. In and of itself, expensive hobby equip…

Yes I think my point is that they simply signal differently by for example regaling you about how they spent $5000 on custom designed esoteric tiles from a local artisan for their shower. Personally I don't think things that are 90% purchase/consumption (housing/renovations/appliances) are hobbies in the same way as photography/kitesurfing/gardening/cycling which may be expensive but have some sort of skill/learning/…

[deleted]

Re: Be wary of imitating high-status people who can afford to countersignal

#84

Post by coryrc »

steveBK123 wrote: post #78
doubled112 wrote: post #68

Earlier quoted context omitted.

It's pretty easy to add a few options and pay $70K or more for a Ford F-150 these days. At least here in Canada. People love their pickup trucks.

It's truly crazy to me how quickly pricing has ramped up especially in EVs. Imagine telling someone 10 years ago that people would line up to buy a $60k Hyundai EV, or $80k on a luxury Hyundai sub-brand EV? The Tesla Model 3/Y range can easily run up above $70k with options now, and the bigger Tesla Model S/X is a six-figures vehicle! Likewise, gas powered BMWs seem to have disappeared in the $30-40k range and pretty…

I figure GP's talking about gas trucks. We're talking working class people spending over a year's gross income on a truck, when in the past they'd be buying a "work truck" with a single bench seat, no A/C, and an AM radio.

Re: Be wary of imitating high-status people who can afford to countersignal

#85

Post by eyphka »

2devnull wrote: post #73
lullab wrote: post #42

Earlier quoted context omitted.

Maybe the real takeaway from his story is to bet big in a new market to get rich. And if you lose it all, earn more and do it again. It would have happened in the early days of the internet just the same. Yes, it's incredibly risky but at least it has a better chance than playing the lottery. Like Nassim Taleb says, bet on things with a limited downside and unlimited upside. And if you don't try, nothing will happen.

“things with a limited downside and unlimited upside” Penny stocks and junk bonds, a classic recipe for attaining mega wealth.

That is how Warren Buffet got started, or as he called them, used cigarbuts.

Re: Be wary of imitating high-status people who can afford to countersignal

#86

Post by shukantpal »

fabianhjr wrote: post #66
BuyMyBitcoins wrote: post #60

Earlier quoted context omitted.

The nuanced take is that luck is something that can be “made” through putting oneself in situations conducive to getting lucky through exposure, networking, and repeated attempts / not giving up. You might be able to get successful people to admit that they were in the right place at the right time, but they’ll almost always qualify that with how much effort they put in to be in that situation.

> repeated attempts / not giving up Being able to afford that wouldn't be lucky, it would imply some sort of per-existing wealth or at least a solid support network.

Or that could be earned

Re: Be wary of imitating high-status people who can afford to countersignal

#87

Post by steveBK123 »

helen___keller wrote: post #70
steveBK123 wrote: post #47

"An example from Ogilvy Vice Chairman Rory Sutherland: If you’re a top executive, turning up to work on a bicycle is a high-status activity because it was a choice and not a necessity. But if you work at Pizza Hut, turning up on a bike means you can’t afford a car." This tidbit reminds me of a similar anecdote (that my experience aligns with) re: the modern upper class that wearing a $2k Rolex or driving a $70k BMW i…

> wearing a $2k Rolex or driving a $70k BMW is frowned upon. But instead they have eccentric "hobbies" requiring $10ks of of equipment, inclusive of "needing" $10k viking stove/range, and $10k subzero fridge/freezer in your kitchen because you are a "foodie" […] Isn’t this conflating status signal with lifestyle? The wealthy have always enjoyed expensive lifestyles and hobbies. In and of itself, expensive hobby equip…

For example I would contrast the following three scenarios of people in my circle.

* Having professional landscapers plant grass and plants on an outdoor terrace of a penthouse apartment for $100k

* Growing a large vegetable garden from seeds & seedlings, from your vacation home outside the city

* Raising houseplants in your apartment windowsill

All three of these people may describe themselves as having green thumbs or being into gardening as a hobby...

Re: Be wary of imitating high-status people who can afford to countersignal

#88

Post by swayvil »

matwood wrote: post #44

The one that always bugs me is when rich, successful people tell others to follow their heart or passion. It's easy to follow your heart once you're already rich. The other one is that rich people don't think about money, which is bullshit. It's all they think about, even if they don't show it.

Rich people are more dependent on their wealth than poor people. It's funny to think about.

A poor person depends on a diverse array of skills, relationships and resources.

A rich person depends on their account balance. They focus on that, basically in exclusion of all else.

It makes the way they see and behave really different.

It explains "wealthy miser" syndrome.

Re: Be wary of imitating high-status people who can afford to countersignal

#89

Post by blagie »

steveBK123 wrote: post #47

"An example from Ogilvy Vice Chairman Rory Sutherland: If you’re a top executive, turning up to work on a bicycle is a high-status activity because it was a choice and not a necessity. But if you work at Pizza Hut, turning up on a bike means you can’t afford a car." This tidbit reminds me of a similar anecdote (that my experience aligns with) re: the modern upper class that wearing a $2k Rolex or driving a $70k BMW i…

Doing something for pure status signalling is considered crass.

Expensive hobbies are not. I think they should be, but they're not.

Re: Be wary of imitating high-status people who can afford to countersignal

#90

Post by blagie »

gus_massa wrote: post #56

> If a chimpanzee views a person perform a series of superfluous actions, along with one single necessary action, in order to obtain a piece of food, the chimpanzee will skip the superfluous action, and perform only the necessary one. > In contrast, children will copy every single action, including the unnecessary ones. I watched the video, but I'm unconvinced. They tell the kid the box is " magic ". Children know th…

Yeah.

(1) It was presented as a game. It seemed like a game.

(2) People like ritual. This was clearly ritual.

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