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A Few Laws of Getting Rich

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Re: A Few Laws of Getting Rich

#11

Post by Consultant32452 »

greatpostman wrote: post #2

I made a significant amount of money at once. It ended up destroying a few long term friendships. In hindsight, maybe that was my fault. But human nature is a funny thing, and rapid changes in social status will reap havoc on social equilibriums built over decades

It happened to me at much lower $. I grew up poor, all my friends are solidly blue collar middle class. I live in one of the nicer areas in my city, one tier down from the where the people live whose name you would know.

When you're poor, getting some extra $ means maybe you boost your 401k or something. But once you are doing the max, or maybe you make so much you can't legally put money in 401k, it's very confusing. My lifestyle didn't even change but I asked one of my friends for advice, if they had any family or something who had some money and I immediately lost that friend.

Re: A Few Laws of Getting Rich

#12

Post by ghaff »

greatpostman wrote: post #2

I made a significant amount of money at once. It ended up destroying a few long term friendships. In hindsight, maybe that was my fault. But human nature is a funny thing, and rapid changes in social status will reap havoc on social equilibriums built over decades

Well, it's probably hard to not let sufficiently large differences in wealth not affect the type of activities you want to do and some attitudes. Sure, you might still like to cook a lot of your own meals and go on cheap roadtrips. But absent money as a real consideration you're very possibly also going to want to do things that a person with a lot less money just can't reasonably afford--and while you can pick up a night out here and there it's not something that it's going to be comfortable to do all the time in general.

Re: A Few Laws of Getting Rich

#13

Post by DonaldTruck »

haltist wrote: post #7
throwaway98797 wrote: post #3

money makes you more of yourself no one knows which drink will turn you into an alcoholic… it could be your next one same with money your next or first million might the thing that will disconnect you from all that you hold dear

Did you know that money is entirely a social construction?

I can't wait to try that one on the salesperson at the Lamborghini dealership.

Re: A Few Laws of Getting Rich

#14

Post by paulpauper »

There are 13 divorces among the 10 richest men in the world. Seven of the top ten have been divorced at least once.

and over how long of a time period? compared to national average? so what

Money is good for solving problem which have a price tag. Is this all problems? No, but its's a lot. Fun fact: Medicare and Medicaid exclude a lot of things, like teeth implants, hearing aids, glasses, elective procedures. having money helps in that regard.

3. The richer you become, the less likely people around you are to tell you when you’re wrong, crazy, mean, or oblivious.

Hmm..elon musk? People are always telling him how crazy he is. But maybe not the people close to him, who should have talked him out of buying Twitter for $44 billion, which was dumb.

“Because if you don’t give them the money they’ll hate you,” Charlie said.

lol Munger so old his kids gonna die before he does, so I guess that solves that problem

This is especially true when what made you rich was some form of advertising your success in a way that made others want to help and support you. When admiration turns to envy, that support dwindles, and people’s tolerance for your errors shrinks. If a no-name journalist wrote a book obliquely defending Sam Bankman-Fried, no one would care – they may have actually congratulated the author. But since Michael Lewis did, the pitchforks came out.

The pitchforks came out not because of a low-tolerance for errors, but his trying to whitewash an obvious fraud and general lack of basic understanding and rewriting of history of the FTX scam.

Re: A Few Laws of Getting Rich

#16

Post by lr4444lr »

haltist wrote: post #7
throwaway98797 wrote: post #3

money makes you more of yourself no one knows which drink will turn you into an alcoholic… it could be your next one same with money your next or first million might the thing that will disconnect you from all that you hold dear

Did you know that money is entirely a social construction?

... which even lower level primates, and some birds are capable of learning. Our brain is hardwired to understand tokens of pure exchange value.

Re: A Few Laws of Getting Rich

#17

Post by samuria »

galaxyLogic wrote: post #10
teucris wrote: post #5

Ugh. All these articles conflate the idea of “getting rich” with the kind of wealth that most people don’t know what to do with, eg billions of dollars. What about just reaching the point where you never need to work again? Can we talk about how that’s a reasonable goal for people to push for rather than accumulating the net worth of a small country?

Most billionaires still work I think. I personally believe that true contentment in life is if you can do something meaningful to help others. The human connection is such a basic thing in life. We want love, not just sex. You might think that getting lots of money would make other people like you more but I think that is the opposite. Billionaires really aren't that "likable" are they?

They are very much liked by people who are interested in their wealth. Which I think is the wrong reason to "like" someone for.

Re: A Few Laws of Getting Rich

#18

Post by haltist »

supportengineer wrote: post #8
haltist wrote: post #7

Earlier quoted context omitted.

Did you know that money is entirely a social construction?

It's awfully real when you are hungry.

You can't eat money, it doesn't grow on trees. Well, I guess you can eat it but it has no nutritional value.

Re: A Few Laws of Getting Rich

#19

Post by paulpauper »

teucris wrote: post #5

Ugh. All these articles conflate the idea of “getting rich” with the kind of wealth that most people don’t know what to do with, eg billions of dollars. What about just reaching the point where you never need to work again? Can we talk about how that’s a reasonable goal for people to push for rather than accumulating the net worth of a small country?

it is a sort of blind spot in which either you're poor or fifthly rich, not much in-between
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