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A Few Laws of Getting Rich

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Re: A Few Laws of Getting Rich

#31

Post by traviswingo »

> When the benefits of money are so obvious but the downsides are so subtle, the downsides you didn’t anticipate can be more jarring than the benefits you expected.

This is a really important aspect of seeking wealth that many people don’t understand. The jump from poverty to no longer missing bills is much more significant than the jump from middle class to upper class. It’s the reason why so many studies exist showing that past $75,000 per year (not inflation adjusted, so try $120k or so), more money doesn’t tend to make you happier. Instead, you trade freedom and happiness for the money you thought would bring you freedom and happiness. Also, trying to become a billionaire is most definitely a lonely and sad path.

A somewhat healthier goal would be to become “financially free,” whatever that means to you. No longer needing to work, allows you to do the work you actually love.

Re: A Few Laws of Getting Rich

#32

Post by breadwinner »

saurik wrote: post #28
breadwinner wrote: post #25

Earlier quoted context omitted.

> reaching the point where you never need to work again? You don't want to reach that point. You want to stay below that point, because what brings satisfaction and happiness in life is something called the "power process". The Unabomber explained it well [1]. The Unabomber unfortunately used bad methods to spread his ideas, but the ideas themselves were good. [1] https://medium.com/chris-messina/surrogate-activities…

There are many goals you can set and achieve that require effort but don't relate to needing to work to make money. Maybe I'm somehow crazy on a forum of tech "entrepreneurs"... but, I like to do stuff like learn to sing and play the guitar, speak new languages, get better at drawing and painting, or plunge ever deeper into the worlds of math and physics... all of which seems eminently compatible with this "power pro…

Those are surrogate activities, and according to the article, they are less satisfying than the pursuit of real goals (see last paragraph). The point is that when you have to work for a living, and you are successful at that, that is much more satisfying than being successful at a hobby. That sounds about right to me!

Re: A Few Laws of Getting Rich

#33

Post by nostrademons »

saurik wrote: post #28
breadwinner wrote: post #25

Earlier quoted context omitted.

> reaching the point where you never need to work again? You don't want to reach that point. You want to stay below that point, because what brings satisfaction and happiness in life is something called the "power process". The Unabomber explained it well [1]. The Unabomber unfortunately used bad methods to spread his ideas, but the ideas themselves were good. [1] https://medium.com/chris-messina/surrogate-activities…

There are many goals you can set and achieve that require effort but don't relate to needing to work to make money. Maybe I'm somehow crazy on a forum of tech "entrepreneurs"... but, I like to do stuff like learn to sing and play the guitar, speak new languages, get better at drawing and painting, or plunge ever deeper into the worlds of math and physics... all of which seems eminently compatible with this "power pro…

Many of those don't need anywhere close to "never need to work again" money, only "2-3 years savings, or a willingness to half-ass your job". You just need the courage to make it a priority.

It's entirely possible to do most of those as a hobby. If you do need to go full-time on it, you can usually accomplish a lot in 2-3 years, and then jump back into the workforce when you get bored with your hobbies.

Re: A Few Laws of Getting Rich

#34

Post by ghaff »

saurik wrote: post #28
breadwinner wrote: post #25

Earlier quoted context omitted.

> reaching the point where you never need to work again? You don't want to reach that point. You want to stay below that point, because what brings satisfaction and happiness in life is something called the "power process". The Unabomber explained it well [1]. The Unabomber unfortunately used bad methods to spread his ideas, but the ideas themselves were good. [1] https://medium.com/chris-messina/surrogate-activities…

There are many goals you can set and achieve that require effort but don't relate to needing to work to make money. Maybe I'm somehow crazy on a forum of tech "entrepreneurs"... but, I like to do stuff like learn to sing and play the guitar, speak new languages, get better at drawing and painting, or plunge ever deeper into the worlds of math and physics... all of which seems eminently compatible with this "power pro…

Many (most?) people do like to "do something." But my observation is that many--especially later career--with a reasonable pile of money are pretty happy to travel, read, write, volunteer, watch live or other entertainment, putter around the house, etc. They may do things but don't necessarily really work in the sense that they have a lot of obligations and deliverables.

Re: A Few Laws of Getting Rich

#35

Post by paulpauper »

traviswingo wrote: post #31

> When the benefits of money are so obvious but the downsides are so subtle, the downsides you didn’t anticipate can be more jarring than the benefits you expected. This is a really important aspect of seeking wealth that many people don’t understand. The jump from poverty to no longer missing bills is much more significant than the jump from middle class to upper class. It’s the reason why so many studies exist show…

It’s the reason why so many studies exist showing that past $75,000 per year (not inflation adjusted, so try $120k or so)

I believe this was debunked

https://www.verywellmind.com/happiness-doesn-t-top-out-at-us...

Re: A Few Laws of Getting Rich

#36

Post by ghaff »

breadwinner wrote: post #32
saurik wrote: post #28

Earlier quoted context omitted.

There are many goals you can set and achieve that require effort but don't relate to needing to work to make money. Maybe I'm somehow crazy on a forum of tech "entrepreneurs"... but, I like to do stuff like learn to sing and play the guitar, speak new languages, get better at drawing and painting, or plunge ever deeper into the worlds of math and physics... all of which seems eminently compatible with this "power pro…

Those are surrogate activities, and according to the article, they are less satisfying than the pursuit of real goals (see last paragraph). The point is that when you have to work for a living, and you are successful at that, that is much more satisfying than being successful at a hobby. That sounds about right to me!

I didn't really get that from the last paragraph. Though I suppose it partly depends if you got a windfall at 30 or if you're just retiring early at 50.

Re: A Few Laws of Getting Rich

#37

Post by jareklupinski »

saurik wrote: post #28
breadwinner wrote: post #25

Earlier quoted context omitted.

> reaching the point where you never need to work again? You don't want to reach that point. You want to stay below that point, because what brings satisfaction and happiness in life is something called the "power process". The Unabomber explained it well [1]. The Unabomber unfortunately used bad methods to spread his ideas, but the ideas themselves were good. [1] https://medium.com/chris-messina/surrogate-activities…

There are many goals you can set and achieve that require effort but don't relate to needing to work to make money. Maybe I'm somehow crazy on a forum of tech "entrepreneurs"... but, I like to do stuff like learn to sing and play the guitar, speak new languages, get better at drawing and painting, or plunge ever deeper into the worlds of math and physics... all of which seems eminently compatible with this "power pro…

> Maybe I'm somehow crazy on a forum of tech "entrepreneurs"... but, I like to do stuff like learn to sing and play the guitar, speak new languages, get better at drawing and painting, or plunge ever deeper into the worlds of math and physics... all of which seems eminently compatible with this "power process" thesis and which are all much more pleasant when you don't simultaneously have to work

i think if you reached the point where you solved the thesis, don't have to work, and you're doing all those things...

you're not coming back to post about it on a forum of tech "entrepreneurs" :^)

https://en.wikipedia.org/wiki/Allegory_of_the_cave#Return_to...

Re: A Few Laws of Getting Rich

#38

Post by andyferris »

paulpauper wrote: post #35
traviswingo wrote: post #31

> When the benefits of money are so obvious but the downsides are so subtle, the downsides you didn’t anticipate can be more jarring than the benefits you expected. This is a really important aspect of seeking wealth that many people don’t understand. The jump from poverty to no longer missing bills is much more significant than the jump from middle class to upper class. It’s the reason why so many studies exist show…

It’s the reason why so many studies exist showing that past $75,000 per year (not inflation adjusted, so try $120k or so) I believe this was debunked https://www.verywellmind.com/happiness-doesn-t-top-out-at-us...

Following the links, we arrive at Fig. 1 of https://www.pnas.org/doi/full/10.1073/pnas.2016976118.

Re: A Few Laws of Getting Rich

#39

Post by rhombocombus »

saurik wrote: post #28
breadwinner wrote: post #25

Earlier quoted context omitted.

> reaching the point where you never need to work again? You don't want to reach that point. You want to stay below that point, because what brings satisfaction and happiness in life is something called the "power process". The Unabomber explained it well [1]. The Unabomber unfortunately used bad methods to spread his ideas, but the ideas themselves were good. [1] https://medium.com/chris-messina/surrogate-activities…

There are many goals you can set and achieve that require effort but don't relate to needing to work to make money. Maybe I'm somehow crazy on a forum of tech "entrepreneurs"... but, I like to do stuff like learn to sing and play the guitar, speak new languages, get better at drawing and painting, or plunge ever deeper into the worlds of math and physics... all of which seems eminently compatible with this "power pro…

Amen saurik! Nice seeing you here and at Milongas. Here’s to enjoying joy and beauty.

Re: A Few Laws of Getting Rich

#40

Post by WalterBright »

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?

> Billionaires really aren't that "likable" are they?

I'm sure that billionaires are constantly approached by people wanting to be their new best friend. That would make any billionaire rather standoffish and close with any friendship reciprocation.

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