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The Millionaire Fastlane

leoexplor.es

51–60 of 86 posts

Re: The Millionaire Fastlane

#51

What I find odd when reading these kinds of posts and the discussion that ensues is that most people don't even seem to ask if "becoming rich" is really that important to begin with: For example, in his post the author gives the impression that only money can buy you a decent and fulfilling life and that you should better get rich quick since otherwise "you’ll be too old to enjoy it". Personally I think building up m…

Man this thread really has me wanting to get my personal blog going again.

First off, MJ recently discussed in his forum (which I no longer frequent, I like it here better) about how he had too much stuff, and was happy just hanging out in his GF's small apartment. So even very wealthy people can have these types of existential crises.

Now here's my untested thesis that I'd like to blog about:

In the US, there was a study that shows something like "happiness stops growing after 75k".

There are several reasons, but I feel that a large part of it is that once you have over 75k income, you start buying more things which end up causing you more problems. That Mercedes that always needs repair? That big suburban house that needs constant work? Wife wants to go on vacations, pressure to have kids, etc etc.

So now you're making 125k, but you're no happier than someone making 50k. Because:

* You're working harder for the 125k

* You have more crap cluttering your life, and it keeps breaking and finding ways to abuse your time.

* You're invited to more parties and social events, especially if you have kids.

YET, you're still not making so much money that you can afford to have someone handle the small stuff for you. So you're awash in crap and tiny things and the next thing you know, you're not doing what you truly enjoy. you're running errands.

So it becomes a Mo' Money Mo' Problems type situation.

* One solution is to live minimalistically. Something I personally prefer.

* Another solution is to get rich enough and have an assistant, cook, maid, etc do the small stuff for you, so you can enjoy your time again instead of running errands all day. This is also what I'm going after.

* A third solution is to move to a cheaper country.

Anyway, the point is, you don't need to be rich. But if you want the "stuff", you're going to get a hell of a lot of headaches that go along with it, unless you're seriously ballin enough to not give a crap about hiring people to do the nonsense work. Otherwise, you're just paying for more work for yourself.

That's my little offtopic thesis. I need to get back to work now.

Re: The Millionaire Fastlane

#52
post #49

What I find odd when reading these kinds of posts and the discussion that ensues is that most people don't even seem to ask if "becoming rich" is really that important to begin with: For example, in his post the author gives the impression that only money can buy you a decent and fulfilling life and that you should better get rich quick since otherwise "you’ll be too old to enjoy it". Personally I think building up m…

Your comment about asking whether becoming rich is really that important reminded me of a lesson I learned. I live in a city that had some major flooding recently. I volunteered to help pump out water and clean basements. I did this in primarily two neighbourhoods. A very affluent neighbourhood with multimillion dollar homes. The other neighbourhood was middle class, 30-50 year old bungalows. In the affluent neighbou…

I realized over that week that if getting rich means hating your neighbours/being hated by your neighbours, having no one to reach out to, maybe I don't want to be rich. At least not financially rich.

Or at least not in that neighborhood. You have an anecdote... that's all. I'm sure there are others that match it, but being a dick to your neighbors and having neighbors that are dicks to you is not a necessary pre- or post-condition of financial wealth.

You can end up in that situation regardless of how much money you make. What you should probably take away from that experience is that you value community and wish to have positive interactions with your neighbors; perhaps financial wealth shouldn't be a priority for you, but I don't believe this situation could really inform you on that point.

Re: The Millionaire Fastlane

#53
> What if you’re not happy living a frugal/basic lifestyle?

I think this is an unnecessarily deterministic view of happiness. It seems to imply that every person has a set of randomly assigned, unchanging things that make them happy. If you happened to get assigned happiness from frugality, then lucky you! But if not, then I guess you'll have to find a way to get really rich to buy all the thing that make you happy, too bad.

In fact, if you aren't happy living a frugal/basic lifestyle, you probably won't be happy with an extravagant, wealthy lifestyle either. Happiness comes from within.

Re: The Millionaire Fastlane

#54

What I find odd when reading these kinds of posts and the discussion that ensues is that most people don't even seem to ask if "becoming rich" is really that important to begin with: For example, in his post the author gives the impression that only money can buy you a decent and fulfilling life and that you should better get rich quick since otherwise "you’ll be too old to enjoy it". Personally I think building up m…

Man this thread really has me wanting to get my personal blog going again. First off, MJ recently discussed in his forum (which I no longer frequent, I like it here better) about how he had too much stuff, and was happy just hanging out in his GF's small apartment. So even very wealthy people can have these types of existential crises. Now here's my untested thesis that I'd like to blog about: In the US, there was a…

Yeah I remember reading this story as well, here's the link to the WSJ that covered it when it came out back in 2010: http://blogs.wsj.com/wealth/2010/09/07/the-perfect-salary-fo...

Re: The Millionaire Fastlane

#55
post #24
post #8

Earlier quoted context omitted.

Looks a bit spammy to me. I recommend this one every chance I get as a practical book about how to do your own small business as a developer: http://www.amazon.com/Start-Small-Stay-Developers-Launching-... One of the things I like about it is that it is not a "get rich quick" book. Indeed, one of the quotes I highlighted is "strive to build a startup that generates $500 per month in profit". That really resonated wit…

Thanks for this. I've not seen this book before and, like you, most of these other books feel way too spammy to me.

If you like that book, the author Rob Walling also has a podcast called Startups For The Rest Of Us: http://www.startupsfortherestofus.com/

Re: The Millionaire Fastlane

#56
post #49

What I find odd when reading these kinds of posts and the discussion that ensues is that most people don't even seem to ask if "becoming rich" is really that important to begin with: For example, in his post the author gives the impression that only money can buy you a decent and fulfilling life and that you should better get rich quick since otherwise "you’ll be too old to enjoy it". Personally I think building up m…

Your comment about asking whether becoming rich is really that important reminded me of a lesson I learned. I live in a city that had some major flooding recently. I volunteered to help pump out water and clean basements. I did this in primarily two neighbourhoods. A very affluent neighbourhood with multimillion dollar homes. The other neighbourhood was middle class, 30-50 year old bungalows. In the affluent neighbou…

Or just build up a modest wealth (no necessarily "rich") and live in a neighborhood like the middle class one you mention. Nobody has to know what you make. Personally I see this happening for me if I ever "Strike it rich." (or build my own product and work hard at making it highly profitable, whichever actually happens)

Re: The Millionaire Fastlane

#57

Earlier quoted context omitted.

...says the not-an-entrepreneur. Some of us think its NOT better to play it safe. Just sayin.

Not playing it safe doesn't mean you don't have a back up plan, right? Why does it have to be all one way or the other? The finance folks on Wall Street take big risks that get lots of press when they fail but they or their parent company also mitigate the risk. I'm not an entrepreneur, maybe a wanna be which is why I keep choosing start ups to work for. What I am curious about is why there is so much resistance to a…

Having a backup plan means planning to go back. It means holding something back from your effort. Its much harder to win big when you're not committed, when you haven't committed all of your resources to win where you're at.

All sorts of schemes are possible; its not a no-brainer that a balanced approach is the best for everyone. In fact I'm certain its not.

Re: The Millionaire Fastlane

#58

Earlier quoted context omitted.

Not playing it safe doesn't mean you don't have a back up plan, right? Why does it have to be all one way or the other? The finance folks on Wall Street take big risks that get lots of press when they fail but they or their parent company also mitigate the risk. I'm not an entrepreneur, maybe a wanna be which is why I keep choosing start ups to work for. What I am curious about is why there is so much resistance to a…

Having a backup plan means planning to go back. It means holding something back from your effort. Its much harder to win big when you're not committed, when you haven't committed all of your resources to win where you're at. All sorts of schemes are possible; its not a no-brainer that a balanced approach is the best for everyone. In fact I'm certain its not.

I tell the fable: you can swim, you're at the beach surfing and diving and splashing around. A big ship goes by, full of passengers, leaning over the rail. They're yelling something at you. Paddling over you hear "Get out of the water! Its wet in there! You're getting soaked! I hear there can be sharks! Maybe it'll rain or something!"

You try to tell them "It's ok, I can swim. If it rains I can go back on the beach for a while. There aren't any sharks here, at least not now. "

But they don't listen, they sail on.

See what I did there? The corporate employees can only see the risks, and greatly overestimate the danger. The swimmers (entrepreneurs) can't really convey how normal it is to them, to be swimming in those waters, to actually enjoy it.

This conversation happens a lot, where someone comfortable in their career can't conceive of jumping overboard and trying anything else. There's not a lot you can say, coming from such different points of view.

Re: The Millionaire Fastlane

#59
For anyone else wondering: author of Leo Explores is Leo Polovets @lpolovets

Twitter bio: "Partner @SusaVentures. Before: 2nd non-founding engineer @LinkedIn → @Google → early engineer @Factual. I love travel, good food, reading, and helping others. Palo Alto, CA · codingvc.com"

Re: The Millionaire Fastlane

#60
post #29

Saying it once and for all: Not everyone can be rich. And getting rich requires lots of luck. That's why it's better to be frugal and invest wisely, than to gamble on writing a best seller or invent the next big thing. I'm not saying don't invent or write books either. Just don't bet your life on it.

"And getting rich requires lots of luck." No it requires making something useful to other people that you can sell to them. You really should read the book. Airbnb (hardwork and launching 4 times? nah just luck) Dropbox (solving a hard problem? nah just luck) "That's why it's better to be frugal and invest wisely" This concept is explored in depth in the book. It's called wealth in a wheelchair and is highly dependen…

Not entering in the actual issue, just noticing that every time one needs to make an example of a wildly successful company, most of the times is Airbnb and Dropbox.

I know full well that there are many more examples, but I think the total of millionaire-making companies compared to the total is abysmal.

Does it mean that only those at Airbnb and Dropbox (and Whatsapp, Twitter, etc...) worked hard and well ?

I think luck still plays a role.

Working hard and solving problems is a necessary condition, not sufficient.

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