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Millionaires Who Are Frugal When They Don't Have to Be

nytimes.com

141–150 of 152 posts

Re: Millionaires Who Are Frugal When They Don't Have to Be

#141

Earlier quoted context omitted.

And what if a nonnrich person needs access to capital in order to pay workers? Who would buy an IPO if they knew everyone else took your advice and would never let the IPO buyer exit? Trading stock is dealing in liquidity. Liquidity is where all the wealth in the market is made available to humans.

>And what if a nonnrich person needs access to capital in order to pay workers? The most natural/good way of doing this is running a legitimate working business and paying workers with revenue money generated by the business itself. Other ways include borrowing money, getting money from angels/venture capitalists, or money from an IPO or reissuing of shares. >Who would buy an IPO if they knew everyone else took your…

"You can only do one thing of monetary value once you own a stock share: Sell it to the next idiot."

Dividens explicitly give the owners of stock a slice of yearly profits.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#142

Earlier quoted context omitted.

Just came back from a business trip to Norway; the list of places I managed to see is: an airport, a bus, the office, the metro (and stations), hotel dining room, hotel room, few buildings in the city center during the three or four hours we had free because we arrived too late to start working the first day, the local Hackerspace. Oh, and tons of Teslas on the road, which made the trip really enjoyable ;). Indeed, I…

Make the time when you can. Add a day or two if necessary.

I'll try that the next time I go; this time around I had no control over the reservations.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#143
post #141

Earlier quoted context omitted.

>And what if a nonnrich person needs access to capital in order to pay workers? The most natural/good way of doing this is running a legitimate working business and paying workers with revenue money generated by the business itself. Other ways include borrowing money, getting money from angels/venture capitalists, or money from an IPO or reissuing of shares. >Who would buy an IPO if they knew everyone else took your…

"You can only do one thing of monetary value once you own a stock share: Sell it to the next idiot." Dividens explicitly give the owners of stock a slice of yearly profits.

ok yes, that too. But not all stocks do this, and the slice is usually incredibly small relative to the price of stock itself. Price swings of the stock will usually greatly eclipse the dividend.

Over long periods of time, however, dividends, when reinvested, do have a great effect.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#144
post #95

Earlier quoted context omitted.

depends for Western companies those sent overseas can have some very nice perks. I remember looking at this in Malaysia and one of the thing that put me off was the "servant" issue - the idea of having a servant was just creepy to me.

Then don't phrase it that way if it bothers you. They can be a maid, cleaning-lady, garden-worker, whatever. And the other poster that responded to you is definitely right, it is quite a culture "clash". I had it the other way around when I visited Europe for the first time as a grown-kid, after being in Africa for all of my earliest memories. Just to be clear, they are not your servant, no matter the usage of the wo…

Actually from what I read of the country facilitating apartheid with a brown face is not something I care to do

Its the same argument about working in pre Mandela South Africa.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#145

Earlier quoted context omitted.

Learn to read English. I was inviting you to explain how you would run a company without access to capital. Also look at how your comments on this thread have been treated.

People can vote me down if they think I'm wrong or if they they don't like what they see. What I haven't seen happen is an outright personal attack where I'm called naive and accused of being someone who hasn't "dealt" with the real world. Your english used the past tense "tried" indicating that it was something you did in the past. I think instead of me learning how to read english you should learn how to write it.…

You might want to look up rhetorical question which was what my initial comment was.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#146
post #95

Earlier quoted context omitted.

Then don't phrase it that way if it bothers you. They can be a maid, cleaning-lady, garden-worker, whatever. And the other poster that responded to you is definitely right, it is quite a culture "clash". I had it the other way around when I visited Europe for the first time as a grown-kid, after being in Africa for all of my earliest memories. Just to be clear, they are not your servant, no matter the usage of the wo…

Actually from what I read of the country facilitating apartheid with a brown face is not something I care to do Its the same argument about working in pre Mandela South Africa.

Your principles are admirable, but might only make a change in the very long game. If one takes a job with a household employee(s) perquisite, then someone like you can make an immediate, actionable change in someone's life right now. And you have the opportunity to extend that change into their family.

Much of success is embodied in modeled behaviors and attitudes. By dint of employing them, you have the opportunity to model for them success-oriented attributes, and let them pick and choose what is culturally and socioeconomically prudent to adopt into their lives. If you want to go a more activist route, if you and they have children you can intertwine their lives together and sponsor (tuition, fees, clothing and supplies) their children (if they are young enough) to the international school and after-school activities that expatriates usually use, and give your children a cultural exchange education second-to-none in the process. The possibilities to make positive change are endless, and only limited by your resources. Just be careful of fostering dependencies, and be open with those who you partner with in the endeavor about the probability of you getting assigned out of your host nation and abruptly changing their situation.

By contrast, advocating against "facilitating apartheid with a brown face", through various political means at your disposal as an individual citizen in the developed world, helps to eventually effect change through policy circles, but usually only at a very long game timeframe. Typically in the years to decades scale.

We need BOTH kinds of advocacy to effect humanitarian change. But if you are already in a position to make a personal, first-person, actionable, on-the-ground change, I urge you to grab it with both hands; there are too few people in this world with your principles, perception, and opportunity. Whether you are facilitating apartheid or making positive change depends upon the deep nature of your interaction, not the overall first-blush official description of the relationships.

Very rarely is this kind of change a binary switch, and it almost always involves a "getting from Point A to Point B" transition that has the trappings of distasteful practices, but the on-the-ground reality for most individuals (even highly privileged ones like most of us on HN) is resources are limited, and we have to get creative with how we re-purpose (and overload, to borrow OO lingo) normal, everyday interactions with positive change payloads.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#147

Earlier quoted context omitted.

People can vote me down if they think I'm wrong or if they they don't like what they see. What I haven't seen happen is an outright personal attack where I'm called naive and accused of being someone who hasn't "dealt" with the real world. Your english used the past tense "tried" indicating that it was something you did in the past. I think instead of me learning how to read english you should learn how to write it.…

You might want to look up rhetorical question which was what my initial comment was.

You might want to write your rhetorical question in proper English. Also, what the hell is the point of your rhetorical question if it's not addressing anything relevant?

Why are you so stupid? Rhetorical question. Don't answer.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#148
post #92

Earlier quoted context omitted.

Every one of those quotes is portraying selfishness. Why should anyone discuss those points? They don't have long-term value to anyone else.

I would very much like to know how not-worshipping-money, less-greed, less-materialism are the elements of selfishness rather than of selflessness?

I don't know how you get those traits out of those quotes. "We don't value money, we value security, stability, happiness, health, connections, influence, power... you know -- all the things that money buys for us."

But if you believe those quotes exhibit selflessness, you can just call me Charley 'Adolf' Manson: Paragon of Virtue. I've got a nice cult you can join. We've given up money, greed, and materialism.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#149
post #5

Earlier quoted context omitted.

As a person who travels regularly for work I can say you have quite a romantic view of business travel. The reality is that I usually see (in this order) an airport, a taxi, a conference room, a hotel dining room and/or bar, a hotel room, a taxi, an airport. The idea that there is much downtime on a business trip is a fantasy of those who don't travel for work.

I'm in Vienna right now for work and going to the symphony tonight. I was in Barcelona two weeks ago and had some fabulous meals. Was in Sardinia las week on vacation but stayed at a colleagues beach home. We paid 1/2 off for our car with a company perq and are having the company cover about 50k in expenses on a home were in the midst of purchasing. You should take advantage of your opportunities more.

"You should take advantage of your opportunities more"

Buddy, the kinds of places I get to travel aren't exactly postcard-worthy.

On the rare occasion I get to travel to a "fun place" I do my best but I'm not living in Europe where everyone gets 12 weeks of vacation. I live in the USA where every moment I spend at leisure directly affects the amount of money I have in my pocket.

Google "opportunity costs" and you'll catch my drift.

Re: Millionaires Who Are Frugal When They Don't Have to Be

#150

I'm a "frugal millionaire" with liquid, investible assets of approx 1.2m USD (does not include my home, car, etc.) I saved and invested my way to this after about about 15 years of working. My highest yearly income was approximately 160K while my lowest was around 50K. I drive a 10 year old car (which I bought new, in cash) and my mortgage is fully paid off. I still go to work everyday (unfortunately.) I'd rather wor…

I'm curious - how did you amass your 1.2m USD? I have a similar background and have done well but have not reached your level. Was it thru regular investing? Or did you have some "high payout" one-time events like making a lot of money on house appreciation, sale of a company, etc.

In any case, nice work!

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