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You don't really want a million dollars

ryanwaggoner.com

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Re: You don't really want a million dollars

#11

Post by byoung2 »

clistctrl wrote: post #5
byoung2 wrote: post #2

One of the hardest parts of just hopping on a plane to some exotic destination is figuring out what to do with your "stuff" back home. People think that with a million dollars they'll pay off the house, car, quit their jobs and travel the world. Instead, they should consider selling the car and house (or renting it out) and living abroad instead of traveling. I have stayed in the Philippines for months at a time for…

Very true, Here's PG's thoughts: http://www.paulgraham.com/stuff.html

Right on the money...The fact that Public Storage was only founded in 1972 is a testament to the fact that we are accumulating more stuff. I have a rule that if I haven't touched it in a year, I get rid of it. It will be easier to buy a new one than find the old one buried in a storage shed or closet.

Re: You don't really want a million dollars

#12

Post by henry81 »

byoung2 wrote: post #2

One of the hardest parts of just hopping on a plane to some exotic destination is figuring out what to do with your "stuff" back home. People think that with a million dollars they'll pay off the house, car, quit their jobs and travel the world. Instead, they should consider selling the car and house (or renting it out) and living abroad instead of traveling. I have stayed in the Philippines for months at a time for…

I have a collapsible table, inflatable mattress, laptop, and 24" monitor. Everything I own can fit in my car. I need more money. Sleeping on the floor was not fun.

I have money, I'm just kind of uber frugal. It's a nice air mattress, though.

Re: You don't really want a million dollars

#13

Post by simon_ »

I really disagree with this. Far from being more than anybody needs, a million dollars is actually not enough to secure a dignified existence in the US. Sure... a "trip to Thailand" doesn't require a million dollars, but what if you want:

Not to face bankruptcy if a major health problem arises? Not to worry about the cost of college for your children? To own a small home in NYC or SF? To afford competent legal representation if the need arises?

And that doesn't even touch the reasons people want to be rich - like private jets and angel investing and art collecting and space tourism, etc. Have some imagination!

Re: You don't really want a million dollars

#15

Post by ryanwaggoner »

cagenut wrote: post #10

Nuts to that, I'll take the million please. A million bucks, moderately levered and invested in rental property = cash flow for life. You won't live rich, but you'll sure cover your health insurance and some travel budget.

Ironically, I also wrote a post on this exact subject a few months ago:

http://ryanwaggoner.com/2010/08/how-to-retire-at-30-on-1-mil...

I was really responding to the claim that you can't retire on $1m in that post, whereas the post I wrote today is more about the idea that you might not need to "retire" at all...

Re: You don't really want a million dollars

#16

Post by maqr »

cagenut wrote: post #10

Nuts to that, I'll take the million please. A million bucks, moderately levered and invested in rental property = cash flow for life. You won't live rich, but you'll sure cover your health insurance and some travel budget.

That sounds much more reasonable.

I appreciate what the author is saying, but his thesis isn't really well supported:

> Here’s the reality: if you’re not the type of person who can create freedom without a million dollars, you probably aren’t the kind of person who will get a million dollars.

... What? I'd be willing to guess that most people with a million dollars (which isn't really all that much money these days) probably have not put money second and freedom first. I know plenty of doctors and lawyers that are worth as much and work very hard. I don't know anyone who travels around free-spiritedly and is amassing large sums of money.

Re: You don't really want a million dollars

#18

Post by ryanwaggoner »

simon_ wrote: post #13

I really disagree with this. Far from being more than anybody needs, a million dollars is actually not enough to secure a dignified existence in the US. Sure... a "trip to Thailand" doesn't require a million dollars, but what if you want: Not to face bankruptcy if a major health problem arises? Not to worry about the cost of college for your children? To own a small home in NYC or SF? To afford competent legal repres…

A million dollars is actually not enough to secure a dignified existence in the US.

Nonsense:

http://ryanwaggoner.com/2010/08/how-to-retire-at-30-on-1-mil...

Not to face bankruptcy if a major health problem arises?

Health insurance isn't that expensive unless you have a pre-existing condition [1]. I won't talk about the college and home ownership questions other than to say that families have figured out how to live happy, healthy lives on far, far less. Go to a good state school, get some scholarships, don't live in Manhattan.

And you're only making my point: you don't really want the money. You want the things that you think only an abnormally large amount of money can buy. Sorry, but that just seems like lazy thinking to me.

1. And my sincere condolences to those that do. Seriously, that sucks and we need to fix the system somehow.

Re: You don't really want a million dollars

#19

Post by hvs »

henry81 wrote: post #12
byoung2 wrote: post #2

One of the hardest parts of just hopping on a plane to some exotic destination is figuring out what to do with your "stuff" back home. People think that with a million dollars they'll pay off the house, car, quit their jobs and travel the world. Instead, they should consider selling the car and house (or renting it out) and living abroad instead of traveling. I have stayed in the Philippines for months at a time for…

I have a collapsible table, inflatable mattress, laptop, and 24" monitor. Everything I own can fit in my car. I need more money. Sleeping on the floor was not fun. I have money, I'm just kind of uber frugal. It's a nice air mattress, though.

You need a chair.

Re: You don't really want a million dollars

#20

Post by qjz »

byoung2 wrote: post #2

One of the hardest parts of just hopping on a plane to some exotic destination is figuring out what to do with your "stuff" back home. People think that with a million dollars they'll pay off the house, car, quit their jobs and travel the world. Instead, they should consider selling the car and house (or renting it out) and living abroad instead of traveling. I have stayed in the Philippines for months at a time for…

I agree that a lot of people need less stuff. But the lifestyle you describe is minimalism for one. Minimalism for two is exponentially different, and minimalism for four is exponentially different to that. I need to keep my kids in one place for nine months out of the year, supply transport to conflicting events, and eventually secure them a decent post-secondary education. A million dollars would come in awfully handy.

I personally don't have much stuff because I think hoarding is a disease. But we're moving into an era where the fulfillment we used to get from stuff is being provided virtually. I don't claim this is bad, but it requires monthly contractual obligations (for internet access and cellphone data plans). We value these experiences so highly that we are still willing to shell out a lot of cash, even though we no longer get anything physical in return, and it would all disappear in an instant if we stopped paying our bills. I don't think the appeal of a sudden windfall of a million dollars is going to disappear anytime soon.

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