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Confessions of an Overnight Millionaire

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Re: Confessions of an Overnight Millionaire

#11

Post by harryf »

There was a great analysis of what happens when you win the lottery on reddit some years back - https://old.reddit.com/r/AskReddit/comments/24vo34/whats_the...

> Nearly one third of multi-million dollar jackpot winners eventually declare bankruptcy. Some end up worse.

Of course many of the issues related to winning the lottery are caused by the attention you suddenly receive.

But a related story from someone that was able to retire early thanks to Bitcoin - https://old.reddit.com/r/CryptoCurrency/comments/lz4x37/ive_...

> my advice is that you need to get prepared to deal with boredom. We grow up with our parents telling us to go to school, have a job, a car, a house and that this is life. But when you suddenly have the car, the house and everything else, what's left? Do something for yourself and have this in mind.

Most of the planet works for money because they have to. That means the majority of their time is consumed by earning money. Once you take away that imperative, you suddenly have a lot more time on your hands. That in turn effectively triggers an existential crisis - what do with all this extra time? Some people will be able to turn into taking their lives in a new direction but others are going address with drugs and alcohol.

Re: Confessions of an Overnight Millionaire

#12

Post by McScroogy »

Cu3PO42 wrote: post #2

One thing that immediately stood out to me was the following quote at the beginning of the article: > You don’t think much about $200,000; it’s not life-changing I'm happy for the author that $200,000 isn't and wasn't a life-changing amount of money for her, but to so many people it would be incredibly life-changing. I could very comfortably live off that amount of money for 10 years. As an alternative view, that's m…

Moving to where you live would probably be unpleasant for her, as she would lose all her friends and family. Where she lives now, 200k may not be life changing.

Maybe the smart thing to do would be to take the money and move to a cheap place. But there would be another price besides the money. And after 10 years, you would have a problem.

Re: Confessions of an Overnight Millionaire

#13

Post by mclouts91 »

Cu3PO42 wrote: post #2

One thing that immediately stood out to me was the following quote at the beginning of the article: > You don’t think much about $200,000; it’s not life-changing I'm happy for the author that $200,000 isn't and wasn't a life-changing amount of money for her, but to so many people it would be incredibly life-changing. I could very comfortably live off that amount of money for 10 years. As an alternative view, that's m…

I think she means you couldn’t just leave your job, especially in San Fran

Re: Confessions of an Overnight Millionaire

#15

Post by ckdarby »

partisan wrote: post #6
Cu3PO42 wrote: post #2

One thing that immediately stood out to me was the following quote at the beginning of the article: > You don’t think much about $200,000; it’s not life-changing I'm happy for the author that $200,000 isn't and wasn't a life-changing amount of money for her, but to so many people it would be incredibly life-changing. I could very comfortably live off that amount of money for 10 years. As an alternative view, that's m…

For your life circumstances, is there an amount of money that is large enough to celebrate, but not so large as to be life changing? If so, then you can relate to the author's point, but for a different value of N. The author is speaking from their experience. I think if they were to caveat every point like this, it would be a much longer read and one would get tired of reading the disclaimers. In the past few years,…

Life changing is a moving goal post and it is contextual for the individual.

Roughly 10 years ago when I first started in software development I was making ~$40k and thought I had made it and I'd be able to achieve everything I wanted on that amount assuming I just kept up with inflation.

Fast forward, I bought $500 of Basic Attention Tokens at $0.17 and after currency conversion it is over $5k. The money has 10x'ed but in the present I wouldn't describe it as life changing at all. The impact isn't notable at all to the point I'm like, either it goes to $0 or it goes to $50k to be "worthwhile".

It's all percentages. If the author's lifetime earnings were already going to be $5M than $200k might not seem like a life changing amount but anyone's who lifetime earnings are going to be $1M could see that as a life changing amount.

Re: Confessions of an Overnight Millionaire

#16

Post by applepple »

Anyone who is struggling to find something to invest in should consider https://leasehold.io/ - It's a cryptocurrency backed by real estate. It lets you own a share of income from a growing property portfolio.

We do token buybacks (and burning) in order to convert rental profits into crypto capital appreciation. Currently we're backed by just one company (with a relatively decentralized governance structure) but we plan to bring more companies and projects on board to make it more decentralized.

We're currently focusing on a small town in South Africa because property prices there are low and rental yields high.

Since it's generally not possible for foreigners to own real estate in such countries, owning a token backed by real estate income is the next best thing. Also, in the future, it will be possible to use the tokens to pay for rent to stay at any of the properties in our portfolio so the token will act like a flexible timeshare.

Re: Confessions of an Overnight Millionaire

#17

Post by Cu3PO42 »

partisan wrote: post #6
Cu3PO42 wrote: post #2

One thing that immediately stood out to me was the following quote at the beginning of the article: > You don’t think much about $200,000; it’s not life-changing I'm happy for the author that $200,000 isn't and wasn't a life-changing amount of money for her, but to so many people it would be incredibly life-changing. I could very comfortably live off that amount of money for 10 years. As an alternative view, that's m…

For your life circumstances, is there an amount of money that is large enough to celebrate, but not so large as to be life changing? If so, then you can relate to the author's point, but for a different value of N. The author is speaking from their experience. I think if they were to caveat every point like this, it would be a much longer read and one would get tired of reading the disclaimers. In the past few years,…

I'm sure there would be such an amount of money for me. And I don't mean to say that $200,000 must be a life-changing amount of money to her, or anyone else for that matter.

But she didn't say "I don't think much [...]", she said "You don't think much [...]", which makes it sound like this notion wasn't specific to her, but rather a sentiment shared by some majority. Now my point is that while it may be true for the majority of her social circle, it's important not to loose track entirely of how others are doing, because our lifes aren't isolated from one another.

Maybe I'm reading too much into the specific choice of words , and if that is true just take my comment as a friendly reminder to us all not to forget those less fortunate than us.

Re: Confessions of an Overnight Millionaire

#18

Post by amelius »

> I’ve been obsessed with men who are smarter than me. (Even when I was younger, at sleepaway camp, I was fixated on the boys who went to the magnet public schools, because I knew they were hard to get into.) Part of it comes from an obsession that my kid has to be intelligent, but part of it is about earning potential, because smart men tend to earn a lot of money.

Ugh.

Re: Confessions of an Overnight Millionaire

#19

Post by 2muchcoffeeman »

harryf wrote: post #11

There was a great analysis of what happens when you win the lottery on reddit some years back - https://old.reddit.com/r/AskReddit/comments/24vo34/whats_the... > Nearly one third of multi-million dollar jackpot winners eventually declare bankruptcy. Some end up worse. Of course many of the issues related to winning the lottery are caused by the attention you suddenly receive. But a related story from someone that was…

That in turn effectively triggers an existential crisis - what do with all this extra time?

Give your money to me. I have a million things I want/need to do. So many things to do in the world. How can you possibly get bored?

Re: Confessions of an Overnight Millionaire

#20

Post by Pelic4n »

Cu3PO42 wrote: post #2

One thing that immediately stood out to me was the following quote at the beginning of the article: > You don’t think much about $200,000; it’s not life-changing I'm happy for the author that $200,000 isn't and wasn't a life-changing amount of money for her, but to so many people it would be incredibly life-changing. I could very comfortably live off that amount of money for 10 years. As an alternative view, that's m…

The worldwide median anual household income per capita is about $3000: https://news.gallup.com/poll/166211/worldwide-median-househo...

Which means most humans won't make $200K in their entire lives. Considering that it's not a life changing amount of money just shows how the 1% has lost touch with reality.

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