11–20 of 35 posts
Too much confusion between fame and wealth - the author tried to disambiguate, but I don't think they succeeded.
"If you are "publicly rich" (think athletes, authors, movie stars, politicians, etc.), you no longer have a private life." - isn't this true for most public figures regardless of their wealth status?
Earlier quoted context omitted.
By the 4% rule, 2m in the retirement funds gets you 80k of income. Of which you have to pay taxes and fees and all those charges that accumulate. Most people who wish to do this add “going to a very low tax environment” to the discussion. But take a pro tip: health care costs add up. As a guesstimate for California…. If you get 5m, taxes will take a third of it, and a house will take 1-2m. Which leaves you +/- on the…
I've recently heard some criticism of the 4% rule. It's designed with two assumptions: that you are old, and that when you die there may be basically nothing left. So it only needs to last around 30 years give or take. But if you retire at 30 with a strategy that runs out in 30 years that could be an issue. But on the other hand I do believe you can prevent blowing up if you are willing to live lean when the economy…
so this whole thing is based on a Nassim Taleb quote. I read his books and thought they were kind of interesting, but it always felt like he was just saying random absurd things that he didn't have to defend because it was his book. When I started reading his twitter account I realized this is true. He makes ridiculous statements like he is an authority on all possible things, and blocks and berates anyone who dares…
To me, it sounds like the real problem is greed. $1B for some reason isn't enough for these people. Personally, I'm looking to pay off my house, pay off the car, and then save up ~$2M in cash (Could happen quickly if the options in the startup I work at pay off, which based on current growth is very likely), then throw that $2M into an index fund and retire. Maybe in retirement, I'll actually feel like I have the tim…
By the 4% rule, 2m in the retirement funds gets you 80k of income. Of which you have to pay taxes and fees and all those charges that accumulate. Most people who wish to do this add “going to a very low tax environment” to the discussion. But take a pro tip: health care costs add up. As a guesstimate for California…. If you get 5m, taxes will take a third of it, and a house will take 1-2m. Which leaves you +/- on the…
Remember, I'm operating under the assumption that the house is already paid off. Right now, I've got about $250K left in my mortgage. Property taxes aren't too bad, about $4K/year.
That $2M is also assumed to be after taxes from selling my options, but I acknowledge that any gains from the index fund will be taxed.
> But take a pro tip: health care costs add up.
Yeah, this is likely the expense I'm not planning enough for.
But also, as I said, I've got projects that could make money. Also, my wife has stated before that she wants to work to avoid boredom, so she'd keep working, though she'd cut her hours to work 2-3 days/week.
To me, it sounds like the real problem is greed. $1B for some reason isn't enough for these people. Personally, I'm looking to pay off my house, pay off the car, and then save up ~$2M in cash (Could happen quickly if the options in the startup I work at pay off, which based on current growth is very likely), then throw that $2M into an index fund and retire. Maybe in retirement, I'll actually feel like I have the tim…
I feel the same way, but... when I was younger I always thought that if I could ever get to the point where I made half what I currently make, I'd be "set for life". Now I make twice that much and... it's still somehow not enough. So maybe you and I think a billion is plenty and maybe they thought that until they got to that point.
the root of all evil is not money. the root of all evil, is requiring humans to have money to live.
i aspire to require the least amount of money to live happily ~ combined with some money, that's true freedom.
To me, it sounds like the real problem is greed. $1B for some reason isn't enough for these people. Personally, I'm looking to pay off my house, pay off the car, and then save up ~$2M in cash (Could happen quickly if the options in the startup I work at pay off, which based on current growth is very likely), then throw that $2M into an index fund and retire. Maybe in retirement, I'll actually feel like I have the tim…
I think the point is more. A lot of Money needs a lot of effort to manage it. Alone if you realize that optimizing taxes could have a huge impact, which kind of pushes people to choose tax friendly jurisdictions. I mean its like why should I pay billions of taxes if it is possible to avoid them. So the pressure is huge. Then if you are owning companies, that means a lot of management as well. So of course you could just say „fuck it“ , but it is not an easy call.
And there's something else to consider as well: The more money you have, the more you have to loose. When you're worth 20 Mil. you've got to worry about where it's invested and hope it doesn't all go down the drain. you certainly can't leave it in cash otherwise, you'll lose 75% in just 14 years. the root of all evil is not money. the root of all evil, is requiring humans to have money to live. i aspire to require th…
Earlier quoted context omitted.
By the 4% rule, 2m in the retirement funds gets you 80k of income. Of which you have to pay taxes and fees and all those charges that accumulate. Most people who wish to do this add “going to a very low tax environment” to the discussion. But take a pro tip: health care costs add up. As a guesstimate for California…. If you get 5m, taxes will take a third of it, and a house will take 1-2m. Which leaves you +/- on the…
> and a house will take 1-2m Remember, I'm operating under the assumption that the house is already paid off. Right now, I've got about $250K left in my mortgage. Property taxes aren't too bad, about $4K/year. That $2M is also assumed to be after taxes from selling my options, but I acknowledge that any gains from the index fund will be taxed. > But take a pro tip: health care costs add up. Yeah, this is likely the e…
Personally, healthcare costs keep me up at night regardless of NW. I've seen high net worth individuals get obliterated by a black swan healthcare event (almost always cancer).
EDIT: @mukwenhac Drop an email in your profile.
And there's something else to consider as well: The more money you have, the more you have to loose. When you're worth 20 Mil. you've got to worry about where it's invested and hope it doesn't all go down the drain. you certainly can't leave it in cash otherwise, you'll lose 75% in just 14 years. the root of all evil is not money. the root of all evil, is requiring humans to have money to live. i aspire to require th…
You don't need $20Mil to live.
> lose 75% in just 14 years.
What currency had 400% inflation in 14 years?