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I Feel Like I Have No Real Interests; My Only Interest Is Making Money

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Re: I Feel Like I Have No Real Interests; My Only Interest Is Making Money

#111

Post by nepeckman »

> “Dave, I’m working on a youth charity. It’s soo many hours of long work and stressful, but really rewarding.”

> “Oh umm…that’s great Pam. But that’s a lot of work, and no money? Like…is it really worth it? Imagine if you turned it into some type of education business. What’s the market like for that? You could charge at least $300 per student.”

I find the above comment particularly interesting. Working at a youth charity and starting an education business for privileged kids seems like two very different activities to me, with very different rewards and challenges.

Re: I Feel Like I Have No Real Interests; My Only Interest Is Making Money

#112

Post by piva00 »

pyrrhotech wrote: post #6

I felt like that until I got to around $2.5 million liquid net worth. Now I still like money, but each additional dollar is starting to show diminishing marginal utility. Though of course I'm still trying to grow my net worth, it's no longer the main focus of my life, especially now that I'm "retired" from my main career at least. I split my time between gaming, running, reading, socializing and working on my trading…

> I think while you don't have "FU money" it's important for money to be the main focus of your life. You don't have freedom if you don't have a lot of money and you can't be 100% happy without freedom, at least in my experience, though I know opinions vary here.

The thing is that not everyone can or will achieve that. If we know that, what's the main drive for others to do that? We don't live in a system where this is possible, I'm glad you've achieved it but preaching this "money should be the main focus of your life until you have FU money" will just make a lot of people frustrated and unfulfilled.

So why should that be the main goal of anyone's life when there is so much more to life than that? Are we all slaves to money then? Are our lives only meant to be lived after we are free from the shackles of money?

I really don't like that perspective.

Re: I Feel Like I Have No Real Interests; My Only Interest Is Making Money

#113

Post by maxekman »

I have a really hard time motivating myself with money, which probably is a sound thing. On the other hand when I’m committing to a project I’m super picky about the contents of it and team behind it. I have a feeling that this is what prevents me from stepping out of consulting (one man shop) to running my own product/service. Any advice?

Re: I Feel Like I Have No Real Interests; My Only Interest Is Making Money

#114

Post by pc86 »

pyrrhotech wrote: post #6

I felt like that until I got to around $2.5 million liquid net worth. Now I still like money, but each additional dollar is starting to show diminishing marginal utility. Though of course I'm still trying to grow my net worth, it's no longer the main focus of my life, especially now that I'm "retired" from my main career at least. I split my time between gaming, running, reading, socializing and working on my trading…

I'm surprised it took you until $2.5 million to see diminishing marginal utility.

Re: I Feel Like I Have No Real Interests; My Only Interest Is Making Money

#115

Post by pc86 »

ajuc wrote: post #102
pyrrhotech wrote: post #6

I felt like that until I got to around $2.5 million liquid net worth. Now I still like money, but each additional dollar is starting to show diminishing marginal utility. Though of course I'm still trying to grow my net worth, it's no longer the main focus of my life, especially now that I'm "retired" from my main career at least. I split my time between gaming, running, reading, socializing and working on my trading…

Well, I'm in my mid 30s and I only have a fraction of your net worth, but I've decided a few years ago that I'll be splitting my time +- 2 years of working, 9 gap months (spring-autumn), etc. I have a lot of health problems that will probably kill me before retirement one way or another so I don't feel like saving till I'm 45. It helps a lot that I work remotely in IT and live in Poland which is a very cheap country…

I'm also in my mid 30's and still have a negative net worth but retirement savings are growing strong (especially since February/March). Net worth is only part of the picture; if inheritance is not a priority then you can have a stable and secure future with a very small net worth, you just (probably) can't retire until it's cleaned up.

Re: I Feel Like I Have No Real Interests; My Only Interest Is Making Money

#116

Post by tonyedgecombe »

pietrovismara wrote: post #56
artemonster wrote: post #47

Earlier quoted context omitted.

I really don't undestand this "that's how it's supposed to work". Baseline doesn't grow, it only gets worse. Why the hell my landlord, just by the virtue of being born 30-40 years before, was able to afford buying a nice apartment, while working without education, for which I am giving away today a third of my net salary and with 0 chances of buying one, ever?

Hey, you should just work harder. Work away your entire life and maybe you'll be able to afford a house too! Who knows, you might even get to buy 2 and start exploiting people poorer than you by asking them to pay to use a house you didn't build. The circle completes.

Don't forget to cut out the avocado toast.

Re: I Feel Like I Have No Real Interests; My Only Interest Is Making Money

#117

Post by pc86 »

throw0101a wrote: post #87
pyrrhotech wrote: post #6

I felt like that until I got to around $2.5 million liquid net worth. Now I still like money, but each additional dollar is starting to show diminishing marginal utility. Though of course I'm still trying to grow my net worth, it's no longer the main focus of my life, especially now that I'm "retired" from my main career at least. I split my time between gaming, running, reading, socializing and working on my trading…

> You don't have freedom if you don't have a lot of money and you can't be 100% happy without freedom, at least in my experience, though I know opinions vary here. The amount of money one 'needs' depends on a lot of things, like cost of living in the area you happen to be in. While US$ 2.5M may not seem like a lot in the US, one can live like a king in may other areas. One doesn't even need to live in one particular…

$2.5 million is enough for a six-figure salary in retirement, without touching the principle. Assuming there is post-tax money in there, you're going to have a much lower effective tax rate than you did while working. And if you're retired you probably have much lower expenses than you did before (most retired folks aren't making a big mortgage payment even if they're young).

Unless you want to live an extravagant lifestyle (nothing wrong with that) $2.5 million is more than enough to retire in all but the most expensive US cities. And let's remember this is liquid, so real estate doesn't really count in that. One or two properties you're not living in could easily float that extravagant lifestyle for years.

Re: I Feel Like I Have No Real Interests; My Only Interest Is Making Money

#118

Post by lnsru »

artemonster wrote: post #14
pyrrhotech wrote: post #6

I felt like that until I got to around $2.5 million liquid net worth. Now I still like money, but each additional dollar is starting to show diminishing marginal utility. Though of course I'm still trying to grow my net worth, it's no longer the main focus of my life, especially now that I'm "retired" from my main career at least. I split my time between gaming, running, reading, socializing and working on my trading…

how is it possible to save 2.5 mil from salary? I am from upper 5% in germany in terms of salary, and I can only manage to save ~10kEur/year, while maintaining decent lifestyle. An order of magnitude lower than you'd need to retire with such a sum after 20 years or so. How do you do that? Genuine question

There is no secret, that Germany isn’t a country with decent wages. I can see a ceiling somewhere at €100k before taxes. If you are single, you give half away for taxes, if you are not, then you have family expenses. Living like a student I could save €36k yearly. Now it’s only €15-18k. Considering moving to Switzerland, but it’s simply too expensive with family. And good sounding CHF 135k aren’t that impressive with local prices.

Re: I Feel Like I Have No Real Interests; My Only Interest Is Making Money

#119

Post by Swizec »

bumby wrote: post #34
pyrrhotech wrote: post #10

Earlier quoted context omitted.

I shouldn't speak for everyone. For me personally, I was happyish during my career but I'm definitely much, much happier now that I'm wealthy and retired. And it's not a short term buzz, I've been retired for 2 years and the feeling hasn't worn off. I know it sucks we don't have unlimited resources for everyone in society to be free and 100% happy. Maybe someday we will with full automation. In the meantime, most peo…

> at least to a degree more money = more happiness Except the research shows marginal “experiential” happiness (as opposed to “reflecting” happiness) occurs much, much lower than your threshold. To this point, both you and the comment you’re responding to could be right (although I’m not sure about their tone that you have a duty to give money away)

The problem with those studies is that they’re based on cashflow. Yes more cashflow doesn’t increase experiential happiness after a point.

But it turns you into a wage slave. Turn off the cashflow and everything collapses.

Wealth gives you happy levels of cashflow regardless of working for it right now. Hence it creates freedom.

You won’t be more happy by having wealth, you’ll be more reliably/resiliently happy.

Re: I Feel Like I Have No Real Interests; My Only Interest Is Making Money

#120

Post by quickthrowman »

cortic wrote: post #69
artemonster wrote: post #14

Earlier quoted context omitted.

how is it possible to save 2.5 mil from salary? I am from upper 5% in germany in terms of salary, and I can only manage to save ~10kEur/year, while maintaining decent lifestyle. An order of magnitude lower than you'd need to retire with such a sum after 20 years or so. How do you do that? Genuine question

Not the OP, but this is an interesting question; So you'd have to save at least 72k per year for 35 years. That would put you on the 45% tax in my country so you'd have to make 131k to be left with 72k after tax. Maybe +30k to live on, assuming you commute out of the city. So OP should be on something above 161k. In the US the OP would be in the top 3% of earners, top 4% in the UK. Even if you are in the top few perc…

> So you'd have to save at least 72k per year for 35 years

Yes, if you put it in a 0% interest savings account. Buying assets that give an ROI is what most people do..

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