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Is getting rich worth it?

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Re: Is getting rich worth it?

#131

Post by ido »

lazyjones wrote: post #103
scarmig wrote: post #17

Can't most of these great injustices be solved by the newly rich person not bragging about it and living roughly on what they were consuming before plus 25-50%? Yeah, yeah, you just got this big chunk of change and you want to spend it on Tesla cars and the French Laundry and vacation homes! But when you engage in flagrant consumption people notice and start wanting in on the action. Figure out what the average amoun…

> Can't most of these great injustices be solved by the newly rich person not bragging about it and living roughly on what they were consuming before plus 25-50%? Not if you listen to those (many) who consider it anti-social behaviour to hoard money instead of spending it (because spending feeds the economy, pays salaries ...), or even getting interest as a "no-work income". [I disagree with those people: if your mon…

The bank uses your money where you do or not.

Re: Is getting rich worth it?

#132

Post by speeder »

Mz wrote: post #124
illuminate wrote: post #122

Earlier quoted context omitted.

On the contrary, money is the "best" way to pursue political ends, much more successfully than grassroots support.

Please notice that I put the word political in quotation marks. Due to his unwillingness to genuinely discuss it, even privately, I have no idea what it is. Most likely, neither do you. Also, please stop bugging me. You have a track record of hounding me. You have done nothing at all to prove that aren't merely looking for new ways to harrass me. Thanks.

I don't want to be a politician, and there are grassroots support already, but it is something that although affect politics deeply, it is also highly cultural.

I believe there has been a conscious efforts by my opponents to sneak their people into classrooms for generations, I cannot undo it, but I can try to sidestep it.

But I won't discuss here because the main point of the opposition was exactly make lots of people believe they are 100% right and that those they oppose, are not only wrong, but evil.

Re: Is getting rich worth it?

#133

Post by Mz »

speeder wrote: post #132
Mz wrote: post #124

Earlier quoted context omitted.

Please notice that I put the word political in quotation marks. Due to his unwillingness to genuinely discuss it, even privately, I have no idea what it is. Most likely, neither do you. Also, please stop bugging me. You have a track record of hounding me. You have done nothing at all to prove that aren't merely looking for new ways to harrass me. Thanks.

I don't want to be a politician, and there are grassroots support already, but it is something that although affect politics deeply, it is also highly cultural. I believe there has been a conscious efforts by my opponents to sneak their people into classrooms for generations, I cannot undo it, but I can try to sidestep it. But I won't discuss here because the main point of the opposition was exactly make lots of peop…

Look, I am really not trying to bust your chops. You could have emailed me. You chose not to. I am abundantly familiar with controversy and firestorms. That is why illuminate is harrassing me. He has a history of calling me a "quack".

I originally wanted to try to gently suggest that you may not need riches to accomplish something. I do not have riches. In fact, I am currently quite poor. But I am making in roads on a large goal. Due in part to the ugly attacks I get subjected to when I talk about this thing I am doing, I chose to not bring up what I am doing. But if you are going to accomplish anything in the world, at some point you have to discuss it with people in some fashion.

Anyway, this conversation seems pretty pointless and I am running a fever. Later.

Re: Is getting rich worth it?

#134

Post by autotravis »

HeyLaughingBoy wrote: post #125
liber8 wrote: post #104

Earlier quoted context omitted.

It’s interesting that people refuse to believe this, even though they’ve almost certainly experienced it on a smaller scale. For example, when you’re a poor student, you undoubtedly covet the nice gear in whatever field you’re into. If you’re into photography, you want that new camera or lens. If you’re into computer games, you want the newest rig. If you’re into cooking, you want some Le Creuset cast iron or some co…

My experience is a bit different. After working as a software engineer and suddenly (yes, it was sudden) realizing that I could afford most of the things I had ever wanted, I just didn't want them any more. I don't find that I want more expensive things, instead I just lost interest in most material objects. Being able to lend/give (I never expected the loan would be repaid) a friend of a friend $3,000 to avoid forec…

You just described me exactly. I could see how I might have been enticed to just buy bigger and better things as my income increased, but somehow I went the same direction you did. And I feel I could not be happier.

I would much rather live simply and have my few things (laptop, camera, smartphone) and be able to help others with my excess funds.

Re: Is getting rich worth it?

#135

Post by ahoyhere »

pg wrote: post #91

The next thing you need to understand about money is this: all of the things you picture buying, they are only worthwhile to you because you cannot afford them (or have to work really hard to acquire them). That was one of the biggest surprises for me. I never realized the degree to which not being able to afford certain things was what was making me want them. That childhood excitement of saving up your money to buy…

Agreed. While we're clearly not as rich as you or the top commenter on Quora, we're definitely in the "not really limited in purchasing" category of wealth. Sure, we can't just up and buy a second home, but we are definitely of the "just buy that nice mid-range car you want, in cash" category.

There is a third way to deal with the loss of excitement of buying -- not just buying 10x, or buying nothing, but engaging in the thrill of the hunt. Instead of expensive off-the-shelf commodities, rarer things. They don't have to be expensive.

Ex: I spent 6 months off and on looking for the right medicine cabinet for the bathroom in our "new" 265-year-old house. The new cabinets I saw at all the home stores looked cheaply made, or too cold, or too glam. I ended up finding a barber's cabinet with an extending mirror-door… super cool, not really unique but certainly not something you'll find in anyone else's house, from probably around 1910, just like the other piece of furniture we put in the bathroom (a dental cabinet made of solid quarter-sawn tiger oak).

It wasn't that expensive as far as medicine cabinets go ($300 — you could easily spend that at Home Depot on some poorly joined piece of crap from Indonesia). But it was an extremely satisfying way to spend not a lot of money. It's just perfect for the room, for the house, and it really did take a lot of looking and digging and strategizing to get it. It makes me happy every time I look at it.

That's the joy of collecting. You don't have to spend a lot to get the joy, either. I love old cameras ($20-50/ea) and West German art vases ($10-100/ea) and paintings by a certain pair of California impressionists ($80-300/ea). It's fun to be always on the lookout. And as far as thrills go, it's a lot cheaper than 5-star restaurants, and the result (ownership) and the experience (the hunt!) lasts a lot longer. There aren't a lot of meals that you can enjoy every time you sit in a certain room, but that's how often I enjoy a small painting I won in an eBay auction.

Teach yourself to enjoy the hunt and enjoy deal-making and you can get a lot more out of your money at any income level middle-class or above.

EDIT: It also gives you room to overspend for things that are "unreasonable." For example, I want some cabinets made for my living room. I don't like the off-the-shelf options. So instead I am taking woodworking classes and hiring one of the teachers to help me plan and build the cabinets at $60/hr. This will end up costing 2-3x what a cabinet would cost at Crate & Barrel, and take a lot longer than if I simply hired a professional (esp. considering my time), but I will get exactly what I want and have the pride of having made it (with help). The whole experience & result will be a lot longer, more joyful and challenging than outright buying what I can afford. Still, spending $2000 to $3000 on a built-in wall unit isn't even remotely in the same category as collecting cars.

Re: Is getting rich worth it?

#136

Post by im3w1l »

rquantz wrote: post #83
speeder wrote: post #8

I want to get rich. But I don't want to do it because I want stuff. I don't want a Audi, or a Maserati, or a fancy home, or the newest gadget. I have a objective, a plan, for me, and for future generations, and I know how much it will cost, and doing it will require me to be rich. And I know how much problems it will attract, how much relationships it will wreck, and how much danger it will bring to my life. But I do…

The OP seems to think most people want to get rich because they think it will make them happy, and he may be right. But in my life, most of the decisions I've made with my happiness in mind have had the side effect of reducing my income -- going to music school, leaving my day job, choosing to spend time with my girlfriend instead of getting in 8 billable hours every day. That being said, I've recently made the decis…

>But in my life, most of the decisions I've made with my happiness in mind have had the side effect of reducing my income -- going to music school, leaving my day job, choosing to spend time with my girlfriend instead of getting in 8 billable hours every day.

But this is exactly it. If you were dirt poor you couldn't have done these things. Conversely if you were richer you would be able to do less of them. I suppose, anyway.

Re: Is getting rich worth it?

#138

Post by nickconfer »

HeyLaughingBoy wrote: post #125
liber8 wrote: post #104

Earlier quoted context omitted.

It’s interesting that people refuse to believe this, even though they’ve almost certainly experienced it on a smaller scale. For example, when you’re a poor student, you undoubtedly covet the nice gear in whatever field you’re into. If you’re into photography, you want that new camera or lens. If you’re into computer games, you want the newest rig. If you’re into cooking, you want some Le Creuset cast iron or some co…

My experience is a bit different. After working as a software engineer and suddenly (yes, it was sudden) realizing that I could afford most of the things I had ever wanted, I just didn't want them any more. I don't find that I want more expensive things, instead I just lost interest in most material objects. Being able to lend/give (I never expected the loan would be repaid) a friend of a friend $3,000 to avoid forec…

All good points. I can remember being broke as a college student downloading music I didn't even want, and today I only buy music and rarely at that. Once you can afford something, I think many of us take a step back and then ask, "do I really want/need this?". I find I have this exercise not just because it is less exciting to have something you can easily own, but also because owning things has a physical cost. Time to research and buy, maintain, and store.

I'm not rich by any means, but as I've made more and more money, just like you, I've found giving to be infinitely more satisfying than spending on myself.

Truthfully, part of it is just the shocked expression someone can have when doing something that makes them feel special. Another part of it is the "do good" feeling, and the appreciation I have that I'm lucky enough to have the ability to do these things. Hard work means a lot, but I don't kid myself, I could have grown up in a position where my chance of success from child to adult was much lower.

Re: Is getting rich worth it?

#139

Post by jhartmann »

speeder wrote: post #100
pg wrote: post #91

The next thing you need to understand about money is this: all of the things you picture buying, they are only worthwhile to you because you cannot afford them (or have to work really hard to acquire them). That was one of the biggest surprises for me. I never realized the degree to which not being able to afford certain things was what was making me want them. That childhood excitement of saving up your money to buy…

In 2011 my income was 30k USD. This is a truckload of money in Brazil, it is harder to get more money than that, I was a "Solutions Architect" and R&D head of a medium mobile solutions company. To me, I was bloody rich, I mean, I never had this kind of money before, my whole extended family were envious and made lots of really mean jokes (and people made lots of "jokes" asking things, obviously expecting that maybe y…

My wife is from Brazil and people here in the US really don't realize what is a small amount of money in US terms is really a great wage in other parts of the world. Congrats on making what is a good wage, here is to hoping that opportunities in your country keep increasing.

You should consider putting money in small businesses and real estate, I know quite a few people who started out making really low US wages that built up a huge amount of money over 10 or so years of sending money back to Brazil to invest. The people I know who have done this invested in really simple businesses like sapateiros, esteticistas (shoemakers, beauticians), etc. Even though it is not a fun as bitcoin, probably worth you looking into.

Re: Is getting rich worth it?

#140

Post by rdl »

pg wrote: post #91

The next thing you need to understand about money is this: all of the things you picture buying, they are only worthwhile to you because you cannot afford them (or have to work really hard to acquire them). That was one of the biggest surprises for me. I never realized the degree to which not being able to afford certain things was what was making me want them. That childhood excitement of saving up your money to buy…

It seems like this would be domain specific. You have a more than respectable library (although that presumably cost more in effort/taste than in money). I have a huge collection of digital media, firearms, specific types of tools, etc. If I had >$1b, I can't imagine ever getting excited about spending money on clothes, and I'd rather have invested early into TSLA than owning 10 Ferraris, but I'd also be buying Freedom Group from Cerberus right now.
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