Man Built a $188M Fortune Investing in Stocks Then Donated It to Charity

Post by craftinator » Tue, Mar 30, 2021, 2:28 PM UTC

TheAdamAndChe wrote: post #15

5350-uiop-1130 wrote: post #5

Earlier quoted context omitted.

> "Wealth is accumulated through habits" > his wealth was inherited I really dislike these kind's of articles.

The two statements aren't incongruent. People who inherit money but spend it all because of bad habits don't accumulate wealth.

Post by mikepurvis » Tue, Mar 30, 2021, 2:30 PM UTC

woah wrote: post #14

agent008t wrote: post #4

Earlier quoted context omitted.

What percentage of those millionaires are house-rich? I.e. the house they live in just happened to appreciate significantly and is now worth over $1mm? Those people can still feel as if they are not wealthy at all.

They still have $1 million dollars more than someone without a house

Post by ruined » Tue, Mar 30, 2021, 2:31 PM UTC

vmception wrote: post #7

jsjsbdkj wrote: post #3

From the article: Most millionaires opt for stealth wealth. Their friends don’t know, their coworkers don’t know, their extended family doesn’t know. In a few cases, not even their children know! Wealth is accumulated through habits; at least in a free society like ours. At the moment, something like 1 out of 25 households falls into the millionaire category, most of it self-made. From the comments: Your right in Jac…

well this is mostly semantics: the quote does not contradict, most of the wealth was self-made. as in the profits accumulated during their lifetime, it doesn't say anything about how the first one million or any amount was made. your consternation requires you to have a fixed and shared definition of self made that is just not described at all here. it does leave a glaring hole about then which wealth was not self-ma…

Post by JustSomeNobody » Tue, Mar 30, 2021, 2:33 PM UTC

vmception wrote: post #7

jsjsbdkj wrote: post #3

From the article: Most millionaires opt for stealth wealth. Their friends don’t know, their coworkers don’t know, their extended family doesn’t know. In a few cases, not even their children know! Wealth is accumulated through habits; at least in a free society like ours. At the moment, something like 1 out of 25 households falls into the millionaire category, most of it self-made. From the comments: Your right in Jac…

well this is mostly semantics: the quote does not contradict, most of the wealth was self-made. as in the profits accumulated during their lifetime, it doesn't say anything about how the first one million or any amount was made. your consternation requires you to have a fixed and shared definition of self made that is just not described at all here. it does leave a glaring hole about then which wealth was not self-ma…

Post by throwawayfire » Tue, Mar 30, 2021, 2:34 PM UTC

malandrew wrote: post #19

FactolSarin wrote: post #10

Earlier quoted context omitted.

I mean, it takes money to make money. It's a lot easier to get a hundred million dollars when you start out with 1 million to put in the stock market.

> It's a lot easier to get a hundred million dollars when you start out with 1 million to put in the stock market. This statement could only ever be uttered by someone that has not tried to do this. 100x increase in any endeavor is extremely exceptional. It's as hard to do as turning $10,000 into $1,000,000. The only thing having a larger starting amount helps with is that it opens up types of opportunities you did n…