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The "Passive Income" trap ate a generation of entrepreneurs
281–290 of 300 posts
Re: The "Passive Income" trap ate a generation of entrepreneurs
#282Earlier quoted context omitted.
Nope. I just think about the probable shape of the future, and who benefits. I stick with the fields I know and understand - tech, engineering, sciences - don’t go for long bets so much as “if this relatively predictable set of circumstances arises, who will inevitably benefit”. For example, in 2017 I was keeping abreast with ML research, and realised that within a decade this stuff was going to be huge - so I bought…
guess how much you would have made with the same skills/work at a VC or hedgefund?
it doesn’t matter, they didn’t want to
Re: The "Passive Income" trap ate a generation of entrepreneurs
#283Earlier quoted context omitted.
How many people got really rich as a result of Apple, Facebook, and Google doing things that created actual value? I get that all those companies are really rich, but most of the people involved aren't.
Perhaps I misunderstand you, but I imagine those three companies have minted quite a few IC millionaires (let alone management). But maybe high single-digit millions isn't what you consider to be "really rich", dunno.
> I imagine those three companies have minted quite a few IC millionaires
How would that compare with, say, the average IC (not management) employee of an investment bank or a hedge fund?
Re: The "Passive Income" trap ate a generation of entrepreneurs
#284“You can’t cheat an honest man.” While that isn’t always true, honesty is a great defense against being enlisted in scams that promise easy money.
And probably a greatest vulnerability in scams (like "oopsies! We mistakenly refunded you 20000 instead of 2000. Can you send us these 18000 back?")
Re: The "Passive Income" trap ate a generation of entrepreneurs
#285Earlier quoted context omitted.
I'm pretty sure that being at the beach is really just universal marketing shorthand for "being somewhere that no one would ever expect you to even reply to emails from"
Working from the beach is much more enjoyable than working from a cubicle in Toronto in January all work tasks being equal. Much cheaper too, ridiculously enough.
If you pay for beach accommodation instead of a dwelling in some higher-priced metropolitan area, sure. As an add-on though, still more expensive.
I'd wager that most people are working towards a home base in the lands they're used to, then go on trips every now and then. Selling your metropolitan home base gets you the permanent beach lifestyle for sure, but permanently removing oneself from more densely populated areas is not for everyone.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#286Earlier quoted context omitted.
> It for sure is but it's being ised to refute an affirmative assertion, not make it's own assertion. To refute assertion you need to claim negation of that assertion, which is assertion in itself, as every negation can be rewritten to become affirmation, and vice versa.
Not really. > All cats are white. > All the cats I see are black. The second statement doesn't actually imply that all cats are black but it does refute that all cats are white. It doesn't make it's own claim about all cats, it just adds an anecdote that doesn't conform to the first statement.
It negates original assertion. There is no difference between assertion and negation in logic.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#287This article has a narrow definition of passive income, limiting it to these low-barrier-to-entry schemes. Other parts of the FIRE world have emphasized being a landlord or flipping houses, for example. I personally made it happen by working a FAANG SWE job for 13 years, not getting sidetracked by the startup cult, saving and investing 70% of my after tax income, etc. And no I didn't get into crypto, but I still mana…
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Re: The "Passive Income" trap ate a generation of entrepreneurs
#288Back when I was young and motivated about being left wing instead of being old and jaded but still left wing, we called people who lived off other people's work or by profits without effort "rent seeking social parasites" I like the sound of a "rent seeking social parasite" trap. As the Mikado says in the eponymous Gilbert & Sullivan opera: "something humorous, but lingering, with either boiling oil or melted lead."…
Back then it was parasites, now they are called bluntly capitalists.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#289Earlier quoted context omitted.
Yup. This was my approach. Left my business a decade ago with low six figures cash in my pocket. It would have lasted about 18 months at my existing burn rate. So I moved to a cabin in the woods in a country with a low cost of living, and stuck pretty much all of it in the markets. Had I not done that, I would have had to go back to work - instead I lived a modest life (€500/mo, max) off the income from putting my ap…
Way to bury the lede. Being able to average 80%/yr returns takes talent and skill and is a type of work. The type of work, by the way, that is rewarded with millions at finance companies in NYC, or even more if you launch your own trading shop.
I’d sooner eat crow than work for a living again - and this ain’t work. I just think while I’m out for a hike, driving, whatever, and decide to make some investments in X, Y, Z next time there’s a decent looking moment to realise and reallocate some profits.
Plus, the kind of investing I do would never fly in a hedge fund - I’d just make the risk desk piss itself with laughter.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#290Earlier quoted context omitted.
Perhaps I misunderstand you, but I imagine those three companies have minted quite a few IC millionaires (let alone management). But maybe high single-digit millions isn't what you consider to be "really rich", dunno.
> I imagine those three companies have minted quite a few IC millionaires How would that compare with, say, the average IC (not management) employee of an investment bank or a hedge fund?
It's not a comparison, people either got "really rich" working for a big tech company, or they didn't.