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How I got wealthy without working too hard

amaca.substack.com

31–40 of 349 posts

Re: How I got wealthy without working too hard

#31
post #5

What’s the purpose of an article like this if the author starts with a list of decisions which lead to his success, but then immediately follows with “my journey was 99% luck and 1% planets alignment”? The article is clearly supposed to be a “how-to” of sorts, but then goes and muddies it’s messaging with that second part. The list of things to do isn’t really useful then, is it?

The feeling I get from reading the article is that the author felt the need to apologize because of the current social climate, and not for some real reason.

He wasn't born into a rich family and inherited wealth, he simply studied, worked, spent less than he made and invested the difference.

The apology basically boils down to being born in a relatively okay country and being smart.

Re: How I got wealthy without working too hard

#33
post #8

>Preamble: I'm extremely lucky. ... So what you're going to read is 99% luck and 1% planets alignment. I mean, that's pretty much it and he states it up front. If that's the crux, then why write about this other than to brag?

> Preamble: I'm extremely lucky. ... So what you're going to read is 99% luck and 1% planets alignment.

We are all extremely lucky. We are just too cowards to move to Nigeria or South Africa or Ethiopia or El Salvador to cash out on this super luck that we had.

Reasons are health infrastructure, being far from parents and family, fear of violence, fear of diseases.

They are all valid. But by the same token there is an element of cowardness about looking at prices of stuff in foreign countries on Numbeo.com, calculate the churn rate and never actually act upon such thought.

Arrange your affairs to be a big fish in a small pond, if we don't make the mental leap we will never do it, because no matter how much you have there's always gonna be a bigger pond or a largest challenge.

It's a form of mental rumination I think, looking at people like Gates and Bezos...they have it in full swing.

They could own the universe and there is once in a billion chance of multiverses and they'd keep working to make sure they take on the new challanges that those multiverses represent

Re: How I got wealthy without working too hard

#34

> Take a $ 500-1000 / day, full-remote job > Take 2 months for holidays in-between contracts > Do this for 7 years while investing most of your salary in a diversified portfolio. Working $1000/day contracts for 5 days per week, 10 months per year is equivalent to $217K of contractor income per year. But contractor income is not comparable to normal career income because you have to handle additional taxes and health…

Still great $$ if you live in a reasonable location. Where you can buy a reasonable house for $200k instead of $2M

Re: How I got wealthy without working too hard

#35
> "Meetings are the mind-killer"

Could not agree more. They're big-corp specific and if you can avoid them - that would be a big plus for you. I can't. They lack value while being a complete waste of time. You may think it's no biggie - "but I'm getting paid for the meetig time".

True, however - they can wear you down in time, if three-four times a day... and you are still expected to deliver, regardless the time spent in meetings.

That's only my oppinion, I know some folks are fine with long meetings. My view on this is - I am not an entertainer (aka meetings "super-star"), I would like to keep it short & to the point.

Regarding the article, there is some good stuff in there, that may or may not apply to everyone (especially if you have kids).

Re: How I got wealthy without working too hard

#36
post #19
post #6

> Don't go too hard on crypto > 11.2% of NW is tied up in crypto

If it was stocks, you would diversify more by sector according to your risk, but in general ~10% in a broad asset class seems fine. I don't think we would question 10% of net worth in real estate.

> I don't think we would question 10% of net worth in real estate.

No, but there's no chance of real estate going to zero. The global financial crisis housing bust saw US house prices decreases by something like 20%. There's a non-insignificant chance of most Crypto 'investments' losing 99% of their value.

I think it's very dangerous to start talking about crypto as an "asset class". People are going to lose their shirts and hardly anyone understands where the value is supposed to come from.

Re: How I got wealthy without working too hard

#37

> Take a $ 500-1000 / day, full-remote job > Take 2 months for holidays in-between contracts > Do this for 7 years while investing most of your salary in a diversified portfolio. Working $1000/day contracts for 5 days per week, 10 months per year is equivalent to $217K of contractor income per year. But contractor income is not comparable to normal career income because you have to handle additional taxes and health…

This sounds like it's specific to a particular market (and that market is the USA). My experience has been that being an employee (in the UK) resulted in significantly more taxes than being self-employed. Europeans almost never have comparable healthcare costs to the USA, so that part isn't universally true either.

Re: How I got wealthy without working too hard

#39
post #8

>Preamble: I'm extremely lucky. ... So what you're going to read is 99% luck and 1% planets alignment. I mean, that's pretty much it and he states it up front. If that's the crux, then why write about this other than to brag?

You can't get struck by lightning unless you out walking in the thunderstorm

Re: How I got wealthy without working too hard

#40
post #8

>Preamble: I'm extremely lucky. ... So what you're going to read is 99% luck and 1% planets alignment. I mean, that's pretty much it and he states it up front. If that's the crux, then why write about this other than to brag?

I mean his other three points are actually pretty good: 1. don't compete 2. live cheap 3. invest

lots of young programmers dont think that proactively and thus miss out on a lot of money.

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