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Is getting rich worth it?

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Re: Is getting rich worth it?

#41

Post by jonnathanson »

malandrew wrote: post #24
jpdoctor wrote: post #4

> Most people now want something out of you This is a common mistake, esp among the newly wealthy who are young: The last thing you want is for anyone to know that you are wealthy. There are many ways to make sure people stay ignorant of your wealth. For the people (and dates) that don't know your wealth, then you sure as hell don't educate them by words or bling. For people that know you had an exit, they never saw…

The other piece of advice I always here is that as soon as you have the money, put it away in some safe financial instrument (after you've paid any outstanding debts) for at about a year and keep living your life on exactly the same income you had before you became rich.

This is a good idea. But even this strategy isn't foolproof, in so far as someone can just start buying things on debt in anticipation of getting access to their money.

Best way to save your money and not go crazy with it? Take responsibility for something. Have something to keep you occupied and engaged every day. Something that depends on your time, care, and attention. That something could be a job you find meaningful and challenging. It could be a child and a family. It could be a big project that you now have the ability to pursue, having come into financial freedom. The point is: have something to focus on other than material.

(Hell, this might even be another company, in which case, even more money flows in. Not the worst problem to have).

We're all familiar with the old saying "A fool and his money are soon parted." Well, in the case of the very smart who happen to come into money, I'd warn "A bored or unhappy person and his money are soon parted."

Money can indeed be a ticket to freedom. But too many people conflate "freedom" with "freedom from responsibility." That line of thinking is dangerous. It leads to boredom and idleness at best, and recklessness at worst.

Re: Is getting rich worth it?

#43

Post by swombat »

I want to get rich because money, that commonplace, almost vulgar device, can be traded for time, the most precious thing in the universe, and for influence, a multiplier of time/action that can help me to achieve more good things in my life.

Re: Is getting rich worth it?

#44

Post by saosebastiao »

I object to the idea expressed near the end...that if you aren't happy now, money will not change that. While I am nowhere near as rich as the author, my financial situation has changed drastically in the last year. The lack of stress that I now experience is absolutely a factor in my increased happiness.

Re: Is getting rich worth it?

#45

Post by therobot24 »

willholloway wrote: post #37
therobot24 wrote: post #28

Earlier quoted context omitted.

I think you're illustrating the first point of the article quite well.

I agree that that point is a valid complaint, but a complaint is all it is. If the money was really bringing someone down so much, the problem could be dispensed with by writing one check to a charity of their choice. The fact that wealthy people do not give all of their money away is proof that having it is better than not having it.

oh yea for sure. Then again, assuming you're not born into it, I would assume it's difficult to just give away a large portion of the wealth you've accumulated through hard work. There is also the 'rainy day fund'...which signifies another point the author made about worrying about investments. If he loses his money, and suddenly needs it there is a significant amount of regret.

Re: Is getting rich worth it?

#46

Post by ArchD »

So, according to the author if you let people already in your life know about your wealth, they may act weird and have unreasonable expectations about sharing in your wealth. I think that can be a good thing. It brings out a side of people you never knew. It could tell you who your true friends and family are. The true ones are the ones who don't expect a free ride.

Re: Is getting rich worth it?

#47

Post by haberman »

> First, one of the only real things being rich gives you is that you don't have to worry about money as much anymore.

I disagree with this. One thing being rich gives you is the ability to make things happen.

Being a benefactor of a cause or artistic organization or an investor in a startup means that you can help set into motion meaningful projects that you believe in that would not otherwise have been possible. I'm a singer and one group I sing with has a benefactor who has financed all of our recording projects. We put his name in the CD notes and that guy can know that without his support the CD simply could not have happened. I have to believe that's a deeply gratifying feeling.

Re: Is getting rich worth it?

#48

Post by [deleted] »

willholloway wrote: post #37
therobot24 wrote: post #28

Earlier quoted context omitted.

I think you're illustrating the first point of the article quite well.

I agree that that point is a valid complaint, but a complaint is all it is. If the money was really bringing someone down so much, the problem could be dispensed with by writing one check to a charity of their choice. The fact that wealthy people do not give all of their money away is proof that having it is better than not having it.

[deleted]

Re: Is getting rich worth it?

#49

Post by wingspan »

crusso wrote: post #16
jpdoctor wrote: post #9

Earlier quoted context omitted.

This should have been the HN link. (And yours should be top comment.) Many many worthy comments in that thread. Edit: To crusso's point, I didn't realize it requires a login. I guess I finally broke down and got one over there a while ago.

Well, that link tried to force me to register or log in. That's not appropriate for a HN link.

Hmm, I just clicked "close" in the dialog and was able to read all the replies.

Re: Is getting rich worth it?

#50

Post by speeder »

willismichael wrote: post #38
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…

Why backstabbing? Is that really necessary? Sure, politics and hard work, and even hustling (as used by Steven Corona here: http://stevecorona.com/college-was-my-biggest-mistake , rather than the "semi-legal activities" pop definition) I just don't see backstabbing as a necessary (or even effective) means to accomplish an end, no matter how noble the end may be.

I don't mean I will backstab.

I mean I will get backstabbed.

When you are rich, or working toward getting rich, people WILL backstab you.

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