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I am rich and have no idea what to do

vinay.sh

501–510 of 1001 posts

Re: I am rich and have no idea what to do

#501

I don't know anything about his situation, but I will say one of the lamest things ever when breaking up is to say it's not you, it's me heh. I mean that's probably something everyone hears face to face and I get it, nobody wants to hurt someones feelings to give their "real" reason when what's done is done, but to see it articulated on a blog post as some kind transparent confession is a little surprising. Like unle…

Isn't that true though? It's not like she wanted to break up, so it's him, not her, whatever the actual reasons he had.

Re: I am rich and have no idea what to do

#502
Been there, done that.

General comments:

- Most people who make a lot of money all at once blow it within seven years. Check out what happens to lottery winners, jocks, and rappers. As a rule of thumb, you can safely spend 4% of your net worth per year. Pay yourself some fixed amount each quarter.

- You don't have to get into complex investments. Half in some bond funds, half in some diversified stock funds will work out OK.

- Any investment where they call you is probably not very good.

Useful reading, although dated: "The Challenges of Wealth", by Domini et. al.

What to do with your life? No idea. What are you good at?

- I was a visiting scholar at Stanford for a while. But it was the "AI Winter" and not much was happening. Did robotics in the 1990s. Held patents on legged running on rough terrain, ragdoll physics. Ran a DARPA Grand Challenge team. Didn't really lead anywhere. Too early. Still programming. A metaverse client I'm writing in Rust is running on another screen.

- Horses have been good for me. Every day, I go out and spend time with a pushy alpha mare who keeps me in shape. "Riding is the only art which princes learn truly". Horses are not impressed by money. Neither are most riders.

- I've known a few ex-CEOs. One did a lot of reasonable little stuff but never did anything with much impact again. One founded a charity. Another was really into sailboats, and he just kept on with sailboats, crossing the Atlantic and such. He's lucky in having a wife who is also very into sailboats. One guy bought a nightclub, but it loses money year after year.

Re: I am rich and have no idea what to do

#504

> I should work for Elon and Vivek at DOGE and help America get off its current crash to defaulting on its own debt I’ve got an idea: take some good economics courses so that you learn how government spending actually works.

You don't have to have a PhD in macroeconomics to have useful policy insights. For example, I wish someone could convince my city to stop planting a specific high maintenance tree on my street that constantly clog sewers and crushes cars. Policy is far from perfect and there is plenty of room for improvement.

On the other hand, you need empathy and common sense. And a good understanding of humanity.

Which I doubt many politicians have it.

Re: I am rich and have no idea what to do

#505
post #469

I think that a lot of people with money need to be reminded that having wealth is a social responsibility in itself. If you can live just from passive income maybe you should just gift interesting people the excess money and have them accomplish their goals. Talk to a bunch of people and realize what you want to support. If some of them need 10k to start a business just give it to them. Or, if you want some equity, p…

To me, the above paragraph reads like: "Having wealth makes you responsible to others, therefore you should do arson." If you manage to help make a powerful machine and then convert some piece of it into liquid value, you are probably good at stuff and whatever responsibility you have to others includes using that alongside the liquid value. And worse, it's not just on you to do what people say they want. You're also…

You're making a strong implication that the companies that make money are the things that people need. The correlation seems to be growing weaker every year as far as I've seen.

Re: I am rich and have no idea what to do

#506
Here's what I don't understand: Vinay, if what you loved so much was the journey, why would you sell the company?

Loom was your life, clearly. It meant a huge amount to you. You cared about it and the work you did there, so you... sold it to a giant multibillion dollar corporation and let them absorb everything special about it so they could make another buck.

Was there just no way to continue on without being acquired? If there wasn't, then what was the value in what you were building? Did you just luck into a fortune?

I am one of those people who thinks capitalism is largely worthless as a personal ideology (though not as an economic system). I think that because, as the author of this post has discovered, money is inherently worthless. Success means something, but money doesn't. Loom could have been a going concern. So many companies could have been. They didn't need infinite growth. They needed to do a good job to help their customers and make the world better by doing so.

Nobody seems to understand or care about that anymore.

If I were in your position, Vinay, I would quit my own retirement. I would give away as much of my money as I could, leaving only just enough to act as a safety net if I failed or had a true emergency. I'd put that money into some form of trust where it was difficult enough for me to access that I had to live within some limited means. Then I'd start another company, and, if it succeeded, keep it. No more acquisitions.

There's no point in money except what it buys you, but you already had what you wanted. You made a mistake and lost it. You'll have to start over to get it back.

(I also personally don't love AI and don't want more companies doing AI, but I am trying to focus on the point of this post, not an ex post facto discussion of Loom itself.)

Re: I am rich and have no idea what to do

#508
post #46

See this is why people need to get married. If I have no idea what to do, my wife will surely think of something.

Children are pretty good at providing you with purpose too if you lose yours.

It was only when I had kids that I understood what this means.

My children are not "my purpose." I mean, that would be a lovely sentiment, but it's not the actual truth.

But having kids (and being a hopefully-good father), means that no matter what else sucks at work, all the projects that didn't land, my boss's daily kicks to the crotch, and every multi-million job opportunity I stupidly turned down... I did right with those kids. If I had made any different choice in life --no matter how tiny-- those wonderful kids would not exist. And that satisfies my sense of Purpose.

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