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I am rich and have no idea what to do

vinay.sh

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

#581

Post by teractiveodular »

psanford wrote: post #574
Animats wrote: post #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…

> Most people who make a lot of money all at once blow it within seven years This is a commonly recited myth about lottery winners[1]. [1]: https://www.forbes.com/sites/johnjennings/2023/08/29/debunki...

There's a legendary Reddit comment that lays out the many, many other ways winning the lottery (or, more importantly, letting people know you won the lottery) is bad for you. Can you debunk its claims as well?

https://www.reddit.com/r/AskReddit/comments/24vo34/comment/c...

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

#583

Post by bccdee »

Bloating wrote: post #160
ocius wrote: post #127

Just as a side note because you mentioned it in relation to DOGE: the US government cannot go bankrupt in its own currency. As long as prices are kept in check, there is no reason not to create more money. The fact that the US has to pay interest on it doesn't change that. If the government decides to spend more money than it takes in, the money is simply created by the central bank (through the detour of bonds). If…

"As long as prices are kept in check" Hello? MMT'ers act like they've discovered some new concept. MMT is not economics; its political spin, propaganda, down playing the harsh realities of economics (not just "late stage capitalism" or whatever the kids call resource constraints nowadays.)

Odd that you think "late stage capitalism" describes resource constraints. It's really more a term to describe the bizarre economic consequences of increasing degrees of financialization turning every sector of the economy into speculative theatre.

MMT is an elaborate way of describing the process of taxing investment capital away from existing capitalists such that the state can invest it itself. You may complain that the state would invest that capital poorly (others would counter that private VCs already do it poorly), but the essential economics of it is dead simple.

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

#585

Post by not_a_bot_4sho »

crakhamster01 wrote: post #573

I can definitely sympathize with this guy. I imagine selling your company, coming into immense wealth, and losing your identity of ~10 years can really mess up an individual. But at the same time... this seems rich coming from the dude who co-founded Loom. Calling his ex-coworkers NPCs and believing he's qualified to streamline the US government - all because he built a glorified screen recorder? Have some humility L…

After repeatedly mentioning talking/recruiting the "smartest people" around DOGE, that was enough to know this person's opinion isn't very important. Or more to the point, it's not an honest objective take.

Sort of like a TV or movie award show, with everyone praising everyone else's "genius".

Reads more like in-group flattery to establish position within the group.

But what do I know, I'm not tres commas rich.

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

#586

Post by claytongulick »

bluGill wrote: post #367
claytongulick wrote: post #85

I have a tentative plan for if I ever reach that level of success. Basically, take all the money, set it to the side in parked long-term investments, pay myself a basic low-middle class paycheck, and live on it. Then start again. Swing the bat. Rinse, repeat until I'm ready to just relax and be happy staring at the clouds all day. I know myself well enough that I understand that a huge part of my character is the str…

I'd start again buy volenteer work. Fixing things at the local youth camp could fill several lifetimes. or the food shelf needs help. Or admin work for united way if I decide a desk job is for me.

I've thought about going back to school to get my RN and doing volunteer work at public clinics.

I started my career in patient care, but ended up switching to technology in the late 90s.

I'd love to do something like that as a retirement job.

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

#589

Post by fsckboy »

mihaic wrote: 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…

>need to be reminded that having wealth is a social responsibility in itself

read up on the "is-ought problem": from whatever is, you cannot get an ought nor a should. You simply have to adopt them as beliefs, just like belief in a diety (though some might argue that's an "is" :) and others may not share your beliefs, nor... should... they

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

#590

Post by benatkin »

coldtea wrote: post #44
j4coh wrote: post #3

Same situation, I truly empathise because it really does seem to take a lot of purpose out of everything. What I’ve found is that you need to replace money/salary/financial success optimisation (assuming you spent a lot of your life and energy to this point focused on these, much like I did) with something else totally unconnected with being measured in that way. For me, I am focused on proving myself as a guitarist…

> Same situation, I truly empathise because it really does seem to take a lot of purpose out of everything. Mainly though if all the purpose-giving focus was on just getting money and the related grinding to begin with. Getting mega-rich didn't take the purpose out of Steve Jobs, for example, which was focused on building stuff with some specific twist (his idea of good design). Or Steve Wozniak for that matter, he f…

> but did they ever give the impression they got bored

It often gets described as washed up rather than bored, but yes.

Dylan is a good contrast.

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