it's amusing to read about wealth management interviews.
6 mil is just over the minimum to qualify for private banking these days.
Of course they couldn't care less about the account, it's tiny.
Confessions of an Overnight Millionaire
71–80 of 85 posts
Re: Confessions of an Overnight Millionaire
#72I'm in a similar situation, but it's like 1/3 of what she'll make. And I have literally no idea what to do now. I have a good feeling for how to manage it. But not a good feeling about what it means for my life. In the SF area, it's not enough to live with a family. Where my wife and I are from, it's enough to early-retire with average incomes (4% of 2M$ ~= 80k$/y, 40k$/y median income). But do I want to do this? Or…
My biggest worry at the moment would be keeping the money somehow. Dollars may be devaluated - everything may be devaluated in fact.
If you want to pass some money on to your children (and invest in their education), already the amount doesn't look that much anymore.
Re: Confessions of an Overnight Millionaire
#73> You don’t think much about $200,000; it’s not life-changing. So it sounds like this person had assets or capital before the IPO. $200,000 post tax is certainly enough to pay off either a large potion of a mortgage if not all of it for a large majority of people . Hell where I live it can get you a very nice house in a good neighborhood ( I live outside of Philly ). That is certainly life changing,
In many places it isn't.
Re: Confessions of an Overnight Millionaire
#74> I’ve been obsessed with men who are smarter than me. (Even when I was younger, at sleepaway camp, I was fixated on the boys who went to the magnet public schools, because I knew they were hard to get into.) Part of it comes from an obsession that my kid has to be intelligent, but part of it is about earning potential, because smart men tend to earn a lot of money. Ugh.
This part really disturbed me
Re: Confessions of an Overnight Millionaire
#75> Being a tech worker is not like banking, where you know you’re not doing good for society I... I work in banking and I think I'm doing good for society :D It's weird how deep this belief banks are an artificial parasite that built itself on top of normal people became. If people don't like banks and think they're really bad, they could really try removing them... it's not like I'd disobey a law or anything that say…
Do you know how banking works? Banks keep injecting new fiat money into the economy via loans and thus dilute everyone's salaries (buying power) by inflating asset prices artificially and thus make them increasingly out of reach for salary earners. Loans are also used to facilitate thousands of different financial schemes to inflate stock prices, distort the markets and drive honest people into corporate servitude an…
I think you are confusing different types of banks. As for loans, think about your housing example: say it takes 30 years to earn enough money to buy a house. So without banks, people could only move into their own house after 30 years of work. Thanks to loans, they can move in now and pay it off within 30 years.
An even more extreme example, if you want to start a business. If you have to save for 30 years to get your starting capital, you might already be too old to start.
Re: Confessions of an Overnight Millionaire
#76The woman in this essay is having her moment of peripeteia. It’s just bits in a database. From an alien looking down on earth, there is no difference between the people with big numbers and the people with small numbers. They all spend their entire lives under the same set of beliefs, namely: 1. Any decrease in my number would be horrible. The best part of my life was when my number was zero, and other people are hap…
As a greek person, for whom the word 'peripeteia' is totally mundane, I was very suprised to see it used in English in such a literary fashion. Thanks for that!
Re: Confessions of an Overnight Millionaire
#77Earlier quoted context omitted.
That's exactly the right perspective but if you've spent the last 20 years doing some job purely for the money, it's not an easy mental state to transition to and whether you're able will likely have a large part to do with your education and upbringing. For example your social network may be largely people you work with - if you stop working, you lose those connections. And lockdown has shown what impact social isol…
You'll never find them on HN and Reddit but there are tons of people in their 40s-60s who despite working 40hr/wk for the last 20yr have all manner of projects and hobbies they would simply spend their time on if they suddenly didn't have to work, no change of mind required.
> have all manner of projects and hobbies they would simply spend their time on if they suddenly didn't have to work, no change of mind required.
The risk is that previously those things were "special" because you could only spend a little bit of time on them. If you spend all your time then the enjoyment can become 'commoditized' and routine. They may become as fun as brushing your teeth.
Re: Confessions of an Overnight Millionaire
#78Earlier quoted context omitted.
This always feels like a laboured point. I play a line a week, I don't notice the £2, the lottery pays out a lot to different charities and one day if I'm very lucky I might get an email telling me I won some money. I'm sure there's worse places to lose a couple of quid.
Also, it's fun! I don't play often, but when I do, it's for the daydreaming and "what if"-s that comes with the experience.
I do enjoy a bit of fantasy mansion shopping on rightmove over a coffee on occasion.
Re: Confessions of an Overnight Millionaire
#79This person needs a lot of work on relationships. Sounds very unhealthy and difficult. I think only an American can gain $5m and still complain.
Re: Confessions of an Overnight Millionaire
#80Earlier quoted context omitted.
You'll never find them on HN and Reddit but there are tons of people in their 40s-60s who despite working 40hr/wk for the last 20yr have all manner of projects and hobbies they would simply spend their time on if they suddenly didn't have to work, no change of mind required.
> have all manner of projects and hobbies they would simply spend their time on if they suddenly didn't have to work, no change of mind required. The risk is that previously those things were "special" because you could only spend a little bit of time on them. If you spend all your time then the enjoyment can become 'commoditized' and routine. They may become as fun as brushing your teeth.
Has this happened to you?