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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

#911

Post by toast0 »

HeartStrings wrote: post #669
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…

Why aren’t you suggesting angel investing?

As a way to rid yourself of excess funds, it probably works? Likely more effective than a sailing habit, unless you get into racing.

But there's no need for it in your investment portfolio. Pick a mixture between 20/80 and 80/20 stocks/bonds, buy index funds and you're good. Easy and scalable... This works for normal money too, but you probably want a meaningful amount of cash and you may want to more carefully choose your stock/bond ratio. Maybe if you've got tens of billions you might need something else, but it'll probably work for that too.

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

#913

Post by scotty79 »

This person is obviously mentally disturbed. Freedom awarded by recent lucky windfall resulted in detriment to him. It already costed him his only deep relationship with a peer and almost costed him his life.

I'm really happy that he ended up learning physics. It's probably safes activity of all mentioned given his specific brain.

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

#914

Post by throttlebody »

Start by doing a long walk, like the PCT or Te Araroa trail. 3+ months of hiking. You are busy every day, get up, eat and start walking. Finish the day physically tired. Sleep rinse and repeat. Have a break from news etc You come out fit, mentally reset and have a good perspective. Just my 2c

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

#915

Post by mihaic »

fsckboy wrote: post #589
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

I'm not sure what you mean. I do believe this is essentially a value judgement, but one which I think is essential for any well functioning society, at least based on my personal interpretation.

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

#916

Post by verall »

wodderam wrote: post #764
akamaka wrote: post #145

> 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.

Defaulting on the debt is not going to happen but the consequences of avoiding default will not be good. Of course, DOGE isn't really going to do anything to fix this either. Complete theater that the fixes will low and behold happen to work in the financial interest of those running DOGE. The young who don't think the debt matters are almost guaranteed at this point to have to deal with US fiscal dominance in their…

How will it be a brutal lesson in youthful ignorance and stupidity when the youth have nearly no political power? We have a full-on gerontocracy and the problem is youthful naivete?

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

#917

Post by Arete314159 »

For the vast majority of people, becoming rich is a means to an end. More time to make art, freedom from stress, ability to travel more, or just the fun of buying lots of toys.

He keeps talking about wanting to do something "important." But I think he is conflating the "prestigious / expected" meaning of important with another interpretation: "meaningful."

Plenty of next steps for a founder are prestigious. But few are meaningful. Most new companies make money by finding efficiencies and disintermediating people from processes in various ways. This usually means pushing an entire sector (like travel agents) out of gainful employment. For whatever reason, Silicon Valley startups rarely punch up - they don't find efficiencies in health insurance or healthcare billing, they don't do "Moneyball" for CEO's and figure out how to run a company for less, they don't find efficiencies that cause us to pay less money to the rich (except Cost Plus Drugs).

No, they punch down, and make increasing numbers of the middle class into the new precariat. For that, the founders are praised and told that they are important. But the work, being morally questionable, is not meaningful.

  By contrast, many meaningful endeavors are about charity - giving access, opportunity, dignity, and money to those on the bottom rungs of society. 

  The emptiness he feels is a lack of meaning, but he's trying to fill it with more prestige, and that's why it's not working.

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

#918

Post by Arete314159 »

keybored wrote: post #760
vimgrinder wrote: post #49

"Before enlightenment, chop wood, carry water. After enlightenment, chop wood, carry water" You do what you were enjoying before, just now you don't need to get paid in money for it. May be you will get paid in fame, noble prize, smiles of people whose life you impact etc. The money you have can't buy those directly but only when you put effort.

“Before becoming rich, do the corporate grind. After becoming rich, do the corporate grind.” I don’t know man.

Thank you, you just said what I was trying to say in 2% of the words.

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

#920

Post by dyauspitr »

iancmceachern wrote: post #672

I can't imagine a world where I wouldn't know what to do. There is diarrhea on my building, trash in the street, people needing medical help in the alley, and potholes in the street. Just walk out your front door and start doing things. My recent triumph was getting a building owner on my street to finally repair the hole in front of their building. Imagine what I could do with a backhoe. Start small, think big. Help…

I took about a year and a half off because I could afford it and I did so much and had such a good time I could do it forever. Freedom is wasted on this guy.
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