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Old 03-12-2018, 04:10 PM   #61
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Many of us have experienced the OMY syndrome, even when we knew we didn't need more. Billionaires have the OMB syndrome.
The target is $1 trillion.
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Old 03-12-2018, 04:25 PM   #62
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Originally Posted by TromboneAl View Post
While researching an upcoming book, I'm finding that many billionaires go to great lengths (legal and illegal) to increase their wealth.

Why is that? What can you do with two billion that you can't do with one billion?

My guess is that it's just an insatiable and irrational desire to get more money—like collectors who go to extremes.

Your thoughts?
I have not read the thread as I have been out of touch. I just returned from a trip of 5 days that cost 55000 pesos for two. It was very enjoyable and I think we could do a lot more of them. If we did one a month that would be 660000 pesos a year. (Currently that would be US$35.5k)

Add in some cruising and eating at fine restaurants while at home and we could easily get into the high expense category.

Then you add the additional properties, yachts, sports cars and eventually you start to aim for more money as a goal on its own.

A few billionaires get religion and give their money to causes. So the more they make, the better off their causes are. There is no end to what they can do...
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Old 03-12-2018, 07:00 PM   #63
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Money is power, and people who love power always crave more.
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Old 03-12-2018, 07:08 PM   #64
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I never want to control anybody, so I never think of money as power. I look at money as comfort. And of course I always want more comfort. Money also means options. Options to do a lot of things. Even if I do not exercise those options, it's nice to know I can if I want to.

I am just too lazy to work harder to get more money. Not motivated enough, because work can be uncomfortable, and was at times.

But to say I do not want more money is to be a hypocrite. And I hate to be called a hypocrite more than any other label.

"I’d like to live as a poor man, with lots of money." - Picasso

I dunno about living as a poor man. But to live an upper-middle-class lifestyle like someone with $10M, while really having $100M would be really cool. Comfortable enough, but below-the-radar.
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Old 03-12-2018, 07:20 PM   #65
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I just now realize why I stopped working, while the richer people did not.

When my earned income was about or less than what my investments generated in a year, it took away the motivation to work.

Billionaires can make lots of money compared to investing in dinky stock indices. And their work may not be all that stressful. So why should they stop? I would not.

PS. I am of course talking about people whose motivation is money. There are other reasons outside of money that motivate people to work. For example, politicians often work for power.
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Old 03-12-2018, 07:52 PM   #66
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Think of how hard Bezos, Steve Jobs, or Musk work compared to the people working for them? Hah!

When was the last time Jobs wrote any software? Musk to develop and to solve any orbital equation, or do any AI software for the Tesla "autopilot" (I am not sure if Musk had any education background in these subjects)?

These are good managers and astute businessmen. They don't work hard. At least, not in the way we peons work hard.

Tell me why they should stop.

PS. By the way, they are now auctioning a handwritten job application that Steve Jobs submitted for a job when he was 18. You can read it on the Web. Quite pathetic!
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Old 03-12-2018, 08:55 PM   #67
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Hehe, yeah, not going to charter any jets or any prop planes for that matter.

But I ain't ridin' coach anymore either.
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We still fly “coach”...
Old 03-12-2018, 10:28 PM   #68
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We still fly “coach”...

ahem, some of us still fly “coach” for domestic flights (used it for international as well, but seats were wider then for flights over the pond)

{not about to charter one either, despite what your table says}

Now if we had ten large, we might consider the cost of first class relative to comfort... but the surcharge per hour is too much for us right now; rather use the money when we get to our destination. But we aren’t going to put up with “red-eye” flights anymore; too many of those in the day. Still wish there was the old service on international flights... food and wine was better then)
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Old 03-12-2018, 10:30 PM   #69
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If I had a billion it would take all my time figuring out how to...yeah you know.

Blow All That Dough!
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Old 03-12-2018, 10:34 PM   #70
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If a billionaire was obsessed with blowing dough, he would not have his billion.

It's not just he did not give his money a chance to grow, he also did not have any time left to work to make any.
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Old 03-13-2018, 05:34 AM   #71
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I always figured it was a form of 'hoarding disorder', where people use stuff to fill a personal void. Some people hoard pets or stuff they think they or someone else might use again. Some people hoard money.
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Old 03-13-2018, 07:06 AM   #72
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If a billionaire was obsessed with blowing dough, he would not have his billion.
That's probably true that a typical billionaire is probably obsessed with business or financial success above all else. His or her family members might like to spend some but not necessary blowing it.
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Old 03-13-2018, 07:28 AM   #73
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Would you consider yourself greedy? Some people who are living day to day would consider you greedy, simply because you have more than them.
The original question was "why do many billionaires go to great lengths (legal and illegal) to increase their wealth."

My wife and I have likely reached the number that will allow us to live the next 40 years without working, but not extravagantly. As a result, I am now working part time; no longer accumulating funds.

Since we aren't going to great lengths to increase our wealth, no, I don't consider us greedy.
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Old 03-13-2018, 10:37 AM   #74
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It's said that in his early years John D. Rockefeller (1839-1937) asserted his two goals in life:
- to make $100,000
- to live to be 100

He accomplished half of those goals, though he hammered the first one into the ground many times over. His net worth near the end of his life would be the equivalent of something like $300 billion today. When asked "how much is enough" he stated "just a little bit more"

I think it becomes a driving addiction, much the same a video game top score captures someones focus. I suspect some part of a person's identity gets wrapped up in this number, and so the point to life (doing the best at it) gets wrapped up in maximizing the figure. It's a race, a goal, a motivator... and money is an easy thing to judge off of, because of it's fixed nature and everyone's ability to relate to it on some level.

I'm actively trying to avoid such a focus... I'd rather get "just enough" and worry about other things, like #2 on John's list
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Old 03-13-2018, 04:23 PM   #75
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When asked "how much is enough" he stated "just a little bit more"
Seems that being content and satisfied with you have is in order!
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Old 03-13-2018, 04:53 PM   #76
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It's said that in his early years John D. Rockefeller (1839-1937) asserted his two goals in life:
- to make $100,000
- to live to be 100
To be clear, $100,000 in 1859 (when he was 20), is $2,771,265.88 in 2017 dollars.
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Old 03-13-2018, 04:55 PM   #77
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Yes, apparently my air travel chart is off.

If I try to think of how things would be different if I had a lot more money, the only thing I can think of is travel. I hate flying, but if I had a private jet ...
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Old 03-13-2018, 05:04 PM   #78
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I was thinking of how Rockefeller would love to pay for a coach seat, compared to riding the train or a stagecoach. He died in 1937.

Although he was born in 1839, he lived long enough to see the dawn of air travel. Air travel started in the late 1920s, but Rockefeller was in his 90s at that point, and would be unlikely to want to travel much, even if he could have an entire aircraft or a dirigible to himself.
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Old 03-13-2018, 05:06 PM   #79
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[QUOTE=Freedom56;2024249]

Remember before the crash being able to buy a house with no job no down payment and get a loan 20% above the home value?

This guy played it right before and after the crash. Good for him.

The guy who I found most impressive during this time was Michael Burry. What a fascinating man.
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Old 03-13-2018, 07:28 PM   #80
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I never want to control anybody, so I never think of money as power. I look at money as comfort. And of course I always want more comfort. Money also means options. Options to do a lot of things. Even if I do not exercise those options, it's nice to know I can if I want to.
But to say I do not want more money is to be a hypocrite. And I hate to be called a hypocrite more than any other label.

I dunno about living as a poor man. But to live an upper-middle-class lifestyle like someone with $10M, while really having $100M would be really cool. Comfortable enough, but below-the-radar.
Well I agree, money is comfort and options. I also see it as security.
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