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Old 12-06-2018, 11:34 PM   #41
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I had my own business but for me not having to work, sleeping in and going places like the beach, museums and wineries is still more fun. We're in a few senior and hobby clubs for socializing and meeting other retired folks.
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Old 12-07-2018, 12:13 AM   #42
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Originally Posted by Midpack View Post
I know some people here find it incredulous, but some people would rather work than have endless free time, and it has nothing to do with money.


Had lunch with a buddy who sold his company, but stayed on, and he's beyond FI. I asked him yesterday when he's actually going to retire, and he said "I don't know what I'd do all day, what do you do?" He said he took two days off, nearly went crazy, and begged the new owners of his former company to let him work PT. He's happy as a clam.


And that's fine for him, despite what some here are quick to say about how others choose to live their lives.

There's something addictive about winning whether it be at making money or some other arena. I agree that many wealthy people also enjoy what they're doing, so why stop? They are often in the position where they call the shots and focus on the parts of their businesses or jobs that they love, while assigning the less desirable portions to others. So again, why not?

I agree with Midpack's comments and find nothing incredulous about people not wanting endless free time. I've recently taken early retirement and relocated across the country to be near family. Already I can tell this "retirement" isn't going to be full time forever. I don't have time to work right now (still transitioning), but I miss and crave the intellectual challenge and stimulation of leading a charge in collaboration with others. When the time comes I'm going to be picky, however, and only take on something I love doing, and with no more endlessly long hours.
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Old 12-07-2018, 06:34 AM   #43
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It's called "Keeping up with the Joneses".
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Old 12-07-2018, 07:26 AM   #44
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I agree with Midpack's comments and find nothing incredulous about people not wanting endless free time.
I'm incredulous that there is confusion regarding the adjectives "incredulous" and "incredible". Is grammar no longer taught in elementary school?

Incredible.
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Old 12-07-2018, 06:00 PM   #45
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I'm incredulous that there is confusion regarding the adjectives "incredulous" and "incredible". Is grammar no longer taught in elementary school?
You've identified a vocabulary error rather than a grammatical error, although wikipedia claims that non-linguists sometimes misuse the word grammar to mean anything associated with language. Nitpickers of the world, unite!

Actually, way back when I tried to take an introductory course in Linguistics, the prof discouraged me, claiming that a EE undergrad wouldn't find the course interesting (he also said it was 'too technical'). I took his advice and cancelled the class. I guess stove-piping in STEM begins early. No harm done, I guess.
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Old 12-07-2018, 06:25 PM   #46
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I was involved with a discussion just a few days ago regarding why some folks continue to run the company rather than retire. My associate offered this:



Quote:
Most of the high level management got there because they were very driven and very competitive. They have established and built up areas of the business. They have seen other C-level managers leave, and then watch their empire be torn apart by those left behind. So, they hang around, protecting their domain, until their competitors retire, or they can turn their legacy over to somebody who will maintain it.

Regarding the grammar or vocabulary requirements for proper Internet posting- I saw a posting from an English major complaining that STEM majors were so impaired and awkward that they were unable to communicate effectively. Some were even challenged to put a complete paragraph together.


My response was simple- With the difference in salary, they have the
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Old 12-07-2018, 07:16 PM   #47
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From Clone: "My response was simple- With the difference in salary, they have the"

Now that's funny.
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Old 12-07-2018, 11:11 PM   #48
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Way back when I tried to take an introductory course in Linguistics, the prof discouraged me, claiming that a EE undergrad wouldn't find the course interesting (he also said it was 'too technical'). I took his advice and cancelled the class. I guess stove-piping in STEM begins early. No harm done, I guess.
What a shame. Stereotyping and discouraging students is unworthy of any true educator.
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Old 12-08-2018, 06:28 AM   #49
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I take issue with this article on a number of fronts:
1) If you choose your sample from people dealing with investment bankers you are choosing from a pool of people willing to take on high risk for high returns. Now think about the average ‘millionaire next door’ who drives a F150 pickup -Do you think he’s looking to by a an investment in a derivative trading shop? They hopefully are in land, businesses and index and bond funds.

2)A million bucks isn’t what it used to be. For example our 3,000 square ft house mortgage free home in the killer school district (Nice house, i love it but, it is truly nothing special) is worth $525,000. As are the three houses surrounding us. My master tool fitter friend around the corner for just sold his home for $610,000 (bigger and with a built in pool). Ive read the average income in this zip code is $130,000. So someone making that kind of money should easily save well over $500,000 in 40k/IRA over the life of their mortgage. Add it together and you have 1 Million. If you ask anyone of them if they are rich they would say absolutely not. And guess what they are not. Think of the rule of 25. If you need $40K a year to retire and multiply that by 25. Bam you need a million investible. Bump up that spending number up to 100K grand and you need 2.5 million. A lot of money in Kansas but not here in a suburb of Philly. Trust me the taxes are 10 grand on my house alone.

In my office there are 5 extremely conservative multi-millionaires sitting within 20 yards of me. Just your average long term workers. If a friend that they felt comfortable with asked them about money: “Ive done well, I hope it is enough.” Are they chasing money or advancement .. no most are slowly, carefully building a big retirement nest egg.

3)The reason the guy with 2 gulf streams is so memorable is he is an outlier (a rarity). Bling is exciting! It makes the press and twitter. The stealth wealth guys and old money who made their money over the decades live in nice homes and drive nice but conservative vehicles. They are quietly, carefully amassing their piles but they don’t talk about money, wear Timex watches and are almost invisible. You just have to know where to look.
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Old 12-08-2018, 11:04 AM   #50
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I think it is called greed. It's been around at least since Biblical times. But that's OK, as long as they pay taxes.
The pay the tax part is what gets me.
Carried interest loophole closed yet?
Amazon just got $100M in NY and VA state government money.
And the list could go on for pages.
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Old 12-08-2018, 01:09 PM   #51
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They pay the tax part is what gets me.
Carried interest loophole closed yet?
Amazon just got $100M in NY and VA state government money.
And the list could go on for pages.
Yea, I'm with you on that. There seems to be a way for the really rich to dodge taxes, in spite of all the crocodile tears.
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Old 12-08-2018, 11:00 PM   #52
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I would replace power with freedom. I have no desire to be powerful, just safe and free!


What gives safety and freedom—- power!
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Old 12-08-2018, 11:03 PM   #53
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Old 12-14-2018, 04:46 PM   #54
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I still wonder whether people at the top level can spend it all. Sometimes, when I think about the two gulfstreams, or that huge yacht, I think they CAN spend it all. Other times I think they unthinkingly plow it into black money donations, etc.

But don't they ever think about the unrest and misery the economic inequality is causing throughout the world? Don't they ever feel a tremor of fear about the outcome? Don't they feel the weight of the judgment of morality and religion? Don't they ever say to themselves, "I have more than I need?"
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Old 12-14-2018, 05:31 PM   #55
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But don't they ever think about the unrest and misery the economic inequality is causing throughout the world? Don't they ever feel a tremor of fear about the outcome? Don't they feel the weight of the judgment of morality and religion? Don't they ever say to themselves, "I have more than I need?"
This is getting dangerously close to political. I'd just ask...is the unrest and misery really due mostly to economic inequality?

Read "Guns, Germs and Steel". Some interesting insights there.
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Old 12-14-2018, 06:45 PM   #56
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Good topic. We have a net worth of around $4 mill, including 2 homes with no mortgages. It's about 50-50 homes and retirement accounts. Income is $80,000, about half of which is tax free, plus ss. Next year, ss will be over $50,000. It's plenty.

Many of my former peers can't quit working cuz they need the income. One long time friend carries $50,000+ in credit card debt and who knows what for mortgage and expensive cars. He can't retire. I don't get it. I have a 9 year old car, a 15 year old car and a toy car that is almost 50 years old. No debt, no mortgages. I can't figure out why more of my peers aren't retiring and enjoying life.
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Old 12-14-2018, 06:46 PM   #57
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I think it is a score-keeping thing... to some extent they measure themselves and their self-worth in $$$ against their peers... in both annual income and net worth.

I guess I am not at all wired that way... while I enjoyed the "game" I was happy to stop playing... I never understood why others kept playing but if that made them happy then so be it.

Notice that many of the world's richest who are of a retirement age and could retire are still working (albeit arguably at their own pace)... I'm not familiar with all the names on the list below but to my knowledge Bill Gates is the only one who is retired (though I am sure his philanthropic activities keeps him busy).

I want to add that many of this list and possibility in this category run a business. So maybe it is not about the money but running a successful business.

This reminds me of the book, Good to Great. There are good businesses but only a few are great businesses.
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Old 12-14-2018, 07:15 PM   #58
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The ultra-rich could care less about making more. That happens naturally, because wealth creates more wealth. Imagine your net worth was more than a billion. Would you have that in cash? Of course not. The source of net worth is why the ultra-rich keep getting richer in relation to the some-what-rich, middle class, and poor.
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