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11-22-2020, 09:01 AM
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#161
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,941
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Quote:
Originally Posted by Rianne
"Billions" on Showtime seems to capture the reality life for billionaires, at least some of them.
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Love the show... Matter of fact I just watched season 5 again within the last week... The unfortunate part I think a lot (well some) of the ultra wealthy got that rich along the same lines as Bobby Axelrod did... Maybe not as blatant or as reprehensible but then again maybe not.....
__________________
20's "something" mind, trapped in a 70's "something" body
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11-22-2020, 09:08 AM
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#162
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
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Quote:
Originally Posted by Dtail
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Perhaps much higher taxes, but that can get complicated too.
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That will not happen especially conservatives claim the wealthy are already overtaxed, the current tax system is already very progressive , and all the loopholes are justifiable. LOL.
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May we live in peace and harmony and be free from all human sufferings.
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Any Ultra High Net Worth Individual (UHNWI) here? What do you do?
11-22-2020, 09:13 AM
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#163
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,941
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Any Ultra High Net Worth Individual (UHNWI) here? What do you do?
Hats off to the UHNW. I’ve just never wanted the kind of responsibility, commitment or workaholism required to earn that kind of money. I wanted a couple of million to buy my freedom and it was satisfying to earn it by calibrating my effort accordingly, with always a foot in the corporation but one foot out, too, leaping when there was a better opportunity. My chosen goal achieved by age 53.
I just can’t shake the feeling that:
1). Money alone doesn’t make one happy. In my life and career I’ve known people with the full range of wealth and the full range of happiness and the correlation is only spotty.
2). Possessions need maintaining and can be a PITA. If you go to any marina, 99% of the boats are just bobbing around unused, waiting for their next bottom scraping.
3). There’s always a bigger fish. Even if you’re Elon Musk, there’s always a Jeff Bezos. And Elon Musk seems to have some “issues” that I don’t and wouldn’t want, thankfully.
I feel I’m at about the same innate happiness set point as I ever remember having so, I just dunno.
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11-22-2020, 09:17 AM
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#164
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,941
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Can't disagree with "some of that" but so far not having billions hasn't helped with much of that stuff either and time is running out fast... So I'd take the money and continue to suffer through if that were an option!
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20's "something" mind, trapped in a 70's "something" body
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11-22-2020, 09:30 AM
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#165
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,729
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Quote:
Originally Posted by Car-Guy
Love the show... Matter of fact I just watched season 5 again within the last week... The unfortunate part I think a lot (well some) of the ultra wealthy got that rich along the same lines as Bobby Axelrod did... Maybe not as blatant or as reprehensible but then again maybe not.....
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Bobby started out very poor with a checkered childhood. When I learn about people like Bezos, Gates, Jobs, Buffet, Walton and the many they've made rich along the way, I realize they were average or below average middle class people. Maybe they changed as they grew richer, figured out ways to cut corners or scam a little. But for the most part, they were savvy and took advantage of opportunities. I can't argue with that. They are the American Dream, what so many aspire to become.
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"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
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11-22-2020, 09:35 AM
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#166
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Kudos to UHNW individuals, but I'm not at all attracted to their world. I speak from experience.
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11-22-2020, 10:13 AM
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#167
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Recycles dryer sheets
Join Date: Nov 2020
Location: So Cal
Posts: 108
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Quote:
Originally Posted by Ed_The_Gypsy
Why do you want to know?
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I want to reach that level some day.
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11-22-2020, 12:26 PM
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#168
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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I am not a UHNW guy, but here's my 2 cents.
About getting there, we all read about people who get there, either by hook or by crook, and there seems to be many different ways. I myself tried by working hard for some years at a couple of startups that I helped found along with friends, and they both went belly up. Good thing I put none of my own money into it.
So, I got old and too tired to try anymore. Just counting my money in the market now, and I am glad I have enough to live comfortably. So, from my own experience, one is either lucky, or knows how to do it, or he doesn't. I belong in the last group.
That's the extent of my knowledge and experience about trying to get there.
About how much and what to spend money on once you get there, I think that is quite easy to learn. Other people will be glad to show you how. Spending lots of money is a skill too easily acquired. The hard part is not to let it become an addiction.
It appears that people who work hard to get their money tend to value it more and spend more judiciously. And their fortune stays intact. People who get the money falling from the sky tend to squander it fairly quickly, and they don't have that trouble of figuring how to spend that money anymore when they no longer have it.
Again, that's from observations, and not personal experience.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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11-22-2020, 02:02 PM
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#169
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,228
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I've never believed that money buys happiness. It can definitely reduce stress, because if you don't have money and are one medical or car repair bill from falling behind on rent or mortgage payments, that gets really stressful. And of course having a job you need is probably more stressful than not needing a job (whether you have one or not).
There's probably a point where having too much money makes it more stressful again, but you don't have to buy things that require staff to tend to it. But I'll never find out since I'm much more interested in preserving my nest egg than taking risks that might give me a chance at UHNW.
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11-22-2020, 02:28 PM
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#170
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Quote:
Originally Posted by RunningBum
I've never believed that money buys happiness. It can definitely reduce stress, because if you don't have money and are one medical or car repair bill from falling behind on rent or mortgage payments, that gets really stressful. And of course having a job you need is probably more stressful than not needing a job (whether you have one or not)...
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“Money does not buy you happiness, but lack of money certainly buys you misery.” ― Daniel Kahneman
My LBYM lifestyle is totally conformant with the above quote.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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11-22-2020, 02:43 PM
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#171
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Recycles dryer sheets
Join Date: Jan 2005
Posts: 445
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Quote:
Originally Posted by HawaiiShrimp
I want to reach that level some day.
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Will you then be content? Finally satisfied? Will life be more meaningful? Finally self-actualized?
Having already amassed $10m, another $20m shouldn’t be an impossible task, right?
My point is... it’s probably less challenging to just keep doing what you are doing... which will probably make more, even $20m, money... than doing the internal work to reconcile our seeking and desires, and address that hunger within.
Maybe we are each of us on this earth for our own, unique individual reason. The money, job, family... all just a part of the process, not the ultimate meaning. Then again, maybe we’re each just random gene combinations and the goal is a giant pot of money.
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11-22-2020, 02:49 PM
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#172
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Posts: 11,702
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Quote:
Originally Posted by RunningBum
There's probably a point where having too much money makes it more stressful again, but you don't have to buy things that require staff to tend to it. But I'll never find out since I'm much more interested in preserving my nest egg than taking risks that might give me a chance at UHNW.
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Right! Having all that stuff, all those houses, all those toys ends up ultimately causing stress. If anything, it raises your profile in the world, which makes you a target, so now you have to add security to the list of staff.
I once saw a documentary about high profile musicians. I wish I could remember who said it, but she said something like this: "The business is so complicated. You have to hire lawyers. But they'll try to screw you too, so you have hire lawyers to check your other lawyers."
Stress.
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Retired Class of 2018
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11-22-2020, 03:00 PM
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#173
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,362
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Quote:
Originally Posted by P.S.
Then again, maybe we’re each just random gene combinations and the goal is a giant pot of money.
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There used to be a popular bumper sticker that I've seen on a number of cars:
"Whoever dies with the most toys wins"
Alas, some of those folks are still with us.
__________________
I thought growing old would take longer.
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11-22-2020, 05:07 PM
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#174
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Recycles dryer sheets
Join Date: Jun 2011
Posts: 297
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Hmm... $30 million.. wow. Not me and I'd be surprised to see someone here with that kind of worth
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11-22-2020, 05:12 PM
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#175
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,930
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__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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11-22-2020, 05:14 PM
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#176
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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The ultra rich use Twitter.
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11-22-2020, 05:19 PM
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#177
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,930
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Quote:
Originally Posted by RobbieB
The ultra rich use Twitter.
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Ahhhh! I didn't think of that. I guess that's why I don't use Twitter, or FB or the other UHNW social media. Us poor millionaires aren't welcome there either
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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11-22-2020, 05:20 PM
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#178
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 3,019
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At some time in my waning years, I may have "staff" on a 24/7/365 basis, if I last that long. I can guarantee it won't be due to UHNW. If I am happy where I am financially, why want for more? Isn't that the basic reason for having this group?
During my working life, I often said that once you reach a certain level, more money doesn't make you proportionally happier. But lack of money certainly can make life difficult, if not impossible. This has already been mentioned by others and attributed to others more quotable than me.
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11-22-2020, 05:24 PM
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#179
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Recycles dryer sheets
Join Date: Nov 2020
Location: So Cal
Posts: 108
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Quote:
Originally Posted by P.S.
Will you then be content? Finally satisfied? Will life be more meaningful? Finally self-actualized?
Having already amassed $10m, another $20m shouldn’t be an impossible task, right?
My point is... it’s probably less challenging to just keep doing what you are doing... which will probably make more, even $20m, money... than doing the internal work to reconcile our seeking and desires, and address that hunger within.
Maybe we are each of us on this earth for our own, unique individual reason. The money, job, family... all just a part of the process, not the ultimate meaning. Then again, maybe we’re each just random gene combinations and the goal is a giant pot of money.
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I don't spend too much time pondering life. Truth is: I will not work harder to reach UHNWI status. If it happens, it happens. I will just let money itself do the work; it does a better job compounding than me.
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11-22-2020, 05:43 PM
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#180
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Recycles dryer sheets
Join Date: Jun 2018
Posts: 445
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I heard somebody say once “money doesn’t buy happiness, but it can sure make being miserable a lot better”!
Personally, I choose not to be miserable. But this may work for some.
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