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Old 01-02-2021, 11:20 PM   #21
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Advice? We don need no stinkin' advice.
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Old 01-03-2021, 05:40 AM   #22
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Thank you for the responses... it saved me a bunch of time not reading his drivel.
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Old 01-03-2021, 09:40 AM   #23
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Originally Posted by Lawrencewendall View Post
Hope this is not a dupe. Not a big fan of Doug Casey but I found this interesting.

Highlights:
1. What is wealth?
2. Figure out your purpose in having money.
3. Don’t give your money to charity.
4. Divide Your Wealth Wisely.

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You really need to look at WHO is giving the advice. Doug Casey is a life-long investor who started writing books on investing as early as 1979.

But, according to this site, his net worth is only $1.9 million:

https://networthpost.org/net-worth/d...sey-net-worth/

That's shockingly low for a 75-year old man who has been a life-long investor, financial author, economist and espouses giving $0 to charity!

He also espouses the idea that the amount of wealth you obtain is a good measure of your "goodness" or value as a person. By his own measure, I am more worthy than he is! If he is a good person, I must be a saint, LOL!

The guy is a crackpot and I wouldn't take advice from him on anything relating to financial matters.
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Old 01-03-2021, 10:05 AM   #24
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Good article. Some "different" sorts of viewpoints, but nothing absurd. Maybe even eye-opening. I like articles like this.

I read his "International Man" stuff pretty regularly.
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Old 01-03-2021, 10:42 AM   #25
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Kind of sickening, actually.


So call me a wild-eyed liberal.
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Old 01-03-2021, 11:09 AM   #26
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Originally Posted by TOOLMAN View Post

1. What is wealth?

When your NW > the value of your weight in gold

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ha ha ha ... I had to look it up and calculate... I'm going to have to lose some weigh.
Haha. I had to look up and calculate, too.

The good news: I am halfway there!
The bad news: I am skinny!
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Old 01-03-2021, 11:15 AM   #27
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In the "article", he links to another post, an interview, in which he expounds his views on charities. He thinks they are largely useless - that their purpose is mainly to make the givers feel good, and to give them a tax break. Furthermore, he thinks that charities tend to transfer wealth from the hands of those who deserve it, into the hands of those who don't. He refers to Bill Gates and Warren Buffett as idiot savants, who should spend their time continuing to create wealth, instead of giving it away to the (in his opinion) undeserving.

I won't link it here. I'll let you find it if you really want. There is a little more nuance to his views in the articles/posts, but not much more. I find his views morally repugnant.
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Old 01-03-2021, 11:30 AM   #28
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Originally Posted by Major Tom View Post
In the "article", he links to another post, an interview, in which he expounds his views on charities. He thinks they are largely useless - that their purpose is mainly to make the givers feel good, and to give them a tax break. Furthermore, he thinks that charities tend to transfer wealth from the hands of those who deserve it, into the hands of those who don't. He refers to Bill Gates and Warren Buffett as idiot savants, who should spend their time continuing to create wealth, instead of giving it away to the (in his opinion) undeserving.

I won't link it here. I'll let you find it if you really want. There is a little more nuance to his views in the articles/posts, but not much more. I find his views morally repugnant.
Pretty much same here. Reeks of smugness and narcissism.
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Old 01-03-2021, 03:50 PM   #29
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Didn't read the article but this is how I figure it



1. What is wealth?

When your NW > the value of your weight in gold

2. Figure out your purpose in having money.

Basic needs, wants, + some extra so you can make mistakes.

3. Don’t give your money to charity.

You can't take it with you and if you are wealthy and want #2
it goes to charity at the end.
My NW is only ~1/3 of the current spot value of my weight in gold...
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Old 01-03-2021, 04:20 PM   #30
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wealth = when you and your family want for nothing.
purpose of having money = a stupid question.
don't give your money to charity = Ramsey is right...those who can should be outrageously generous. when we are both gone a major part of our estate is earmarked for our favorite charities.
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Old 01-03-2021, 05:02 PM   #31
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Haha. I had to look up and calculate, too.

The good news: I am halfway there!
The bad news: I am skinny!
If I'm doing the math right, I'd have to get down to about 122 pounds to be worth my weight in gold. At 6'3", I'd be in the emergency room, I imagine...
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Old 01-03-2021, 05:36 PM   #32
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wealth = when you and your family want for nothing.
.
This makes little sense Rich unless you’re referring to the philosophical concept of wealth as being “satisfied.” For example, a lower middle class family being classed as “wealthy” because they can afford life’s essentials and want no more than that.
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Old 01-03-2021, 06:59 PM   #33
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Worth your weight in gold?
I’m not even halfway there

www.gold-traders.co.uk/weight
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Old 01-03-2021, 07:29 PM   #34
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Entertaining but not insightful. Thanks for sharing.
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Old 01-03-2021, 10:31 PM   #35
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If I'm doing the math right, I'd have to get down to about 122 pounds to be worth my weight in gold. At 6'3", I'd be in the emergency room, I imagine...
If we are both doing the math right, you are doing better than I am!
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Old 01-03-2021, 11:23 PM   #36
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Hey, I hope all of you "doing the math" on your weight vs value of gold are doing it in the right system. We typically measure our body weight in the avoirdupois system where an "ounce" is about 28.35 gm. Precious metals such as gold and silver are measured in Troy ounces (about 31.1 gm to the ounce.) SO, you could be off by 10%. Do NOT short change yourself.

As a practical matter, I guess I'd better go back and redo my New Year resolutions. I need to lose some weight. Quite a bit of weight. The good news is that when I purchased my PMs, the prices per Troy Oz were a LOT lower, so there's that. YMMV
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Old 01-04-2021, 12:30 AM   #37
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Hey, I hope all of you "doing the math" on your weight vs value of gold are doing it in the right system.
Yes, the metric system is quite easy.
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Old 01-04-2021, 05:02 AM   #38
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I just got sloppy around rounded off, to $18,000 per pound.

Hmm...something just hit me...remember the old "Speed Racer" cartoon episode, "Race Against the Mammoth Car"? Where crooks stole $50M in gold and tried to smuggle it out of the country during a race where any type of vehicle could enter?

Well, the crooks built this monster rig that was sort of like an extra-long tractor trailer, about 600 feet long and had melted the gold right into its structure. Of course, if you think too much into the logistics and such, the episode is riddled with plot holes and such, but still a fun watch.

Anyway, adjusting for inflation, $50M of gold, nowadays, comes out to around 2800 lb. You could haul that out in the back of a 2500 series pickup. Actually, I know from experience you could haul it in a halfway decent half-ton truck, as long as you drive gently! Not that I've ever hauled that much gold around in a half-ton truck, but I know I grossly overloaded my Granddad's old '85 Silverado a few times!
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Old 01-04-2021, 09:57 AM   #39
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Hmm...something just hit me...remember the old "Speed Racer" cartoon episode, "Race Against the Mammoth Car"? Where crooks stole $50M in gold and tried to smuggle it out of the country during a race where any type of vehicle could enter?

Well, the crooks built this monster rig that was sort of like an extra-long tractor trailer, about 600 feet long and had melted the gold right into its structure. Of course, if you think too much into the logistics and such, the episode is riddled with plot holes and such, but still a fun watch.
Ohmigod! I remember that episode! Wasn't it painted black, until it (the gold) melted or something like that?

Quote:
Anyway, adjusting for inflation, $50M of gold, nowadays, comes out to around 2800 lb. You could haul that out in the back of a 2500 series pickup. Actually, I know from experience you could haul it in a halfway decent half-ton truck, as long as you drive gently! Not that I've ever hauled that much gold around in a half-ton truck, but I know I grossly overloaded my Granddad's old '85 Silverado a few times!
And, at a volume of only about 17.4 gallons, you wouldn't fill much of the pickup's bed.
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Old 01-04-2021, 10:03 AM   #40
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My NW is only ~1/3 of the current spot value of my weight in gold...
I'm less than 1/5 but im a pretty heavy guy.....
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