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What to Do if You’re Already Wealthy?
01-02-2021, 10:15 AM
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#1
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Full time employment: Posting here.
Join Date: Feb 2017
Location: Severn
Posts: 947
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What to Do if You’re Already Wealthy?
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.
The Silver Bear Cafe
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01-02-2021, 10:23 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Ventura County
Posts: 1,432
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Even better than "Don't give your money to charity" is "Wealth is a high moral good". Gotta love this guy.
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01-02-2021, 10:31 AM
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#3
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Administrator
Join Date: Apr 2006
Posts: 22,971
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Quote:
Originally Posted by stepford
Even better than "Don't give your money to charity" is "Wealth is a high moral good". Gotta love this guy.
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I'm sure he is not lacking in self-esteem.
__________________
Living an analog life in the Digital Age.
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01-02-2021, 10:32 AM
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#4
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Moderator
Join Date: Nov 2015
Posts: 13,879
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I'm never a fan of "some blog article I read" threads, but this one is a new low...
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01-02-2021, 10:39 AM
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#5
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Full time employment: Posting here.
Join Date: Feb 2017
Location: Severn
Posts: 947
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Yeah. I said interesting, not informative.
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01-02-2021, 10:45 AM
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#6
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Recycles dryer sheets
Join Date: Apr 2014
Posts: 197
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Maybe #3 should have been "don't give your money to a charity" that isn't going be responsible in spending it? Not to derail the thread, but many well known charities spend WAY too much on overhead and administration costs. I've known some wealthy folks who have paid (through their own foundations) for the college tuition of a kid whose parents couldn't possibly afford it, and for whom student debt would be crippling. Only STEM education though....
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01-02-2021, 10:55 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,008
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Quote:
Originally Posted by Aerides
I'm never a fan of "some blog article I read" threads, but this one is a new low...
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+1
This fellow seems to worship money, thinks a big pile of it is worth keeping big, so don't spread it out among your children. Pick just 1 child and give it all to that one.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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01-02-2021, 11:01 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2016
Location: SoCal
Posts: 1,286
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At least all the sheep were complying with the mask rule. But not distancing.
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01-02-2021, 11:08 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Midwest
Posts: 2,962
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His bio says he's an anarcho-capitalist, "influenced by Ayn Rand" speculator, Austrian schooler, atheist, father was a millionaire real estate developer. No surprises. Can almost xerox the background and apply it so many others.
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01-02-2021, 12:19 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,263
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Thank you for the responses... it saved me a bunch of time not reading his drivel.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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01-02-2021, 12:41 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,607
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A unique point of view not often expressed. If you have the same mindset as the author, he makes some interesting points. Don't just reinforce your own beliefs, understand how diverse others might be.
VW
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Retired May 13th(Friday) 2016 at age 61.
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01-02-2021, 01:15 PM
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#12
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,169
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My take away:
He believes that wealthy people are morally superior and poor people are morally lacking. I guess he makes the assumption that we all start from the same starting point. He doesn't seem to understand that some people work very very hard and are not wealthy.
I'm sure he would discount the impact that growing up the son of a multi-millionaire and being able to attend Georgetown did not set him up at an advantage vs someone who grew up in a paycheck to paycheck household with no private college opportunities.
blech.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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01-02-2021, 02:01 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Posts: 2,962
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Quote:
Originally Posted by Sunset
+1
This fellow seems to worship money, thinks a big pile of it is worth keeping big, so don't spread it out among your children. Pick just 1 child and give it all to that one.
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Or, you can donate some of it to him.
__________________
Tick tick tick tock goes the clock on the wall as we're dancing the evening away -- Tick Tock Polka
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01-02-2021, 02:04 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,226
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Quote:
Originally Posted by Mr. Tightwad
At least all the sheep were complying with the mask rule. But not distancing.
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The sheep are a metaphor for his future subscribers.
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TGIM
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01-02-2021, 04:04 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Sep 2012
Posts: 1,568
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His idea that your contributions to society are directly manifested in your compensation or wealth, although an admirable ideal, is a bit delusional IMHO.
My wealth increased 5x more last year, when I was basically a hermit contributing nothing to society (except for my investments), than it did in any year when I worked full time. He’d say that I am that much more morally superior. Thanks but, It don’t make sense.
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You know that suit they burying you in? Thar ain’t no pockets in that suit, boy.
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01-02-2021, 07:05 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Dec 2018
Location: DuPage County IL
Posts: 2,702
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don't know Doug Casey but why would he be against giving to charity. one of the joys, for us, of having wealth is to be outrageously generous.
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Rich
Ham Radio, Sport Pilot, RVer
FIRE: 8/11/2005, age 55y,1d
Dispatcher, then shift supv, then administrator for a regional 9-1-1 call center
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01-02-2021, 07:15 PM
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#17
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Recycles dryer sheets
Join Date: Jan 2013
Posts: 296
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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.
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01-02-2021, 08:52 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 6,499
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If truly wealthy, I doubt the holders of that wealth need advice from some schmo writing advice to the wealthy.
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There must be moderation in everything, including moderation.
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01-02-2021, 09:35 PM
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#19
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Recycles dryer sheets
Join Date: Jul 2008
Location: .
Posts: 398
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Quote:
Originally Posted by Aerides
I'm never a fan of "some blog article I read" threads, but this one is a new low...
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+1
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"If things go wrong, don't go with them" -Roger Babson
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01-02-2021, 10:10 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,008
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Quote:
Originally Posted by TOOLMAN
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
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ha ha ha ... I had to look it up and calculate... I'm going to have to lose some weigh.
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Fortune favors the prepared mind. ... Louis Pasteur
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