What to Do if You’re Already Wealthy?

[Lawrencewendall]

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

 

[stepford]

Even better than "Don't give your money to charity" is "Wealth is a high moral good". Gotta love this guy.

 

[Gumby]

Even better than "Don't give your money to charity" is "Wealth is a high moral good". Gotta love this guy.

I'm sure he is not lacking in self-esteem.

 

[Aerides]

I'm never a fan of "some blog article I read" threads, but this one is a new low...

 

[Lawrencewendall]

Yeah. I said interesting, not informative.

 

[G8tr]

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....

 

[Sunset]

I'm never a fan of "some blog article I read" threads, but this one is a new low...

+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.

 

[Mr. Tightwad]

At least all the sheep were complying with the mask rule. But not distancing.

 

[razztazz]

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.

 

[pb4uski]

Thank you for the responses... it saved me a bunch of time not reading his drivel.

 

[VanWinkle]

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

 

[rodi]

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.

 

[Mr._Graybeard]

+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.

Or, you can donate some of it to him.

 

[Dtail]

At least all the sheep were complying with the mask rule. But not distancing.

The sheep are a metaphor for his future subscribers.

 

[gcgang]

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.

 

[rk911]

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.

 

[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

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.

 

[ls99]

If truly wealthy, I doubt the holders of that wealth need advice from some schmo writing advice to the wealthy.

 

[Doribe]

I'm never a fan of "some blog article I read" threads, but this one is a new low...

+1

 

[Sunset]

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

.....

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

 

[RobbieB]

Advice? We don need no stinkin' advice.

 

[DrRoy]

Thank you for the responses... it saved me a bunch of time not reading his drivel.

+1

 

[RetiredAtThirty-eight]

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

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/doug-casey-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.

 

[Onward]

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.

 

[trumpeting_angel]

Kind of sickening, actually.


So call me a wild-eyed liberal.