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What to Do if Youíre Already Wealthy?
Old 01-02-2021, 11:15 AM   #1
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What to Do if Youíre 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. Donít give your money to charity.
4. Divide Your Wealth Wisely.

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Old 01-02-2021, 11:23 AM   #2
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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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Old 01-02-2021, 11:31 AM   #3
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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.
I'm sure he is not lacking in self-esteem.
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Old 01-02-2021, 11:32 AM   #4
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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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Old 01-02-2021, 11:39 AM   #5
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Yeah. I said interesting, not informative.
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Old 01-02-2021, 11:45 AM   #6
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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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Old 01-02-2021, 11:55 AM   #7
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Originally Posted by Aerides View Post
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.
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Old 01-02-2021, 12:01 PM   #8
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At least all the sheep were complying with the mask rule. But not distancing.
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Old 01-02-2021, 12:08 PM   #9
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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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Old 01-02-2021, 01:19 PM   #10
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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 01-02-2021, 01:41 PM   #11
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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.

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Old 01-02-2021, 02:15 PM   #12
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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.
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Old 01-02-2021, 03:01 PM   #13
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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.
Or, you can donate some of it to him.
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Old 01-02-2021, 03:04 PM   #14
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At least all the sheep were complying with the mask rule. But not distancing.
The sheep are a metaphor for his future subscribers.
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Old 01-02-2021, 05:04 PM   #15
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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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Old 01-02-2021, 08:05 PM   #16
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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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Old 01-02-2021, 08:15 PM   #17
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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. Donít 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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Old 01-02-2021, 09:52 PM   #18
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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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Old 01-02-2021, 10:35 PM   #19
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Originally Posted by Aerides View Post
I'm never a fan of "some blog article I read" threads, but this one is a new low...
+1
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Old 01-02-2021, 11:10 PM   #20
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Originally Posted by TOOLMAN View Post
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.
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