I mentioned this as well.About NW numbers and income that he is listing, is the for individual? or for couple?
By those 2 numbers we solidly 5 if it is for couple, but everything else is 4. if we count per person, then yea, those 2 are also fall rather to 4...
Yep. I came to the conclusion a long time ago that nobody would care about the pictures I took if they weren't associated with a current activity (i.e. "news."). And even then the audience would be small, like my mom and kids (and sometimes not even the kids, and sometimes mom is just being polite, hehe).I have a lot of cool pictures left, though, that nobody will care to see someday. (and what do all of you do with the thousands of photos you meticulously save?)
My dad traveled a lot, and loved photography, so took a lot of scenery. When I was a kid, he had changed his tune. He said the only pictures he cared to look at were the ones with people in them, and discouraged scenery shots. Like you, he said, if you want the perfect picture of that (building, waterfall, landscape, etc), just buy a post card.I have largely given up on taking pictures, especially if they don't have people or something personally important to me in them. When I am on vacation, I know that whatever sight I am visiting will have far better pictures online than I can possibly take in person.
I haven't talked my wife out of taking lots of scenery pictures, or pictures of museum pieces, or gardens, or flowers, etc. So what I do is take a picture of her taking a picture, LOL! When I get home, I merge her photos with mine and sort by time taken, and you see her shot of the flower or whatever, and then of her taking that picture. It's kind of a game with us, because I try to do it without her noticing, and she finds out after we get back and watch the slideshow. Needless to say, she is no longer surprised.Only take pictures of my fiance when on vacation and only by request. lol
I think your observation is spot on. Most people on this forum have LBYM to get to FIRE and wealth level with characteristics of the level don't match on the slide.I feel like LBYM people often don't fit well into this.
I feel like this is based on the assumption that everyone wants to live the most lavish life they can afford. Most people seem to act as though you are missing out if you don't.
But sometimes I honestly don't want the higher end things. My clothes are mostly things that were purchased cheaply. But they feel comfortable and I feel comfortable wearing them.
Rather than wait, I had my night butler take a look. He will leave his report with the day staff.I'll have my butler take a look at the video in the morning![]()
Which day staff?Rather than wait, I had my night butler take a look. He will leave his report with the day staff.![]()
Agree!!! I don't agree with most of his category assumptions.We are at level 5 but don't have or need any of the luxury.
We never owned a business, a rental, RV, or a boat and will never do it.
We always owned 2 vehicles, one house, and all the money is invested in the markets.
We made our money by saving monthly and making excellent decisions.
Our friends are mostly in level 3, and they don't have an idea how much we have.
We can find cheap and great clothes, restaurants, hotels, vehicles, and houses.
Examples:
Our phones are refurbished Pixels that we paid $180. We don't need $1000 Apple.
We have bought new Hondas, Toyotas, and, lately, a Kia. We don't care about luxury vehicles. IMO, they are worth an extra 20%, never 2-3 times more.
Flights: always in the main cabin.
Restaurants: I have eaten in expensive restaurants and they were not better than much cheap great restaurants.
Wine: We have a snob friend who thinks she can distinguish between cheap wine and a much better wine. Years ago, I bought 3 wines: one under $10, one under $20 from Aldi and one at $50. I put them in glasses and let her taste. She told me the $7.99 from Aldi is the best.
Conclusions: at some point, more expensive isn't always better, or it is better but costs a lot more than its worth. A $80K car isn't worth twice as much as a $40K car. The manufacturer and dealer know you have money, so they raise the price beyond its worth to let you feel special...and you spend it.
Sure, it's your money, and you can spend it how you like, but don't claim it's worth it.
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This was my thought. I am pretty sure I have less dough than anybody in my neighborhood, in many cases a lot less. But I can live in this enclave because I have always done for myself and avoided following the crowd in terms of consumption. Sooner or later I will become like the others and hire someone to do everything, but not until I'm forced to.Seems like the author of the video thinks everyone progresses steadily up the hedonic treadmill as their income/assets increase.
But those of us here understand not doing that is what lets one retire early.
And then choose to spend on what we value.
Which is probably not going to be private chefs or designer clothing.
...
Degrees, the following do not have them. And many more successful people I know don't either.
Richard Branson, Larry Ellison, Mark Zuckerberg, Bill Gates, Steve Jobs, and Michael Dell.
.....
Interesting points. Much of our wealth-cycle involves children, grandchildren and so on. Transfers between generations is the major topic in "wealth management" circles. But what of wealthy people who had no heirs? The Vanderbilts not only illustrate the "classic wealth story", but each generation was large; large families, with many members on one generation, themselves having lots of kids. Even if shepherded sedulously, the fortune divides. Compare instead for example Carnegie, who had only one child, and left to her only a small portion, putting the rest of his money towards... other projects.Meh, I just finished the excellent book, “Fortune’s Children,” about the world’s richest family of the Gilded Age, the Vanderbilts, written by a Vanderbilt from a never-moneyed branch of the family. Classic wealth story: The founder was rags to riches, his son worked hard to double the fortune, and then everyone else afterward proceeded to blow it, vapidly, on mansions, silly parties, and yachts. Only 100 years ago, Vanderbilt mansions literally lined 5th Avenue, yet today not a single one stands. All demolished. Many unreal summer mansions still stand in Newport, but not one was occupied beyond the generation that built it.
The major takeaway for me is, what is the point of building a fortune? It takes hard work, focus and financial acumen to make and keep money, otherwise it floats away, like a gas.
Well yes, if descendants of a billionaire set their minds on simply living to the max off their inheritance without adding value, then POOF sounds about right.^^^ 100%. Biltmore is the perfect example. Frederick Vanderbilt started running out of money during the construction of this baronage in rural North Carolina, and rooms started being bricked off instead of finished. He died in his 50s in 1914 and no Vanderbilt lived there again.
There are over 800 descendants of Cornelius Vanderbilt. No fortune can survive that kind of dissipation unless it’s concentrated.
Interestingly, my career brought me in contact with one of the Carnegie fortune’s descendants, though of his brother Thomas. Nice person. She enjoyed tennis.
Philanthropy ends up being the only productive choice, I believe, and the only chance at modest longevity seems to be creating a “permanent” endowment benefiting institutions that seem to have some staying power themselves.
Otherwise, in just a few decades at most, POOF!