Out-to-Lunch
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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!
What to Do if You’re Already Wealthy?
- Thread starter Lawrencewendall
- Start date
Haha. I had to look up and calculate, too.
The good news: I am halfway there!
The bad news: I am skinny!
Major Tom
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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.
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.
audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Pretty much same here. Reeks of smugness and narcissism.
ncbill
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My NW is only ~1/3 of the current spot value of my weight in gold...
rk911
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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.
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.
Andre1969
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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...
youbet
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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.
Spanky
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Entertaining but not insightful. Thanks for sharing.
Out-to-Lunch
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Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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
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
Out-to-Lunch
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Andre1969
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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!
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!
Out-to-Lunch
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Ohmigod! I remember that episode! Wasn't it painted black, until it (the gold) melted or something like that?
And, at a volume of only about 17.4 gallons, you wouldn't fill much of the pickup's bed.
GravitySucks
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I'm less than 1/5 but im a pretty heavy guy.....
Now I was feeling pretty wealthy until I found that gold troy ounces are about 10% heavier than avoirdupois ounces.ha ha ha ... I had to look it up and calculate... I'm going to have to lose some weigh.
Hopefully you converted your weight from customary pounds to troy pounds otherwise you have even more weight to lose. Troy pound is about 82% of a customary pound.
ls99
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Argghhhh. too many weight measures. Suspect the reason for not going metric everywhere is to continuously befuddle and irritate those not members of the trade or coven.
Andre1969
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It was a 2-tone red-over-burgundy. Here's a clip of it in action, from Youtube, in all its glory, right down to the memorable music score:
Interestingly, it was somewhat based on two real-life experimental turbine trucks.
Here's some inspiration they got from Ford: https://dyler.com/posts/311/ford-s-big-red-a-super-transporter-nearly-30-metres-long
And here's what they cribbed from GM: https://nodum.org/wp-content/uploads/2018/01/gam.jpg
There was another Speed Racer episode called "Car with a Brain" that had a big, black monster rig that was designed by some made scientist in Scotland. It got powered up during a thunderstorm and then went out on a rampage, while its creator went raving mad, losing his mind, and couldn't tell anyone how to stop it.
That really is amazing to think that 2800 lb of gold would fit into a space that small. But, sure enough, I just looked it up...a gallon of gold is about 160 lb.
NW-Bound
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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What to do if you are already wealthy: Try to stay wealthy, darn it!
Same thing about staying healthy, except that it is harder. A lot harder.
Same thing about staying healthy, except that it is harder. A lot harder.
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I guess I need to start releasing my own newsletter, now that I'm retired and the XMas decorations are put up.
I'll give you all a very generous break on my yearly subscription rate!
I'll give you all a very generous break on my yearly subscription rate!
rk911
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genuine apologies as I thought i was clear. i obviously was not.
i don't restrict my definition of wealth to just the accumulation of assets over time. when i was a kid i had no idea just how lacking in material assets we were. my dad worked, mom stayed at home until we were older and then took a part-time job just to be busy. but we lacked for nothing...or as you put it, 'we were satisfied'. we lived in a new house in a new suburban subdivision, drove new and used cars but kept them forever, ate well, were clothed well, had hobbies and took vacations. not exactly living hand-to-mouth or just getting by with life's essentials.
but we also were taught to work for what we wanted or had. we received allowances but were expected to earn them. when time came for college we each received tuition for the first year. if we wanted more we were expected to work for it. there were no credit cards in those days so other than the mortgage and car loans this was a cash-flow existence. about the only thing my parents didn't pass on to me was the magic of investing. didn't try that until i was in my 30's and even then my wife and her brother dragged me along (but it didn't take long for me to wise up).
was my family wealthy? maybe not in actual $ but absolutely yes in everything else that was far more important. my wife was brought up much the same way. maybe that's a generational thing. we'll be married 51-yrs in March...53-yrs together counting high school...and in all that time we've lived pretty much the way we were raised. is it better having $...you bet. but we've always considered ourselves as being 'wealthy' regardless of our net worth. we've lived the quintessential LBYM lifestyle.
i'm not knocking literal wealth ($) or those who accumulate it. we've done pretty darn good over the last 4-decades. but, unlike some, it's not what we live for.
that's what i meant by 'wealth = not wanting for anything'. that answer may not be true to the point of the original post but I wanted to present a different perspective.
Out-to-Lunch
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Thanks for that!
Interesting that those concept designs are shorter than a now-standard double LCV (tractor-trailer-trailer), let alone a triple.
Yeah. Gold is about the worst substance in the universe that I could think of to make a race car out of. Very dense and very soft.
TOOLMAN
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Yes, the metric system is quite easy.
I first did the calculation on a lark from the old saying "He is worth his weight in gold".
I've been doing this calculation for decades on my NW spreadsheet . At first I didn't realize gold was sold in a troy oz which is different than a normal oz. The troy ounce is the equivalent of 31.1034768 grams, whereas the ounce is the equivalent of 28.349 grams. That day was a let down.
I have crossed that line where my NW> weight in gold a few times. I use my weight and my wifes weight in the calculation. The problem now is; gold has been going up faster than my NW, and I'm at my max weight.
