'While Bill Gates is an unusual case, I’ve found that this dynamic begins to apply even for “ordinary” millionaires' another way to frame this is panic vs. sleeping well....the sweet spot is in the middle..perhaps closer to sleeping well. if you doubled the net worth of many mini-millionaires it would do nothing to their lifestyle..they still would live similarly but if you halved the net worth things might get emotionally hinky..sleep being uneasy. that IS a change... again, as was suggested, a nice problem to have but well out of he realm of real wealth where you survive off of the interest from your interest. but a sea change..to stretch the metaphor where a rising tide floats all boats a tsunami can crash us all...the sea don't care.
buddy mine was in big/short bonds in the days of local banking...'a corp want to park 100 million bucks for a week, how can i squeeze parts of a basis point??' he'd do work between banking hours in the morning--done early. plenty of time to think. his observation was 'money has to go somewhere...'..and i asked where and said 'it varies...'
sir: your is a common problem,retirement was not really something you were prepared for emotionally. the caveat is you think you know when your 'sell by date' is more than most as a function of your prognosis. of your readers, driving the roads, taking baths on slippery floors, aneurysms hidden and as scottie said 'readta blow!!', advanced age, drive by's, the next covid, i'd go on but i'm tired of typing... there will many readers dead before you call it even...a good thing as we ALL share mortality. we all live in form of denial until we can't..keeps us kind of sane. a friend of similar back ground politically, financially, educationally gave me a gift..i expressed similar angst to yours and he said 'it is ok to do nothing...' i needed permission from a source i considered highly reasonable. he was kind of from the buddhist persuasion, those guys think of that stuff.. time is not just about getting stuff done, amusing one's self, worrying about the others, gaining or losing control..it's about breathing, and then again breathing and awareness of the specialness of that opportunity. here, now is very improbable..makes the biggest lottery tinier and tinier.. time is an currency we can't print more of but that underscores it's value. the present is exactly that. the gift......
a caveat is that money, especially large dumps of it, is not useful to the unprepared, the batshit crazy and the whims and conceits that it can produce are not good for the individual or to society. John du Pont is a good object lesson...'He was ruled to have been mentally ill but not insane and was sentenced to prison for thirteen to thirty years. Du Pont died in prison at age 72 on December 9, 2010. To date, he is the only member of the Forbes 400 richest Americans to be convicted of murder.' money or debt owned to a society is a resource..like water or air or pork bellies or beaver pelts...it has no soul or virtue and is vulnerable to conceits and whimsy. when you have money people tend to do as you wish, tell you you're great and you might start to believe it.. 'pride comes before a fall' is not just wisdom, it is a disclaimer. our job if we have resources to pass along is to not just acquire but prepare, to context and judge as best we can decide where the resources go and how best to utilize. good luck.
this one is easy...flip the thought. being rich is function of how much?..an accounting. being wealthy is a function of how long?..a measure of time--food, shelter, lodging, comfort, extravagances and choices ongoing? the object of wealth is is inter-generational..me and mine will prosper ad infinitum. shaquille o'neal said 'you called me wealthy?..i'm rich, the guy who signs my checks is wealthy' and then took steps to move to that vaunted category: 'Shaquille O'Neal's net worth is estimated to be $500 million, primarily from his successful NBA career and various business ventures. He continues to earn around $60 million per year from endorsements and other investments.' https://www.celebritynetworth.com/richest-athletes/nba/shaquille-oneal-net-worth/
great post...financial acumen should probably be taught (not offered, taught) in middle school, certainly high school and it might be too late in college.. more useful than logarithms...whatever the the hell they are... ;->
'OSCAR WILDE ONCE made this observation: “Education is an admirable thing, but it is well to remember from time to time that nothing that is worth knowing can be taught.”' school is a great adjunct to education...shared knowledge base, specific skills and self advancement in a personally desired or rewarded direction. but it is the smallest part of learning..walking, talking, socialization, values, etc...all are the real education. that plus the desire to learn to think too as you referenced w einstein to explore...science has been defined as thoughtful observation..i believe that represents the best model for education. and then build on that.....
you don't need to pay any attention to 'what they think you should buy.' to me the value of a porsche is to make you examine the question of 'why i want a porsche?' same tugs as everybody else...we all have our triggers.. intellectually we may need little, couple pair of pants, shoes, shelter, enough in the bank to stave hunger for variable lengths of time...health and happiness of loved ones, a stable future... then YOU get to decide...is having a bigger dragon's hoard more important than the porsche? up to you. i use money as insulation after the necessities. i treasure the illusion of stability a couple of bucks brings...my choice. money is rarely stuff...but it IS feelings.. the value of a porsche is to make you wonder why you want a porsche...especially with a functional honda in the driveway.. it is the self awareness that is the real treasure and that was 'for free..'. you can't separate the feelings from the decision points but can be aware of the tugs...then buy it or don't.
Comments
'While Bill Gates is an unusual case, I’ve found that this dynamic begins to apply even for “ordinary” millionaires' another way to frame this is panic vs. sleeping well....the sweet spot is in the middle..perhaps closer to sleeping well. if you doubled the net worth of many mini-millionaires it would do nothing to their lifestyle..they still would live similarly but if you halved the net worth things might get emotionally hinky..sleep being uneasy. that IS a change... again, as was suggested, a nice problem to have but well out of he realm of real wealth where you survive off of the interest from your interest. but a sea change..to stretch the metaphor where a rising tide floats all boats a tsunami can crash us all...the sea don't care.
Post: Risky Business
Link to comment from August 30, 2025
but the question w todays markets will be cash or bondy and if bondy then how short??
Post: Ignore Valuations?
Link to comment from May 24, 2025
buddy mine was in big/short bonds in the days of local banking...'a corp want to park 100 million bucks for a week, how can i squeeze parts of a basis point??' he'd do work between banking hours in the morning--done early. plenty of time to think. his observation was 'money has to go somewhere...'..and i asked where and said 'it varies...'
Post: Ignore Valuations?
Link to comment from May 24, 2025
sir: your is a common problem,retirement was not really something you were prepared for emotionally. the caveat is you think you know when your 'sell by date' is more than most as a function of your prognosis. of your readers, driving the roads, taking baths on slippery floors, aneurysms hidden and as scottie said 'readta blow!!', advanced age, drive by's, the next covid, i'd go on but i'm tired of typing... there will many readers dead before you call it even...a good thing as we ALL share mortality. we all live in form of denial until we can't..keeps us kind of sane. a friend of similar back ground politically, financially, educationally gave me a gift..i expressed similar angst to yours and he said 'it is ok to do nothing...' i needed permission from a source i considered highly reasonable. he was kind of from the buddhist persuasion, those guys think of that stuff.. time is not just about getting stuff done, amusing one's self, worrying about the others, gaining or losing control..it's about breathing, and then again breathing and awareness of the specialness of that opportunity. here, now is very improbable..makes the biggest lottery tinier and tinier.. time is an currency we can't print more of but that underscores it's value. the present is exactly that. the gift......
Post: Tasting Retirement
Link to comment from April 26, 2025
a caveat is that money, especially large dumps of it, is not useful to the unprepared, the batshit crazy and the whims and conceits that it can produce are not good for the individual or to society. John du Pont is a good object lesson...'He was ruled to have been mentally ill but not insane and was sentenced to prison for thirteen to thirty years. Du Pont died in prison at age 72 on December 9, 2010. To date, he is the only member of the Forbes 400 richest Americans to be convicted of murder.'
money or debt owned to a society is a resource..like water or air or pork bellies or beaver pelts...it has no soul or virtue and is vulnerable to conceits and whimsy. when you have money people tend to do as you wish, tell you you're great and you might start to believe it..
'pride comes before a fall' is not just wisdom, it is a disclaimer. our job if we have resources to pass along is to not just acquire but prepare, to context and judge as best we can decide where the resources go and how best to utilize.
good luck.
Post: Giving Advice
Link to comment from April 5, 2025
this one is easy...flip the thought. being rich is function of how much?..an accounting. being wealthy is a function of how long?..a measure of time--food, shelter, lodging, comfort, extravagances and choices ongoing? the object of wealth is is inter-generational..me and mine will prosper ad infinitum. shaquille o'neal said 'you called me wealthy?..i'm rich, the guy who signs my checks is wealthy' and then took steps to move to that vaunted category: 'Shaquille O'Neal's net worth is estimated to be $500 million, primarily from his successful NBA career and various business ventures. He continues to earn around $60 million per year from endorsements and other investments.' https://www.celebritynetworth.com/richest-athletes/nba/shaquille-oneal-net-worth/
Post: I don’t feel comfortable being “wealthy”
Link to comment from April 5, 2025
the old saw 'I have some definite ideas about brokers! every time i call my broker i am...
Post: Paying Your Tuition
Link to comment from March 29, 2025
great post...financial acumen should probably be taught (not offered, taught) in middle school, certainly high school and it might be too late in college.. more useful than logarithms...whatever the the hell they are... ;->
Post: My Five Mistakes
Link to comment from March 29, 2025
'OSCAR WILDE ONCE made this observation: “Education is an admirable thing, but it is well to remember from time to time that nothing that is worth knowing can be taught.”' school is a great adjunct to education...shared knowledge base, specific skills and self advancement in a personally desired or rewarded direction. but it is the smallest part of learning..walking, talking, socialization, values, etc...all are the real education. that plus the desire to learn to think too as you referenced w einstein to explore...science has been defined as thoughtful observation..i believe that represents the best model for education. and then build on that.....
Post: Paying Your Tuition
Link to comment from March 29, 2025
you don't need to pay any attention to 'what they think you should buy.' to me the value of a porsche is to make you examine the question of 'why i want a porsche?' same tugs as everybody else...we all have our triggers.. intellectually we may need little, couple pair of pants, shoes, shelter, enough in the bank to stave hunger for variable lengths of time...health and happiness of loved ones, a stable future... then YOU get to decide...is having a bigger dragon's hoard more important than the porsche? up to you. i use money as insulation after the necessities. i treasure the illusion of stability a couple of bucks brings...my choice. money is rarely stuff...but it IS feelings.. the value of a porsche is to make you wonder why you want a porsche...especially with a functional honda in the driveway.. it is the self awareness that is the real treasure and that was 'for free..'. you can't separate the feelings from the decision points but can be aware of the tugs...then buy it or don't.
Post: When to spend money
Link to comment from March 15, 2025